Bitcoin being the very first decentralized digital currency, it has been gaining acceptance since 2013. It has a lot of highs in the marketcap price. It has also awoken the media, big investors and speculators.
Currently, there are many ways to make money with bitcoin as the price keeps on going higher everytime. In this post, i am going to show you several ways you can actually use to achieve that aim of living a good life off bitcoin.
Note: In as much as there are some ways you can actually make money with bitcoin, have it in mind there’re risks involved as price of bitcoin keeps fluctuating.
Let’s head straight to the ways to make money with the very first cryptocurrency. Shall we?
#1. Long-term HODLing of Bitcoin Investment
This is an act of buying and holding bitcoin for a longer period of time to make a reasonable profit. This strategy is what most big investors that has huge financial asset use to genuinely maximize their investments. This strategy is always good when you don’t feel like stressing yourself or maybe, not even confident enough in your own chart reading skills.
If you are interested in doing a long-term bitcoin investment, where as you have little or no experience at all, read my post on cryptocurrency mutual funds investment to learn how to make money with cryptocurrency for inexperienced or advanced starters
#2. Bitcoin Mining
This method is quite confusing for beginners. Reason being that sophisticated devices and gadgets are required to get started with bitcoin mining. It also consumes a lot of resources (mainly electricity). This is to say that, the whole mining process is mostly done in a large scale operation.
As a beginner, i will not advice you to start with mining as it will require a lot of finance to acquire all the instruments to start bitcoin mining. The hashing power depends on the processing speed of the mining pool and the mining pool is a very expensive hardware which is even more expensive when you want to set it up in a large scale that can make you good amount of money.
The popularly known mining pools available in the market are:
So if you cannot afford to invest a lot of money in buying the hardware gadgets for mining bitcoin, i will suggest you follow the next point though.
#3. Bitcoin Trading
Bitcoin trading (or cryptocurrency trading) is yet another way professionals who knows how to read charts as well speculators use to make money with bitcoin. They invest some amount of bitcoin and trade it for other cryptocurrencies (altcoins) to make money fast from the price volatility of other crypto coins against bitcoin.
This kind of trading can be done with a reputable investment site like Bittrex or Binance. I will recommend you to register an account with Binance as the platform is still new and has a lesser transaction fees compared to any other cryptocurrency trading site. The verification process is mostly easier.
If you’re a beginner or simply, that you’re lazy to handle cryptocurrency trading, maybe, you should check out some of the auto-trading robots you can use to automate it and also earn more money while you’re sleeping.
#4. Buying and Selling of Bitcoins
This is mostly the easiest for most beginners as it’s simply buying and selling the bitcoin cryptocurrency using a P2P exchange that is trusted for example, LocalBitcoins.
You can simply buy bitcoin at lower price and exchange it for fiat currency. But first, you will also need a cold storage wallet to store all your bitcoin investments as it’s not advisable to store all your bitcoins in an axchabge platform.
Simply open a trading account with localbitcoins, buy your first bitcoin with your credit/debit card from changelly or you can still buy from localbitcoins and transfer it to your bitcoin offline wallet. Ledger or Trezor hardware wallets are both recommended by experienced investors.
#5. Gambling Online with Bitcoins
If you are really good with gambling, this can actually be yet another way to make money with bitcoin. There are several websites that offer gambling services with bitcoin as their payment methods. You can sign-up in such website and start your career in gambling on these kind of sites to earn bitcoin.
You can check out some websites like Starcoin, BetKings, vDice and Crypto Games. These sites has some many games you can play to make money with bitcoins. Also have it in mind that gambling is simply a game of chance.
#6. Selling Goods and Services in Exchange for Bitcoins
Do you know you can even earn bitcoin by selling goods or services? Well, if you haven’t thought of that yet, just know that is widely possible in the cryptocurrency world. Some of the things you can ranges from cloths, gadgets, houses to cars in exchange for bitcoins.
If you want to know other ways to earn bitcoin, read a post i wrote about many ways to get or earn bitcoin online fast – many are without investment.
There are some popular sites to sell products and services in exchange for bitcoin, and they are Bitify, Purse, Bitgigs and Coinality.
Site #1. Bitify
This is more like eBay, but the bitcoin version. It uses the auction system to sell items in exchange for bitcoins. Bitify also offers escrow services to ensure safe delivery of goods purchased by customers. This is achieved by making sure goods are delivered safely to buyers before releasing bitcoin to the sellers.
Use of escrow is optional for buyers though, but for sellers, a 2.5% fee on the total selling price is attached permanently.
Site #2. Purse
Items can be sold at a discount on purse by individuals with Amazon accounts.
Site #3. BitGigs
This is an online job board where people can request and/or offer freelance jobs, all to be paid in Bitcoins. However, this site discloses no detail as to who owns or developed it, and many of its posts apoear to be years old.
Site #4. Coinality
It’s a job board for the cryptocurrency world. The platform has two facets; Coinality.Com (the company’s original site) and Coinality.io (freelance marketplace featuring all their pre-screen developers).
#7. Face-to-face Bitcoin Transactions
Bitcoin happens to bring in opportunity for many people to start accepting bitcoins as mode of payment. These days you can buy or sell bitcoins to someone in real life by tranfering from your wallet to another in exchange for fiat currency or another cryptocurrency entirely.
The adoption of digital currency (i.e. Cryptocurrency) is looking bright and going at a gradual pace. Time will come when cryptocurrencies are going to be one of the major methods of payment.
Even though to make money with bitcoin currently is not all that easy due to the market price fluctuations, with the above detailed information, you’ll be sure to start making some money with bitcoins. Incase you have any other way to make money with bitcoin you can let me know.