Do you want to make money money with bitcoin? Do you want to work and earn money with bitcoin? Do you want to earn bitcoin fast? That’s why you kept asking people can i make money with bitcoin, right? Currently, there are many ways to make money from bitcoin as the price keeps on going higher every-time.
Bitcoin being the very first decentralized digital currency, it has been gaining acceptance since 2013. It also has a lot of highs in the marketcap price. This particular cryptocurrency has actually awoken the entire world media outfits, big investors and speculators towards how to earn money fast with bitcoins.
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 business.
Note: In as much as there are some ways you can actually make money with bitcoin, have it in mind there are risks involved as bitcoin price value keeps fluctuating.
However, let’s head straight to the ways to make money with the very first cryptocurrency, Bitcoin. Shall we?
Table of Contents
1. HODLing of Bitcoin
This is an act of buying and holding bitcoin for a longer period of time to make a reasonable profit. This investment strategy is what most big investors that figured out how to earn more bitcoins fast with huge financial capital normally use to genuinely maximize their over-all crypto investment.
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 to make money with bitcoin trading.
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
To make money by bitcoin, you have to buy the cryptocurrency, and keep some amount in a secured wallet to avoid theft or being hacked. I recommend using cold storage wallets to keep all your bitcoin investment offline using mostly the HD features of some trusted wallets.
Read my post on the best Bitcoin hardware wallets you should consider getting to fully secure not just bitcoins, but almost all your cryptocurrency investments.
2. Bitcoin Mining
You may have asked someone about how to invest in Bitcoin, but the problem with this kind of bitcoin mining is, can you make money with bitcoin mining as fast as other ways to make money with Bitcoins?
If i should answer your question straight away today, the answer i will give you is – YES.
Though, this method of making money with bitcoin is quite confusing for beginners. Reason being that sophisticated devices and gadgets are required to make money with bitcoin mining. And you will need to map out good strategy to mine Bitcoins.
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 starter, 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
If you really want to make huge money, or earn more Bitcoins into the ones you already have, then i will advice you learn how to make money with Bitcoin trading. There are legit bitcoin investment platforms you can simply use to trade bitcoins to make money, even if you’re in Nigeria.
Bitcoin cryptocurrency trading is yet another way professionals who knows how to read charts, as well speculators who use to make money fast 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 Binance, as they are one of the fastest growing cryptocurrency exchange in the world currently. They also slash your trading fees by 50% if you have the platform BNB coin in possession before entering any trade.
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 by yourself, maybe, you should check out some of the auto-trading robots you can use to automate it and also earn more bitcoins and money, while you’re sleeping.
4. Brokering of Bitcoins
If you’re interested in how to start a bitcoin business, this is basically the easiest for most beginners who wants to start bitcoin business in Nigeria.
The whole idea is simply buying and selling the bitcoin cryptocurrency using a P2P exchange that is trusted for its reputation over the years. 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 exchange platform.
Simply open a trading account with localbitcoins, but if you are in a country where LocalBitcoins doesn’t work, you can simply buy your first bitcoin with your credit/debit card from changelly and transfer it to your bitcoin offline wallet.
5. Gambling Online
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. Work for Bitcoin
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 how to earn up-to 1 bitcoin fast, or other ways to make money from bitcoin fast, read about many ways to get or earn bitcoins online fast – many of the ways 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. This service is set up by Amazon online merchant company to service the purpose of buying and selling items with bitcoins.
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 appear 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 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 transferring 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. This will also be the time when wanting to know how to make money using bitcoin be reasonably viable.
Even though to make money with bitcoin currently, is not all that easy due to the market price fluctuations. And with the above detailed information, you’ll be sure to start making some money with bitcoins. In-case you have any other way to make money from bitcoin you can let me know.
Try to always safe guard your bitcoin investment in an offline wallet. If you can afford to spend extra money to secure your asset, you should get one of the bitcoin hardware wallets, as they are known to be the most secured wallets in the world.
Otherwise, download an offline software wallet into any device you’re using to access your cryptocurency investment.