Chapter 5: Start Making Money With Bitcoin

With the stride Bitcoin has gained, the world of digital currency has been a key interest in the media.

Being the first decentralized currency, it has achieved a good reputation all around the world. There are several ways to venture into the crypto-world and make a good living with it. Below are few of the best ways to leverage Bitcoin.

What Is Bitcoin Mining?

Bitcoin mining is the process it takes to create more Bitcoin. It is a very complex task and hence usually not recommended for beginners who want to venture into the digital currency world.

The process requires the use of highly sophisticated machines. These machines are very expensive and consume high rate of electricity to solve the mathematical algorithm involved.

Miners enable transactions to be carried out by sharing their Bitcoin network, allowing it to run smoothly. In exchange for this network’s availability, they are rewarded with new Bitcoin. This is where the small fee for transactions goes.

In the short years of Bitcoin’s existence in the digital world, it is no longer a lucrative business to mine Bitcoin from homes. This is because there is a paradigm shift from the small scale to a better large-scale mining.

This shift created an opportunity for miners all over the world to put their resources together to form a mining pool. Investments in the mining pool can create a fortune for the investors. As the resources are used together to share hashing power, each investor is rewarded according to his share contribution.

Some of the highly reputable mining pools are Slushpool, BTC China, BW Pool, Antpool, DiscusFish/P2Pool, BitFury, Eligus, and KnCMiner. There are speculations that this Pool accounts for 56% of global Bitcoin miners.

They also claim to be the largest cloud miners in the world. It was launched in 2013, and the co-founder Jihan Wu is the current CEO. F2Pool is also known as discusFish because of its logo. It is owned by the Chinese and is operated by Wan Chun Mao Shihang. It accounts for 16.49% of the total Bitcoin generated.

What Is Cloud Mining?

Cloud mining is an alternative to the use of highly sophisticated mining machines. It involves the use of a remote data center alongside shared processing power. This is a great opportunity for individual mining from home without having to handle mining machine or hardware.

Undoubtedly, the most reputable company running cloud mining of Bitcoin is Genesis Mining. Bitcoin mining is not an easy task. It could take a whole year to get a tangible fortune from it.

However, it is often better to buy the cryptocurrency itself or engage in peer-to-peer lending than go into the mining investments.

When You Should Buy and Sell Your Bitcoins

This is one of the best ways to make money with Bitcoin. The steps to get started on this journey are first to obtain a Bitcoin wallet offered by Blockchain, coinbase, luno, xapo, localbitcoins, Bitquick, coincorner, and others.

These serve as the means of sending and receiving Bitcoin, as well storing Bitcoin online. However, you could also store your Bitcoin offline using the cold wallet on a well-protected computer.

Once you have secured a wallet, the next step is to obtain the wallet address which will enable you to complete transactions. This address is peculiar to the wallet and should not be published.

If it does get accidentally publicized, you could obtain another wallet address without having to waste time.

Next is to buy Bitcoin in bulk from local sellers or online via websites that allow such transactions. These sites link both buyers and sellers and create a market for them. Some wallets such as coinbase and luno give users the opportunity to link their bank details with these wallets.

Here, users can directly buy and store their Bitcoin and then sell when the market price for Bitcoin gains a stronger stride against the dollar and other foreign currencies.

What Is Microtask for Bitcoin?

Since companies realized the ease of Bitcoin payment, they have adopted it as their best mode of payment. You can earn Bitcoins by completing online micro tasks which involve simply sending bulk emails, writing, filling out surveys, testing software, etc.

Some of the websites that reward micro tasks with Bitcoin are listed below:

  • Bitcoin reward: this enables microtasks workers to earn Bitcoin for downloading and testing apps, watching videos, filling out market research surveys and other minor tasks.
  • Crowdsourcing is a website, such as crowdflower. It has various group task to be done in exchange for Bitcoin and some other currencies. Workers carry out mini tasks involving bulk emails, application testing, surveys and other micro-tasks.
  • The Crowdsourcing site can also be linked with clixense for more tasks and with a better reward.
  • Crowdsourcing enables workers to improve their skills based on the task to be done, and this gives badges to the workers as they progress.
  • Bitcoin get: this is another company that rewards their microtask worker with Bitcoin having carried out a satisfactory work for them.
  • Others include Bituro, coinbucks, cointasker, Bitcoin Reddit, etc.

