How To Make Money With Bitcoin: Learn All: Bitcoin, as a cryptocurrency, has been the subject of general debate for some time now. People analyze its past and speculate on its future for a wide variety of reasons – some people want to know the history of cryptocurrencies, others are curious about possible investment opportunities. Whatever your reason, in this guide we will talk about different ways to make money with Bitcoin.
We’ll talk about the different ways you can profit from Bitcoin – but first, we’ll think about why Bitcoin is so popular in the first place. Then, when we understand the history (or at least its super short version) of the emergence and rise of this cryptocurrency, we will explore its opportunities for profit.
Introduction
Whether you’ve decided to quit your job, mortgage your house, and throw it all in Bitcoin, or you’re just looking for ways to make extra profit online without working too much, making money with Bitcoin might be the best. way to do it both. But before we get ahead of ourselves, let’s take a look at the history of Bitcoin. After all, you can’t expect to get the answer to the question of how to make money with Bitcoin if you haven’t a clue of its timeline.
History of Bitcoin (the short version)
Bitcoin was created in 2009 by someone (or a group of people) known by the pseudonym Satoshi Nakamoto. By the time it came into being, no one had even heard of cryptocurrencies, let alone encountered one.
Bitcoin for infants and teens was pretty tough – they failed to gain traction and attention, even though their prices fluctuated for what (at the time) seemed pretty big. No one was wondering how to make money with Bitcoin yet.
Finally, in early 2017, Bitcoin broke the benchmark of $ 1,000 USD. In just one year, he managed to almost hit the US $ 20,000 mark. Needless to say, it was huge – everyone was standing with their chins hitting the ground or pouring whatever they had into Bitcoin – it seemed like an unstoppable force that kept increasing its momentum every day. If you’ve recently checked the Bitcoin price charts, however, you know things have taken a different turn.
The fall of Bitcoin (?)
In early 2018, the price of Bitcoin was around $ 11,000 and then hit a shocking low of nearly $ 6,000. At the time of writing this guide, Bitcoin is currently worth $ 6,400 USD. So … How do you make money with Bitcoin?
What caused a crash of this magnitude? Well, there is a lot of speculation.
People who are often looking to make money with cryptocurrency will likely know what the Bitcoin price chart looks like:
Maybe this reminds you of something? A… tooth, maybe?
This type of diagram is called a “shark tooth” diagram. This means that the price of a cryptocurrency (in this case – Bitcoin) has risen and fallen so rapidly that the path it has taken on the chart looks like a sharp shark’s tooth.
This is also called a “burst bubble”. A famous economist was even quoted as saying that Bitcoin was the “biggest bubble explosion in history”. The reasons behind this are believed to be the built up hype, lack of support for blockchain, market manipulation and many more.
Whatever the case, it is evident that Bitcoin has, at the very least, taken a huge dive from which it is currently trying to recover. Anyone looking to make money with Bitcoin should probably keep these things in mind.
How to make money with Bitcoin?
So now that you know a couple things about the rise and fall of Bitcoin, we can finally move on to methods of making money.
There are several methods of making money with the help of Bitcoin, but in this guide I will only cover the main ones – if I were to list them all, this guide would be at least three hundred pages long.
The list is not composed in a specific order. There are some methods that work better (or faster) than others, but – usually – it depends on the person.
Method # 1 – Buy Bitcoin
No, I’m not kidding.
There are actually huge groups of people who “invest” in Bitcoin by simply buying it. It’s a risky method, of course, but probably the easiest to perform.
There are two types of such investors. Some people just buy a certain amount of parts and forget about it for a year… or ten. These people usually don’t really intend to make a profit in the short term – they often believe in the prosperous future of cryptocurrencies and hope that their investment will someday bring them a tenfold profit.
Another type of Bitcoin investors are the people who do a lot of research, read all the predictions available on how to make money with cryptocurrency, and spend weeks analyzing data and statistics. These people tend to have a very specific timeline in mind – most of the time they are looking to invest for the short term and just need to know when to do it. Plus, these investments tend to be smaller long-term ones – after all, people invest after doing a ton of research beforehand, but if their investment fails, they might just move on to the next period.
