Money Making Tips
How To Make Money From Bitcoin
Do you make real money on Bitcoin
Let’s face it.
You have missed out on the once in a lifetime opportunity to get in on the action, while Bitcoins were cheaper. Sure, it was also a dangerous risk.
You can still make a fair profit from Bitcoins, though.
Here’s how to turn Bitcoins into profit.
Have you seen random ads pop up on websites, inviting you to come to earn free Bitcoins? Some of those may have been clickbait. But there are legitimate ways to earn Bitcoins by taking surveys and watching ads.
There are hundreds of Bitcoin faucets and pay to click (PTC) websites that will pay you satoshis to click on ads, take surveys, or do micro-jobs. The downside of this is that the earnings are minute. You will need everlasting patience to earn anything substantial this way.
2. Create a Faucet
The earnings improve by a lot if you create a Bitcoin faucet yourself. These faucets earn from the advertisers who pay to put up their ads on the website. Aim to attract a high volume of traffic. And then you will be able to charge more from the advertisers.
This method, however, is both time and effort-intensive. Setting up a website is not an easy task, and you will also need some capital to get the faucet running.
3. Bitcoin Mining
When the Bitcoin boom started mining Bitcoins was one of the surest ways to earn cryptocurrency. The process is a bit complicated. You would lend your computer’s computing power to solve complex math problems on the Bitcoin network. Every time your computer solves a problem, you earn a Bitcoin.
It’s incredibly hard to mine Bitcoins right now. The Bitcoin market is almost saturated. You will need an extensive hardware setup with a powerful computer to mine Bitcoins. But if you already have a high-end gaming laptop lying around, you can give it a try.
4. Affiliate Programs
Bitcoin has a very competitive market. A lot of crypto-currency companies are continually vying each other to maximise their profits. You can cash in on this. Just sign up as an affiliate to these companies and start earning.
Once you become an affiliate, all you have to do is promote the company. You can do this by running advertisements on your website. Or you can use your social media platforms. The cryptocurrency companies will give you a commission for every customer you bring in. Earnings from this can be quite significant if you have a knack for networking.
5. Buying and Holding
If you follow the Bitcoin market, you have seen its meteoric rise and some sudden drops. Buying and holding capitalises on this volatility of the Bitcoin market. The idea is to buy as much Bitcoin as you can when the market is swinging low. And then wait till the Bitcoin value rises to sell them.
This is a popular method in the Bitcoin community. There is even a term for it called ‘Hodl’ which is an acronym for ‘Hold On for your Dear Life’. Holding is, however, not for everyone. You will need to do your research on market trends to know when and for how long to hold your assets. Even then, there is always a chance of it backfiring. You will also need a lot of patience and a hefty capital to make this work. You can use the Official Bitcoin Circuit Software and start trading.
Lending out your Bitcoins is a more profitable alternative to HODLing. But it comes with some added risks.
Several platforms like Bitbond, BTCpop, and Unchained Capital let you borrow and lend Bitcoins at a 15% interest rate. This enables you to work your Bitcoins instead of having them sit and gather dust. But the cryptocurrency market is still relatively new. So there are a lot of hustlers out there trying to take advantage of the market’s decentralised nature. Approach this process with caution. And always verify the credentials of the platform you are using.
7. BitcoinTalk Forum
BitcoinTalk is one of the oldest and most popular forums in the cryptocurrency world. It was set up by Satoshi Nakamoto soon after they created Bitcoin.
To earn from this forum, you need to be an avid follower and an expert on cryptocurrencies. You have to post consistently and have a dedicated following. Then sponsors will pay you to put a sponsored signature on your posts. An established member can earn as much as .0003 Bitcoins per post.
Bitcoin trading is the bulk of all Bitcoin commerce. It is a high-risk, high reward venture and requires a tidy bit of capital to start with. To earn from trading, you have to buy the Bitcoins at a lower price and then sell them at a higher price.
There are several forms of trading prevalent in the Bitcoin market.
- Long term trading – Long term trading involves market speculations over a long period. Unlike HODLing, which can span over many years, long term trading can be anything from a week to several months or even a year. If you analyse the market, you can predict trends and invest accordingly to reap a profit.
- Arbitrage – The crypto market is volatile. The value of Bitcoins often varies across different international markets at the same point in time. So you can buy Bitcoins from a market where the Bitcoins are valued lower and then sell them on another market instantly where the values are higher. Though the differences are slight, you can turn a profit by moving a high volume of assets.
- Day trading – The Bitcoin value is always fluctuating. The increments and the falls are small, but you can capitalise on those fluctuations. Doing it consistently every day, you can reap a healthy profit margin. But you will need substantial capital for this method.
- Binary trading – Binary trading offers you two outcomes to speculate on. You have to guess whether the value of Bitcoin will rise or fall at a specific time and then invest your capital based on it. If your speculation is correct, you make a profit. If it is wrong, then you lose your investment. This is very close to gambling and should be approached with caution.
It’s still early days for the Bitcoin market. So if you have been thinking of jumping on the cryptocurrency bandwagon, now is the best time. Start earning through Bitcoins.