Introduction
Investing in bitcoin is one of the smartest decisions you can make because if you do it right, you can quit your day job and earn as much as you desire monthly. Countless people have taken the same route and seen great returns. You can too! You simply have to learn and understand how everything works. Master the best techniques and see the results you desire. To achieve the desired outcome, invest your time as well as energy into the process and be patient.
We will cover the top 7 ways you can make money from Bitcoin and meet your financial goals.
Holding
Buying and holding is the easiest method to make money with Bitcoin. Anyone can do it despite their trading experience. It’s simply straightforward. You get a wallet, buy BTC, keep your fingers crossed, and your eye on Bitcoin price hikes. However, you may have to wait for a couple of weeks, months, or even years before you see significant results. Nonetheless, you can make nice profits when you cash out at the next cycle. Avoid scams, ensure security, and buy from reputable platforms. For example, Coinbase, Binance, or Robinhood.
If you don’t want to wait and think holding takes too long, you can start lending. Join platforms that allow you to do so. The best part about lending is that you earn interest every time you lend your BTC. Be on the lookout for important information when choosing the platform to work with. For example, are they insured? And will you be able to get your BTC back in case something bad happens? The best platforms are insured and offer the best customer support just in case you run into complications. Anyone can get started with crypto lending. You don’t need to have a high-income source or bank account to begin. The process is simple, safe, and fast. You only need to provide your ID. You also get to customize your loan terms and get your loan approved within 24 hours.
Affiliate Programs
You can also join Bitcoin affiliate programs. Identify reputable ones and work with them. Receive a BTC commission when someone signs up or makes a purchase using your referral link. This is a great way to increase your earnings. So, sign up for a Bitcoin affiliate program, complete your profile, add your Bitcoin address which you’ll use to receive earnings, and get a referral link.
Add it on your website and across social media profiles. Promote to your YouTube subscribers, Facebook community, Instagram followers, and so on. If you already have loyal followers you can quickly and easily meet your goals. If you are a blogger or content developer and have a great number of loyal fans, advertise to them. They already trust your content and advice so generating more clicks and purchases is not going to be a hassle.
Ask people to join the affiliate program using your referral link. The more people you reach, the more bitcoins you’ll earn. You can also run ad campaigns and reach a bigger audience. If you have average writing skills, you can start a blog, teach your followers about bitcoin, and help them make money. Add your affiliate links on your site and within your content. Make sure you mention that they are referral links and you get a small commission each time someone clicks on it or makes a purchase via the link.
The most reputable programs to look into are; Coinbase, eToro, Crypto Hopper, Binance, and Paxful.
Getting Paid in Bitcoin
If you are a freelancer or entrepreneur you can earn profit by incorporating bitcoins into your payment methods. Accept cryptocurrency as a payment method for certain services you offer or products you sell. Most business owners are doing it plus a lot of people prefer working with businesses that allow them to use whichever payment method they are comfortable with. So, give your customers different options. Post on your business pages as well as your storefront that you accept bitcoin. This is a great way to avoid bank transaction fees, speed up the payment process, and reach more people despite their geographical location.
To get started, get a Bitcoin wallet. Sign up with a crypto exchange platform. Choose the best wallet for your business, securely store your private keys, and start receiving crypto payments from your clients. If you run an eCommerce store, you can still accept bitcoins from customers using the most popular platforms like Shopify.
To succeed, keep a few things in mind before you begin. Reflect on the most important questions first. For example, is cryptocurrency right for your business? Do enough research to make the best decision.
A few things to remember is that cryptocurrency transactions are non-reversible, you may have to wait longer to see results, and exchanging crypto for cash can be a challenge. But don’t let that discourage you. If you use the best trading techniques, you can succeed.
Trading
This is another great way to make lots of money especially if you invest in your trading education and give yourself time to understand how the entire process works. Meaning, you have to understand all the trading tools you are using and be able to analyze Bitcoin price to succeed.
The two methods of analyzing Bitcoin price are Technical analysis and Fundamental analysis. Technical analysis is when you study market statistics and price trends to predict what will happen in the future. Fundamental analysis focuses on Bitcoin as a technology, its value, technical developments, the latest news that can affect the currency, and so on.
You can trade the whole day and exchange your local currency into digital currency. To succeed, you have to constantly keep an eye on the market. This means you have to know the ideal time to buy and sell. For example, you can buy Bitcoin when the price is low and sell when it rises.
Choose your preferred style of trading to get started. You can go with Swing trading, Scalping, or Arbitrage. Swing trading allows you to buy low and only sell when your holdings increase in price. This means you hold your trading position for days even months until you reach your aim. Scalping is when you constantly analyze the market and take advantage of money-making opportunities. You aim to make fast and small profits via short and quick trades.
When you understand which style of trading is best for you, decide on your trading strategy. Make sure you do enough research to avoid too many losses and ensure success. One of the most common strategies traders prefer is margin trading. This is when you borrow and trade with more funds than you have. Use leverage whenever you see or think Bitcoin price is going to rise within a short space of time. You can make a lot of money here. Just join platforms that allow leverage trading and enable you to borrow as much as you need.
Use short selling to avoid losses and ensure at least a small profit from downtrends. Short selling is when you borrow Bitcoin using your collaterals and use a different currency to sell. This allows you to buy back your BTC and pay back the same amount you borrowed if prices go down.
It’s easy to get started. You simply open an account on a Bitcoin exchange of your choice, verify your identity, deposit money, open your first position, and start trading. When opening your position, you can either choose to go long or short. If you expect the Bitcoin price to rise, go long. If you expect it to fall, go short. This will help you to avoid losses and ensure profits. You can easily cut a loss whenever you want to and close your position when you are satisfied with your profits.
Faucets
Become a faucet user and earn money or build your own cryptocurrency faucet. You can join crypto faucets or websites to earn Bitcoins. You get paid for completing various tasks such as playing games, completing surveys, watching videos, watching ads, and so on. This is an excellent way to earn free coins and can be quite profitable. However, you have to identify and join reputable faucets to reach your goals and avoid scams.
Some of the best crypto faucets to look into are Free Bitcoins, Bitcoin Aliens, and Moon Bitcoin.
You can also build your faucet and make money by selling ads. You can make $2000 or more per month from your site. You just have to invest enough time and effort into it. Building your faucet is quite simple and straightforward. First, get a domain name and hosting from reputable companies like Dreamhost or Siteground. Use WordPress to set up your site.
Install the Bitcoin faucet plugin through your dashboard, activate the plugin, and get started. Customize as needed and complete all the necessary steps such as filling in the required details under the ‘General’ tab as well as the ‘Payment’ tab. Choose the best micro wallet payment processor service for payments and create an account. Add your website URL to your new account.
Monetize your faucet by running ads. Work with the best networks such as Propeller Ads or join profitable Bitcoin ad networks like Coinad for higher profits. Protect your faucet from scammers by doing enough research on the subject, taking the necessary security measures, and implementing the best practices.
Mining
Next, become a crypto miner. Receive coin rewards when you solve complex math puzzles. The faster you solve problems and the more tasks you complete the more coins you earn. A lot of companies are reaping benefits and making lots of profit from mining crypto. To enjoy the same benefits, you can purchase a mining rig or build your own. Depending on your budget, you can own a mining rig and begin making profits right away. Costs start from $1000 upwards. However, it’s worth the investment.
Use cloud mining and work with cloud mining companies if you don’t have enough capital or aren’t willing to take the risk. You don’t have to buy any hardware or worry about running costs to get started. Simply hire their equipment remotely for a specific amount of time and start mining. You are charged based on your hash rate or processing power. Hence, to receive more coins, charge a higher hash rate. You may have to wait several months before your investment becomes profitable. Depending on the company you choose, what you mine, etc.
The best cloud mining companies to look into are Genesis Mining, Hashing24, HashMart, and Crypto Universe.
A few things to bear in mind when choosing the best company to work with are; the customer base, reviews, as well as available contracts. For example, reputable providers have a large customer base and excellent reviews. So, pay attention to the number of positive reviews and ratings that each has. Also, make sure you understand the contract before signing. For example, stay away from companies that promise you overnight success and stick to ones that highlight that it may take time for your investment to pay off.
Consider price as well. For instance, if you are running a tight budget, can you afford their equipment? Is there a better alternative? Compare three or four providers and go with one that allows you to meet your goals while working within your budget.
Crypto Savings Accounts
Open a crypto-saving account to boost your earnings and make profits. Deposit money into your account and invest in bitcoin. Your cryptocurrency gets loaned to borrowers and you receive a percentage of interest in exchange. The best thing about having a savings account is that you can start with a small amount of crypto. You can also earn up to 8 percent on your first investment. Depending on the platform you choose, you can either get paid weekly or monthly.
As mentioned earlier, the best way to succeed and avoid losses is to learn more about the method you use or the strategy you incorporate. So, in this case, understand how crypto savings accounts work, know the risks involved, and then decide whether or not it’s right for you. If you are willing to take the risk, remember to keep a few things in mind. For example, your investment may decrease in value which will result in you losing money. Crypto savings accounts do not have FDIC insurance which means if your provider goes out of business there is no guarantee that you will be reimbursed. However, a lot of people are willing to take the risk because it’s rewarding and has great returns.
Open your account with the best provider to avoid complications and ensure profits. Consider safety, whether or not the provider offers market access or a savings account, and so on. Go with one that gives you the flexibility you need and meets your goals.
Some of the best account providers to consider are Coinbase, Nexo, and Voyager.
Coinbase is the leading Bitcoin exchange service and one of the widely-used crypto portfolio providers. It is extremely secure and ensures user accounts don’t get hacked by freezing them when malicious or unusual activity is detected. It is also user-friendly and offers different payment methods. You can easily buy your coins using your credit card or PayPal. Gain access to countless features, for example, storing your funds offline, storing backups in vaults, and so on. To open an account, head over to their website at www.coinbase.com. Navigate to the top-right corner and click on ‘Get Started.’
Nexo has no transaction fees, withdrawal fees, or hidden fees. It is secure and supports many different cryptocurrencies. It has over 1 million users and over 40 fiat currencies. It also comes with great customer service for business accounts. So, if you run into problems, you can easily contact them and get your issue resolved. Their platform is user-friendly and you can quickly learn how everything works in a short space of time. You can earn up to 12% APY on your cryptocurrency and get daily simple interest payments. Nexo supports over $80 million in insurance which means your investment is protected. Go to www.nexo.io to create your account.
If you prefer mobile trading, use Voyager. The app is simple and easy to use. Get access to exciting features like advanced charting options, 2-factor authentication, intuitive order placements, and so on. It offers a wide range of cryptocurrencies and has no hidden fees. You pay the quoted price when making a trade. You can earn up to 8.5% APY. Enroll in the Voyager Interest Program to get started. Learn more by going to the FAQ section or contacting their support team. You can open a new ticket or send an email to support@investvoyager.com Download their app to get started. Head over to their site at www.investvoyager.com and click on ‘Download app’ in the top-right corner. The app is available for Android and iOS devices.
Bonus:
Earn more Bitcoins by writing about Cryptocurrency. Target crypto blogs or forums that pay you in bitcoins for sharing your knowledge. Find writing gigs on Coinality or share your contributions on PublishoX and Steemit.
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