Bitcoin has been in the news a lot lately. Some people seem to think it is a fad that will soon disappear, while others believe that it is the future of online payments. Whichever camp you fall into, there is no denying that Bitcoin presents some interesting opportunities for making money.
In this blog post, we will discuss five different ways to make money with Bitcoin. We will cover everything from mining to trading to earning interest on your holdings. So if you are interested in learning more about making money with Bitcoin, read on!
Here is a list of ways to make money:
- Bitcoin Trading
Trading bitcoins online, exchanging them for other currencies and back, is a rapidly growing market. In the past 1-2 years alone, it grew from a few hundred to 3600+ different exchanges. The main idea of trading is simple – buy low, sell high – but there are many ways to do this trading, and the market is rapidly growing and evolving.
As of July 2016, around $7 billion was invested in Bitcoin. The main problem with trading Bitcoins online is choosing an exchange or broker. If you are looking for a manual or an automated trading mode, Bitcoin Trader would be the perfect platform for starting bitcoin trading.
- Bitcoin Mining
Mining is a very popular way to make money with Bitcoin, and it’s also the pure form of making money with Bitcoin because there is no threat or limit to how much you can make since it scales upward infinitely. Mining entails processing transactions and securing the network using specialized hardware in a process called “proof-of-work.”
The amount of bitcoin rewarded for completing a block halves every 210,000 blocks (about four years).
- Bitcoin Faucets
If you have been researching how to make bitcoins after the price increase, one method that keeps popping up is bitcoin faucets. Numerous websites will give you a small number of free bitcoins as an incentive for visiting them regularly. Many people earn a few hundred Satoshis daily from these faucet sites and consider it a nice bonus to whatever work they do online.
- Bitcoin Lending
Bitcoin lending is a way to make money with bitcoin by loaning the crypto coin to others. Many exchanges offer this functionality which means you can earn interest on your bitcoin holdings by offering loans to traders. Usually, deposits in USD or EUR are required for this type of trading, but it’s possible to find exchanges that allow payments in other currencies and crypto-assets.
You need to research which exchanges will work best for the type of strategy you want to earn an income from Bitcoin Lending.
- Bitcoins Savings Accounts
Use of online wallets or offline wallet services that allow you to earn a higher interest rate than traditional savings accounts in return for keeping your bitcoins securely stored with them instead of in your wallet. Of course, they do give you a password to access your account.
The Bottom Line
Bitcoin is a gamble, but it’s also an investment. It’s an incredibly innovative technology that has the potential to change the world and make you rich in the process. Here are ten ways you can use Bitcoin as a vehicle for making money.
