Many people are hearing a lot about bitcoin lately. But what really is bitcoin? Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. How can you earn money with bitcoin? here are some ways to earn money with bitcoin:
- Selling Goods or Services – You can now accept Bitcoin payments! All you need is a bitcoin wallet. You can sell any products online and ask for cryptocurrency payments. Many websites / online shops are already accepting bitcoin payments, while some websites also accepts donations via bitcoin. For me this is safe, because you’ll receive payment directly just ensure that your wallet details are safe.
- Mining – Bitcoin mining is also a safe way to earn money. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards. There’s 3 kinds of mining, GPU, CPU and Cloud mining. The most profitable now is the GPU mining. For best results, you should learn what’s the best coin to mine. There are times that what you earn from mining wasn’t enough to pay your electric and internet bill. Also Mining with mid-end computers will just be a waste, if you’re going to mine, use a high specs mining rigs. Some of the Miners I use: MinerGate, NiceHashMiner & Claymore.
- Trading – This is a risky way to earn money. How to earn with it? Simple. When the price of bitcoin is low, buy it. When the price of bitcoin is high, sell it. However the price of bitcoin is somewhat hard to predict so you should always watch for the price change. You should also be careful of what trading platform to use. You won’t know when the platform you’re using will be a scam. So invest at your own risk and don’t put all your money on the trading platform. Trading Platform I use: Poloniex, Bittrex & Binance.
- Airdrops – Airdrop is a procedure of distributing tokens by awarding a person with cryptocurrency wallets by doing a little task such as sharing to twitter, facebook and joining their telegram groups. To join Airdrops, Search and Join Airdrop Channels on Telegram.
If you want to invest money in cryptocurrency make sure to do a research because it can change anytime. My advice is to start joining airdrops or just sell goods and services. In trading, I suggest to do a thorough research and read reviews upon choosing a trading platform. In mining, also research on whats the minimum profitable specs of the mining rig to build but for me I prefer the highest. How about you? What’s your best thoughts in earning money with bitcoin?