Making money with Bitcoin is one of the most asked questions about any cryptocurrency on the market. Bitcoin analysis is still new to the market, so there are still many ways to utilize its potential, but we will shine a light on a few that may be easier for you. Here are some tips and tricks for making money with bitcoin.
1. Mining Bitcoin
Mining bitcoin isn’t what you think. There are no actual miners who dig underground to bring up some rare minerals. Instead, mining bitcoin happens through solving complex math problems.
These problems are solved through special software, which rewards you with bitcoin once solved. Depending on how much hardware and computing power you have will determine how much bitcoin you can mine, thus determining how much you can make. Many miners join mining groups to solve these math algorithms faster. The groups are called mining pools. The money is split once the team solves the problems.
Competition has taken mining from being something that you could do at your home computer to having to team up with people that have extremely powerful computers to make money. Mining is still the best way to make money, and better yet… you are your own boss.
2. Bitcoin Faucet
Bitcoin Faucets allow you to find ads and answer surveys, which then rewards you with a fraction of a bitcoin.
It requires very little skill, just watching ads and answering questions or captchas. You are rewarded afterward and there is no catch or hassle. It is honestly that simple, but it may take you time to get a real amount of bitcoin that is really worth it. This method is based on repetition and doesn’t take much of anything to complete.
All you need is your phone and you can start getting some bitcoin that you can use for anything you want. It takes time, so don’t rush and watch the bitcoin add up!
3. Bitcoin Trading
Bitcoin trading comes with much more risk than the first ways of making money. Bitcoin trading requires high knowledge and skill, which may steer some people away, but it is also the one method that has the most potential to make you big bucks really quick.
Bitcoin trading is the act of buying bitcoin at a reduced price and then selling it at a higher price later down the line. This requires knowledge of the market and a little bit of luck. Bitcoin is extremely volatile, so one wrong purchase could have you losing thousands of dollars. One good purchase and you could be making thousands.
The gamble is in the person who is doing the trading’s hands. Bitcoin trading isn’t for everyone and may be the riskiest way to deal. This decision is for you to make.
Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.