With the Bitcoin price taking a slump recently, now is a great time to put in some money and earn a few satoshis. It’s still early days for the entire cryptocurrency space, and even if the price continues to drop from here, it’s only a matter of time before it reverses. Such a change towards the upside could happen at very short notice too. This means there’s never been a better time to earn a few fractions of Bitcoin.
Why Earn Instead of Buying?
If you’ve got a bit of free time around your day job, earning a small payment here and there in Bitcoin is a great way to get exposure to this exciting new market without actually risking any of your own capital. If you manage to get paid a few Bitcoins for doing a few menial tasks or selling some of your old stuff in front of the TV when the market does continue to bottom out, are you really going to be that disappointed? Consider this versus the other option – buying some crypto at a premium Bitcoin to USD price on an exchange. Not only do you put your hard-earned cash at risk, you also must decide a suitable entry point. It’s also much more difficult to keep a cool head and not cash out if you used your own funds to start your Bitcoin investment.
Earning Bitcoin is also a relatively risk-free way of getting used to the revolutionary new payment method. You can think of it like dipping your toe in the water. If it’s not for you, at least you can say you tried it out. It’s a great way to get some experience with sending and receiving Bitcoin with relatively little outlay to begin with.
Now that you understand the benefits of earning Bitcoin, rather than buying it, let’s look at how you can acquire some Bitcoin.
Work for Bitcoin
Working for Bitcoin is probably the most obvious way someone can earn some Bitcoin. Certainly, it’s not ideal for everyone. Most jobs aren’t going to suddenly take you up on your offer to work for Bitcoin instead of fiat currency. However, many freelancing roles, particularly those relating to the tech industry, will offer to pay you in Bitcoin.
If you do land a gig that is willing to pay you in Bitcoin, you have a choice to make. Do you retain the entire pay cheque in Bitcoin and pay for things as and when you need them using either gift card services like eGifter or merchants that accept Bitcoin? Alternatively, you could do what Overstock.com does with their Bitcoin payments. You can convert half of them instantly to fiat currency. This way you will hedge yourself against huge market moves whilst still retaining a good portion of “skin in the game.”
Sell Things for Bitcoin
Another way to earn some Bitcoin is to sell things for it. Online marketplaces like OpenBazaar allow payments to be made directly in cryptocurrencies like Bitcoin. It’s not just seedy dark web markets that allow this function these days, you know!
If you make things, buy and sell things, or just have some old stuff cluttering up your bedroom you wouldn’t mind trying to flog, selling things for Bitcoin is a great option for many folks.
Mining Bitcoin is the best way to earn a LOT of Bitcoin. However, it is also the most expensive to set up and maintain.
New Bitcoins are created every ten minutes by miners. Miners use sophisticated computer systems. These solve complex cryptographic problems in a process that is known as PoW (Proof of Work). The idea is that it would take a lot of computer power to cheat the network (spend the same Bitcoins multiple times) and thus PoW makes it prohibitively expensive to do so. It is the Proof of Work system that allows Bitcoin to function as a sound form of money. It’s a little bit of a tricky concept to grasp, but for the purposes of earning Bitcoin, all you need to know is that you need a lot of specialist computer hardware (like thousands of dollars’ worth), a cool climate (like Russia or Iceland) and dirt-cheap electricity (like hydroelectricity from Canada). Without all these things, your mining operation isn’t going to be successful!
Alternatively, you can mine a less popular cryptocurrency and exchange it for BTC every few months too.
In the Casino
Many online casinos these days support Bitcoin deposits and withdrawals. Whilst winning a load of BTC by dropping a jackpot can’t exactly be considered “earning” Bitcoin, learning to play a game where you play against other players for cash rather than the casino itself is different.
Take poker for example. People who consistently win at poker don’t do so by just dumb luck. They hone their skills and exploit weaknesses in the opposition. Playing in certain styles against certain opponents will guarantee victory in the long run. It’s certainly not the easiest way to earn Bitcoin, but it can be one of the most lucrative. If you’re already handy at the card table, this one could well be a winner (pardon the pun) for you.
Another way to earn some Bitcoin is by trading on a Bitcoin exchange. The idea is to buy in and out of positions in Bitcoin by timing the market. You sell your Bitcoin when the price is high and buy it back when the price is low. The difference between the two prices is your profit.
Beware though, like playing poker, trying to profit from trading can be absolutely ruthless. In a market as volatile as Bitcoin, positions can get wrecked in a matter of minutes. The other thing to consider is that the market is a 24 hour one. If you value your sleep and sanity, perhaps trading is better left to the professionals. Besides, most research suggests that well over 90% of traders fail to make a profit. You’re mathematically better off just jamming Bitcoin into an online slot machine and hoping for a big win – unless you study hard and are willing to forgo sleep, a social life, and that all-important sanity.
These are just some of the main ways people can earn some Bitcoin. There are others out there, and more appear every day. As adoption continues to grow and more folk use BTC as a currency, there will be even more avenues available to those wanting to earn a few coins here and there. Keep your eyes peeled, and most importantly, hold at least a small position of Bitcoin. You might be very happy you did one day!
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