Cryptocurrency is steadily becoming part of everyone’s vocabulary. It is often associated with buzzwords such as “blockchain,” “ledger,” “mining,” “fiat,” and the most frequently used, “Bitcoin.” These terms form the basics of what anyone needs to know about cryptocurrency:
Bitcoin was the first cryptocurrency started in 2009 by Satoshi Nakamoto. Cryptocurrencies are digital currencies that exist in a blockchain, the distributed ledger that stores data regarding transactions. It involves mining, which verifies new transactions on the blockchain. Unlike fiat currencies, such as US dollars, Bitcoin is highly encrypted and is not backed by a bank or other traditional lending institutions.
Bitcoin acts as “electronic cash” that can be safely sent over a secured distributed network directly to anyone (peer-to-peer). Moreover, they offer more autonomy, require no banking fees and lower transaction fees, and are easily accessible online.
As Bitcoin continues to mature over time, so do the opportunities to score significant profits. You may have realized that the market is full of opportunities, but how does one earn Bitcoin in the first place? Leverage the benefits of Bitcoin through basic knowledge and careful research. Here is a list to get you started on one of today’s most promising financial developments:
8 Ways to Earn Bitcoin in the Market
- Get Bitcoins for free
You can earn Bitcoins by playing mobile or online games. There’s a growing list of games to play on your phone or computer—but be ready for many advertisements. You can also earn Bitcoins by completing tasks on certain websites, such as taking surveys, sharing posts, answering online quizzes, and more.
If you’re looking for something more productive, you can earn Bitcoin by writing about cryptocurrency through blogs and news outlets. Alternatively, cryptocurrency forums like Bitcointalk offer monetization opportunities to their members.
- Purchase Bitcoins online
If you want to purchase Bitcoins online, you’ll be needing a Bitcoin wallet. Bitcoin wallets allow you to send, receive, and store funds in the Bitcoin network securely.
Bitcoin wallets can be in the form of mobile, web, desktop, or hardware. When you’ve downloaded your wallet, you can then create an account on a cryptocurrency exchange. Cryptocurrency exchanges are market places where sellers trade cryptocurrencies in exchange for fiat money or other digital currencies.
- Purchase Bitcoins in person
There are many options available if you prefer buying Bitcoins in person. You can find a Bitcoin ATM, which works like a regular ATM, but instead, you trade cash for Bitcoin. Certain retail stores and banks are also available to give you Bitcoin in exchange for cash. Websites like Paxful help you find bank branches that can give you bitcoin in exchange for cash deposits.
- Trade Bitcoin
Trading Bitcoin means buying and selling Bitcoin for a profit. Bitcoin is volatile and is open 24/7, which means you can make a profit if you can correctly anticipate the market.
Essentially, you buy Bitcoin when the price is low and sell it when the price rises. Trading Bitcoin is a fast, easy, yet risky way to make money. If you plan on being a trader, first study how to trade and overcome risks.
- Bitcoin mining
Bitcoin mining involves adding transactions to the publicly available ledger and minting new Bitcoins. Miners provide the computational investment to keep the Bitcoin ledger and secure the network.
What makes mining appealing is that miners are rewarded for their work with crypto tokens. However, mining uses sophisticated and expensive computers that solve complex computational math problems. It also requires high electricity costs, hardware configuration knowledge, and physical space to store miners.
- Bitcoin lending
Bitcoin lending platforms connect borrowers with crypto owners who lend coins. Bitcoin loans allow you to deposit your Bitcoins and receive annual interest on your deposit. This means your Bitcoins can generate additional income for you.
Because these loans are risky, interest rates can be pretty high. However, by lending, you can potentially get back more than the amount you’ve lent out, leading to a profit.
- Promote affiliate programs
Affiliate programs are designed to let you work for or promote a particular business that pays the commission in Bitcoin. By promoting or reviewing a business, you’re recommending their products and services to your followers for them to convert.
When you bring in paying customers, the business can pay you in Bitcoin. You can promote and share your affiliate link on Facebook, Twitter, run ad campaigns, or set up your information site, among others.
- Gamble with Bitcoins
Although gambling can let you earn Bitcoins quickly, like any form of gamble, it’s a risky choice.
If you do choose to gamble with Bitcoins, make sure to research the best casino and select the games you know. You can usually bet on casino games, sports-based betting, online lotteries, and spread betting. It would be best if you also researched the casino and how it works. A trustworthy Bitcoin casino should be provably fair and does not manipulate the results.
Bitcoin Has Made Its Mark
Bitcoin has been the backbone of almost all other cryptocurrencies, making it appealing to many. With its rise, more businesses are ready to use Bitcoin as a currency since its accessibility can help solve the everyday problems of handling money.
As more people become ready to adopt Bitcoin, the higher its price in the market will be. Potentially, Bitcoin will increase the profits of many Bitcoin investors. Taking advantage of Bitcoin’s growing power is a timely decision.
Spend time to understand Bitcoin, how it works, and how to properly earn it to make informed decisions. This helps ensure that dealing with this cryptocurrency is an endeavor worth your time, effort, or hard-earned money.