While it was created just a little over a decade ago, cryptocurrency has grown to a $1.6 billion industry as of 2021. That figure will reach $2.2 billion by 2026.
While there are thousands of cryptocurrencies, Bitcoin still remains by far the most popular. The currency is today held by more than 76 million people around the world.
One of the main reasons Bitcoin is so beloved is its ability to make incredible profits. Few cryptocurrencies are nearly as lucrative.
If you’ve been thinking of giving cryptocurrencies a try but don’t know how to make money with Bitcoin, you’ve come to the right place. In this post, we highlight the top ways you can earn from Bitcoin.
Let’s delve right in.
If you’ve been following the subject of cryptocurrency for some time now, you’ve probably heard about Bitcoin mining. It’s the process by which new Bitcoins are entered into circulation.
So, how do you make money this way? You’re required to solve the crypto-based puzzle. For your work, you get rewarded in Bitcoin.
Sure, mining Bitcoins sounds easy at first, but nothing could be farther from the truth. There’s a considerable amount of time and effort involved, and you’ll probably need to invest in some pricey specialist equipment.
Day trading is a popular way to make money, and the approach is widely used when it comes to stocks and fiat currencies.
The approach to day trading with bitcoin is similar to that of other currencies. You buy the crypto and try to sell it for a profit.
Of course, day trading has its risks, even when it comes to traditional stocks and currencies. But with cryptocurrencies, the market is dramatically more volatile, which makes the arena even riskier. However, for those who know what they’re doing, day trading is one of the most lucrative ways to make money with Bitcoin.
Buy and HODL
HODL denotes holding your cryptocurrency instead of selling it. The strategy here is to buy Bitcoin when you think its value is going to go up and HODL. You can then sell your crypto later for a profit.
Sure, the strategy can seem like a slow burner for someone looking to turn a quick profit, but it’s been tried and tested. Besides, this strategy doesn’t require a great deal of knowledge.
Essentially when you buy and HODL, you’re betting on whether Bitcoin’s value will increase over the next few weeks, months, or years.
Of course, you want to do your homework and buy when Bitcoin’s price drops to enjoy the maximum profit. It’s an investment strategy referred to as buying the dip.
Note that there’ll certainly be times when Bitcoin’s value crashes, but waiting for its slow and steady rise can make you a decent profit.
Another easy way to make money with Bitcoin is to start a blog that posts content on the subject of cryptocurrency. You can then post a referral link on your site to refer people interested in Bitcoins. Whenever a user makes a purchase using your affiliate link, you get paid a commission.
This approach to earning from Bitcoins is one of the oldest, and many people now use it as their primary income source. Some sites will even pay a lifetime commission. That means that even if they decide to close the affiliate program, you’re still paid for every referral that has purchased something using your link.
Work as a Bitcoin Consultant
Some newcomers into the cryptocurrency universe learn a lot about Bitcoin within a short time. For others, all this information is simply overwhelming, and grasping the concept is almost impossible. The technicalities of the industry are simply too difficult for them to understand.
If you find that you’ve become an expert about all things Bitcoin within months of starting, especially about how the crypto markets work and how to buy, sell and trade Bitcoin, that’s knowledge you can monetize.
There’s a multitude of people out there who are willing to pay to learn what you already know. Why not put together some guides and courses on Bitcoin trading and sell it online? You can add information such as how to open and operate a bitcoin ATM and recommend credible sites like www.bytefederal.com to your clients.
Promote your courses and guides on various platforms, including social media. The best thing with virtual products is that you’ll never have physical inventory, which means that your overhead costs remain at a minimum.
The best thing about becoming a Bitcoin consultant is that your knowledge will always be in high demand, even now that the market seems to be on a downward trajectory. Simply do your best to create a solid reputation as a Bitcoin expert, and you’ll position yourself well to reap massive benefits when the market starts to surge.
Work for a Blockchain
There’s a variety of ways you can earn when working for a blockchain. If you’re tech-savvy, you may consider getting paid for running Bitcoin master nodes.
You can also consider doing micro-tasks such as writing reviews or marketing the blockchain through your Youtube channel. If a full-time commitment seems like the thing for you, then you can consider an actual job at blockchain institutions, whether as a blockchain developer or in PR.
Now You Know How to Make Money With Bitcoin
While cryptocurrency is still relatively a young industry, its potential to create wealth is extremely evident. And with so many strategies on how to make money with Bitcoin, you’re sure to find something that perfectly works for you.
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