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Today, Bitcoin is becoming more popular because of its value increase. People buy bitcoins mostly for speculation purposes, but others use them as an investment or send money overseas. This article will mention how you can earn money using bitcoin.
Let’s take a look at these ways.
1. Bitcoin Trading
Bitcoin trading is buying and selling bitcoins, just like trading foreign currency. Some companies offer this service, so you don’t need to check the prices of bitcoin exchanges daily or do any calculations yourself. It’s recommended that you use more than one company for this task to avoid losing your money. You can also trade on margin with some services (borrowing money from them). There are no fees at all (even though they say there are).
Remember that these services charge fees which vary between 3% and 8% per transaction, depending on the platform you choose. If you’re a beginner and want to start trading, you must choose the 1k Daily Profit app for the best features and returns.
2. Bitcoin Mining
Bitcoin mining is the term used to describe the work done by Bitcoin nodes, which are currently rewarded with 25 new bitcoins every block. This reward essentially makes Bitcoin sustainable because these miners are receiving value for their energy consumption.
That said, it’s also fair to say that Bitcoin mining could be viewed as a gamble where you’re betting your computing power against other people’s computers.
3. Bitcoin Lending
You can lend bitcoins to others (for example, through crypto-lending websites) and earn interest in it. This is the riskiest way of making money with bitcoin because you are giving away your bitcoins for someone else to hold. This means that if this person/company fails to pay you back (which they might do), you will lose all your coins, which could be worth up to hundreds of thousands of dollars.
Please consider that when too many people default on their loans, the entire crypto-lending industry collapses because no one wants to loan out more coins in fear they won’t get them back.
4. Bitcoin Faucets
There are various are websites that offer you free Bitcoins. You can earn these Bitcoins by visiting the faucet over and over again (usually 5 min) and pressing a button. The number of Satoshi (the smallest unit in Bitcoin, 0.00000001 BTC) will be counted every time you press the button.
Once you’ve accumulated enough Satoshi to exchange for an amount of real money in bitcoin’s worth, then that’s what you’ll receive in your pay-out.
5. Accepting Bitcoin as payment
This is the most common way of getting paid in bitcoins. If you run a business, and it’s legal where you live, you can start accepting bitcoins as payment for goods and services. Of course, you need to have a Bitcoin wallet, but more importantly, your customers need to have wallets.
The Bottom Line
There are several ways to earn money with bitcoin, such as mining, trading, investing, etc. Also, if you are new to Bitcoins and want to earn them quickly, refer to the first two methods.