There are several ways to earn bitcoins and make more money – here is a look at a few of them.
Earn free bitcoins by completing tasks on websites:
There are many free bitcoin sites like BitVisitor, Freedigitalmoney, Coinworker, Bitfortip offer free bitcoins just for visiting these sites, or watching videos or completing a certain task like answering questions.
Some sites will also reward you in bitcoins when you make purchases in bitcoin. We will elaborate on this towards the end of this section.
However this is like the first step in familiarising yourselves with Bitcoin in general. You shouldn’t be expecting that you are going to reap huge incomes out of these. This way of earning is more suitable when you have time to kill.
From interest payments:
If you already have bitcoins, you can lend them on an interest basis either directly to someone you know or by using peer-to-peer lending sites or you can invest them into opportunities like USI Tech and BitConnect.
To be honest BitConnect and USI Tech have been faced with fierce opposition and many review sites have outed USI Tech as a scam (see NoBsImReviews.com USI Tech article) citing it as a ponzi scheme. The simple fact is these websites claim that 1% guaranteed returns are impossible and that the real returns are being generated by new investors making deposits.
These claims are valid however some companies like BitConnect have stood the test of time for a while now suggesting that maybe they are legitimate. Only time will tell, however if you are prepared to put some money at risk the potential returns can be very impressive.
This is a good way to get a free bitcoin. Lending directly may not give you many leads, but with peer, to peer lending sites you can expand your options.
Make sure you always lend through sites you can trust. There are also Bitcoin Banking like models, where when you deposit your bitcoins, the site will pay you a fixed rate of interest. The only problem with this model is that if the bank does not do well, you take the hit, because in the bitcoin world you are not insured.
Earn bitcoins by mining: When you mine for new blocks on the public ledger where bitcoin transactions are stored, and you are able to find one, new bitcoins are generated and awarded to you. Some sites like Bitcoin mining which allow you to download free bitcoin mining software to join the mining pool and start earning.
Mining is like a bitcoin generator in that it is the only way new bitcoins are created. However, this is a hardware intense and expensive process. Hence most miners join a mining pool like BitMinter which reduces the need to build your own mining farm and expenses can be shared and hence reduced. You can also meet new people when you join a mining pool and get in-depth knowledge about the Bitcoin protocol and technology.
Get tipped: This is pretty much like receiving bitcoins in payments using a QR-code or from customers who have a bctip account which generates paper vouchers that have a certain value in bitcoins to tip you. This site is especially suited for restaurants which to want to encourage their customer to tip in bitcoins. The advantage is that you need not necessarily have a shop.
You can display the QR-code with your address on your blog or a website too, and people can tip you. Changetip is a another service that allows you to integrate tips from various websites like YouTube, GitHub and other social networking sites. Since tips are voluntary you do not need to monitor the incoming payments and exact amounts.
Trading: To be put simply, if you deal in trading, you could use Bitcoins instead of money or assets, and the safest way is through arbitrage, ie you buy an asset at a certain price and then sell it immediately at a higher price at another place. You can do this only when you know that you have the opportunity of selling the asset immediately at a higher price at a different place. However, for this you will need to get hold of bitcoins instantly. A good exchange is Bitfinex as well as Bittrex. Both can be used to trade Bitcoin as well as other cryptocurrencies.
Trading is sometimes like a gamble, except that in gambling there is a known probability of winning and loosing, but with trading, it gets much more complex. Another way to trade is by means of speculation, wherein you buy bitcoins in advance when the price is low and then wait for the price to rise to sell for a fiat currency.
You will have to be a good trader to recognise patterns from price charts. Such kind of specialization only comes with a lot of experience. Hence for an ordinary day trader it is more like a gamble.
Gambling for bitcoins: There are several gambling sites where you can earn bitcoins playing games. If you have a knack for gambling, you might consider this option too. Betchain is one such site, but like I said, proceed only when you know how to gamble.
Faucets: You can also earn bitcoin online using various bitcoin faucets. Faucets for bitcoins let you get a small amount of cryptocurrency in particular time spans.
Thanks for reading, I hope this article has helped you learn more about how to earn money with bitcoin in 2017 and beyond.