It's possible to pay your bills with money earned from the cryptocurrency market. Everyone can generate additional income, or even create a business, by working with Bitcoin.
There are several popular methods to do that; But remember that in order to get something, you will have to make a sacrifice. Either it's your time devoted to learning about cryptocurrencies and following the news, or your money invested into cryptocurrency.
We can say one thing for sure: you have to study and learn new things to generate some revenue from Bitcoin successfully. Luckily, the Internet is full of helpful content that will help you get started.
We provide numerous guides to guide you through your journey. Also, websites like bitcoin.com.au provide fresh and valuable information on a daily basis. This will definitely help you be more successful in building your business around Bitcoin.
Now, here are the 3 most common and efficient methods to make money with Bitcoin. This information is valuable not only for those who are just planning to invest in Bitcoin but also for those who are actively making money with Bitcoin too.
1) Lend Bitcoin to Others
The concept of lending Bitcoin is relatively simple. You buy (or mine) this currency and then lend it to other people or businesses. There are websites that serve as a middle man between you as an investor and other parties that would like to get a loan in Bitcoin.
For instance, here are the 3 best Bitcoin lending sites, so that you can take a look at the process and available interest rates.
However, we must warn you that lending Bitcoins is more dangerous than lending traditional currency. Since this market is not fully regulated, interest rates will be much higher than usual. At the same time, there is a small risk that you will lose your money without the opportunity to get them back.
Note: many of the options we recommend insure lenders’ investments.
So our best recommendation to be a successful Bitcoin lender is to diversify your investments and give out multiple loans of a small amount. This process can be automated; Some tools will invest in loans for you and save a lot of your time. All you have to do is to set parameters that will be followed while investing. But this will be the topic of another article.
2) Earning Bitcoin Online
Micro earnings is a great way to get some Bitcoin into your digital wallet if you don't want to invest your money. There are a lot of websites that will pay you in Bitcoin for completing various tasks.
Obviously, the reward for doing this is significantly lower compared to other Bitcoin earning methods. On the other hand, you don't have to risk your own money and it doesn't require any deep knowledge, so why don't you just give it a try? And if the price of Bitcoin rockets as it usually ends up doing, those "insignificant earnings" will be worth a fortune.
Some websites will pay you to watch YouTube videos or click on advertisements. This would make you up to $10 a day at a current Bitcoin exchange rate. It's not much, but as we have already mentioned, you can save up some Bitcoin and wait for the price to increase.
Another method to earn Bitcoin online without investing your money is completing various micro-tasks. For instance, you will have to complete a survey or collect some information online. This will allow you to earn even more than watching videos or clicking on advertisements.
Finally, you can make your skills work and get rewarded in Bitcoins. If you know how blogging works, you can write articles and publish them online. If you are good at coding, you can easily find some jobs online that will pay you with Bitcoin for developing applications or websites.
To sum it up, you can earn Bitcoins, in the same manner, you would earn traditional currency online. However, it can be much more profitable since Bitcoin is expected to grow.
3) Bitcoin Trading
If you have spare money that can be invested, trading Bitcoin can be a great choice. You have to be experienced and have certain knowledge if you want to make money, but if you are looking for a long term investment, buying and holding is the answer.
The price of Bitcoin is expected to grow in the following years, so it's important not to get scared if you experience some downfalls along the way. Some billionaires keep as much as 10% of their savings in Bitcoins - that's a good indicator of how valuable and promising the cryptocurrency market is.
If you can't afford to wait several years for the investment to pay off, you can start trading. Again, this requires knowledge, and we do not recommend doing that if you are a newbie. Free courses online on Bitcoin investing can help you to become a successful trader. Just don't expect to get great results right away (unless you are really lucky) - it requires hard work and dedication.
For more ways to make money with Bitcoin, check out this resource.
CryptoManiaks' team is comprised of cryptocurrency investors from all over the globe, coming from industries such as finance, engineering, development and data science. Collectively we have over 25 years of experience in cryptocurrency and we are passionate about guiding people through the complex world of crypto investing.
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