Since Satoshi Nakamoto launched Bitcoin back in 2009, crypto has grown to become one of the most sought-after cryptocurrencies. By the look of things, this trend might continue a little longer, and with the demand for Bitcoin constantly rising, investors need to find more feasible ways of earning cryptocurrency. Let’s dive right in and look at some proven ways you can implement and earn Bitcoin.
Mining provides a perfect opportunity to earn Bitcoins
This is likely the most common method of earning the crypto. Mining any cryptocurrency is all about generating new coins. When the nodes perform mining, their computers introduce additional transactions to the blockchain, thus expanding and maintaining it.
A blockchain is more like a public ledger and is capable of storing everything about Bitcoins, including all transactions made within the network. Once a computer has discovered a new block, the miner receives a particular amount of coins. At the moment, a single block contains 12.5 Bitcoins as a miner reward, but the number is constantly changing. According to the current BTC to USD rate, the reward amounts to $81,250.
However, Bitcoin mining is an expensive activity because it requires costly hardware and much electricity. As a result, people looking to earn Bitcoins through mining prefer becoming members of already established mining pools and earn coins without necessarily building their own mining firms.
Usually, mining pools require miners to provide their computing power in order to earn. Still, be sure to learn how the process works before joining a mining pool to get an idea of what you’re getting yourself into. It is advisable to perform a cost-benefit analysis unless, of course, you’ve taken up Bitcoin mining for curiosity and you just want to understand the technology better.
Is Bitcoin mining profitable? There isn’t accurate answer to this question because profitability is determined by so many factors including the value of Bitcoin, electricity costs as well as hardware costs.
Complete tasks on websites to earn Bitcoin
Some websites reward their visitors with free Bitcoins. In most cases, visitors only need to watch something like free ads, videos or complete quizzes on the website and are rewarded with coins.
Although viewing ads and videos on certain sites is a practical method of earning extra Satoshis, the returns are very low. Visitors might spend a lot of their valuable time watching ads only to be compensated with small fractions of Bitcoin. Some websites to check out if you want to be paid in Satoshis after completing micro tasks are Ads4btc, Coinadder, Vidybit, Freedigitalmoney, Bitfortip, etc.
Though you can be rewarded with free Satoshis by completing various simple tasks on certain sites, consider calculating the number of Satoshis you can get in an hour before choosing your best website. Moreover, look through the terms and conditions for getting a payout, study the user reviews and check on the reputation of each service provider through dedicated websites like Trustpilot.
Accept Bitcoin payments, tips and donations
If you run a business, let your customers pay you with Bitcoin to increase your cryptocurrency funds. The good news is that integrating this mode of payment in your business is quick and easy.
Note that regardless of your type of business, whether online or offline, accepting Bitcoin payments is pretty simple. All you need is an online Bitcoin wallet (most online Bitcoin wallets are free) and a QR-code. You can also place a BTC donation button on your website and get paid directly to your Bitcoin account. Many cryptocurrency exchanges offer suchlike solutions to their customers – just have the button embedded and enjoy the donations in Bitcoin.
Earn Bitcoin through interest payments
Lend your Bitcoins out to earn more of them. You can directly lend your coins to people you know and have them pay you back at an interest after a specified period. Peer-to-peer lending of the cryptocurrency also provides an opportunity to increase your Bitcoins.
Look for lending sites with funding requests and throw in some funds. You are advised to diversify your risk by funding little fractions of numerous loans. Usually, borrowers are given a particular amount of money over a specific period only to repay it at a specified interest.
Before funding some of these loans with your Bitcoin, make sure that the website is trustworthy. Try also to ascertain the creditworthiness of borrowers.
Earn extra Bitcoin with trading
Arbitrage provides yet another opportunity to earn extra Bitcoins by trading. Arbitrage is all about buying an asset only to resell it almost instantly at an inflated price. To earn through arbitrage, you need to have a good understanding of how Bitcoin prices differ from one exchange to another at a given time.
There is also an option of margin trading at some exchanges. Simply put, the user can borrow additional funds from the broker and start trading with leverage. Under the best-case scenario, this can substantially maximize your profit from trading. But margin trading can also entail a great deal of losses. So, you’d better opt for this option if you have much expertise and practical skills in the sphere.
Take part in affiliate programs that pay in Bitcoin
Some affiliate programs pay in Bitcoin, and taking part in them is a sure way to earn so much wanted cryptocurrency. As a rule, such an opportunity is provided by Bitcoin exchanges and cryptocurrency related startups. In most cases, the exchanges grant you with some percentage on the transactions made by your affiliates. The interest amount differs and usually ranges from 15% to 50%.
So, there you have it. The above-mentioned ways present a good opportunity to earn Bitcoins. Some require a good knowledge of how the cryptocurrency works while others are easy and straightforward.