Bitcoin, as a cryptocurrency, has been subject to mainstream debate for quite some time now. People analyze its past and speculate about its future for a wide variety of reasons – some people want to know the history of cryptocurrencies, others are curious about possible investment opportunities.
Steps to making money from Bitcoin.
Buying Bitcoin
There are huge groups of people who “invest” into Bitcoin by simply buying it. This is a risky method, of course, but probably the simplest one to perform.
There are a couple of types of such investors. Some people just buy a certain quantity of the coin and forget about it for a year… or ten. These people usually have no real intention to profit short-term – they often believe in the successful future of cryptocurrencies and hope that their investment now will one day bring them a tenfold profit.
Another type of Bitcoin investors are the people who do loads of research, read all of the available predictions on how to make money with cryptocurrency and spend weeks analyzing data and statistics. These people tend to have a very specific time frame in mind – most of the time, they are looking to invest short-term and just need to know when to do it.
Accepting Payments in Bitcoin
Have you heard of Fiverr? It’s a site where people pay $5 for some sort of a service done by other freelancers. Now take this same concept, but imagine Bitcoin coming into the place of USD.
All you need to do for this method to work is as follows:
- Think of a skill you’re good at. This can frankly be anything – starting from copywriting and digital marketing to painting or singing. Pick your strongest quality (or qualities) and think of ways you could monetize them.
- Create a cryptocurrency wallet. If you’re reading a guide on how to make money with Bitcoin, chances are this step seems obvious and you’ve done it long ago. But just in case, let this serve as a reminder – a crypto coin wallet holds your cryptocurrencies safe and ready to use, just like a wallet for your physical money. If you still haven’t got one – research and create it ASAP!
Mining
One of the most popular ways of how to profit from Bitcoin is Bitcoin mining. There can be two forms of mining – your own, personal mining or cloud mining.
If you want to mine individually (meaning, with your mining rig), it might not be the best way of how to make money with Bitcoin. Bitcoin is considered to be one of the tougher cryptocurrencies to mine since it’s a subject of mainstream success and a lot of people want to pitch into the hype, yet there’s a limited supply of it.
A single rig, as good as it could be, might struggle to produce significant profits, especially when you consider the electricity and maintenance prices.
Cloud mining, however, has become very popular over the last few years. It’s a great alternative when it comes to mining because you don’t need to buy any hardware or software, assemble or even DO anything – all you need to do is pay a one-time fee for a contract and that’s it!.
Investing
And no, not the buying-bitcoin-and-then-selling-it type of investing.
There are quite a few choices you have when it comes to investing in Bitcoin. You could make money with Bitcoin by investing in startups, companies, stocks, or even blockchain development itself.
Blockchain-based startups are a very popular choice when it comes to investing in a cryptocurrency-related field. Already, some notable startups have made it into mainstream success (i.e. Brave’s Basic Attention Token).
You would need to do some digging and find out the next best thing, but if you’d be right and invest in the startup while it’s still in its early days of infancy, you might just hit the jackpot and grow your profits to the roof.
Note that this can be very risky as a lot could go wrong making the company close down or causing a clamp down on profits.