Bitcoin as a cryptocurrency has been around for a while. People analyze their past and make predictions about their future for a variety of reasons. Some people want to know the history of cryptocurrencies, others are chasing possible investment opportunities. In the guide “Making Money with Bitcoin”, you will be told about different ways to make money with Bitcoin.
You will be shown different ways on how to fulfill your dreams of making money with Bitcoin. But first, Bitcoin’s history and why it is so popular will be explained. Then, how this cryptocurrency soared will be under scrutiny. Finally, investment opportunities will be discussed.
If you want to quit everything and start something new, or if you want to earn money in addition to your business, making money with Bitcoin may be the way you are looking for. But first, you’ll take a look at Bitcoin’s history. After all, it is difficult to comment on his future without knowing his past.
Bitcoin’s History (Short Version)
Bitcoin was created in 2009 by a person (or group) nicknamed Satoshi Nakamoto. At the time of its release, nobody knew what cryptocurrencies were.
Bitcoin’s early years were pretty tough. Although its price fluctuated, it did not receive the necessary attention. Back then, no one was wondering how to make money with Bitcoin.
At the beginning of 2017, Bitcoin crossed the $ 1000 limit. In the same year it reached almost $ 20000. It was an incredible event. Everyone was in awe. It was as if an unstoppable force had made it suddenly rise. However, if you have recently looked at Bitcoin’s price, you will see that things are no longer the same.
Bitcoin’s Fall (?)
At the beginning of 2018, Bitcoin’s price was around $ 11,000. Then it took an incredible drop and fell to $ 6000. At the time of writing this article, “Making Money with Bitcoin”, the value of Bitcoin is $ 6400.
So what caused this collapse? There is a lot of speculation.
Bitcoin’s price chart for the past years is as follows:
What does this shape remind you of? Can we call it a tooth?
This type of diagram is called a “shark tooth” diagram. This means that the price of a cryptocurrency (Bitcoin in this example) rises and falls in a very short time, reminiscent of a shark tooth.
This is also called a “burst bubble”. A famous economist has stated that it is “the biggest bubble burst in history” for Bitcoin. Reasons for this include unfounded excitement, lack of support for blockchain, market manipulations, and more.
Whatever the reason, Bitcoin is on the decline. Anyone who dreams of making money with Bitcoin should take this into consideration.
How to Make Money with Bitcoin?
You now have information about Bitcoin’s rise and fall. It’s time to make money.
There are several ways to make money with Bitcoin, but this guide will cover the main ones. It is not possible for all paths to fit in a single article.
The list has no particular order. Some methods work better (or faster) than others, but generally it depends on the person.
Method # 1 – Buying Bitcoin
It’s not a joke.
There are huge groups that buy bitcoins to “invest”. Sure, it’s a risky method, but it’s probably the simplest.
There are several types of investors. Some people forget that it takes a certain amount of coins and takes about a year or ten. These people have no intention of making a profit in the short term. They think the future will be successful for cryptocurrencies. Thus, they are of the opinion that they will profit ten times in the future.
Another type of Bitcoin investor is people who do a lot of research, read all predictions about cryptocurrencies, spend weeks on data analysis and statistics. These people focus on a certain period of time. Most of the time, they make short-term investments, so they are looking for the right time. In addition, these investments are smaller compared to long terms. Although people do a ton of research before investing, if their investment fails, they start looking for another time frame.
If you’re looking for ways to make money with Bitcoin or earn money with cryptocurrencies in general, buying bitcoin can be great or a disaster. In a very short time, it can earn incredible money and put it into debt. Everything depends on one factor; your research before purchasing.
Method # 2 – Accepting Bitcoin Payment
Have you heard of Fiverr? A site where people get services from freelancers for $ 5. Think of this concept with Bitcoin.
For this method to work, all you have to do is:
- Find a skill that you are good at. Obviously this can be anything. Everything from copywriting and digital marketing to painting and singing. Find a way to find your strongest side and earn money from it.
