Almost nine years after it was first introduced, the bitcoin network offers a few great ways to make money. You can use bitcoins to either purchase various products or to exchange them to fiat currencies.
There are many advertised methods to make bitcoin, most of an additional income but there are a few ways to earn your main income from bitcoin. The choice you make depends on how much money you are willing to invest in the beginning and how bit you want your bitcoin earning to be.
Here are the best, risk-free, methods for making money with Bitcoin.
This is the old, classic way to make bitcoins that still works today. Bitcoin mining is essential solving problems using computers that creates blocks later added to the public ledger.
In the early days, this task could be easily accomplished with the home PC but as time passed, the problems became more and more complex, too much for a usual computer.
Specialized mining hardware has been introduced and now you have to buy such hardware.
If you can’t afford or are unwilling to buy the necessary hardware, you have to join a mining pool in order to pool your resources with other players. This is not very effective though because the awarded bitcoins will be split between miners, the shares depending on how much they contributed.
This method is not without risks as you have no way of knowing what bitcoins will be worth. Plus, you will have serious costs with the hardware purchase and the electricity bill.
Bitcoin Cloud Mining.
This is a new version of the classic bitcoin mining that offers the great benefit of not having to deal with hardware and is thus easier to handle. The process uses a remote data center that has shared processing power.
On the downside, cloud mining does have costs as you will have a fee to pay to the service provider and this seriously cuts into your earnings.
Several websites or even smartphone apps offer bitcoins for completing very simple tasks such as watch videos, test apps, fill out surveys, play games, or download apps.
This is a great way to make bitcoins if you have a lot of free time as it is time-consuming. In addition, the earnings are not big enough to have much impact.
Bitcoin Faucet Websites.
A few websites allow you to play games and watch ads and will pay you a small percentage of the ad revenue. This is a very simple method to earn bitcoins as you just have to make sure you log in every day but you won’t make any significant earnings.
It takes a very long time to earn bitcoins but it is completely risk-free and you don’t have to invest any money in the beginning. Some of the faucet websites are Moon Bitcoin, BTCclics, and Bitcoin Aliens.
You can buy bitcoins as their value constantly increases and wait until their value is high enough to exchange them back into fiat currency, like USD or EUR. There is also a way to get in early on coins by investing in ICO’s although you do need to be careful as there are some scams out there.
Bitcoins are very promising assets as the system is tightly regulated and has several anti-inflationary considerations built into it. Bitcoins have always grown in value and this trend should continue.
Although this is possibly a high-rewarding investment, you should take some precautions. For example, you should never invest more than you can afford to lose. Secondly, you should never invest all your money in a single asset. Another important thing to consider is to sign with a trustworthy exchange.
To be able to buy and hold bitcoins you need to have a bitcoin wallet that will allow you to store, receive and send bitcoin. A bitcoin wallet can be acquired from an online service like Coinbase.
Get Paid in Bitcoin for Your Services or Products
Lastly, you can choose to be paid in bitcoin for the products and services you sell.
Major websites now accept bitcoin payment and you can use their platform to sell your products. Bitcoin has many entrepreneurial opportunities.
If you already sell any products or services, you can offer your customers the option to pay you in bitcoin. And don’t forget that bitcoins have an ever-increasing value.