Bitcoin is a growing cryptocurrency that shows a lot of promise in becoming a legitimate world currency in the not-so-distant future. A cryptocurrency is a currency which is digital instead of physical, and Bitcoin is the leading cryptocurrency right now. Currently, one Bitcoin is equal to about $1,000 USD, and many professionals are saying the price will only go up this year. This makes Bitcoin a very promising endeavor, and if you make a little Bitcoin right now you may see it grow in value over the coming years.
What is Bitcoin?
Bitcoin is a cryptocurrency, which is a very complicated concept which I have a very limited understanding of… but I’m going to do my best to explain it.
A cryptocurrency is decentralized – meaning there is no central bank in charge of the money. When you hold a US Dollar you know that it came from the US mint. A Bitcoin, however, can be manufactured – or “mined” – by anyone.
Mining is essentially the process of making your computer solve a very complex equation. Once enough of these encryptions are decrypted a block is mined, and this generated a Bitcoin.
Bitcoins, blocks, mining, and everything involving Bitcoin is done through encryption. Bitcoin is essentially protected and generated through very complex math. The idea is that this makes Bitcoin a currency which no one government or person can control, but instead it’s a currency controlled and developed by the community – for the community.
It’s all pretty utopian, really, and it’s cool as hell.
How To Make Money With Bitcoin
Mining is the way a Bitcoin is created.
Mining used to be an easy task, but in recent years it’s become much more difficult and tedious to successfully mine a Bitcoin. In order to make any profit mining you need a sophisticated mining machine or a large mining farm.This is pretty complicated and if you have no experience with Bitcoin I personally wouldn’t recommend it.
Mining is getting increasingly complicated and if you have no experience with Bitcoin I personally wouldn’t recommend it. It’s a huge investment and a lot of work to keep it running efficiently. You’d be better served getting into cloud or pool mining.
Pool mining is a way that you get into mining Bitcoin without having to buy an expensive machine or make a mining farm.
Pool mining allows users to combine their processor speed and hashing power in order to help them solve a block faster than they would alone. The block is then split evenly across everyone who assisted in mining it.
Antpool is currently one of the most popular mining pools, controlling around 30% of the Hash rate. You’ll have plenty of other cloud miners to mine along side and earn Bitcoin with.
If you’ve got a vacant computer with a half-decent processor that you’re willing to put to use I’d recommend you give pool mining a chance.
Lend Bitcoin For Interest
Services like Bitbond or BTCJam allow people to become small scale loan sharks.
The website allows users to post listings asking for a certain amount of Bitcoin. Other users can then loan people the money they’ve asked for and charge interest when it’s returned to them.
For example, say Brick needs one Bitcoin. Dingus has one Bitcoin that he doesn’t need right now. Dingus loans Brick 1 Bitcoin with the expectation that it will be paid back in three weeks at %10 interest per week. This means that in three weeks Brick will give back Dingus 1.3 Bitcoins.
If you’ve got no need to hold onto your Bitcoin right now loaning is a great way to make some money over a short period of time. There is some risk involved, but you can typically mitigate any risk by checking on the borrower and ensuring that they have a promising profile.
Bitcoin faucets are very similar to GPT sites. Bitcoin faucets pay you a small amount of Bitcoin in exchange for entering a captcha evey so often.
Bitcoin faucets have different payout rates, such as “10,000 Satoshi payout every 2 hours”. This would mean every 2 hours you’re eligible to enter a captcha in exchange for 10,000 Bitcoins.
Many Bitcoin faucets have a minimum payout barrier you need to cross in order to get a payout at the end of the week. If the payout barrier is 100,000 Satoshi and you only have 50,000 those coins will carry over into the next weeks until you cross the 100,000 Satoshi barrier.
Bitcoin Faucets make money through advertisements. Bitcoin faucets typically get a very high amount of traffic due to their lucrative nature. This means that they get a lot of views and are able to bring in a decent amount of money from Adsense, Coinads, or any other advertising company.
Build A Website
Building a website allows you a pretty wide array of options for bringing in Bitcoin. If you have a website you can make a Bitcoin faucet, accept Bitcoin as a donation, advertise through Coinads, or any number of ways.
If you choose to create a website targeted toward the Bitcoin niche odds are good you’ll be able to monetize through Bitcoin pretty easily. A Bitcoin website is likely to get attention from people who have Bitcoin or are interested in it, which means that you’ll be able to interact with others from inside the community. This makes it easy to receive Bitcoin donations, build a Bitcoin faucet, or advertise for other Bitcoin-related companies.
Trading cryptocurrencies isn’t a guaranteed way to make money, and it’s just as risky as trading in any other market, but if you’re good at it you can get some pretty massive returns.
Trading cryptocurrencies works pretty much the same as trading any other fiat currency or trading shares in the stock market.
Arbitrage is when you take advantage of a difference in exchange rates between exchanges. So for example, if one exchange has Bitcoin listed for $200 per Bitcoin, and another exchange has Bitcoin listed for $230 per Bitcoin, you could buy Bitcoin for $200 on one exchange and sell them for $230 on the other one. Some of the most common exchanges for this are Bitstamp, BTC-E, Coinbase, and Bitfinex.There’s usually a difference between exchanges so it’s easy enough to do
There’s usually a difference between exchanges so it’s easy enough to do, but if you want to make a decent amount of money doing this you’re going to have to be able to buy a lot of Bitcoin.
Playing Games For Bitcoin
There are plenty of different sites that allow you to play games for Bitcoin. There are actually a ton of different games you can play for Bitcoin. You can gamble on different card games, dice games, or even plinko.
There are also a variety of flash games that you can play online which will allow you to earn Bitcoin. These games are actually pretty fun to play and pay out a decent amount of Bitcoin.
Get Paid In Bitcoin
If you really want to commit to the Bitcoin movement you can consider talking to your employer about being paid in Bitcoin.
There are also a variety of other freelance jobs that you could take online which will pay you in Bitcoin. You can check these out if you’re considering working from home. Also if you’re considering working from home but you’re not interested in getting paid in Bitcoin I’d recommend you check out this article.
Fill Out Surveys
There are a variety of GPT sites that will pay out in Bitcoin. If you’re familiar with what this site is about you’re already well aware of what GPT sites are. If you’re not, GPT sites allow you to complete tasks such as filling out surveys in order to make money. By filling out surveys you build up a cash balance which, after a certain point, can be cashed out for real money. Many of these sites offer Bitcoin as a payout option, meaning that you can fill out surveys and complete other tasks in order to earn some easy Bitcoin. If you’re interested in more about this I’d recommend you check out the rest of Beer Money!
Thanks for reading! I hope you found some of this information useful. I’d recommend you check out the rest of our site if you’re interested in learning more about making money online. Feel free to leave a comment below and let me know what you thought, or just say “hi”!