In most cases, Bitcoin is used as a valuable asset or for invest (most people believe it has huge long-term growth potential). But did you know that there are several ways to increase your Bitcoin holdings besides sitting on your investment and hoping it will grow?
Today we're going to look at 3, each of which responds to different tastes in their risk appetite.
1. Bitcoin casino
In the past, if you wanted to participate, you had to make a deposit using traditional means such as wire transfers. But the rise of bitcoin casinos is an indicator of the growing acceptance of cryptocurrencies as a means of payment. This should interest you for multiple reasons, the first of which is to protect your privacy. While a land-based online casino may ask you to submit your ID to prevent underage gambling and fraud, this is not the case with Bitcoin casinos. Another advantage is that, unlike wire transfers, Bitcoin transactions can arrive in minutes, thus allowing you to get in on the action without having to jump through hoops.
When playing, it is recommended to choose the type of games that give the player the highest possible advantage while minimizing the house edge. Hint: blackjack, craps and baccarat. For the best chance of winning, always place a bet with the rational part of your brain and avoid making decisions based on a momentary rush of emotions. In other words, stick to a system while taking advantage of any bonuses the casino may offer you. This will allow you to expand your bankroll instead of wasting it in seconds.
2. Bitcoin trading
Cryptocurrency trading, also known as day trading, is suitable for those who can spot an opportunity miles away. If you have any reason to believe that a certain cryptocurrency will rise or fall, you will be in a good position to get your money when it counts and take it out if things are doomed to ruin. The bad news is that there are no guarantees. The good news, however, is that you don't have to make all the right assumptions; only the majority of them.
One thing to pay close attention to when trading is to always take into account the historical performance of a currency. While this is not the only market indicator to consider, it is very reliable information to use to your advantage. In an ideal scenario, an experienced trader will enter a trade when the entry point is low and exit when the value increases, thereby locking in profits.
3. Loan of Bitcoins
If you want to stop and wonder how a nameless lender like you could ever hope to compete with larger banks and financial institutions, hold on to this thought for a while. The problem with traditional money lending institutions is that they often have a long list of requirements before wanting to do business with someone, many people are unable to meet them due to a myriad of reasons.
With the Bitcoin loan, however, there are no intermediaries; just you and the person concerned. The deal stipulates that you lend your Bitcoin in exchange for being repaid in a predetermined amount of time while earning some good interest rates for yourself. Some people earn a whopping 25% interest by lending their cryptocurrencies. To make sure both parties are fulfilling their part of the deal, there are multiple platforms for lending Bitcoin on the internet.
If you're willing to get creative, there are numerous ways to multiply your Bitcoin holdings. To avoid falling victim to a scam or following a bad strategy, make sure you always do your due diligence before proceeding and you should be fine.