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Bitcoin is the most valuable digital currency in the world. It’s no surprise many people are looking to earn some. When it was first created, 1 Bitcoin technically was worth $0. It is safe to say that it has since grown exponentially as at the time of writing, Bitcoin’s current value is a whopping $8,500 USD per Bitcoin and its market cap? over $300 billion USD. Ever the volatile coin, however, it’s price can skyrocket upward in a day or drop hundred’s of dollars in a day. If you are looking to get your hands on some read on!
How To Earn Bitcoin
You can, of course, buy it directly from an exchange, but you can also earn it. Earning and buying are two very different terms; to earn Bitcoin, you must perform a series of (usually digital) tasks or jobs and as a compensation for this effort, Bitcoin is paid or earned. Here are a few ways to do it…
Lending Money
Much like how a fixed deposit scheme works, one can lend Bitcoin to others on a peer-to-peer Bitcoin lending platform. A profit of 12-18% on the initial investment is returned, along with the invested amount. This is one of the most popular and easiest methods for earning Bitcoin.
Helping Others
This can be thought of as a form of freelancing! There are several platforms available which allow users to pose questions and obtain answers from other people. A fixed reward is given to anyone who can answer the posed question. One is required to research and find the answer. Bitfortip is one such platform which is mobile and desktop based. On this platform, questions can be formed and answered in 11 different languages.
Earning Bitcoin from Jobs that Pay in Bitcoin
It does not get better than earning Bitcoin as a payment method for a job! Bitcoin is paid out to employees in several fields, so there are several jobs currently out there where you can earn Bitcoin for your services. Examples are; engineering, singing, writing or translating. You can earn bitcoin right away, you just have to look in the right place; several websites which offer bitcoin for your services are Jobs4Bitcoins, bitWAGE, CoinWorker, and Coinality.
Mining
Mining involves the process in which “miners” use their computers to solve cryptographic or mathematical puzzles in an attempt to win Bitcoin. Mining require the “solving” of a huge number of computational problems to unravel a new batch of the prized asset. To generate large sums of profit and achieve massive cooling as well (which is essential for keeping the computers cool), it is better to build or purchase dedicated mining machines. AMD cards and NVidia GPU cards can be used for the ‘at-home’ miner to give their computers any chance of a successful mine. These cards add profit to the mining process as they can be used simultaneously with mining software (if you are not buying mining hardware). Setting up an official mining rig is an expensive process. A more pocket-friendly option is joining a mining pool. In mining pools, the computational power of miners is combined to solve cryptographic puzzles to earn Bitcoin.
Bitcoin Faucets/Playing Games
There are several gaming platforms that allow you to earn bitcoin by playing games. These are called Bitcoin faucets. These websites earn their money from advertising revenue on the site and visitors earn Bitcoin by playing games on the site. No investment is required. The earnable amount playing such games is very small but it is a fun way to kill time and earn something while doing so. Coinbrawl is one such popular platform.
Bitcoin Binary Options
This is a form of trade which likens more to gambling. Bitcoin binary options require you to predict the rise or fall in the value of Bitcoin. There are only two options available and one must choose the ‘rise’ or the ‘fall’. If predicted correctly, a profit is earned. If the prediction incorrectly, the player’s initial investment is lost. This is pretty risky as no one can ever truly know what way Bitcoin is going to go.
Others
There are several websites which offer Bitcoin if you visit them and watch a video or advertisement for example:
- Ads4btc is one such website. One can earn up to 1000 Satoshi (the unit in which bitcoin is expressed) per click.
- CoinWorker is another such site. A visitor must sign up and answer certain analytical questions or perform other (usually menial) tasks as well. The pay-out is significantly higher though when in comparison to ads4btc.
- Freedigitalmoney.com is a website which pays its users with rewards. These rewards are given to users when they buy products using bitcoin.
So there you have it! How to earn Bitcoin. No doubt as time goes on there will be more and more ways to earn Bitcoin. For now though, there are some fun and also practical ways to get your hands on some. Happy earning!
Featured Image: Depositphotos/© mdkhalil1
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