If you have considered exploring the world of cryptocurrency, you have most certainly heard of Bitcoins (BTC). They are probably the most popular and best-known of hundreds of different cryptocurrencies available. Plus, there are many ways to earn them aside from the traditional trading or mining activities commonly used to collect BTC. Buying them may be somewhat out of reach for some people, but earning them in other ways is not. In this article, we will take a closer look at several ways Bitcoins can be earned.
The Traditional Methods
Before we look at alternate ways to earn BTC, let’s first explore the traditional methods of trading and mining. Trading is considered the best and most reliable way to earn Bitcoins. Several different strategies can be used and the returns can prove to be quite profitable. Traders typically use a crypto-backed loan to conduct the trades where the lender holds an asset as collateral in exchange for funds. The borrower uses the funds to purchase BTC and gives them to the lender in exchange for cash. Once the loan is paid back, the borrower will receive the BTC. If the loan is not paid back, the lender keeps the BTC and sells them to make back the loan amount. Mining is a lot different than trading. Miners utilize something called a cryptographic algorithm to crack a code. When the process is completed, BTC is used as the reward. In essence, Bitcoins are earned at no cost. Mining typically earns a very small fraction of BTC at a time, which means it takes patience and time to earn a significant amount of BTC, but it is possible and is one of the most popular methods used to earn cryptocurrency.
Other Ways To Earn Bitcoins
Here is a list of alternative methods that can earn BTC:
Play Games
This is an option that requires no investment and is a foolproof way to earn Bitcoin. There are several mobile apps (Coinbrawl, Bitcoin’s Aliens, and ChopCoin) where players participate in various games and earn BTC. It is not only an easy way to get into cryptocurrency, but it is a fun way to do so.
Regular Income
It is not impossible to have a regular salary paid in the form of BTC. Although not all employers are set up to do this, there are many today that do provide Bitcoin as a payment option. The most popular way to do this is as a freelancer where several freelance platforms are set up for cryptocurrency.
Gamble Online
This is very different from playing games in that the online casino world is what we are talking about here. Many of the newer and larger online casinos not only accept various cryptocurrencies but also provide payouts of casino winnings in crypto form. The most popular being in Bitcoin.
Sports Betting
Although this is also a form of gambling, it is different from online casinos. Sports betting online is a growing industry and several sportsbooks have been launched in recent years to accommodate this new trend. Many sportsbooks are set up to accept and payout in BTC including FanDuel.
Tips For Service
Even if you do not have a job where tips are accepted, you can still earn BTC as a tip. Just create your own blog where either a QR Code or your Bitcoin address are displayed and encourage visitors to your blog site to leave a tip based on how much they enjoyed reading your posts.
Complete Various Tasks
There are online sites and apps where BTC can be earned just by completing tasks. That can be watching videos, trying new games or features, or just watching different online ads. The volume of Bitcoin paid is marginal, but over time it does add up and can result in a substantial amount in your wallet.
Airdrops
An airdrop is a tool used by companies that are trying to attract people to their business or platform. It is similar to visiting a brick-and-mortar store that offers samples of products for you to try. An airdrop contains a specified amount of BTC that is earned through different means according to the company offering them.
Faucets
A faucet is a system that distributes dozens of Bitcoin pieces free to anyone who visits a specific website once every 30-minutes. Think of it as a giveaway where the prize is BTC. It takes time to collect a substantial amount, but for idle time spent online, you could be doing far worse things with the internet.
Affiliate Programs
An affiliate program is where you share a link or invite friends to sign up and the company you have formed the affiliate partnership with will reward you with BTC each time someone signs up that you have referred. Think of it like a referral program with rewards only the perk is that you will receive BTC.
Sell Online Advertising
If you are a bit on the creative side, you can launch a website and sell advertising space on that website in BTC. Be sure to pick a niche that makes sense for the Bitcoin fee such as something to do with new technology or cryptocurrency. The earning potential with this idea is very high if you do it right.
Earn By Exercising
You read that correctly. There is an app out there called Sweatcoin which is both iOS and Android. What it does is lets participants convert the steps they have tracked for daily exercise into cryptocurrency. The going rate currently is about one Sweatcoin (SWC) per 1,000 steps.
Be A Bitcoin Writer
One more opportunity for the creative type is writing about cryptocurrency. With so many startups getting launched annually, it would not be hard to find one in search of a new writer. All you have to do is write about crypto and make it a stipulation that you are paid for your work in Bitcoin.
Final Thoughts
There are many ways to earn Bitcoin that are a long way off of the traditional path of either trading or mining. This just goes to show you how widely accepted cryptocurrency is becoming. The list above is just a sample of the various ways BTC can be collected and turned into cash.
Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.
