Looking to line the digital coffers? Here are the best ways to make money with bitcoin: whether you’re feeling ambitious, or just a bit lazy.
Getting that hustle that can be done from the living room office is pretty important these days. While so many have been furloughed or just plain laid off- we’re all looking for a little bit of extra, and understanding that our new-found side gig has to stay at home friendly.
Because of new guidelines and legislations brought on by the novel coronavirus, finding ways to make money without leaving the house can be a bit daunting. Even if you know you need it. One of the best ways to beat the corona blues is to get back to work- and the sector that has a massive number of remote jobs and earning potential? You guessed it- it’s bitcoin.
Perhaps the greatest thing about garnering cash from the crypto-spectrum is that it can be as hands-on, or as hands-off, as you’d like it to be. Some crypto jobs are no different than other types of remote work: they require output and some time and brainpower expenditure to see those shine digital tokens fill a wallet. While still other positions just allow you to kick back and count your digital gold with little to no real effort on your part.
So which crypto career is right for you? Read on to find out the best ways we know of to make money with bitcoin.
Make Money With Bitcoin: Something For Nothing
Sometimes, the best gain is capital gain. No need to callous those fingertips or break a sweat. All you need is some market savvy and a bit of tech know-how. These types of crypto jobs are those that can offer returns on minimal investment. Most of these are ideal for anyone who’s already familiar with the crypto landscape, knows how to keep clean coins, and understands how trends can affect value.
Crypto mining, particularly bitcoin, isn’t for the faint of heart. While this “job” does require a bit of an initial investment- unless you already own a supercomputer with ASIC hardware and unlimited green power. Mining is the act of getting your machine to compete with other nodes along the network to verify blocks. Blocks are essentially bundles of transactions that take place along the bitcoin network.
In order to verify these transactions, you’ll need a top-notch computer that is capable of solving some really complex algorithms. The purpose-built hardware, ASIC (application-specific integrated circuit) are designed specifically for solving cryptocurrency hashes. These machines are brilliant for mining, but fairly useless when it comes to other applications- so if you have one without being a miner, you’re well ahead of the game.
Read more articles here like Bitcoin Members Only Clubs: Getting in Has Never Been Easier and Here’s How to Get Your Bitcoins with Revolut.
Faucets are perhaps the greatest place for the crypto savvy community to look for “free” bitcoin. But buyer beware, if you’re unfamiliar with the arena, you may be setting yourself up for a scam. Most of these sites will require you to answer a few questions, or participate in surveys. Some require you to watch an ad or two.
Some faucets, like promotional ones found on Facebook, Instagram, or YouTube, require an amount of tagging, following, or interesting with posts, but will reward you with a bit of coin should you make it known you’re a fan.
Gambling is a fun way to make a little extra bitcoin, provided you’re good at it. After all, gambling with bitcoin is still gambling, so looking at it as a sure moneymaker isn’t the most responsible choice. As with any gambling set-up, the house is stacked to win, and people will eventually lose. Should you be able to keep a level head, be realistic about your limits, and not be too devastated when you lose, gambling bitcoin may be a genuine way to earn a decent income with bitcoin.
Because the crypto gambling market is still nascent, many sites are offering decent incentives to get people started. Taking advantage of this may help increase your cache. It’s also pretty important to keep in mind, that any gains you might see may not be accepted by a few big-name exchanges, so it’s always wise to use a bitcoin tumbler anytime you direct your coins away from an online casino.
HODL is another way that many crypto geeks are making money with bitcoin. Day trading can offer someone who’s familiar with the market and its nuances a decent living. There is a ton of information on how to go about HODL, but keep in mind that only a fraction of it is worth listening to. It’s important that any day trader keeps a close eye on the markets themselves and do a fair bit of research before taking the plunge.
It’s also wise that a HODL understands how best to store their coins while they await the next big pump in the market. A combination of cold storage, hardware wallets, and bitcoin mixers is always suggested, especially when you’re working with bigger investments.
Make Money With Bitcoin: Put In Work
These are the crypto jobs that require a bit more effort than the ones previously mentioned. While it’s unlikely that any of these will break your back, it’s also unlikely that they’ll break the bank. These payouts depend largely on your personal output, as opposed to financial investment.
Because cryptocurrency at large is still such a new and scarcely understood field, many businesses, exchanges, forums, and social media platforms are constantly on the lookout for any crypto aficionado that knows their way around a keyboard as well as around a coin. Copywriting has boomed in the field, but at the same time is largely degraded with newbies rehashing info seen elsewhere. In not understanding the market, it’s given way for a genuine need for people who actually understand the market, so that fresh content is generated.
You can still find these types of freelance writing jobs on your usual copywriting work websites, like Freelancer or Upwork, but it’’s the bitcoin-focused employers that will pay you the best coin for your efforts.
Well, micro jobs are fairly similar to faucets and pay-per-click gigs, only they require a few ounces more effort. Micro jobs usually involve a multi-step process of interactions- like instead of just clicking on an ad, or commenting on an influencer, these employers will require you to watch a video and fill out a survey. Or some other combination.
We know, right? Sounds exhausting. Luckily, there are a few companies that are willing to play pretty well for your laborious efforts, so don’t be afraid to look around for the best offers for time spent.
Accepting and Lending
This is perhaps the most effort-intensive job in the bunch. As an online retailer, you can make money purely by accepting payment in bitcoin, and doing whatever you can to promote that particular avenue of repayment. Should you choose to accept payment, you can then use those coins to invest or even lend.
Crypto lending is an ultra-new niche that is still finding its feet. Most lenders are encouraged to take the interest that they earn and put it back into the market, which doesn’t really translate into returns. Unless you marry acceptance and lending with a side gig of HODL or day trading. As accepting bitcoin payments and engaging in crypto lending both serve to bring more coins into circulation and simultaneously promote widespread adoption, you may just see a boost in the market thanks to your efforts.