After bitcoin’s value increased significantly, the currency became quite a hot topic. Once people get the hang of using the currency, the next question is often about how to make money with bitcoin.
It’s generally easy to find information about what you can buy with the crypto, where to store it, and the like. However, it is generally more difficult to find opportunities to add to your wealth. This is true even though many begin their journey with the currency, hoping to make a profit.
There is no doubt that the currency is here to stay. It is a great investment and has many more varied uses than other things one might invest in, like gold, for example. So, look no further if you’re looking to get started with the currency and wondering how to make money with bitcoin.
We discuss possible ways to increase your proficiency with this digital asset and provide several business opportunity ideas in this article.
Adding To Your Wealth With Crypto
There is a variety of ways to make money with bitcoin. These methods range from quite simple to relatively tricky, so there are opportunities for newcomers to the currency and those who consider themselves veterans and very tech-savvy.
Whether you’re looking to put in very little effort or trying to go big with some bitcoin business opportunities, you will have an option. However, before you dig deep into how to make money with bitcoin, it’s probably a good idea to familiarise yourself with the currency in general and how it works.
You should understand how the market works, how bitcoin is created through mining, what the bitcoin halving is (and why it happens), and the general pros and cons of using the currency.
For example, some advantages of using the currency include fast and easy payments no matter where your BTC is going, no connection to the state, so the value is not affected by politics, and long-term value. However, disadvantages include high volatility, meaning fiat value could decrease at any time, regulatory risks, and lack of mainstream understanding.
Considering all these factors will help you decide whether using the currency is the right choice for you.
How To Make Money With Bitcoin
Once you’ve thought about everything that needs to be considered and concluded that bitcoin sounds like a good match for you, you can start thinking about how to make money with bitcoin. For many people, this is the biggest roadblock; actually, figuring out how to make a profit.
From a lack of ideas to being unsure where to find information, it can be a massive stumbling block on your cryptocurrency journey. But not to worry, the answers are near. Here are some ideas about how to make money with bitcoin.
Trading
For most people, this is the most obvious way to make money with bitcoin. And there are benefits to trading that you do not get by trading on the global stock exchange. For example, the stock exchange is usually open only during typical business hours, but bitcoin exchanges never close. This means you can trade at any hour, on any day, from anywhere in the world.
Generally, the rules are the same as regular trading. You must sign up for a trading platform and swap some fiat money for cryptocurrency. Then, you anticipate the market and try to make money by trading.
Of course, you must ensure that you’re clued up on how trading works, how bitcoin exchanges bring in money, and where you’ll store your BTC. Fair warning, though, the volatility of bitcoin can make trading bitcoin a nerve-wracking experience.
Become A Consultant
Being a bitcoin consultant can be very profitable, as consulting is important in the cryptocurrency industry. And, there are generally not many consultants around the world, so you’ll be tapping into a relatively untouched market).
To do this, you could begin branding yourself as a BTC expert so that people in your community and general surroundings know who to come to for crypto-related questions. Then, you can make money by offering advice on trading or teaching people how to begin trading.
You should ensure that you know all the intricacies and details of trading and the currency before you offer others advice. If you’re sure you have the knowledge required, this could be a great business opportunity.
Another variation of this option is to teach bitcoin online. This way, you have a much wider market to make money from, and you can tap into areas where there is little to no knowledge about the currency or how to use it. If you speak a foreign language, that’s even better as you can reach out to non-English speakers, which many people cannot do. All you need to do is market yourself well.
Complete Microtasks
In terms of how to make money with bitcoin, this method is quite simple as long as you’re patient. You can complete small tasks for bitcoin through various platforms such as Bitrio, an app that enables you to be paid in BTC for minor tasks like watching promotional videos or completing surveys.
This method is not the most lucrative, however. For example, Bitcoinget, another platform for microtasks, pays around 20,000 satoshis per task ($1 equals about 9,100 satoshis at the time of writing).
Bitcoin Faucets
Similar to the example above, bitcoin faucet websites allow you to earn money by viewing advertisements and completing surveys. These sites generate revenue from the ads on their page. Whoever goes to the site and completes the tasks is paid a small portion of the revenue.
Accept Bitcoin In Your Business
If you already have your own business, then this option for making money with bitcoin is good for you. You can integrate accepting BTC in exchange for your products or services, which will bring in additional customers who prefer to make use of cryptocurrency rather than fiat money.
Several ways to do this include allowing customers to pay directly into your wallet, acquiring specialized point-of-sales hardware terminals, or adding a “pay with bitcoin” button to your website.
Hardware Mining
Another one of the more commonly cited options for how to make money with bitcoin is hardware mining. However, this method is not recommended for beginners or newcomers to the bitcoin world, as it can be complicated and requires quite a bit of technical knowledge and understanding.
Essentially, you need to get hold of the relevant hardware (which is often extremely pricey and uses up a lot of power). Using this hardware, you’ll solve complex mathematical problems and earn bitcoins.
Buying and Holding
For this, you’ll need to set up a wallet, which you’ll use to send and receive BTC. There are several options for wallets, but ensure that you research before committing to one, as some are safer than others. You also need to consider what type of accessibility you want or need, as some wallets are mobile apps, others are paper, and others are still online. Each comes with different accessibility.
Once you have your wallet, you purchase bitcoin, save it, and wait for its value to rise. After that, you can trade or sell for more than you acquired it for. This is more of a long-term strategy for how to make money with bitcoin, but it often proves to be a good way to go about it. You should be okay if you have the patience to take you through. Just ensure that you do your research.
Domain Names
Since many people are starting to get into the game of bitcoin, more and more people want to start websites about the topic. A possible business opportunity is to create or register several bitcoin domain names and then sell them for a profit. There is relatively little competition using this method. If you’re more creative, this one may be for you.
Final Thoughts On Making Bank
As you can see, the list of ideas about how to make money with bitcoin is quite long. And this is not even a full list. However, these ideas are a great way to get your foot in the door and start making the bank! There are many more ways to go about it.
If you were concerned about the technicality of it all, you probably see now that there is no need. There are opportunities for all, including low and high-effort options, technically-inclined and not-so-technically-inclined options, and everything in between. The currency has a high fiat value, so your efforts will be worth it. Get started today!
