Have you ever been wondering how certain people make money with Bitcoin? Bitcoin is the most popular cryptocurrency globally, and there are many ways to earn money with $BTC. However, before implementing any of these methods, you should:
- calculate the risks and rewards;
- decide how fast you want to earn profits;
- consider your technical and investment knowledge.
Here are the TOP 5 proven ways to make money with BTC.
#1: Bitcoin mining
It is one of the most mainstream ways to make money on the blockchain. In brief, mining is an operation of creating new BTCs and verifying transactions.
What you need:
To become a bitcoin miner, you need high-performing PCs and equipment like Bitcoin mining hardware.
What are the risks:
The expenditure of an enormous amount of money on electricity. Fortunately, you can become a member of a mining pool and make money with other miners.
#2: Bitcoin investment
It is a process of purchasing and holding BTC and waiting for the value to increase over time. If you’re ready to become a bitcoin investor, choose a crypto wallet to keep your BTC safely.
What you need:
- Knowledge of investment and technology;
- Mental armor in case you lose your money;
- time;
- patience;
- belief.
What are the risks:
The volatility of bitcoin. It is difficult to determine how bitcoin will act in various political and financial situations.
#3: Bitcoin trading
It is a process of buying bitcoin at a low cost and selling it as soon as the price gets higher.
What you need:
- Crypto market knowledge;
- Trading experience.
What are the risks:
Bitcoin trading is a lot riskier than previous methods, but the profit is considerable if you succeed.
#4: Lending Bitcoin
It is a process of lending the BTC you possess to other people with an interest rate.
What you need:
Specific websites, for example, Bitbond, Unchained Capital, or BTCpop.
What are the risks:
There is a very high risk of losing your BTCs if the borrower doesn’t return it to you.
#5: Earn Bitcoin by doing small tasks
It is a very low-risk method to make money; however, the BTC amount you will earn is pretty small. Many websites pay you in Bitcoin if you complete tasks given, such as testing a plugin, reposting, or completing a captcha.
What you need:
- Reliable platform, for instance, Bitcoinget;
- Time;
- Internet connection.
What are the risks:
There is almost no risk.
To sum up, the Bitcoin market is vulnerable to fluctuations, which at least can be said about some local fiat currencies as well. Nonetheless, the cryptocurrency world is rapidly expanding, and there are many other methods and instruments to make more money with Bitcoin. So, stay careful and dive deep into innovations!
