Bitcoin, a peer to peer, decentralized digital currency, has made a lot of people some serious money since it's birth in 2009 by Satoshi Nakamoto. Some people think it's late to invest in bitcoin but it never is. Market analysts have predicted bitcoin to rise to $70,000 in 10 years.
Earning money from Bitcoin has taken various forms since the world’s top digital currency became more popular. The days of becoming a Bitcoin millionaire virtually overnight with little-to-no investment have certainly passed, but that doesn’t mean there isn’t still money to be made. "You need money to make money". Trust me, there is no way you can virtually start up from zero and expect to get huge profits in Bitcoin.
Note that Bitcoin is highly volatile, it's price always swings sharply. Investing in Bitcoin is pretty risky, so don't invest more than you can afford to lose. These high risks comes with good rewards though.
Below are some of the best ways to make money with bitcoin:
Buying And Holding
The buying and holding method is the easiest way to invest and earn money with Bitcoin. All you need to do is to buy bitcoin and hold it in a secure wallet over a period of time. As the price of bitcoin increases, the amount of money you invested also increases. Many people have made huge amounts of money just from holding Bitcoin in a wallet. Bitcoin has increased almost %5000 in 2017. So if you bought bitcoin in January 2017 and held it in a wallet till now, you would reap a massive %5000 profit. You can create a bitcoin wallet using Coinbase , BlockChain.info , Exodus , Coinomi . It is recommended to use a secure wallet to prevent getting hacked.
There is also a possibility that the price of bitcoin might crash, so don't invest more than you can afford to lose.
HYIPS (High Yield Investment Programs)
This might not be the part of the best ways to earn money with bitcoin, but it can make you some serious money. HYIPs are highly risky. There is no HYIP that has survived for more than 1 year. Most of them close down in 2 weeks, 1 month etc. Therefore, it is never recommened to join an HYIP if it old.
HYIPs, may pay you high returns for a small amount you invest in them. These programs get the profits by trading forex, stocks and bonds, sports betting and other. In reality, they do nothing of that sort. They pay early investors with the money that is being invested by later investors. This is known as a ponzi scheme. When no more investors are joining , the scheme collapses. HYIPs pay hourly, daily, weekly or monthly. The daily income rates depend on the HYIP itself and range from 0.5% to 6%.
Learn more about HYIPS : Bitcoin HYIPs Explained.
Get HYIPs to join here : Bitcoin HYIPs
Mining and Hashing
Bitcoin mining is the process whereby transactions are registered in the bitcoin public ledger (Blockchain) using sophisticated hardware. Anyone with an internet connection, electricity and a mining hardware can mine bitcoin.
Mining is the most expensive way to make money with bitcoin. It involves buying sophisticated ASIC hardwares with a very high hashrate (The measure of the poer used to mine bitcoin). It also involves high electricity cost, since the ASIC hardware will use electricity to mine. The current difficulty level of mining bitcoin which has become so high that it’s practically impossible for soloists – individuals – to make a profit mining has made joining a mining pool a great way to reap a small reward over a short period.
Due to the high costs involved in hardware mining, there are cloud mining sites that will take care of electricity and hardware costs by mining for you. All you need to do is purchase hashpower, and they will mine and pay you.
Cloud mining is not going to make you rich overnight. You might get your ROI(Return Of Investment) in roughly around 298 days.The time might increase looking at the increasing difficulty level of Bitcoin.
Well known cloud mining sites are Genesis Mining and Hashflare . You can use pSjy6b as a discount code on Genesis mining to get a %3 discount.
Faucets
Lol, the name says it all. A bitcoin faucet is a website that rewards users with fractions of bitcoin for performing certain tasks. The tasks range from solving captchas, solving math problems, playing games etc. Some do not require you to perform tasks. You just need to visit the site at a specific time interval in order to be rewarded.
Faucets are the hardest and time consuming ways to make money with bitcoin. These sites only pay small Satoshis( The smallest unit of bitcoin). It's better than nothing though. With hard work and dedication, you can make some reasonable amount money. You can also run your own bitcoin faucet. You can place ads on your faucet and you'll get paid by your ad network.
Well known Bitcoin faucets are : Freebitco and Moonbitcoin.
Gambling (not suitable for everyone)
I'm not a big fan of gambling. It is the riskiest way to make money with bitcoin. You can lose your entire portfolio in just 2 seconds. Gambling websites will not be listed here. You can research them on your own if you are interested.
Interest From Bitcoin Lending
You can lend bitcoin to trustworthy people and gain interest when they pay back you. Bitbond is an example of a peer-to-peer lending site. Borrowers publish funding requests and you can contribute to their loan. You can fund small portions of many loans and thereby diversify default risk. Bitcoin loans usually work the same way as fiat currency loans. The borrower gets a certain amount of money over a specified time and repays the money with interest. There are two things you need to be aware of when you lend Bitcoins. The site needs to be trustworthy and the borrower needs to be trustworthy. When the site assesses the creditworthiness of their applicants the information given about borrowers can be more credible.
Earn Bitcoins By accepting It Or Getting Tipped
You use bitcoin as an alternative method of payment for your shop. This is quiet an easy way to make money with bitcoin. You can also place QR code for bitcoin donation on your website or blog. This may not bring regular earnings but it's quite an effective way to make bitcoin.
Matrices
A bitcoin matrix is a cash gifting scheme using the Bitcoin combined with an affiliate recruitment scheme. The person on top of the matrix recruits 2 or more people to join the matrix, the 2 people will then pay some amount of bitcoin to their upline. The 2 downlines will then also recruit 2 people each who will also pay a fixed amount of bitcoin.
In a matrix, you only earn if you recruit people. If there is no recruitment, you'll lose the money that was paid to your upline(the one who recruited you). A matrix is very risky. Someone is always bound to lose his or her money. If you don't have network marketing and recruitment skills, stay away from matrices.
Trading and Altcoin Investment
Although there is risk involved, this is in my opinion, the best way to make money with bitcoin . You can make %20, %50 or %100 of your investment in just 1 day. Only people with knowledge in Technical Analysis, Fundamental Analysis and Bitcoin should venture into trading, looking at the risk that is involved.
Crypto trading is just like trading stocks. You buy low and you sell high. Crypto trading involes buying an altcoin (any cryptocurrency other than bitcoin) and selling it when the price goes high to make profit. You can trade BTC pairs , ETH pairs and LTC pairs. Example, if I buy $100 of a coin priced at 0.0002 btc, I'll make %100 of my investment if the coin increases to 0.0004 btc.
Some of these trading platforms are Poloniex, Bittrex , HitBtc , Coinexchange.
Altcoin investment is another alternative to crypto trading. Anyone at all can invest in alts. No special skill is needed. It's just the same way as buying and holding bitcoin. But in this case, you'll buy an altcoin instead. Altcoins have the potential go to x2, x3 or higher due to their low market caps(ttotal amount of money all the coins combined). Do not just invest in any altcoin. Most alcoins are hypes,pumps and dumps which will only lead to you losing money. Invest in altcoins such as Ethereum, Litecoin, OKCash, Verge, Lisk , Stratis etc. These are solid coins with good developers and an active community. Litecoin and Ethereum are currently priced at $60 and $330 respectively. Investing in these coins can make you a fortune somewhere in the future. Ethereum alone was only $14 on January 2017, now it's $330. Imagine the amount of money it has made people. Get a secure wallet like Exodus, Mycelium, Coinbase or Blockchain.info and store your altcoins.
