If you’re wondering how to earn with Bitcoin, this post will answer your question. Before we do that, it is important to understand that Bitcoin is money so that question is almost the same with asking how to earn money.
The difference is that Bitcoin is a new type of money that is generated on the blockchain, transmitted and stored on the blockchain but can be spent the way we normally spend money.
Several Ways to Earn
If you are new to cryptocurrency, you’ll be eager to own some bitcoins so the question is how to earn with bitcoin.
There are several ways to earn bitcoins. In fact, bitcoin is earned the way money is earned in the real world – by giving people value through working for, serving or helping them.
This is the first understanding you must have. You must view the coin as a means of transferring value just like money. The essence of this guide is to show you where you can actually work for and earn bitcoin as well as many other things that you can do to earn it.
Mini Jobs that Earn Bitcoin Dust
Some of these are classified as mini earning which are very small amount of bitcoin that you may use to have a feel of how Bitcoin works after getting a Bitcoin wallet.
Perhaps you have heard of sites that will give you bitcoin dust (very small amount of bitcoin) for performing some tasks on the site. Faucet income is so small that you should not waste time with them.
People who use faucets are mainly collecting small amount of satoshis as hobby. Satoshi is a very small fraction of bitcoin, specifically 0.00000001 bitcoins. The sort of money you can get from faucets is so small that you work for hours and not earn $1 so it is not worth it.
I added it here so that you realize that unless you want to earn small volume of bitcoins there is no need trying out faucets.
These also are dust-paying sites that pay satoshis. What these sites do is pay people for clicking and viewing ads on videos and websites.
These sites will not make you rich, even though they are quite legal. The poor payment of faucets and Paid-to-click sites is not surprising. You’re not really adding value to anyone by clicking ads and playing around a website.
To earn more bitcoins you should use your skills to work online. The difference between this and other online work is that you are paid in BTC instead of fiat (national currency).
A freelancer is someone that hires out their skills to employers on a temporary basis. Basically, this entails doing jobs like writing, editing, building websites, photography, typing and many others.
The interesting aspect of this type of job is that you do not need to meet one-on-one with the employer yet you can build a good relationship and large clientele working remotely. The concept here is offering your skills to Bitcoin freelance websites where you are paid in bitcoin for such jobs.
However, it is important to note that it is a good idea to approach this sort of freelancing carefully. This is because there are many scammers online who will order jobs from freelancers and not pay. So negotiate well and do a little and demand for milestone payment before accomplishing more tasks.
Otherwise ask for some payments at least until you can trust the client. Some freelance sites and forums where you can get jobs for bitcoin are Bitcoin jobs sub-reddit and Bitcointalk.
There are other remote work websites where professionals are hired for jobs. If you are searching for jobs you can do permanenty on long-term contract, you can check this site and find out if the employer is willing to pay in bitcoins.
Start A Crypto Blog
This is one of the ways to earn Bitcoin in a sustainable way. However before you do this, it is important to note that setting up a crypto blog and making it profitable is not something that happens overnight. In fact running a successful blog takes a lot of commitment because it is a long-term project.
To do this, you should be knowledgeable about the cryptocurrency ecosystem. You can do this by learning about Bitcoin. I always tell people who want to know that the first place to start learning about Bitcoin is by reading the “Satoshi Whitepaper” that details the idea behind Bitcoin.
Satoshi Nakamoto, the Bitcoin inventor wrote the whitepaper. Reading it will help you know what Bitcoin is about. Then read from other sites such as bitcoin.org and learn as much as you can.
Read about Bitcoin every day, take part in discussions and read news about the crypto industry for some months. This will educate you to start your own blog where you teach people about the industry.
Keep on learning and updating your blog with relevant information and you’ll see the number of readers of your blog increase. With time you should be a ble to start earning bitcoins with it.
Have a long-term focus and you’ll be in profit in months or a year. If you are committed and consistent, your result will show in less than 2 years. the problem with blogging for income is that most people do not have patience so they want overnight wealth.
My blog started earning Bitcoins for me in less than a month after starting it. You may not get the same results as I did because I already had crypto foundation as a crypto writer.
Basically what I did was start promoting my posts early. Someone saw it and gave me a job of $50. Since then, the same client has given me jobs worth about $1000. That is it with starting a crypto blog.
Yours may start earning in 6 months or a year but the good thing is that with time, you will have a real business that is sustainable.
Bitcoin trading is another way to earn the cryptocurrency. How to earn with bitcoin while trading it is by buying some bitcoins. Alternatively your bitcoins can be accumulated over time through earning.
The next thing you can do is trade the coins in an exchange where you buy when the price is low and sell when the price goes up.
Bitcoin trading is risky because the price of bitcoin fluctuates rapidly. Realizing that the bitcoin market is volatile should make you learn how to trade before trying it live with your coins.
Some resources that you can use in learning about trading bitcoin are Bitcoin wisdom, Basics of Technical Analysis, Coin Market Cap and Preev Price Feed. There’s a company that you can invest with and earn some profit from their trading activities.
I tell beginners that mining bitcoin isn’t a good idea for them because it is far too competitive and expensive to get involved in unless you have tens of thousands of dollars to spend.
The competitiveness and mining difficulty of Bitcoin is the reason mining giants like Bitmain dominate it. The big players are corporations that manufacture the hardware as well as mine and dominate the sector so you stand little chance competing with them without good experience and capital.
However, there are cloud mining services with which you can invest with and buy hashrate. The turnover period for their contracts is usually up to a month so it is not a short-term investment.
Nevertheless, cloudmining is not profitable at this time because of the low price of Bitcoin. Another factor responsible for this is its increased mining difficulty. Many fake cloudmining services promising quick returns are not mining any crypto but are scams.
A few cloudmining services you can invest with are Genesis mining and HashFlare. Nevertheless, some of these usually have their contracts sold out and may require KYC to access your payment. You can check on my recommendation here.
Lending Your Crypto
Lending service is profitable but risky. There are services that will allow you lend crypto to others for profit, but the risk is that if they are crooks you’ll be scammed and receive no repayment after lending.
This is why you must demand something that has higher value than the value of btc you are lending. Lending is profitable if done well. Before you lend bitcoins to strangers be sure that you use an escrow service to avoid being scammed. Also make sure that what you hold as collateral is more than 100 percent the value of btc you’re lending out.
Opportunities Abound…Scams Too
You see, there are many opportunities out there to earn bitcoins, unfortunately most of them are scams such as high yield investment schemes, ponzi schemes and dubious bitcoin mining schemes. All these are set up by scammers to steal btc from uninformed people.
If you really want to make success out of Bitcoin keep away from these scams because you’ll end up a loser since the scammers always win.
Identifying scams programs is not too difficult. They usually promise outrageous profit such as 5 percent, 10 percent or even 100 percent daily profit. Commonsense should tell you this is unrealistic however scammers thrive on greed. Do not be caught up with these schemes. All promises of overnight riches are scams.
Since we’re still looking at how to earn with Bitcoin, it is important that we mention that Bitcoin is money. You can as well earn some money through the training on this website and then buy some bitcoins. The company will even buy you your dream car for promoting for them.
What other ways have you earned bitcoins? Send in your comments in the box below.