How to Make Money with Bitcoin Today
How to Make Money with Bitcoin Today
So you’ve heard rumors of people making millions through the cryptocurrency Bitcoin and you’re probably wondering if it’s possible for you to do the same. While it’s not guaranteed, there are many ways to make money with Bitcoin, and some methods can be riskier than others.
This is the most obvious answer. It’s pretty hard to make money with Bitcoin if you don’t have any Bitcoin to begin with. The price of Bitcoin fluctuates daily and it’s best if you can try to buy when the market is low, and then sell when the market goes up. This method is fairly risky as the market fluctuates rapidly—sometimes thousands of dollars in a single day! However, even if you end up buying right before the market dips (the market can be impossible to time correctly) at least you still end the day with owning a bit of Bitcoin. And who knows, the price may shoot up again later on.
Besides just investing in Bitcoin itself, you can take said Bitcoins your purchased and invest them in various hedge funds and companies. MintDice is a wonderfully built online casino which allows all of it’s members to invest and earn money off the bank roll, all you have to do is make an account and invest! If you decide to go the route of a hedge fund, make sure you thoroughly vet the owners of the hedge fund and make sure their investing strategies encompass the appropriate amount of risk you’re willing to take.
Mining Bitcoin is the process in which people known as Bitcoin “miners” utilize the power of their own computers to create more Bitcoin. While this may sound easy, the amount of power and electricity needed for this process don’t come cheap. And while the early miners reaped large profits, today’s Bitcoins take even more power to process than ever before, and thus it isn’t very logical to have individuals mining. In fact, most Bitcoin mining has been taken over by companies who are able to acquire power and hardware for cheap. So while mining may carry less of a risk, it may reap little, if any, rewards.
Now if you’re really set on mining, there are other coins that can be mined for much cheaper and easier than Bitcoin. There are a number of guides you can check out for free for more information on mining altcoins.
It can be very easy to make money trading Bitcoin, but you must have a basic knowledge of what you’re doing for this to work. If you believe you have the skills necessary to make money trading Bitcoin, the first step is to get yourself set up with an account on an exchange website. You’ll need this in order to purchase the Bitcoin necessary to facilitate trades. Binance and Bitfinex are the number one suggested exchanges for trading. After you’ve done that, then check out apps like Cryptohopper, 3Commas, and CryptoTrader. All three apps are bot based and will monitor exchange prices twenty four hours a day—so even if you’re busy, they’ll submit and monitor your trades for you. If you’re not into using a bot, you can do all this work yourself (though it will not be near as efficient!) and this is called day trading. Whichever method or app you choose, make sure to do your research before putting your money on any site because for every good website out there, there’s probably another one that’s a scam.
Don’t have enough skill to become a Bitcoin trader? A good low risk option is to perform micro jobs. These small tasks can be something as simple as checking out plug ins or re-tweeting a post. Keep in mind, that although this is a less risky option than trading or investing, the payout will be much smaller—and you might find it isn’t worth your time to perform these jobs for fractions of pennies. If you think this is something that might interest you, check out the website Coinworker to get more information about micro jobs available.
Now there is a free way to get Bitcoin, but it will be a very small amount, even smaller than performing micro jobs—and this is by using the faucets of websites which offer them. A Bitcoin faucet is usually a “freebee” button that Bitcoin websites provide to allow you to try out their services without having to deposit money. It truly is free money, however, the amounts are very small and there is often a per- day limit as well as a cash out minimum—so again, you may find it isn’t worth your time to visit these faucets. But, if you believe you can make money gambling, using the faucet on a gaming website like MintDice could help you get a good start to building your bankroll. And who knows, you might find yourself winning money in no time!
Providing Bitcoin Related Services
If you don’t want to spend time doing micro jobs but still want a low risk way to make Bitcoin, the best way would be to offer some sort of Bitcoin related services. These services can range from writers to social media promoters and often times companies are willing to pay decently in exchange for this work. This does require some knowledge of Bitcoin and a bit of skill (depending on what services you’re offering) so it isn’t quite as easy as the micro jobs or website faucets.
For those who desire to write articles for Cryptocurrencies, there are many websites that will “pay” you for your articles. The reason pay is in quotation marks is because many of these websites only give out money when your article is read by or commented on by another user. And even then it isn’t much of a get rich quick scheme because you often times only get a few pennies every time someone reads your work. Regardless, if this is something you want to try out I highly recommend checking out the website Steemit, they allow users to publish on almost any topic and receive crypto for up votes and comments.
Overall there are numerous ways to make money using Bitcoin or your knowledge about Bitcoin, but make sure you know the risks and time involved in the method you choose to use. Invest, trade, or work and one day you might find yourself the next Bitcoin millionaire!