Hey there Sea Changers and welcome to another post where we investigate ways and means of making money on the internet with my 7 ways to earn bitcoin online this year. In short, Bitcoin is a great way to make money on the internet especially if you’re a gamer, a small business owner or simply looking for additional ways on how to make passive income from home.
Of course, if you have had anything to do with Bitcoin and other cryptocurrencies over the last few years, you will definitely understand that this is a financial area not without its risks. However if it is an area that interests you, let’s check out some ways that you can get amongst them below.
But first, let’s just make sure we are all on the same page.
What is Bitcoin?
Bitcoin is a form of digital currency that uses an encrypted system to regulate its creation and circulation. The transactions made with cryptocurrency do not require any intermediaries such as banks or financial institutions rather held in ‘wallets’ via online trading sites.
Their origin comes from a process known as “mining” and as a currency, relies on an electronic payment system to function smoothly across borders. The “mining” process helps maintain these balances by crunching numbers so they can become harder over time with more computing power being put towards solving those algorithms that create the currencies.
Legalities and financial implications
As we run through the Bitcoin earning options below, it should be highlighted that the legal status of cryptocurrencies varies substantially from country to country. Some countries have explicitly allowed their use and trade whilst others only tolerate restricted operations. There are also many that ban their trade altogether.
Secondly, cryptocurrencies are extremely volatile – which is why some countries ban them – so there is always the chance that money (actual legal tender type money) can be lost very quickly here. The risk to you is that you may do all of the work to earn them then find out that they lose their value very quickly.
7 Ways to earn Bitcoin
Ok, let’s run through some methods you can use to earn yourself some Bitcoin (or other cryptocurrencies if you prefer) below…
Freelancing is one of the most popular ways to make money online with millions making money from undertaking such tasks as blog post writing, data entry, social media marketing, editing, language translation and so much more.
And one thing that many don’t know is that in many cases, freelancers can be paid in the currency of their choosing – including Bitcoin.
There are many services available on the web where people post jobs and freelancers bid for them with some great job websites such as Freelancer or Upwork where employers can find skilled workers at relatively low rates. Others that specialise in jobs for Bitcoin payments include Cryptogrind, earn.com and CryptoJobs.
So if you have any type of skill which is in demand by clients from all around the world then there’s a big chance that you can make good Bitcoin from your home.
2. Affiliate marketing
Affiliate marketing programs are setup directly by companies that allow you to join and then refer traffic to them via customised affiliate links. In short, this means that you will write about Bitcoin, Cryptocurrency, finance, investing or anything else relevant to the subject then refer your readers to a link where they will purchase directly from the vendors. The vendors then pay you a commission for the sale.
When it comes to Cryptocurrency affiliate programs, most are related to the trading sites such as Binance or Coinbase and the process undertaken is quite simple:
- Visit a website which offers an affiliate program.
- Sign up – You will usually need to apply.
- Once accepted, load you affiliate links onto your website or social media.
- You then earn commissions for every sale that you generate, which in this industry are usually paid in Bitcoin.
The important thing here is that there are no upfront fees and you get paid instantly after every successful referral. However, some programs only allow certain users to participate due to their geographical location or only unless they have working websites or good social media following.
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3. Bitcoin Trading
Unlike to the first two above, this third option will require a little starting capital however if you take the time to do some training, then trading in Bitcoin and other cryptocurrencies can be a way to earn more. Some people find it difficult and confusing to buy and sell bitcoins on exchanges such as Coinbase, Kraken or BTC-e etc. but if you learn how these exchanges work – and where the best opportunities lie – then you can indeed turn a profit.
As mentioned above, cryptocurrencies are extremely volatile where thousands can be made, and lost literally overnight. I only recommend this option if you have undertaken some above board training and have a good understanding of the pitfalls of online trading.
Note: The information above is provided on a factual basis only and due diligence should be undertaken in regards to your jurisdictional legalities prior to undertaking any investment. It is also not provided with any financial advice in regards to the trading of cryptocurrencies.
4. Create an online store
If you have physical products to sell and want to make money with bitcoin then creating your own online store could be another good option for you. All you have to do is visit a marketplace site that operates with Bitcoin (such as OpenBazzar), create a seller account and upload all the products you wish to sell there .
Once this is done, other users can browse through your digital storefront where they’ll be able to purchase your products using Bitcoins. This is an option that is becoming more and more popular in recent times as Bitcoin holders generally more than happy to spend their money on real world goods and services as it is usually cheaper and avoids the use of traditional banking systems.
5. Bitcoin mining
Bitcoin mining is where it all started and still one of the easiest and most lucrative ways to earn bitcoins online. It can be a little complicated to understand but in simple terms, when you are mining, the software and hardware on your computer come together to solve an encrypted mathematical equation. Once completed, you are awarded bitcoins which can then be sold or traded on exchanges like Coinbase.
Currently there are many websites which offer this service (such as MinerGate) that are convenient and easy-to-use. Furthermore, all you need is a regular PC or Mac in order to mine cryptocurrency as they will give you hosting options where you can remotely control the software running on their machines via your browser.
It should be noted however that these programs will put a lot of pressure on your hardware processing capabilities and take a good amount of time to earn.
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6. Bitcoin Gaming
Another great way to use bitcoin for online transactions is by making bets and playing games. There are countless websites which offer this type of service and most of them do not require any registration because they can easily identify who you are based on your public address alone. For instance, Dice sites like SatoshiDice or Just-Dice allow players to wager their bitcoin winnings in a game of pure chance .
Another option here that has really started to take off is NFT games. These generate income via the collection of Non-Fungible Tokens (NFTs) where players can essentially buy and sell in game ‘assets’ in marketplaces either inside or outside of the platform. These assets can gain value in time and are usually bought and sold via Bitcoin.
7. Save money using Bitcoin
Now this final option is technically not about making money with Bitcoin, rather more about saving money with it. Here, if you want to save money on every transaction that you make online then you can switch from credit cards or PayPal and start accepting bitcoin payments instead.
This is because most merchant service providers charge at least 2% on each sale and transfer this payment directly into USD instead of crediting these funds back to your digital wallet as Bitcoins. So if you do the math, you can save a quite a bit of cash transacting this manner.
So there you have it! As you can see, making money with Bitcoin is not nearly as difficult as it might seem at first sight. It all comes down to the type of work involved and how much time one wants to put into this venture.
I hope it has been helpful and as usual, please do not hesitate to comment below if you have any questions, need some advice or have any experiences to share.
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Until next time
Note: If you make a purchase from this page, there is a very good chance that I make a commission from it – these commissions do not increase your sale price. This may include sales made via Wealthy Affiliate.