Bitcoin is currently the most valuable coin in the cryptocurrency industry. As such, it offers plenty of ways to earn cash. What’s better? Some of these require only your devotion and no capital. Keep reading this comprehensive guide to exploring some smart methods to make money with Bitcoin

Introduction to Bitcoin: Brief Historical Background

A pseudonym account, Satoshi Nakamoto, introduced Bitcoin in October 2008 to respond to the then-ongoing worldwide financial predicament. Bitcoin was intended to be a virtual currency that transcended the control of a single body or organization — unlike fiat currencies. 

The coin recorded its first transaction in May 2010, thereby proving its real-world monetary value. This transaction paved the way for the launch of numerous other cryptocurrencies. Some of these coins were BTC hard forks.

Bitcoin has undergone a meteoric rise over the years. The coin has spiked and crashed several times, but what’s undeniable is BTC’s superiority over all other cryptocurrencies. Bitcoin broke the $50,000 barrier in February this year.

Shortlisting 17 Practical Ways to Earn with Bitcoin

Bitcoin Lending

A Bitcoin lender lends the coin to interested investors on specified terms and conditions. They may also lend to legitimate websites. Typically, Bitcoin lenders request a fixed percentage as an interest to make their money. According to their records and terms, you may decide to offer short- or long-term loans to each intending borrower.

Bitcoin Mining

Bitcoin is pretty similar to gold, and miners are the nodes that ensure the coin remains in circulation. In exchange, the system rewards them with money or valuable bonuses. However, you need high-end machines, cheap electricity, and expert knowledge to mine BTC. Therefore, it’s costly and requires a significant investment in the beginning. 

Faucet Websites

Faucet websites offer Bitcoin rewards for completing certain tasks. These challenges may include Captcha submissions, poll participation, referral programs, and survey inclusion. However, the rewards for these tasks are typically small. Moreso, there are a plethora of fake faucet websites these days.

Bitcoin Trading

Trading represents the primary and most reliable means to make money with Bitcoins. Yet, it’s arguably the riskiest of the options. 

Poor trading decisions may cause you significant losses and dent your portfolio. Therefore, it’s advisable to learn from experts before becoming a cryptocurrency trader. Four common Bitcoin trading strategies are:

  • Day Trading: It means conducting all trades within a day. These short-term deals offer relatively small profits, but they may contribute to a large portfolio over time. 
  • Scalping: This is an aggressive day trading technique that targets small profits from the positions of Bitcoin. A scalper targets market dips through the use of leverage and snipe positions. 
  • Swing Trading: A swing trader swings in both price directions: bullish and bearish. Their sole aim is to buy Bitcoin at a low price and sell when the price is high. 
  • Position Trading: A position trader maintains a position for a long-term duration until they make a profit. This period may last weeks and even months. For instance, closing a deal you started in December in February is position trading. 

In addition, you can try trading with Obolon9, an automated crypto trading system. The service offers round-the-clock market surveillance, providing you the opportunity to focus on your strategies and make excellent trading decisions. You may try it out for free today.

Buying and Holding

Buying and holding is a Bitcoin strategy that holds Bitcoin until an upward price movement before cashing out. Unlike the day trader, a buy-and-hold investor may hold their Bitcoin for months, if not years, before trading.

Affiliate Marketing

Some product websites may promise you a commission for referring customers to their products or services. This reward is usually in the form of Bitcoin. It’s necessary to verify the legitimacy of an affiliate program before joining.

Accepting Bitcoin as a Payment

Offering your products or services in exchange for Bitcoin is more profitable than accepting only fiat currencies. How so? A Bitcoin unit worth $2,000 today may be worth $2,500 after some time if you keep it. It’s a passive money-making strategy. Plus, it facilitates borderless transactions across the globe.

Bug Bounties

Software developers often offer rewards to individuals who may help detect vulnerabilities and exploits in their products. You can find such opportunities at most Bitcoin P2P marketplaces and exchanges due to their constant drive to enhance their services. 

Earning Through Tips

Some platforms connect helpers and tippers. The former represents users who help complete specific challenges, while the latter offers rewards in exchange for help. Likely tasks you may have to complete include product promotion, technical product resolution, solving fashion crises, and streaming video games. 

Bitcoin Forum Campaigns

Bitcoin forum campaigns are platforms that offer BTC as rewards for content contribution. However, your contributions have to be valuable and helpful to earn incentives. Satoshi Nakamoto launched the first of these forums: Bitcointalk.

Micro Earnings

Some websites reward members in BTC for watching ads, and trying out such platforms may earn you some cash. However, micro earnings are quite literal: they don’t pay much! An hour-long video may earn you only $0.005, but it’s something anyway.

Bitcoin Staking

Staking works similarly to lending, but there are no loans in this case. Staking involves keeping your assets in a network for stability purposes. In return, the network offers you rewards for your loyalty. You may check out Binance’s staking program for a start.

Yield Farming

Yield farming is a unique DeFi strategy that combines lending and staking. A yield farmer allows decentralized exchanges to share their Bitcoin to a swapper interested in trading, and as a reward, they receive the trading fees from the platform. Your main purpose here is to provide liquidity, thereby ensuring transaction continuity.

Task Completion

Pay-to-Click websites offer users BTC in exchange for completing little tasks, such as ad watching, survey completion, and quiz participation. These activities may be monotonous, but you may have no better option sometimes. Besides, you may find some videos entertaining or educational when you watch them.

Writing Crypto Content

You may earn cash as a cryptocurrency writer when you publish posts on blockchain-based platforms. This option is one of the highest-paying strategies to earn with cryptocurrencies, although it requires more technical knowledge too.

Sell Old Stuff Online

These days, you may find platforms that connect buyers with sellers if you’re keen on cryptocurrencies. You may sell your old stuff on such sites instead of discarding them in a backyard sale for little or nothing. Also, you may advertise on social media while specifically requesting Bitcoin for payments.

Become a Bitcoin Consultant

Cryptocurrency technicalities are often overwhelming to beginners; therefore, the industry highly regards experts who simplify the learning process. Working as a Bitcoin consultant is greatly rewarding. However, it requires years of experience and remarkable market understanding to become one. 

Summary

Knowing how to make money with Bitcoin may be an excellent source of active or passive income — depending on your preference. As things stand, now it’s up to you to choose the best way to make money with Bitcoin, considering that we’ve just highlighted seventeen ways to do so. However, trading remains the most popular strategy.