Now you know quite a lot about the crypto world already: you know different coins, where to buy, exchange and safely keep them. Today I would like to let you know how to earn more coins
There are several ways that you can buy bitcoin: through bitcoin exchange sites, browsing a peer-to-peer or P2P directory, and using a Bitcoin ATM. Each one offers different levels of convenience and speed so you can check them out and pick which one suits your preference.
Bitcoin Exchange Sites
Exchange sites let you buy bitcoins with your bank accounts or debit and credit cards. When you use your bank account, it can take a few days before you receive your bitcoins because of the confirmation process and whatnot. Please have a look at our Lesson 6: The best cryptocurrency exchanges.
You can search and go over various sellers of bitcoin in Peer-to-Peer or P2P directories and choose who to buy from. Sites like Bisq and BitQuick offer an open-source platform for cryptocurrency buyers and sellers to interact and make transactions with each other.
Of course, this entails a certain level of trust since you’re making exchanges with a person and not through a certified medium. Fortunately, seller reviews and feedback scores can help you in making a decision. The plus side of P2P directories is that the transaction happens instantaneously and usually for a lower transaction fee compared to exchanges.
Just like your local bank ATM, bitcoin ATMs are terminals where you can buy bitcoins with cash. Instead of using cards and bank accounts, all you need is the QR code of your wallet where your purchase will be transferred to. After the machine scans your code, you can then insert the amount of cash you want to exchange for bitcoins.
You can also use this machine to sell your bitcoin and receive cash in return. What makes bitcoin ATMs different from online exchange sites is that you won’t be required to give any personal details or bring out an ID. There’s also no bank involved. So if you don’t want your details stored in online exchanges then physical terminals are perfect for you.
5 Ways of Earning Bitcoins
1. Bitcoin Mining
Mining bitcoin is the process of creating bitcoins that requires extensive knowledge of hashing and specialized equipment called Bitcoin miner. This computer hardware supplies the computing power you need to mine and it performs the mathematical operations which in turn creates bitcoins.
Mining for Bitcoins is the most profitable of all options since you’re guaranteed to receive bitcoins after contributing to the blockchain. It does require a lot of time, some expensive specialized equipment, and a lot of money to pay off your skyrocketing electric bill.
This method is comparably smaller in scale in terms of effort compared to bitcoin mining. For micro-earnings, all you need to do is complete a bunch of micro-tasks such as viewing ads on sites, answering surveys, playing games, etc. The payoff is smaller, but this is probably the most secure way of adding some numbers to your bitcoins.
Plenty of apps and sites offer this kind of exchange and one of the most popular is FeaturePoints. Earn points by answering surveys, downloading apps, etc. then you can claim rewards with those points including bitcoins. Storm is another similar app where you complete tasks such as watching ads and playing games to receive bitcoins in your wallet. Another platform where you can earn bitcoins is Lolli. This bitcoin rewards application lets you earn bitcoins when you shop online by giving you cashback with every purchase.
3. Bitcoin Faucets
Bitcoin faucets are websites that reward you with satoshis in exchange for your time in viewing their sites. Satoshi is 0.00000001 bitcoin, which translates to one-hundredth of a millionth bitcoin. Those who own faucets sell on-site advertisements and these are what often greets you when opening a bitcoin faucet site.
In some sites, you can claim your rewards for set intervals such as every five minutes. In FreeBitcoin, one of the well-known faucets, you can drop by every hour and claim your bitcoin after playing a simple game. Moon Bitcoin gives you more freedom in collecting your rewards. You can leave your faucet for as long as you want and let the amount stack up before you come back and claim a relatively larger amount.
4. Bitcoin Investments and Trading
Probably the most famous way of increasing your bitcoin is by investing and trading it. You can hold onto your bitcoins and watch its price rise as the market grows. When the price skyrockets to a point that its value becomes substantial, you can then sell it and receive huge payouts in return.
It’s important to note that the volatility of this method is extremely high since the market can rise or drop any day. The prices of cryptocurrencies in the market remain unstable, with numbers fluctuating every minute or so.
If you’re into investing long-term then you can just leave your bitcoins be and watch how the market moves throughout a couple of days or years. If you want to trade and buy other cryptocurrencies available in the market, you’ll have to exchange them on sites such as BTCXE.
5. Working for Bitcoins
Another way of earning more bitcoins is by promoting them via affiliate programs. Affiliates are those who promote certain websites for free and later on receive a commission after bringing in paying customers. Lots of bitcoin exchanges, products, and services have affiliate programs where you can enroll. As an affiliate, you’ll have your own unique link that you can share and promote to other people who could be viable clients.
It’s up to your own marketing style on how to promote the site’s products or services. You can reach out on social media platforms and post the links along with your own content. Youtube content creators often do this and put their affiliate links in their video descriptions.
Another way of earning bitcoin that leans more on the traditional side is by working for them. You can offer your skills and services to people who are looking to hire people just like you.
There are a lot of sites available on the Internet where you can scour for jobs and freelance work that pays in bitcoin. Check out Cointiply or the popular subreddit Jobs4Bitcoins for different job postings. So if you’re willing to do work in graphic design, proofreading, web design, video production and such in exchange for bitcoins, you know where to go.
Revolutionizing the World Bit by Bit
As cryptocurrency enters the mainstream method of payment, ways of earning bitcoins only increase by the minute. It’s best to always be mindful of the risks that come with these money-making opportunities. Since bitcoin is still relatively new, these new ways of earning income can take a turn for the good or bad.
Check also our previous lessons:
Lesson 1: Get to know the coins
Lesson 2: Where to buy and keep cryptocurrencies
Lesson 3: A guide to stablecoins
Lesson 4: How to keep your crypto safe
Lesson 5: Different cryptocurrency wallets
Lesson 6: The best cryptocurrency exchanges
Trading cryptocurrencies carries a high level of risk, and may not be suitable for all investors. Before deciding to trade cryptocurrency you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.