Halloween is a fun holiday that we inherited from the Americans. During this time, children collect and eat lots of caramel. However, it is also the day when the world's # 1 cryptocurrency turns its birthday, Bitcoin. Do you want to answer the question: “Bitcoin how to make money?”, Then this guide is for you. Until 2017 nobody talked about it.
After the large bubble of Bitcoin broke out in 2017, almost everyone in the markets knew about digital currency, regardless of whether they bought one or not. The recent recovery of Bitcoin towards $ 10.000 seems to establish a new price for the cryptocurrency.
Bitcoin fever is picking up momentum, with some analysts predicting a move to $ 50.000! If you want to position yourself for the next Bitcoin bull run, then you need to understand the opportunities that exist in this market.
By positioning yourself before the growth of the next Bitcoin bubble, you can make a speculative gain in dollars, which could free you financially for life. This guide will give you some strategies you can implement to earn Bitcoins fast and create a future for you in the digital currency economy.
Earning Bitcoin: how to do it
If you are looking for a good summary overview to understand how earn bitcoins, you are definitely in the right place!
However, before even approaching this theme, we want to suggest some small initial foresight that will allow you to proceed more quickly in the following paragraphs.
So let's start by summarizing some basic information to earn bitcoins.
Before discovering some more information about Bitcoin, why don't we see how you can make money with this digital asset? In this regard, we have written below the most important strategies to consider to supplement your income and more! Choose the strategy that best suits your needs, and follow it.
Americans say: Buy and "HODL"
No, we weren't wrong. HODL is a new term known in the world of cryptocurrencies, born just as a synonym for HOLD (literally: to keep). When people think of buying Bitcoin, they also imagine the huge profit they will be able to make in its resale. This simple strategy is known as: purchase and possession. It is a popular method used by gold investors and operates within an investment portfolio as a hedge against market volatility. Bitcoiners who hold the coin for the long term refer to themselves as “HODL'ers”, a (deliberate) misspelling of the term “Hold”.
Trading in Bitcoin markets
If you want to really make money on Bitcoin, then day trading in the cryptocurrency markets is by far the best option. The cryptocurrency market operates in almost the same way as the Forex and stock markets. Buyers and sellers meet on a platform, also known as an exchange or app to earn Bitcoins, and trade cryptocurrency with each other in hopes of profiting from arbitrage. Cryptocurrency exchanges like Binance, Bittrex and Bitfinex offer the same services to cryptocurrency traders, such as NASDAQ, NYSE, and FTSE to day traders of stocks and currencies. The difference between cryptocurrency and Forex is that Forex is a regulated market. Government bodies, such as the SEC, regulate traders and companies. In the cryptocurrency market, it's the wild west.
Something to know before starting
Before starting we would like to remind you that i Bitcoin are monete digital (cryptocurrency) that you can use not only as a medium of exchange for the purchase and sale of goods and services, but also as a more or less speculative investment instrument.
The concept of money changed when, on October 31, 2008, “Satoshi Nakamoto” published a white paper on a peer-to-peer digital cash system. Bitcoin was nothing more than an idea for years until it caught the attention of traders.
In the early stages of Bitcoin's development until 2010, the world had no idea of Bitcoin's imminent value. The only people who knew about cryptocurrency were technicians and players. It was in this early stage of the formative years of cryptocurrencies where one of the biggest financial mistakes of all time occurred.
Leaving aside for a moment their basic characteristics, and the fact that you can invest speculatively in these assets, to be able to earn bitcoins you will first need a digital wallet, a "wallet”In which the coins bought or otherwise obtained will be saved.
We will talk about wallets in separate details.
For the moment you just need to know that their opening is simple and quick, and that among the best known and appreciated there is certainly Bitcoin Core (but there are many others that we will then talk about), which you can freely download from bitcoin.org.
On May 22, 2010, Laszlo Hanyecz, a Bitcoin enthusiast, made the world's first Bitcoin transaction. Laszlo ordered two Pope John's pizzas and paid for the delivery with 10.000 Bitcoins. At the current average of Bitcoin prices of around 7.000, this would mean around 35 million for each pizza!
Is Bitcoin Mining Still Possible?