Becoming a Bitcoin Day-Trader

Lovers of financial markets such as FOREX and IQ option who trade on a daily basis have no idea what fortune awaits them in day-trading with Bitcoin. If they knew, they would get involved with the trend of daytrading in cryptocurrency.

Bitcoin trading is not a difficult task. It simply requires basic principles and strategies to understand the market trend. It involves buying into Bitcoin when the market trend is low and selling at a higher price to generate profit.

It requires that the trader is familiar with the market price dynamics. And this can only be achieved when one is highly equipped with important information that drives the market.

It is very important to track Bitcoin news as often as it breaks when trading the digital currency. This will help you to understand the market runway. It guides you on how to protect yourself against transactions that you might come to regret.

A trader should understand that investment decisions do not start with deposit and purchases, they start with education.

Trading Bitcoin On The Market

There are several websites that allow you to trade your Bitcoin for fiat currencies (the conventional currency in print). One of such websites is localbitcoin.com. This website allows an individual trading option where a trader buys and sells their Bitcoin.

To start with, sign up on the website and become a registered member. Ensure you have Bitcoin you want to market and then place adverts regarding your market. Once a buyer or seller sees these adverts, they make a request either to buy or sell. A deal is done between the buyer and seller.

The Bitcoin transfer is made to the seller’s escrow. When payment is done and confirmed, the Bitcoin is released from the seller to the buyer. And a review which will spur the seller’s reputation can then be written. Sell Goods and Services Using Bitcoin This is another way to earn Bitcoin by selling goods such as clothes, gadgets, cars, homes, etc.

Currently, there are a lot of websites that accept Bitcoins for goods sold. These are simple transactions done with fiat monetary system but are now also being complete with ease using Bitcoins.

There are also services one can venture into and be paid with Bitcoin. Microworks for instance and many other freelancer sites pay using Bitcoin. Some of such freelancer sites are coinality, coindesk, etc. Another website to join this trend is Fiverr.

Start Using Your Bitcoins For Online Gambling

There are several sites where you can play some games, and the rewards are unusually gratifying. Some of the popular games are casino poker, dice, blackjack, slots, live dealers as offered by Fortunejack.com, space.casino is another hybrid site offering over 700 games, Dasiscasino.online, betchain, cryptogames, bitstarz, 1xbit, bitplutos, etc.

Sports betting sites that allow the use of Bitcoin has also emerged in this era. They include sportbet.io, bet365bitcoin, cloudbet, 1xbit, etc.

Learn What The Bitcoin Faucets Is

Ads placements remain one of the few ways to earn from the internet world today. Bloggers and other site owners use this to attract a large audience. Bitcoin faucet sites also place ads on their sites and reward their viewers who visit and spends time perusing their contents.

However, it is a very slow way to earn Bitcoin, but it is certainly rewarding to anyone that is new to the Bitcoin world and the entire world of crypto-currency because you can get started for free.

Some sites with good reputations in this genre and that have consistently made payouts to their audience over a long period include BTCclicks, Moon Bitcoin, and Bitcoin Aliens.

Earn Bitcoins as a Blogger

Blogging is one of the popular ways people share information online. Micro-blogging is not a get rich quick scheme, however. As a matter of fact, it is a slow process. From the very onset of creating your blog site to setting up Adsense and growing your audience, as well as getting your audience to click on your ads is a gradual process.

But in a nutshell, it can be very rewarding and also very flexible. Putting in just a few hours per week is good enough to get you extra cash. Bitcoin blogging is no longer a difficult task. It is as easy as earning any other kind of money.

Some of the monetization strategy necessary to own a successful blog is to start a blog on a revenue sharing website. Bitlanders is one of those sites that will reward you in Bitcoin for your beneficial contributions on their sites.

This is usually done by sharing information as a written blog posts, videos, and other content that helps to grow the sites. Some of the other sites that pay pretty well include coinURL, BitMedia, and BitClix.

There are strategies to earning as a bitcoin blogger, just like the strategies used for blogging for fiat money.

For example, if you place an ad that is worth $10 per click using fiat currency, placing another ad of $1 would definitely reduce your earnings.

Another example is that just as with strategic ads made for any other type of blog, an ad placed with 1000 Satoshi would be much less likely to offer a good return on investment (ROI) as 100,000 Satoshi. Having high-quality content on your ads is also vital to their success.

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