Spending money is easy, but earning it is an entirely different story. Yet, here’s a piece of good news: making some cash isn’t always hard—especially when you’re making the most out of the potential of cryptocurrencies like Bitcoin (BTC).
The quickest way to kickstart your crypto journey is to buy Bitcoin. But what are the next steps you need to take to earn some bucks with it? Here are eight simple ways to get you started.
1. Get into cryptocurrency trading
This is the most practical step to take after making your initial BTC purchase. Many cryptocurrency enthusiasts often kickstart their journeys by buying and selling their Bitcoin on different crypto marketplaces and exchanges. Essentially, you can earn money through trading by buying low and selling high.
There are different Bitcoin trading strategies you can try, such as:
- Scalping – If you want to move at a fast pace, you might want to consider this one. Scalping is about making very quick and constant trades no matter how big or small the profit is. This is a fast money strategy, so it’ll require your focus and speed.
- Day trading – This approach is quite similar to scalping, but instead of making trades within minutes, you make them throughout the day.
- HODLing – This one is probably the easiest among all. In this trading style, you just have to buy BTC at a very low price and hold them for a period of time. HODLers are firm believers that BTC price will spike in the future.
- Swing trading – This type of trading involves analyzing market movements and trends to determine the next possible steps to take, like whether you should buy and hold until the BTC price soars or not.
- Peer-to-peer (P2P) trading – This also works by buying low and selling high. You can earn money in trading on P2P marketplaces by setting profit margins on your trades. P2P platforms often have hundreds of payment options, making it much easier for traders to make money.
GIve them a try and explore which one best fits your trading needs. If you think a certain method is throwing you off your crypto game, then consider changing your trading method.
2. Engage in Bitcoin arbitrage
Bitcoin arbitrage is similar to the trading strategies we’ve previously discussed, but instead of buying low and selling high on the same platform, you sell your assets to another marketplace. It’s like buying a wristwatch for 59.60 USD in the mall and then selling it for 75 USD on an online shop. The profit you’ll earn by arbitraging the wristwatch is 15.40 USD—pretty impressive, right?
Now apply that same idea with Bitcoin as your asset. You can buy BTC at a lower price on a crypto exchange and then sell it for a higher price on another marketplace. But before engaging in Bitcoin arbitrage, be sure to check the reputation and credibility of the crypto platforms you’ll use.
3. Try Bitcoin mining
Bitcoin mining was one of the initial ways to acquire BTC. Because of the tedious process required to dig Bitcoin’s digital cave, miners gain significant amounts of cash by generating new coins. Miners build robust and high-tech Bitcoin mining machines to solve intensely complex mathematical problems—so complicated that you can’t solve them mentally or with a pen and paper.
To earn money by mining Bitcoin, you’ll need high-powered computers with specialized software and hardware, a stable and reliable Internet connection, and high electricity levels. Miners are rewarded with a newly minted BTC and transaction fees. However, because of the big payoffs in Bitcoin mining, it has become more competitive than ever.
That being said, it’s not advisable to mine alone. If you want to try your hand at mining, you can join Bitcoin mining pools where you’ll share percentages of your equipment’s computing power and earn profits based on your processing power cuts.
4. Accept BTC as a mode of payment
If you’re running a business, whether big or small, you can make money with Bitcoin by accepting it for payments. Crypto holders can send their BTC to your wallet, and you can quickly convert them into your local currency. Doing so can make your business accessible to everyone, especially if your company has a global reach. This is because cryptocurrencies are decentralized and transactions are cheaper, faster, and more affordable than fiat money.
Another thing is that accepting crypto payments can boost your business. Remember, the adoption of BTC and other cryptos is rising nonstop. This goes to show that the number of crypto holders around the globe is also growing.
5. Become an affiliate
You can also try joining affiliate programs on different crypto exchange platforms if you’re already into Bitcoin trading. The process of joining and earning profits will vary depending on which platform you’ll join, but ideally, you can make money by bringing another individual on board and getting them to trade.
Your earnings can get bigger as you, your affiliates, and their affiliates complete more and more trades on the platform. If you know someone who might be interested in learning more about Bitcoin and other digital currencies, you can introduce them to the crypto sphere through affiliate programs. You won’t only help them kickstart their crypto journey but you’ll also get to put some cash in your BTC wallet!
6. Share your crypto expertise
The crypto sphere is expanding exponentially, which means many curious minds are eager to learn more about it. So if you’ve been in the crypto world for quite some time now and you think you’ve gained enough knowledge about the ins and outs of this technology, sharing your crypto expertise is a great option to earn some cash.
You can find different crypto-related job opportunities on websites like cryptocurrencyjobs.co, freelanceforcoins.com, and others. You can scout jobs like web programming, social media marketing, product designing, mobile advertising, and a lot more. You can also get paid in Bitcoin, Ethereum (ETH), and other digital currencies.
7. Complete microtasks online
If you have a jam-packed schedule and you think taking big tasks for extra money is not for you, then you might want to check out online microtasks. Some companies pay in cryptocurrencies in exchange for small and simple tasks, such as downloading software or hardware for testing, completing online surveys, watching videos, and many more.
Since the tasks to be completed are small, easy, and often recurring, cryptocurrencies became suitable for micropayments. You can check out some microtasks on websites like Earn.com, BitForTip, Bituro, and more.
Are you ready to earn some money?
Now that you know how you can make some cash with Bitcoin, it’s your turn to utilize its potential properly. Launching your Bitcoin journey might not always be easy, but it’s also not impossible. So don’t stop exploring until you find the way that best fits your interest, skills, and trading needs.
Here’s a reminder: Don’t forget to get your Bitcoin or digital wallet before you start. You’ll find lots of these online but make sure to get a secure and reliable one. In addition, be sure to find a reputable cryptocurrency exchange platform where you can confidently buy and sell your crypto funds. Some methods are easier than others, so don’t forget to do your research before jumping into your chosen income-generating method.
And that’s it! You’re all set to earn some money with Bitcoin. Good luck with your crypto journey!