When Bitcoin was first launched, it was possible to "mine" the blockchain for Bitcoin using a computer. However, as people learned about the price hike with cryptocurrency, more and more people started buying better computers for mining.
In the end, it wasn't long before tech companies started designing and building "mining plants". However, there is a way to make money mining Bitcoin without moving to China to set up a mining farm. By purchasing one or two professional platforms and installing them in the garage, you can mine some less popular coins and trade them for BTC on an exchange.
The returns will not be great but they are a way to put your foot in the door and if you take a good coin and keep it, it could increase in value later on.
Bitcoin mining pool
I Bitcoin mining pool they are a way for Bitcoin miners to pool their resources and share their hashing power by dividing the reward equally based on the amount of stock that helped solve a block.
Each member of the pool is then assigned a quota, which is valid proof of the block's resolution. This activity began in particular when Bitcoin mining for a single operator became practically impossible, giving birth to bitcoin mining in pools.
The miners found a solution to this problem by pooling their resources. This made it possible to generate the blocks faster and therefore everyone, in a small part, could receive a reward consistently, rather than a large reward for each, every (who knows how many) year.
What is a bitcoin miner ASIC?
An application-specific integrated circuit (ASIC) is a device designed for the sole purpose of mining - not coal, but rather digital currency. Generally, each ASIC miner is built to mine a specific digital currency. Hence, a Bitcoin ASIC miner can only mine Bitcoin. Think of Bitcoin ASICs as specialized Bitcoin mining computers or "bitcoin generators".
You might also think of ASIC devices as a microprocessor on your computer; only instead of being integrated circuits, these are circuits designed specifically to keep the blockchain active, which is nothing more than a database available to everyone, in which digital information is stored. Producing devices such as ASICs to mine cryptocurrencies is a process that takes time and money; however, as they are designed for one purpose only, extraction is done faster, even with low-powered PCs.
Bitcoin affiliate systems
Some cryptocurrency companies will pay you (in Bitcoin or currency) if you send them customers who buy. This marketing method, called "affiliate marketing", has been around for a long time and allows sites an additional revenue stream.
Bitcoin affiliate programs (sometimes referred to as partner programs) are a great way to generate passive income if you run a website (or anything else on the web that attracts visitors).
Services with an active affiliate program will pay you if you send them paying customers. It works like this:
- You sign up for the service affiliate program
- The service offers you a unique referral URL pointing to their website
- Post the URL on your website, Facebook, forum, tweet, whatever
- When someone clicks on the referral link and then makes a purchase on the service's site, you earn a commission for the purchase, in Bitcoin
Earn Bitcoins for free
Buying Bitcoin means investing in the long term, but not everyone is able to buy all the digital coins they want and for this reason, there are extra methods to earn Bitcoins online for free. Not many people are aware that free Bitcoin is there waiting for them. In fact, there are five great ways to earn Bitcoin for free online. One of the best ways to earn Bitcoins for free online is with Coinpot and Moon bitcoin.
Here they are below:
- Buy online and earn Bitcoin
You can earn Bitcoins online simply by buying "stuff". You can also use your daily shopping experiences to increase your Bitcoin account. Such as? Using a Bitcoin cash-back service.
- Open a Crypto Interest account to earn Bitcoin for free
Many investors buy the main digital currency as a long-term investment, only to discover later that to increase their participation, they can do nothing else. By storing your digital currencies on BIA interest accounts (BlockFi), be it Bitcoin, Gemini or Ether, your earnings will be practically automatic and free.
- Mining begins to earn Bitcoin
Cryptocurrency mining is another way to earn free Bitcoin. But what is crypto mining? Miners are the backbone of the blockchain. Using specific hardware, they can complete difficult calculations to facilitate and confirm trading on the value blockchain.
- Take part in surveys to earn free Bitcoins
If answering the questions doesn't take you too long, you can help companies conduct market research by taking part in actual surveys. This is an effective way to earn free Bitcoins. There are several companies that offer opportunities to take such surveys, just do a quick online search!
- Become an affiliate and earn Bitcoin for free
Affiliate marketing offers another method for how to make money online with Bitcoins. If you have online followers, you can direct them to sites to make online purchases. In fact, these companies will reward you for generating a profit by recognizing you digital currency.