Over a decade ago, when I was running a business, my business partners and I heard about Bitcoin. It was quite new back then, and we were wondering whether to buy some. Also, we wondered How to Make Money with Bitcoin?
Would it be an investment? Or would it be for transactions? Or to trade? Or all of these options? Eventually, the partners decided not to invest. So that was the end of that.
Today, I will share with you what is a bitcoin, what is a blockchain, how does the blockchain work, and all the different ways you can make money with Bitcoin.
If you like to find out all the various ways of making money online, including with a Bitcoin, check out my article about How to Make Money On The Internet?
What is Bitcoin?
A Bitcoin is digital currency. It is actually a computer file. It is stored in a digital wallet app.
People can send Bitcoins, or part of one, to that digital wallet. It is sent through the Internet. Transferred from person to person without going through a bank or clearing house.
To learn more about Bitcoin, watch the video below.
A Bitcoin is worth USD10,336.20.Morningstar for Currency and Coinbase for Cryptocurrency,
February 12, 2020
When you get or send a Bitcoin, it is recorded in a public list called the blockchain.
What is Blockchain?
The blockchain is like a diary or spreadsheet where every transaction is recorded. It is a distributed database of these records. And they exist on multiple computers, all at the same time.
As the transactions increase, new sets of recordings are created. These are called blocks. Each block has a timestamp as proof of date and time of creation.
And each block is linked to the previous block. The blocks are all linked like a chain. This is why it is called a blockchain.
To learn more about blockchain, watch the video below.
Now that you and I know what is a blockchain, a bitcoin, and how they work, let us discuss how we can make money with Bitcoin.
How to Mine Bitcoin and Make Money?
The word – mining – sounds tough, doesn’t it? But bitcoin mining is actually about using a special software to solve math problems. When solved, the miner earns bitcoins.
Back in 2014, when my partners and I were considering whether to mine bitcoins, it was already not easy. In the early days, mining was easier, and miners could mine thousands of bitcoins. Lucky them!
Today, bitcoin mining has become even tougher. A miner would need to buy expensive hardware with powerful processing power. This is because the math problems are getting harder and more difficult.
Some miners team up to form mining pools. They work together to solve the transactions together. And together, when they succeed, they share the rewards.
To learn more about mining bitcoin, watch the video below.
Many are saying that bitcoin mining is not so profitable anymore. This is due to competition as well as the difficulty of solving the math problems. Also, the price of the bitcoin is a factor. At the current price, after you deduct the costs of mining, how much will you actually make?
How to Invest in Bitcoin and Make Money?
You can invest in bitcoin by buying or earning bitcoin. Then get a digital wallet and keep it there. Wait till the value goes up. When it reaches a value you are happy with, you can sell it.
Do make sure you get a digital wallet from a safe and reliable website.
To learn more about investing in bitcoin, watch the video below.
How to Make Money with Bitcoin Trading?
Do not confuse bitcoin trading with investing in bitcoin. Investing in bitcoin is long term. In this niche, the term is called ‘hodl’. Some say that this term came about due to a typo of the word ‘hold’. Some say, perhaps in jest, that it stands for ‘hold on for dear life’.
In contrast, bitcoin trading is short term. Traders rely on the volatility of the price, going up and down often, to buy low and sell high. They do this often to earn profits.
To do bitcoin trading, you need to have very good knowledge of this niche, and a good sense of the market. It is very risky. But has potential to make a lot of money. I do not recommend this method of making money with bitcoin unless you have the experience and extra money to try.
To learn more about bitcoin trading, watch the video below.
How to Make Money Getting Paid in Bitcoin?
Bitcoin is a form of currency. It is just in a digital format. It is getting more widely used as a form of payment for products and services.
If you are selling a product or providing a service, you might consider accepting bitcoin as a choice of payment. Many businesses are doing so already.
After you get the bitcoin, you can choose to hold as an investment or cash it in as quickly as possible. The reason for the latter is because the value can change a lot in a day. This can hurt your bottom line if the value drops a lot suddenly.
If you intend to accept bitcoin payment, there are many ways to do it. And there are many bitcoin payment services to help make this happen. Do a bit of research to find which is the best choice for you.
How to Make Money with Bitcoin Faucets?
There are websites where you can complete tasks, and get paid in bitcoin. Examples of tasks are such as looking at ads, and answering surveys.
So, if you have lots of free time, why not consider this? Frankly, you will not make a lot of money. But you can start earning bitcoin, get enough to start an investment.
To find out more about bitcoin faucets, watch the video below:
How to Make Money with Pay to Click (PTC) Websites?
The concept here is quite similar to the above bitcoin faucets. The difference is you click to watch an advertisement or click to pages that contain ads. After you do that, these websites will pay you in bitcoin.
This option requires a lot of hard work. In return, you get paid very little bitcoin. It can be as low as 0.00000100 Bitcoin.
Definitely not one of my recommended ways to make money with Bitcoin.
How to Make Money Writing About Bitcoin?
There is a lot of information on the Internet about bitcoin and topics related to bitcoin. But a lot of these articles are very generic or have been rehashed.
If you are familiar with this niche, and can write interesting articles that have unique content or view, you can make money writing for websites. You must be very knowledgeable on this topic. And to stand out from the others, you must have very good insights about this.
How to Make Money with Bitcoin Affiliates?
This is one of the best ways to make money with bitcoin. To be a bitcoin affiliate. Today, there are many bitcoin affiliate programs. Find a good one, and join them.
After you are an affiliate, you will be given an affiliate link. You can share this affiliate link on social media or your own website. When someone sees the link, and clicks on it, then makes a purchase, you earn a commission.
This is truly the closest way to create passive income.
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How to Make Money with Bitcoin? – Passive Online Revenue Final Word
Most of the above 8 ways to make money with bitcoin requires a lot of work or overhead costs. Being a bitcoin affiliate is the one that is closest to creating passive income.
While doing affiliate marketing may look easy, you can shorten the learning curve by joining the program where I learned how to do affiliate marketing correctly.
So, if you intend to do bitcoin affiliate, I suggest learning from the best on that training program. Then do bitcoin affiliate marketing to create your fortune.
If you have ANY questions about How to Make Money with Bitcoin?, ANY at all, please submit your questions as comments below. I will be happy to help you out.
As the digital landscape grows and changes, more opportunities will be created. I will continue to share more of these. To receive updates on more opportunities as well as more information on each of these opportunities, please join my I Love Passive Income Community.
Thank you for reading this.
Best wishes to All!