5 Ways to Make Money With Bitcoin

Having been around for a decade, Bitcoin is the most popular cryptocurrency for a reason. People have made a fortune out of it, and the emergence of online stores accepting digital currency has made it difficult to suppress its progress. If you are contemplating jumping on the cryptocurrency bandwagon, you might wonder if the idea is worth implementing. This article looks to help you make a guided decision. Read on for five ways to make money with Bitcoin:

1. Buying and selling

One of the oldest ways to make money with Bitcoin is by buying it, holding it, and selling it when the price goes up. This method of buying cryptocurrency and selling it for a profit is known as HODLing and is suitable for individuals interested in long-term investments. This method is not for the risk-averse; besides knowing how to buy Bitcoin, you need to familiarize yourself with the market’s high volatility and be ready to capitalize on the short-term opportunities that show up intermittently.

2. Bitcoin mining

Bitcoin mining is the process of adding new transactions to the publicly distributed blockchain ledger. The process is strictly digital, and people who execute it get paid with free Bitcoin. Many people made a fortune from mining Bitcoin in the early days, but now the process is virtually impossible for individual miners thanks to the high cost of acquiring and operating the mining equipment. Unless you have the computing tools, there is no point investing in mining, as it might take you years before making any profit.

3. Cryptocurrency lending

Lending is another way to make easy money using Bitcoin. All you need to do is create an account on a lending platform and give out loans at interest. Some sites offer as much as 15% interest, which can prove quite appealing, but it’s always wise to find one that provides a good balance of decent interests and credibility. Remember, Bitcoin is unregulated, and it’s not uncommon for lenders to lose all their money while chasing profits. You need to beware of scammers and platforms that offer unrealistically good deals.

4. Affiliate marketing

You can also become a cryptocurrency company’s affiliate and earn a commission out of your marketing efforts. This is perhaps the most low-risk way to make money from Bitcoin, but it’s also the least lucrative. The best way to make a sizable profit from Bitcoin affiliate marketing is to work with more than one crypto company.

5. Micro tasks

Micro tasks refer to small assignments, such as watching videos, sharing content on your social media, and viewing ads for Bitcoin pay. The earnings are usually small, but if you make frequent visits to those sites, you can make an additional source of income out of micro-tasks that typically don’t cost anything.

Endnote

The cryptocurrency market is still mostly unexplored, and many people are yet to get the hang of its dynamics. Before investing in Bitcoin, make a point of familiarizing yourself with the industry and all the risks involved. Find the perfect activity for you, and join the millions of people making thousands of dollars from cryptocurrency.

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