Bitcoin is a relatively new concept – a currency that can be traded without the need for traditional banks or government regulation – and whilst many people understand this basic concept, very few people understand how to make money with bitcoin.
But in fact, there are numerous ways you can cash in on this revolution. You can trade bitcoin itself as experts like Aziz Zainuddin do by reading up on the latest trends and examining the market, but this can be tricky to do and even the experts can get it wrong. Crashes of 15% or more do happen.
Instead, there are many ways to take advantage of the bitcoin market by simply getting involved with the industry. Here are some solid ways of how to make money off bitcoin.
- Get Writing
There are lots of articles out there about making money with bitcoin, but most of them are not written by experts.
What people increasingly need are experts in bitcoin who understand the technicalities that lay behind its architecture as well as the financial side and the history of bitcoin. Bitcoin is also intensely political in nature so there is scope to write about its impact on society.
Being an expert in these fields and reading up on bitcoin can be valuable. Not only are dedicated cryptocurrency sites willing to pay good money for high-quality content, but it can also lead to networking opportunities.
At cryptocurrency events in places where crypto traders and developers hang out, such as Chiang Mai in Thailand and San Fransisco, there might be a host of job opportunities that pay well. You will also no doubt pick up a host of insider tips about which way the market is going and can begin to invest yourself.
Networking events be easier if you have begun to make a name for yourself in the crypto journalism world, so be sure to get writing.
As cryptocurrency takes off more and more industries are going to need experts and you might even find yourself hired by a large news network such as CBN, the BBC, or even a magazine or newspaper.
Make sure to highlight your expertise in such a niche area.
- Being Paid to Click
Many adverts, both print and videos, will pay you a small amount in cryptocurrency to click and watch them. It now pays to click.
This is because many browsers are being developed that allow cryptocurrencies to be deposited and withdrawn automatically from digital crypto wallets in response to certain actions.
Those who are optimistic think this is one way of saving the journalism world. People pay for what they read and what they click on without having to instigate payment with a card every time, but they can also make money really easily by watching adverts they would have otherwise have skipped.
Of course, this is not going to make you a fortune overnight but it is worth setting up in the first instance so you can make money by doing very little.
You could even spend an afternoon clocking through the internet, though there are probably far more productive ways to make money.
With this new source of revenue, you now have some cryptocurrency without having to risk any savings you may have or worse take out loans to buy cryptocurrency which can end up affecting credit score.
- Ask to be Paid in Bitcoin
In the tech world, you can often negotiate a higher salary by asking to be paid in your employers’ currency or in bitcoin.
This makes perfect sense for you and your employer and is the perfect way for you to make money with bitcoin.
It gives you the first chance to make the first dip into trading, without potentially losing too much money. Your employers don’t have to worry with traditional banks and may have some currency lying around anyway.
Do your research first and consider very carefully working for an employer attached to a cryptocurrency without a good reputation. It could crash very quickly.
This is the classic way to make money from cryptocurrency. Previously, it was very lucrative. All payments made through the bitcoin system need to be verified by a powerful computer program called the blockchain.
The blockchain rewards those who ‘mine bitcoin’ through their computers with bitcoin itself but doing this requires a huge amount of processing power that cannot be utilized with an ordinary computer.
Miners will get together and share their processing power and then the rewards that it entails. Unfortunately, as bitcoin has become more popular the amount of processing power required to make a high profit has decreased meaning many people cannot afford the equipment.
If you know what you are doing, however, it is still possible to make a reasonable sum that can serve as extra income and a valuable way into the bitcoin and cryptocurrency community.
How to Make Money With Bitcoin? Get Into The Crypto world
There are numerous ways to make money with Bitcoin. Of course, trading is one way but you have to be very experienced and know enough about cryptocurrencies to be able to guarantee a profit. This can take years.
But, by becoming involved in the cryptocurrency community by attending meetings and getting to know the key players, you can begin to carve out a role for yourself as an expert. This is how to make money with bitcoin.
This can lead to other opportunities that are just as lucrative such as working for employers who pay in bitcoin, writing about bitcoin for newspapers and magazines and specific websites where there is currently a high demand.
In the process of entering this world, you will learn how to mine and trade bitcoin effectively leading to better results in the long run.
If you are interested in reading more about bitcoin and cryptocurrencies be sure to check out the other financial articles on our site.