- Create a cryptocurrency wallet. If you are reading this article written on making money with Bitcoin, it is likely that you have already completed this step. Still, this is a reminder. A cryptocurrency wallet provides your crypto securely. Ready to use whenever you want, just like your real wallet! If you still don’t have a cryptocurrency wallet, research and create one right away!
- Find a way to charge people. Online forums and shops are great places to start. Here you can indicate that you will only accept payments with Bitcoin or other cryptocurrencies. After a period of time, you can create a site designed for it and teach others ways to make money with Bitcoin.
Researching is an inevitable step if you are thinking of making money with Bitcoin (and you’re serious about it). Not doing research is like driving without turning on the lights at night. Yes, maybe YOU CAN SKILL it but it’s not worth the risk.
Method # 3 – Mining
One of the most popular ways to make money with Bitcoin is Bitcoin mining . You can mine in two ways: By yourself or through cloud mining.
Mining alone (owning your own mining equipment) may not be the best way to make money on Bitcoin. Bitcoin mining is seen as one of the more difficult mining because of your mainstream success and attracting many people. As good as it may be, a single rig may not be enough to make significant profits. After all, there are electricity and maintenance costs to consider.
Cloud mining has become very popular in recent years. It’s a pretty good mining alternative because you don’t need to buy any hardware or software, put them together or even do anything. You only pay the one-time contract fee and you’re done! You usually get your earnings at the end of each month. The amount you get depends on the plan you choose and the electricity bill of the facility offering cloud mining services.
Overall, mining cryptocurrencies is a very popular way to make money with Bitcoin. Although it requires some knowledge and expertise in the field to successfully perform it, it is well worth the effort.
- Incredibly safe
- Resistant to physical damage
- Supports more than 1500 coins and tokens
- High level of security
- A well-known cryptocurrency wallet
- Incredible cryptocurrency diversity support
- Easy to use
- Free to register and store crypto coins
- Reasonable prices
Method # 4 – Investing
It is not an investment of the kind of buying and selling Bitcoin .
There are several options to choose from when it comes to investing in bitcoin. . You can make money on Bitcoin by investing in startups, companies, stocks, or the blockchain development itself.
Blockchain-based start-ups are very popular for investing in areas related to cryptocurrencies. Some notable start-ups have already achieved mainstream success (eg Brave’s Basic Attention Token). You have to do some research and find the next big fish. If you find the chicken that will lay golden eggs and invest in the first days, you can hit the jackpot at 12 in the future and earn after gain.
Companies interested in Bitcoin or blockchain development (or research) are also another good investment choice. The white papers, goals and work ethics, results, statistics, etc. you have to research things. If it’s good in general, you can invest in the project or the company itself.
Be careful about investing in cryptocurrencies. The cryptocurrency market is an unpredictable stream. Make sure you always do your research on the things you plan to invest in.
There are countless ways to make money with Bitcoin. Some of these are directly and some are indirect. For direct methods, it can be called trading cryptocurrencies. An indirect method is crypto mining. In your adventure to make money with Bitcoin, cryptocurrencies may confuse you, but the more you learn, the better you will master the subject.
As stated earlier in the article, the methods are entirely up to the person’s personal preference. Some see cloud mining as making money by laying down. Others want to do everything by themselves. Make sure you do research. A lot indeed. If you try, you will find the right method in a very short time. Forums are a good place to start. Join Facebook groups, get involved in conversations. Don’t be afraid to ask questions.
The methods of making money with Bitcoin mentioned in the article are just the tipof the iceberg. If you do not like these methods or you are not interested, you can go to alternative ways (such as daily trading, crypto lending). There are countless options. Don’t be afraid to try new things!
Although cryptocurrencies have been a part of life for a while, it is a world full of mysteries for many. New analyzes and statistical information emerge every day. New coins are joining the community and the market. Although it is not an easy task, if you put your mind to it, be sure to run after it. Good luck!