Nowadays, many people are concerned to explore the ways to earn Bitcoin – A digital currency that has revitalized the economy and gives a new pathway of making money online. If you have no idea about Bitcoin, it means either you are living in Stone Age or have no internet access. Just kidding 😛
You can check the detailed article on What is Cryptocurrency? A number of ways to make money from Bitcoins are no different than making money by regular means.
Many people believe in a myth that you cannot use digital currency like regular currency while reality is opposite. There are many businesses online who now accept payment in Bitcoins, allowing you to get rid the hassle of controlling the regular currency.
Of course, you are not going to invest in digital currency before you cannot explore it deeply. Although inception of digital currency gives you the flexibility to do business online and makes money out of it and on the other hand it comes with risks and limitations.
If you don’t know how to secure your digital currency and how to create a Bitcoin wallet then there is a wide chance of stealing your money, as an online technology comes with a possibility of getting hacked. So, before you get a hold of this digital currency, you must be well aware of its usage and the ways to making it safe and secure. You can make Bitcoin Wallet Address to secure your bitcoins here.
How to Earn Bitcoin:
Before I pen down the ways to earn Bitcoin, you must know that there is no such thing as ‘Free Bitcoin’ same as there is no ‘Free Money’. If sites are claiming to give you free Bitcoins, then either they are telling a lie or they are manipulating this statement in exchange of your time, email address, watching ads or doing different tasks online.
Let’s hope on the board and explore the ways to earn Bitcoin.
1: Earn Bitcoin from Faucet Websites:
Bitcoin faucet comes with a new idea which allows you to claim free Bitcoins. There are sites like Freebitco.in and Primedice who reward you some Bitcoins if you stay on their websites for five minutes. Before claiming your free Bitcoins, your account balance must be zero, and you need to reach a minimum threshold payout before transferring Bitcoins into your wallet address.
Bitcoin faucet is not an alternative to your regular job because the Bitcoin you get for free will not be enough. But you can get an idea of how digital currency works and you can get hands-on this currency by doing a number of transactions online.
Most of the faucet websites get payment from the advertisers who post ads on their sites. Part of that income then goes to the user who comes to their site.
2: Bitcoin Mining:
Earning Bitcoin through Bitcoin mining is becoming obsolete. The total cost of Bitcoin mining hardware, electricity and utility bills may not cover the total reward obtained by Bitcoin mining. However, if you are still interested and cost of electricity bills are not high in your country, then you can get a hold of Bitcoin mining mechanism. Before diving into Bitcoin mining, you must do your homework and calculate all the cost and time consumed against the Bitcoin coins you get in return.
3: Bitcoin Pools:
At the start of the invention of Bitcoin, people used to generate Bitcoin by Bitcoin mining using the power of their local PC. With the passage of time, Bitcoin algorithm became too complex which could not be solved by regular PC. This has erupted the concept of Bitcoin pool where lots of PC use their computational power to solve the complex algorithm and generate Blockchain which then adds up to the ledger system. Bitcoin ledger system is used to record all the transactions made by miners.
4: Micro Earnings:
This is probably the best and easiest way to earn Bitcoin. There are sites available who reward you Bitcoins when you watch ads or videos posted on their sites. There are also micro tasks like completing different offers and surveys and simple data entry tasks available by which you can earn Bitcoin.
It takes a lot of time to earn through these sites and they give you a fraction of income in return. Also, these sites come with built-in malware and viruses, so you need to be very vigilant before clicking on the link that looks suspicious.
Coin Adder is the best website who gives you Bitcoins when you watch ads or videos available on this site. The time duration of each video can last for 15 to 30 seconds. It comes with an enticing referral program by which you can earn 10% commission for all direct referrals.
5: Earn Bitcoin as Regular Income:
Bitcoin acceptance level has been increased over the years. You can get paid for Bitcoins if you work for organizations who accept Bitcoin as payments. There are also a variety of jobs available for freelancers who can make money in Bitcoins simply by doing data entry work.
Coinality is a website who offer jobs and give payments in Bitcoins. Similarly, Bitcointalk forum services is a reliable place for looking for flexible jobs that are paid in Bitcoins. Some of the jobs are too easy and simple that you need only laptop and fast internet connection to get that jobs done.
6: Investing in Bitcoin:
Back in January Bitcoin price was above $1500, which is now $6601. So if you had invested in January 2017, you would have been getting above four times of your actual investment. Before you invest in this digital currency, you must take all risks and limitations into consideration as the value of this currency is highly volatile, it can be one moment up and next moment down. It is wise to invest enough money in this digital currency which, if lost, you feel no regret.
The inventor of Bitcoin had already set total number Bitcoin that can be generated by mining and they are 21m in number. As for now, 16m Bitcoin has been generated. It is anticipated Bitcoin’s value would increase significantly once its production would reach maximum value i.e. 21m.
7: Offer Product and Services for Bitcoin:
Bitcoin is a digital currency from which you can buy and sell products as you do with normal currency. If you are a merchant you can put a banner on your website for getting payment in Bitcoins into your wallet address. If you have hotel or restaurant, you can hang a banner with caption “Bitcoin currency is accepted here”
If you are pretty nifty about your luck, you can try Bitcoin gambling. You can earn a massive number of coins by taking part in Bitcoin gambling sites. Where there is an opportunity to earn big, there is a huge risk involved in getting lost all of your income. Pay special heed and read terms and conditions of the site you want to gamble with. It is wise to start gambling with a small amount, you can gamble big as you proceed.
9: Lending Bitcoin to Earn Interest:
Lending is one of the oldest ways to make money where you lend your money to the third party and they pay back your money with interest. It is best to involve Escrow Company in your lending process, as it will minimize the risk of your money being stolen. Although involving Escrow Company in your lending process would decrease your interest rate but it will make your money safe and secure.
10: Bitcoin Affiliate Program:
Bitcoin affiliate program is very enticing and exciting though. You need to advertise the products of the specific company on your website or social media whatever you like, and when someone purchases product from your referral link, you will get a commission in terms of Bitcoins. More clicks on your referral link come with more commission.
11: Get Your Salary in Bitcoin:
Bitwage is such site which converts your salary into Bitcoins. For this purpose, if you work at any job who can transfer your salary to Bitwage’s account, you will get Bitcoin in return. You will also have an option to convert half of salary into Bitcoins and get a remaining salary in fiat money.
12: Earn Bitcoin by Answering Questions:
There are websites who give you Bitcoins for answering the questions. Bitfortip is such website where inquirer posts a question and there are number of people who answer that question. Bitcoin reward will go to the person who answers best. And the reward value can be determined by the inquirer.
You should consider few things into consideration before diving in the giant sea of cryptocurrency. Get a proper knowledge of Cryptocurrency and the Blockchain technology it uses. Cryptocurrency is highly volatile in nature, don’t get involved in this digital currency with all of your earnings. You can try your luck at gambling or you must have a proper knowledge about trading before you deal in cryptocurrency. There is no shortcut to get rich quick or get free Bitcoins. You will get paid in the form of Bitcoins in exchange for your time you would waste in browsing on different websites and doing many tasks ranging from completing surveys to some minor data entry tasks.
Is there any other way to Earn Bitcoin and make money out of it? Please share your experience in the comment section below.