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How to Profit From Bitcoin: 9 Things You Need to Make Money
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Ever heard of Bitcoin?
It’s kind of impossible to avoid the term nowadays. Even shows like The Big Bang Theory make references to it.
There are a lot of ways on how to profit from Bitcoin. But like all other means of earning currency, it needs your time and knowledge or the processing power of your computer. But what are the easy methods of earning Bitcoin?
Read on and find out.
1. Bitcoin Mining
If you want to earn the largest possible Bitcoin amount, your best bet is through mining. This is a process that lets you use your computer to make a set of mathematical operations. This will result in the creation of new Bitcoins.
The current set-up of Bitcoin meant that only about 21 million can exist. So far, only about 16.7 million of the coins got mined. That means you only have a little less than 4 million Bitcoins left to mine.
A good approach is to mine the coins yourself. Get a Bitcoin Miner to help you start making money with Bitcoin. The price of these devices depends on how much processing power they give, but most of the small ones start at $100.
2. Contract Mining
Contract mining is a good alternative if you’re not up to the hassle of setting up your own mining operation. With this, you pay fees to use a company’s mining equipment. The contract lasts within a certain duration, and they’ll add all earned Bitcoin to your wallet.
Its main drawback is that it costs more in the long run. Use this only until you get the funds to set up your own operation.
3. Micro Earnings
When it comes to making money using Bitcoin, micro-earnings remain as the easiest method. But it’s the most time-consuming when you consider the amount of money you make. Websites that offer micro earnings pay you with a small number of Bitcoins when you complete simple tasks for them.
4. Bitcoin Faucets
This type of method of earning Bitcoins also has small payouts like micro earnings. Most of these will often earn you 1 Satoshi for a bit of your time. This is about a hundredth of a millionth BTC.
But the difference is that you can claim these coins at a set time interval. Most Bitcoin Faucets give coins every five minutes. It’s not the fastest way to earn, but it’s a good place to start.
5. Invest in Bitcoin and Its Derivatives
Bitcoin became popular as an investment asset over the past years. It isn’t as common as using stocks and bonds, but it’s becoming more mainstream. It’s one of the most lucrative ways to make millions using Bitcoins.
The most common way of investing in Bitcoin is to buy and hold it until its price goes up. Bitcoin’s price volatility makes it easy to get incredible gains. For example, the Bitcoin price jumped from $300 to $7,000 over a certain time frame.
That’s why it’s important to hold on to your Bitcoins for long periods of time. You might turn in millions of dollars’ worth of profit.
6. Market Bitcoin-related Merchandise
There are ways for you to make money with Bitcoin without owning any coins. Marketing Bitcoin-related products is a good method of turning in a profit. After all, offering related services can become lucrative due to the growing interest in the cryptocurrency market.
The easiest method is to become an affiliate marketer. Promote Bitcoin mining devices with the use of the Amazon Associates affiliate program. With this, you receive commissions when people buy these products within the next 24 hours.
7. Do Bitcoin-based Freelance Work
There is a massive market for freelance services that pay using Bitcoin. It can range from something as simple as technical writing to more complex tasks like website development. There are a lot of websites that help connect workers with customers willing to pay in Bitcoins.
If you have useful business skills, you might earn serious amounts of Bitcoin. It’s great since you don’t need to make initial investments, unlike Bitcoin mining. With the right customer, you can get paid large sums of Bitcoins for your time.
8. Monetized Bitcoin-based Ads
A good way to earn a passive stream of Bitcoins is to partner with a Bitcoin-based ad network. It works well if you have a website that posts great content. These networks pay you in Bitcoin for the ads placed on it.
The more visitors and clicks you get with your content, the more you earn. It works best if you’re a website that makes content focusing on technology and the cryptocurrency market. The reason is that these advertisers are from the Bitcoin industry as well.
It’s easy to implement, especially if you have a website promoting products related to Bitcoin. This gives you a great opportunity to earn both normal currency and cryptocurrency. It gives diversity for your income stream.
9. Bitcoin Lending
Bitcoin lending is a big deal since it allows you to become a financial institution. This helps you earn more money by getting the interest from the Bitcoin you lend. You’ll need a lending platform to get Bitcoin by loaning.
The main problem with this method is that you need an initial investment. But if you’re already settled in with the other methods, you can earn some serious profit.
Learn How to Profit from Bitcoin Today!
There are limitless ways for you to turn in a profit from Bitcoin. It doesn’t matter whether you want to hold on to the cryptocurrency or sell related products and services. The current market of the Bitcoin industry gives a lot of opportunities.
Use these methods to know how to profit from Bitcoin. Capitalize on it since the cryptocurrency market will become more mainstream as the years go by. Start now and learn how to make money from Bitcoin.
Hoping to learn more? Check out our other guides, like this one showcasing our Bitcoin price predictions for 2019!