If you are thinking about how to make money with Bitcoin or how to make money with cryptocurrency in general, buying Bitcoin can be a great place to start – or disastrous. It can save you a lot of money very quickly or lead you to the brink of debt. It all depends on one factor: the amount of research you’ve done beforehand.
Method # 2 – Accept Bitcoin Payment
Have you heard of Fiverr? It’s a site where people pay $ 5 for some sort of service rendered by other freelancers. Now take this same concept, but imagine Bitcoin replacing USD.
All you need to do for this method to work is as follows:
- Think about a skill that you are good at . It could be anything frankly – from copywriting and digital marketing to painting or singing. Pick your strongest quality (s) and think about ways to monetize them.
- Create a cryptocurrency wallet . If you are reading a guide on how to make money with Bitcoin, chances are this step seems obvious and you did it a long time ago. But just in case, let that remind you – a cryptocurrency wallet keeps your cryptocurrencies safe and ready to use, just like a wallet for your physical money. If you still don’t have one – find it and create it ASAP!
- Find a way to bill people . A good place to start is to offer your services in forums and online marketplaces, stating that you only accept payments in the form of Bitcoin or other cryptocurrencies. Do this long enough, and you might want to create a designated website for the same purpose and teach others how to make money with Bitcoin.
If you’re thinking about how to profit from Bitcoin (and if you’re serious about it), doing some research will be inevitable. Without it it’s like trying to drive a car at night with the headlights off – sure you COULD get there, but the chances are definitely not worth the risk.
Method # 3 – Mining
Bitcoin mining is one of the most popular ways to profit from Bitcoin. There can be two forms of exploitation: your own, personal exploitation or cloud exploitation.
If you want to mine individually (i.e. with your own mining platform), this might not be the best way to make money with Bitcoin. Bitcoin is considered to be one of the most difficult cryptocurrencies to mine because it is widely successful and a lot of people want to get into the hype, but there is a limited supply. A single platform, no matter how good, could struggle to produce significant profits, especially when you consider electricity and maintenance prices.
Cloud mining, however, has become very popular in recent years. It’s a great alternative when it comes to mining because you don’t have 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! Usually at the end of each month you receive your income. The amount will be based on your plan of choice and the utility bill of the facility in which the cloud mining service is based.
Overall, cryptocurrency mining is a very popular method for people looking to make money with Bitcoin. It takes knowledge and expertise in the field to be able to perform it successfully (especially if you want to build your own rig), but the effort is well worth it.
Method # 4 – Invest
And no, not the type of investing of buying bitcoin and then selling it .
There are actually quite a few choices when it comes to investing in Bitcoin. You can make money with Bitcoin by investing in startups, companies, stocks, or even the development of the blockchain itself.
Blockchain-based startups are a very popular choice when it comes to investing in an area related to cryptocurrency. Already, some notable startups have made it mainstream success (i.e. Brave’s core attention token). You would need to dig in and find out the next best thing, but if you were right and invested in the startup while it is still in its early stages, you might just hit the jackpot and boost your profits all the way to the roof. .
Companies that are involved in Bitcoin or blockchain development (or research) are also a good option for investments. You should look at their information – White paper, their goals and work ethic, their results, their stats, etc., and if their big picture looks appealing, you might think about investing in their projects or the company in it. -even.
You should, however, be careful with investments – especially when it comes to cryptocurrencies. It’s no secret that the cryptocurrency market is a very unpredictable place. Always do your homework and research the items you plan to invest in, if not the question of “how do you make money with Bitcoin?” Could turn into “how to get out of debt (not Bitcoin)?”
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Browse our collection of the most comprehensive articles, guides & tutorials on crypto exchange platforms. Always be in the know and make the best decisions!
Conclusion
There are loads of different ways to make money with Bitcoin, both directly and indirectly. The direct methods would be to buy or trade the cryptocurrency, while an example of an indirect method would be crypto mining. It’s only natural if you get it wrong at first – cryptocurrencies are hard to break!
As I stated at the beginning, the preferences for any of these methods are solemnly dependent on the person using them. If one person finds cloud mining a gift sent from above, another might think it’s a major scam and want to do it all on their own. A word of advice: research. Do a lot of research. If you put in the effort, you’ll be choosing the right method in no time. Forums are a great place to start. Join Facebook groups, participate in their chats. Don’t be afraid to ask questions.
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