Cryptocurrency

Published on October 9th, 2019 | by Sunit Nandi

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5 Legitimate Ways to Earn Money with Bitcoins

Introduction

If you are new to the world of cryptocurrencies, you might be wondering what are the benefits of bitcoins and other such currencies. Well, bitcoins offer you the freedom to send and receive money from anyone in the world at a low transaction fee and in an extremely secure manner. You get full control over your money through bitcoins.

You might be shocked to know but you can actually become a millionaire by earning free bitcoins and holding them in your blockchain wallet. Here in this article, 5 ways are mentioned through which you can earn money with bitcoins and get rich.

1. Mining Bitcoin

Do you what is bitcoin mining? Well, just like gold mining, bitcoin mining is bringing out bitcoins to the surface. Confused? See, paper money has a government controlling its print and distribution. But bitcoin has miners who solve complex math problems and they are given bitcoin in exchange.

Initially, bitcoin mining was simple and miners could make thousands of Bitcoin using their PCs. But now due to the increase in competition, miners have to purchase expensive components having more processing power to mine more difficult algorithms. Miners gather up in the mining pool to combine their processing powers and try to solve the transaction before their competitors.

2. Performing Tasks in Bitcoins

Another simple and new way to earn money with bitcoin is to complete the paid tasks in Bitcoin. There are various sites that pay you in Bitcoins when you complete some small tasks such as signing up on a platform, following a particular Twitter account, writing an article or maybe taking up a survey.

There are various sites such as Bounty0x, Earn.com that pay you in bitcoins when you complete the assigned tasks. The Bounty0x platform is mainly divided into three parts – hosts, hunters, and sheriffs who are asked to act ethically with a mix of reserved tokens and bonuses. If you want, you can also play casino games at Bspin to earn money in the form of bitcoin currency.

3. Lending bitcoins

If you have bitcoins or any other cryptocurrency, you can lend it to make the most out of it. This is known as cryptocurrency. You will find various crypto lending services on the web to help you carry out this process. All they do is take your cryptocurrency and to further lend it. In return, they offer you a 5 to 7 percent annual interest on your cryptocurrency.

If you want some decent amount through lending, you must have a good stock of bitcoins to start with. But keep in mind, default is also a possibility while lending bitcoins. You must lend bitcoins to that person on whom you have a high degree of confidence.

4. Day Trading

If you love dealing with numbers and finance, you must get your hands at day trading with Bitcoins and other cryptocurrencies. But this technique of earning money needs a lot of time and effort analyzing the financial reports and charts.

Cryptocurrencies such as bitcoins are extremely spontaneous and may change their value at an hourly rate. You have to identify the pattern through charts and reports and purchase bitcoins at a low price.

Later, you can sell them when their value rises. However, you should dive in only if you have some experience and you love looking at financial charts and reports all day. You can earn a huge amount of money through day trading.

5. Get cashback when you do online shopping

There is a famous Google Chrome Extension, called Ebates, that gives cash back to the customers when they make an online purchase. Once you have the extension on your Google Chrome, you have to sign up for it. You will be notified of any special offers or discounts are going on the retailer’s website.

However, every store has set a different amount of cashback and incentives. Some sites offer as much as nine percent cashback to its customers for online shopping. While some sites have a fixed amount of bitcoin to offer to its customers. Getting bitcoins while shopping is going to enhance your shopping experience for sure.

Final Words

There are various ways of earning money through bitcoins, either directly or indirectly. The preference of these methods lies completely on the person using them. However, you must do a lot of research before putting your money and efforts into cryptocurrencies such as bitcoins.

If none of the above-mentioned methods worked for you, you can also try and lookup for alternatives such as investing, accepting payment in bitcoin, etc. There are endless choices and you must not be afraid of doing an experiment and trying new things. You never know what may work out for you and bring you some extra money.

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About the Author

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I'm the leader of Techno FAQ. Also an engineering college student with immense interest in science and technology. Other interests include literature, coin collecting, gardening and photography. Always wish to live life like there's no tomorrow.



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