Bitcoin is all the rage these days, so we understand if you want to get your hands on some bitcoin. You might have heard people calling bitcoin the magic internet currency that can make you rich instantly. You can trade bitcoins, use it to make purchases and just like that become a millionaire. However, it is not as simple as it sounds and it is for sure not a foolproof, lazy way of becoming a millionaire either. The risk profile of bitcoin is not very appealing, you can either make good money or lose everything. Even though bitcoins have its fair share of disadvantages, investing in bitcoins is not all that bad.
This cryptocurrency uses encryption to make safe and secure transactions instantly from anywhere around the globe. Bitcoins are not regulated or controlled by any authority such as banks, federal reserve, or the government. This cryptocurrency network is managed by the users and investors themselves. The European Central Bank (ECB) considers bitcoin to be a digital representation of value, not issued by a central bank. It can serve as a substitute to banknotes, coins, demand deposits and e-money. Currently, most national banks in the European Monetary Union follow the example of the ECB by issuing a warning about the risks of bitcoin, but there is no framework for regulation.
Getting bitcoin is relatively easy. There are several ways of earning and investing in bitcoins online. Some methods are more fast and secure than others. Some ways require minimal efforts with minimal return, others are more lucrative and require more effort. However, you need adequate knowledge and expertise in this industry to make a buck.
If you are new to bitcoins, our guide will help you understand how bitcoin works and how it can help you generate an income. In this guide, we have compiled a list of popular and simple ways of earning real money with bitcoins online.
1. Mining bitcoin
No, you don't have to get your shovel and dig into the ground to get bitcoins. So you may be wondering, why is it called mining then? Just like miners extract valuable minerals from the ground, bitcoin miners dig deep and bring out bitcoin to the surface.
Now you may ask, how does mining work? Bitcoin miners build and use special software to solve analytical problems and are issued with bitcoins as the reward. Paper money is printed and distributed by a government and hence is strictly controlled. But the cryptocurrency system brings flexibility and what makes the Bitcoin network go round.
Bitcoin mining was comparatively simple, miners could mine thousands of bitcoins by using their personal, inexpensive computers. However, now it has become very tough to mine bitcoins in this era’s volatile and competitive market. Miners need high processing and expensive computers to access and mine more complex algorithms.
A lot of miners form a group and their processing power to decipher every transaction more efficiently. These are called mining pools and in exchange of transactions, they get miners’ fees which are then divided amongst the members of the pool.
But you should know that mining is not as commercially successful as it was before, but it comes down to an individual's expertise, knowledge, and the ability to analyze the market.
2. Free Bitcoin Faucets
If you have an awful lot of free time on your hands and enough patience to answer a few surveys and look at some ads, you can go to a bitcoin faucet website. These websites work by generating revenue from advertisements they show on their websites. If you visit their websites and answer short questions you will get some amount of their revenue in exchange.
3. Get Paid To Click On Websites
Pay to click websites are like an online business, you can earn extra cash from paid to click websites by drawing online traffic. Such websites will pay in bitcoin if you sign up for watching and clicking on pages containing advertisements. They are completely free to join and are good for making quick crypto bucks.
But you might not want it to be your only source of income because it doesn't pay a lot. It requires hard work and patience to make any significant amount.
4. Trade Bitcoin
Bitcoin trading works the same way as typical exchanges. Bitcoin trading basically means buying cryptocurrency from one investor at a low and selling to another at a higher price. This method has the potential to make good money.
This method is more profitable but requires better knowledge of the market, skills, and practice. Bear in mind that this method can also be very risky, given the volatile value of cryptocurrency.
You can start trading with the bitcoin revolution, one of the leading cryptocurrency trading platforms. Even with no trading experience, this platform will enable you to trade and profit. All you have to do is get yourself registered through their website, start investing, and enjoy!
5. Completing Micro Tasks
Some websites like Microworkers will pay you in cryptocurrency for completing quick and easy jobs. They might ask you to watch a youtube video or complete someone else’s survey. Microwork can be especially useful for someone in crisis, you can do it remotely and generate an income.
6. Writing About Bitcoin
Cryptocurrency is a relatively new niche, so if you have good research and writing skills, you can make good money by writing about bitcoins. However, there is a lack of writers who actually know about this niche and hence contribute to the decline in the quality of the content. Such writers only reuse the available material. So you need to come up with quality content to make this method more productive.
Several websites pay you in bitcoins for writing about bitcoins. You can find plenty of freelance jobs related to bitcoin blogging on Websites like Upwork and freelancer.com.
7. Get Tipped In Bitcoins
Help others and get bitcoins, doesn’t that sound simple and easy? You can get bitcoins as an incentive for helping other people. You can help build a positive community and help with solving other people’s problems and get paid with bitcoins, definitely a win-win situation!
Some people are genuinely passionate about this new technology called bitcoin and would do anything to know what is to follow. Such incentives are used to grab the attention of such people and get things done.