The Top 10 Ways to Make Money with Bitcoin for Beginners

making money with bitcoins and cryptocurrency

Bitcoin can still be profitable, even for beginners. There are creative ways for you to make money with Bitcoin without falling for hyped up methods that are ineffective. This is not a means to get rich quick. There’s real work involved in making money with Bitcoin, but the returns are worth all your effort.

The best time to take advantage of the earning opportunities with Bitcoin is now. This cryptocurrency has the potential to appreciate in value more than most of the hard currencies and even gold. With the right strategies, you can make good money with Bitcoin today and for the long term.

Also, please keep the following in mind: The strategies for making Bitcoin that we talk about in this article, also apply to all other cryptocurrencies as well.

 

As a beginner, you might want to take a look at these top 10 ways to make money with Bitcoin:

1. Buying and Holding Bitcoins – you simply buy Bitcoins and hold on to them until their value increases to a level that gives you an acceptable gain. Someone who bought 1000 Bitcoins in March 2011 at 1USD:1BTC and kept his lot for a few months would have gained already in July 2011 when the exchange was at 31USD:1BTC.

If he held on to his Bitcoins for two more years, he would have gained over $200 per Bitcoin. Today, his profits would have been more substantial with the exchange hovering around the $5000 mark. The 1000 BTCs bought for $1000, would now be worth $5,000,000.

Keep in mind, that this appreciation potential is far less today than it was when Bitcoin was first released. However, this can work well with smaller and newer currencies. Watch the market and see what you learn, then make an educated decision on what coins to hold.

2. Offering Services for Bitcoins – there are sites and platforms that hire your services and pay you in Bitcoins. They work like any other freelancing platforms, but you get paid in cryptocurrency instead of paper currency.

Your earnings would usually depend on the kind of services you offer and what the ‘employer’ requires you to do. When you’ve fully delivered the services that you were hired to do, your Bitcoins will be deposited to your wallet. You can also sell your own custom services on all kinds of forums and social media, and state that you only accept the cryptocurrency of your choice.

3. Micro tasking – this is an easy way to earn Bitcoins by doing simple tasks that can be done in mere minutes, or seconds even. Some examples of micro tasks are filling out registration forms, logging into websites, answering short surveys, watching videos, testing apps, and other similar tasks.

Similar to micro tasking are Bitcoin faucets. You tap into these faucets and collect cryptocurrency by simply clicking on links and ads. These, however, do not pay a lot (often just in staoshis). Setting up your own faucet in your website by selling ads will give you more earnings.

4. Retailing – Bitcoins are already accepted as payments for online purchases. You can set up your own store and get paid for your goods in cryptocurrency. There are several platforms that now support the exchange of Bitcoins between sellers and buyers.

You can choose what products to sell. They do not have to be tangible goods. You can sell downloadables and even your own short videos and webinars.

5. Bitcoin Lending – just like paper currency, you can lend your Bitcoins and charge interest. You can choose to lend money to individuals or to start ups who are having difficulties getting funding from banks and other financial institutions.

You can expect more earnings with higher interest rates (currently at around 15% to 20% per annum). The risks, however, are also higher. Check out online peer-to-peer communities that can hook you up with borrowers and facilitate Bitcoin financing.

6. Bitcoin Investing – if you are just holding on to your Bitcoins and waiting for them to appreciate in value, you may consider investing a portion for a higher income potential. This is a good addition to your long-term financial portfolio. You also do not have to worry much about price volatility on a day-to-day basis.

You can go from relatively lower risk savings accounts to high yield instruments like futures. Always be careful of investment sites that give you lofty promises in exchange for your Bitcoins. Consult with an investment expert to help you make an informed decision.

7. Bitcoin Trading – you can trade more actively with futures and other instruments in Bitcoin exchanges. Bitcoin trading apps are available online with various tools to help you in your trading activities. To trade, the basic requirement is a registered account and a bitcoin wallet.

To succeed in Bitcoin trading, you need to have technical knowledge and an understanding of fundamentals. As a beginner, it would be good to have a seasoned trader guiding you in your trading activities. You can also ask if you can piggyback with his trades.

8. Affiliate Marketing – look for Bitcoin-related affiliate programs online. With this earning opportunity, you earn Bitcoin commissions by promoting affiliate products and services.

When you sign up for a program, you will be given an affiliate link that you are supposed to put in your website and online content. You get paid in Bitcoins when your contacts and audience click on the link, make a purchase, or perform any other action that the affiliate company requires.

9. Cryptocurrency Airdrops – these are free cryptocurrencies that you can collect. Airdropped cryptocurrencies and tokens are usually given for free as part of promotional campaigns. Typically you can get airdrops from new coin promotions, especially during an ICO (initial coin offering) event.

Learn how you can collect airdrops so you can take advantage of this cryptocurrency-generating opportunity. Find out what tools you need so that you can prepare them as you set up your cryptocoin portfolio. This will allow you to respond quickly when airdrops happen.

10. Playing Games – you can earn Bitcoins by playing games like Coin Flapper and Oh Crop! These games are great options for people who want to have fun with cryptocurrency but do not find Bitcoin casinos appealing. You can also try Battlecoin, a browser game that uses a referral system to reward their players with Bitcoins.

Although the coins you earn from playing won’t make you a millionaire, racking up your Bitcoins while gaming is a more enjoyable money-making strategy.

 

In Closing

It’s not wrong to be skeptical about making money with Bitcoin and cryptocurrency. In fact, you should approach every online earning opportunity with a little bit of doubt. Investigate until you are absolutely certain that the Bitcoin earning opportunities you are considering are legitimate.

The 10 ways to make money with Bitcoin listed above require varying amounts of time and carry some amount of risk. Trying out several or all of these methods will give you some flexibility and will diversify your Bitcoin portfolio. Make this technologically advanced new currency work for you and earn money with Bitcoin today!