5 Great Ideas for Making Money with Bitcoin
Unless you’ve been living under a rock lately, then you have likely heard about Bitcoin and how a lot of people have made big bucks off it. And I mean big, with some people turning a couple hundred dollars invested a few years ago into hundreds of thousands recently. Not a bad return, right?
So, you are probably wondering how you can do the same thing? Well, you might have heard people saying that the only way to make money with bitcoin is to get in early. As it happens, those people are both right and wrong – but luckily, they are mostly wrong.
What people mean when they say this is that it’s too late now to invest in bitcoin at a shockingly low sum – say, like, just pennies or a few dollars. However, that doesn’t mean you’re out of options for earning money with bitcoin, even if you don’t want to invest in it exactly! Read on to learn more about bitcoin and how you can use the spike in bitcoin to your advantage.
What Is Bitcoin?
Let’s start with the absolute basics…
You’ve likely heard bitcoin being referred to as cryptocurrency or digital currency. As it happens, there are other types of cryptocurrencies that have cropped up, especially in the wake of bitcoin’s popularity. However, bitcoin so far remains the most successful and the most powerful. Still, that hasn’t stopped people from investing in other types of crypto in hopes that they will turn into the next bitcoin and yield equally big – or even bigger – returns.
Bitcoin comes from a process called mining – a complex algorithm that requires a powerful computer to complete. It takes a lot of time, effort, and power to even mine a single bitcoin. It truly depends on the computational power being used – and a lot is needed. Still, there are numerous bitcoins gained through mining every day.
There are certain things that distinguish bitcoin from other, more traditional, forms of currency. This includes its decentralization, limited supply, immutability, divisibility, and more. But of course, what most people reading this will be most interested in is how it can make you money!
Ways to Make Money with Bitcoin
Now, let’s get to the real reason you are probably reading this post in the first place – You are wanting ideas and tips for how to start making money with bitcoin!
Okay, here you go:
You’ve probably heard of people investing in bitcoin as this is one the most well-known and discussed ways to earn bitcoins. As mentioned earlier – there are those who got into the currency for not much more than the spare cash in their pocket and hit it big. However, the time for that has largely passed. It’s far more expensive to get into bitcoin this late in the game and you aren’t likely to see those massive returns like the people who invested years ago. This makes buying and holding a non-option for many people, but this is absolutely still a very viable way to make money from bitcoin. Relatively speaking, we are still very early in the whole evolution of crypto, so there is still plenty of room to get in now and cash out big later. Remember, you don’t have to buy an entire bitcoin at a time. You can buy a portion of one to start, make a little money, and continue investing your profits back in to buying more.
- Build and Manage a Bitcoin Faucet of Your Own
By building and managing a bitcoin faucet of your own, you could earn up to several hundred dollars monthly, which could be multiplied by who knows how much if you continued to invest that back into BTC. The process involves paying out small amounts of your bitcoin to users (which is done automatically). However, you will be gaining a lot more revenue by ads that you can place on your website. Interest piqued? Here’s everything you need to know to get started.
- Start a Website Explaining Bitcoin
For most people, bitcoin (and digital currency in general) is a difficult concept to understand – but just about everybody and their dog is asking about it right now, how it works, and how they can get in on it. Well, why not answer their questions? Start a bitcoin information site and explain the basics of the elusive cryptocurrency to your users. At the same time, generate your income from affiliate offers and ads you place on your website!
Getting started on this method will only cost you a little bit of money in startup costs, but it will pay off in the long run!
The internet is filled with a seemingly infinite amount of opportunities to post content and people who need writers. Many companies will pay you (quite well) to write content that promotes services and products. Believe it or not, you can even find websites that will pay you in bitcoin to write things for them, such as blog posts and articles. Another option is to start your own blog, which sort of ties into the option above, and place ads on it. You can accept bitcoin as payment for those ads. Basically, if you know how to write well, then you have opportunities to earn bitcoins via writing.
This is what you might call the “holy grail” of making money through bitcoin and is the oldest way of doing so that I know of. There’s no doubt that many people have achieved immense success with bitcoin mining. Remember, bitcoins are created by solving complicated algorithms. Miners are awarded with new bitcoins as they are created and transactions completed. At first, bitcoins could be mined using a home PC.
Nowadays, it’s not even nearly as easy as it used to be. Mining has grown to be quite difficult, and the algorithms have exponentially increased in difficulty. Now, miners need a specially built mining rig, usually more than one, and/or they must join a bitcoin mining pool to harness the computing power of several devices in order to make it worthwhile. Even then, the returns are not as great as you might expect – certainly not what they once were, but it can still be a good option if done correctly.
As you can see, there are plenty of ways to make money using bitcoin – and these are just a few of them – there are many more. But remember, the profitability of bitcoin was at its greatest if you got into it early on, so the longer you wait, the less your return will likely be! It is rising quickly and becoming more mainstream every day. So, what are you waiting for? Get started on making money with bitcoin today!