Since it was invented over a decade ago, Bitcoin has quickly become popular in different parts of the world. While it is still a long way from reaching global adoption, Bitcoin’s resilience has proven that blockchain technology is here to stay. The cryptocurrency, which started trading at $0 in the beginning, is now worth $47,798.79 and rising. Anyone who simply bought and held Bitcoin, in the beginning, would have a lifetime worth of wealth by now. Bitcoin has made so many people billionaires because they took advantage of the cryptocurrency in the beginning. However, it is not too late to invest in Bitcoin and other cryptocurrencies. How to Join the Bitcoin Train Before Its Too Late ?
Buy And Hold
This is the most straightforward way to make money from Bitcoin. You don’t need any technical skills to do it. All you need is a reliable and secure Bitcoin wallet where you can hold the tokens. You don’t need to purchase one Bitcoin if you can’t afford it. Just put some money aside for buying Bitcoins every week or month. It could be $50, $100, $300, $2000 depending on what you can afford. No matter how tempting it is, do not sell your Bitcoins until there is an incredible bullrush like 2018/2019 or the 2020/2021 bull run. Even then when you sell, do not liquidate every Bitcoin you own. Just sell some of your profits and leave the rest to keep appreciating.
Mine Bitcoin
Another way to make money from Bitcoin is to mine it. Mining Bitcoin is a computational process that involves solving mathematically complex problems. In the past, this was the ultimate way to make money from Bitcoin. Miners got rewards for each Bitcoin they mined. However, traditional mining requires a lot of electricity. If you have the tech skills, Bitcoin mining hardware, electricity, and time, you can opt for traditional mining. Joining a Bitcoin mining pool to combine resources and share rewards increases your chances of gaining rewards from mining. Another alternative is cloud mining. With cloud mining, you do not need to do any figurative heavy lifting. All you have to do is subscribe to an online cloud mining platform.
Write Bitcoin News
Do you know that you can earn a lot of money by writing the latest updates about Bitcoin? A typical example is Bitcoin’s French news website Cryptozore.com. You can report on the changes in the price of Bitcoin, offer price analysis to Bitcoin traders, or post other informational articles about the cryptocurrency. There are two options when it comes to writing about Bitcoin.
You can create your blog and start writing to make money from advertisement publishers like Adsense. If you choose this option, getting enough views to start gaining a significant amount of money is going to take time. However, you can look for an already established website and opt for a job as a freelance writer with that website.
Trade Bitcoin
Trading Bitcoin BTC is another way to make money with cryptocurrency. This isn’t something you should get into without ample knowledge of how cryptocurrency trading works. You need to learn the most commonly used cryptocurrency terminology, how trading works, how to minimize losses and maximize gains. You also need to get a reliable online trading website where you can trade Bitcoin the same way people trade FX.
Another option is peer-to-peer Bitcoin trading. With peer-to-peer trading, buyers and sellers meet on the platform to buy and sell Bitcoin. You can decide how much you want to sell your Bitcoins, who you want to sell them to, and how much time the transaction will take. The peer-to-peer network serves as a third party ensuring that neither the seller nor buyer gets cheated.
Look for Free Bitcoins
This one is a long shot and it’s for people who don’t want to spend any money buying Bitcoins but want to make money from it. You can get free Bitcoins from Bitcoin faucets. These faucets reward users with free Bitcoins when they complete tasks. The tasks could range from watching an ad to filling out a questionnaire. You may also be asked to review a movie or play a game. Marketers use it to promote their products and give participants Satoshis for their time. Satoshis are small but they add up especially when you use these faucets regularly.
The bottomline is that Bitcoin is a medium of exchange but it is also a store of value. The exponential rise in the price of cryptocurrency in the Covid-19 pandemic era proves that Bitcoin is the future of money. It might not be today, tomorrow, or even in the next decade but Bitcoin will eventually reach global adoption. Right now, people are leaving traditional assets and buying Bitcoin instead because it promises more returns. There have been price predictions that the foremost cryptocurrency per market capitalization will move as high as $150k eventually.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin