Currently the hottest form of investment, the digital currency Bitcoin has been on a bull run since its inception. In the past year, Bitcoin has soared more than 1,300% to nearly breach the $20,000 mark. Now more than ever, people around the world have started appreciating Bitcoin’s power because the concept of truly decentralized, borderless, and uncensored digital money is revolutionary and worthy of this attention.
More and more people are joining the realm of Bitcoin each and every day, and in some countries like the Netherlands, many towns are Bitcoin friendly, offering a wide range of services that can be paid through Bitcoins. Arnhem, often called ‘the Bitcoin city’, tops the list. The more ways are there to spend Bitcoins, the more ways are there to obtain them.
There are many ways to earn and own Bitcoins – some ways of getting Bitcoin are better than other ways, while some are even worse than scams. Here are some of the approaches that are legit and can help you earn Bitcoins online.
#1 Earn Your Bitcoins from Mining
In the early days, the primary source of Bitcoins was through mining (the process through which Bitcoins are released to come into circulation). Back in 2009, when mining began, every block mined brought a reward of 50 BTC to the lucky one who managed to solve the computationally difficult puzzle. The block reward (new Bitcoins) decreases every 4 years and currently, every block brings 12,5 BTC.
When mining began it took a regular desktop to be able to generate the coins. However, as more and more Bitcoins are generated, difficulty in the mining process increases and today it takes a lot of time, research and money to invest into mining equipment.
The reward is still luring and you’ll be able to generate Bitcoins even if you use your own PC at home. However, there are some problems that stand in the way of earning some loot:
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- The hashing difficulty has become so high in recent years and no single equipment has enough computational power to compete for Bitcoins.
- In hope for some reward, people unite in pools or use cloud mining services (most Bitcoin cloud mining websites are ponzi schemes that rarely actually use your investment to mine Bitcoins).
- Bitcoin mining has gotten unprofitable.
- Even when the efforts are combined, you have to pay for the electricity, and electricity costs and the outlay for the hardware now make it unprofitable to mine at home. In many cases, especially in countries where power is expensive, the utility bills often exceed the mining reward.
All these factors make Bitcoin mining unprofitable these days, which makes us move forward to the next strategy of earning Bitcoins online.
#2 Gambling and Casino Games
There are a lot of Bitcoin gambling websites out there that offer different options like online lotteries, jackpots, spread betting, casino games, etc to Bitcoin players, and they will gladly take your money for the chance of winning a bigger pot. However, gambling is not the best way to earn your Bitcoins. It is advisable to stay away from gambling as it has a number of risks which need to be taken into account.
#3 Do Work to Earn Bitcoin
One of the easiest and most legit ways to earn your Bitcoins is to work for them. There are multiple services that will offer one an opportunity to work for crypto, whether you are an internet marketer, freelancer, singer, translator, editor, engineer, designer, writer, or developer.
Here are some of the platforms and websites that offer you Bitcoins in exchange for your service:
- WorkForBitcoin – This is a freelance market for workers and employers. There you can find jobs paid in Bitcoin, and bid on those jobs.
- Coinality – This is another job board which features jobs. It has a different approach by not simply listing jobs where you can earn Bitcoins, but displaying them on a map, which comes in handy when you are interested in a local job somewhere near you. Coinbase, bitpay, ripple, and secondmarket are few companies which place job offers on Coinality.
- Jobs4Bitcoins(reddit.com) – This is a popular Bitcoin job board that has a focus on job listings for programmers.
- BitGigs – This is an online job board offering a wide range of jobs for payment in Bitcoins.
- bitWAGE– This is another job board that lets you find remote jobs that are paid in Bitcoin.
- XBTFreelancer – It offers jobs that are mostly also software related.
#4 Use Various Bitcoin Faucets
Bitcoin faucets allow you to get a small amount of crypto in particular time spans. These faucets have you do menial tasks such as watching videos, solving captchas, clicking on ads, or playing games. You earn a little bit of Bitcoin for each task you do (for instance, on many Bitcoin dice websites you can get 0.0001 BTC every 5 minutes).
You cannot gain much here and this way of earning isn’t really an option for people who are already involved with hectic, full-time jobs. However, sometimes it can be enough to get a feeling of owning some cryptocurrency.
#5 Receiving Bitcoin as Payment
Another way to earn Bitcoins can be to sell something for cryptocurrency. You can accept it as a means of payment for products or services sold or provided. For example, if you are keen on handmade, you can accept Bitcoin on your ETSY page. Also, if you are a merchant, you can use your Bitcoin address to accept Bitcoins payment on your website. Say, you own a hotel, restaurant, café, etc., just hang a “Bitcoin Accepted Here” sign and many of your customers may prefer to pay through this option.
#6 Earn Your Bitcoins through Trading
Another way to make an earning with Bitcoin is to do it through trading. The idea is simple. However, it takes a lot of awareness and analysis to be successful at this. For example, CEX.io allows you to buy Bitcoins for low fees using your credit card, a wire transfer or a SEPA transfer (if you live in the EU), after which you can convert it to other cryptocurrency or fiat currency using the price volatility at your advantage.
Some people would say that trading is a form of gambling – high risks are involved here too. That’s why it’s very important to learn a bit about trading in order to minimise them. Just start with a little amount, following and closely monitoring your favorite cryptocurrencies. When you feel more confident, you will be able to get to bigger earnings.
As you can see, there are quite a few ways to earn Bitcoins online, but it will always cost you something to get them. It may not always be money. However, something needs to be spent, whether it’s time, viewing ads, your email address, or anything else.
There’s no such thing as “free Bitcoins,” but if you’re willing to put in the effort, you can achieve some very nice earnings online.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com