Looking to earn some extra cash or build up your wealth portfolio? Bitcoin is a great option for doing so. When most people think of earning money through bitcoin, they think about mining and investing in the all-digital currency, but these days there are numerous other methods people can use to generate bitcoin and cash for themselves.
Let’s go over some of the most well-known and reliable ways of making money with bitcoin.
The most effective way to make money with Bitcoin
One overlooked method to make money with Bitcoin is to build and manage your own Bitcoin faucet. You can earn anywhere between $50-$800 a month by running your own Bitcoin faucet. The process of running a faucet is pretty simple and it’s all explained in detail in this guide.
By running your own Bitcoin faucet you will be paying out small amounts of Bitcoins to your users (automatically) but will be gaining much more revenue through ads you put on your site.
Setting up your own Bitcoin website to generate a passive income
One of the most under looked opportunities to make money with Bitcoin is probably to start your own Bitcoin information website. Unlike a faucet, this type of website will basically explain the basics of Bitcoin to new users, while making money from ads and affiliate offers.
It takes a bit of time and a small amount of money to get started but in the long run will probably yield the best return on your investment. Here’s a video course explaining this whole process. A free PDF version of the course can be found here – My Dirty Little Bitcoin Secrets.
Mini Earnings- A bit of your time, a bit of cash
There are a wide range of websites that will pay you small amounts of money in exchange for completing certain tasks. Most of the time these so-called “faucets” involve looking at ads in one way or other.
Basically, site owners get paid when people view and interact with ads. A few websites, such as bitcoin faucets, will share some of those earnings with their visitors. What you have to do to earn your bitcoins varies from website, to website. With some, you’ll kill aliens or feed animals, with others you’ll simply watch videos or click on ads.
Be warned, however, some websites will infect you with malware and viruses.
Writing- Turn your literary skills into cash
The Internet is filled with endless forums and message boards, and this creates opportunities. These forums offer great opportunities to spread word about products and services, and some companies will even pay you to promote their products on these forums. Often, this involves little more than modifying your signature and putting an ad code into it.
Other websites will pay you in bitcoin to write articles and blog posts. You could also set up your own blog, place ads on it, and get paid in bitcoin. If you happen to know another language you could also do some translation work for bitcoin.
Either way, if you know how to write, you can earn bitcoin. Most opportunities are in English, but there are some opportunities in other languages.
Selling products and services
Remember, bitcoin is a currency. This means you can earn money off of selling just about every type of product and service simply by accepting bitcoin as payment. Even major websites, like Overstock.com, now accept bitcoin as payment.
If you happen to be a top-notch marketer, or are good with arts and crafts (among many other things), you can sell your services and wares, and accept bitcoin in exchange. As with any other type of business you will have to get out there and market yourself and your products or services.
If you’re already selling something, you should consider accepting bitcoin as payment, if you haven’t done so already. If you aren’t selling anything, now is a great time to look at the market to identify needs, and to find ways to meet those needs. Bitcoin offers a wide range of entrepreneurial opportunities for the bold and ambitious, and the all-digital currency makes conducting business around the world cheaper and easier.
Bitcoin mining- Mine your own wealth
Bitcoin mining is arguably the oldest way to create wealth through bitcoin. Bitcoins are created through solving complex algorithms that create blocks that are added to the public ledger. The public ledger is the history of all transactions conducted through bitcoin.
Long story short, miners basically build the public ledger and allow the whole bitcoin system to function. As they create new blocks, miners are rewarded with new bitcoins. This encourages more miners to get in on the action, which allows the bitcoin community to grow.
Once upon a time, people could use their home PC to mine bitcoins, but over time mining has become more difficult as the algorithms have become more complex. Now, you’ll either have to buy a specially built mining rig, or join up with a bitcoin mining pool that harnesses the power of multiple computers.
If you want to check out the profitability of Bitcoin mining today use a Bitcoin mining calculator.
Investing- Tap into bitcoin’s ever growing value
Back in October bitcoins were selling for less than $250 dollars. As of writing this article, Bitcoins are selling for more than $450 dollars. If you had invested in bitcoin back in October, you would have nearly doubled your invest in the course of a few short months!
Since bitcoin is limited in supply and production is tightly regulated through the algorithms themselves, bitcoin has numerous anti-inflationary considerations built it. This means that over time bitcoin should gain in value.
Gambling- If you got some luck you might make some money
By now, you’re probably familiar with online casinos. They’re pretty straightforward. You play a game of luck, or skill-based game like poker, and if you win, you earn some money. Bitcoin makes it easy to gamble and you can earn some huge amounts of bitcoins if you score a major jackpot. Of course, when it comes to gambling the house always wins in the long run, so risks are high.
Lending- Loan some bitcoins, earn some interest
Lending is perhaps the oldest way to use money to make money. Basically, you loan out money to a relevant party and they pay you back, with interest. Interest rates will vary with the risk involved. If you get collateral in exchange for your loan, interest rates will be low. No collateral means higher risks, but it also means higher interest rates.