The best way to view and define Bitcoin is to understand it as “Money”.
It can be confusing a bit but this article helps to examine the attributes of money and clarify the assertion that Bitcoin is indeed Money.
In the history of money, different object has been used to carry out transactions; Money in itself is any clearly identifiable object of value that is generally accepted as payment for goods and services and redemption of debts within a market or which is a legal tender and Bitcoin meets all of these requirements, hence it is considered as a form of money.
Remember that in the past, money had adopted many forms like cowry shells, beads, precious metal, paper, now, in our generation, it is fast becoming digital in form of bitcoin and other cryptocurrencies.
It is essential to know- in the bid of making bitcoin money- that Bitcoin is digital money, not physical, it only exists on a technology called Blockchain which helps to store all the information and transactions about all the Bitcoin that ever exists which is not controlled by any central body or government.
Having known these, let’s check out ways to make Bitcoin Money.
Buying and selling of Bitcoins is probably the fastest and easiest way to make money with Bitcoin. Bitcoin trading involves buying at a low price and selling when the cost has gone up which makes it similar to the stock market. Bitcoin is a volatile currency which implies that the rate can rise or fall several times a day with a margin of $10-100 per bitcoin value.
This is also considered as one of the easiest method in making money with Bitcoin but also regarded as a tasking method, this is because it involves completing small tasks on Micro-earning websites and you are paid in Bitcoins in return, therefore, putting into consideration the amount of money to be made, you might just have to stay glued to your computer. Such websites includes; Paid-to-Click websites which pays the users for viewing certain advertisements or visiting certain websites, one of the leading websites that offers such is Ads4BTC. Another of such is ‘Micro Jobs’ where the user is paid for completing small tasks such as completing a survey, sharing a post on social media, filling a questionnaire, or checking if a plugin is compatible with a browser .
If you have a sizeable knowledge about Bitcoin, enthused about the Cryptocurrency domain in general and willing and able to share your knowledge, then you are well on your way to earning Bitcoin by simply doing so. Note that the level of earning by writing about Bitcoin varies, but is considered lucrative depending on the level of expertise that you have on the subject, how often you write about it and your target audience. It is pertinent to note that lots of new Cryptocurrency companies also offers Incentives for performing other tasks, such as blogging and posting on social media and creating YouTube videos. You will earn different amounts depending on how the number of followers you have so it can be useful to build your Facebook or Twitter accounts and participate in different campaigns. You will typically be paid after the ICO has taken place and receive some of the coin or token from the company you helped promote.
Mining Bitcoin is the process by which new coins are created. Mining is done by using certain computer programmes and utilises the processing power of the miner’s computer. At its inception, Bitcoin mining was relatively simple and the earliest miners were able to mine thousands and thousands of Bitcoin with limited expenditure. Nowadays, the requirement for mining bitcoin is on the high side thereby making mining a tad difficult, it consumes a lot of electricity due to requiring more processing power and can’t be done without specialized infrastructures. Due to this reason, most Bitcoin mining has been taken over by companies who can make profit by scale based on buying numerous amounts of processing hardware at a relatively cheaper price and situating themselves in countries with cheap electricity, to this effect, China is considered the largest Bitcoin mining country (mining over 60% of Bitcoin), closely followed by Georgia, Sweden and the US.
This method requires a lot of patience and monitoring. Here, all you simply do is buy Bitcoins and then wait for preferably months with hopes that the price for these Bitcoins will climax within those months. The tricky thing about this part is that you need to keep in touch with all the happenings around Bitcoin in those months, that is, you need to be updated about Bitcoin rates and market tendencies. It is germane to understand that whatever amount you invest is at your personal risk as there is tendency for there to be a fall in price or a case against internet resources, therefore, it is advisable to invest rationally and wisely.
SELLING OF A RELATED PRODUCT/SERVICE
If you are not the type to write articles or speak in gatherings about Bitcoin, then you can offer a wide variety of services or sell different products in exchange for Bitcoin. Some of these include developing a website, marketing an online product or even becoming an agent for Bitcoin transactions. There are definitely a handful of companies out there willing to pay for a service/product in Bitcoins, make your research, link up, connect and start earning.
PROMOTION OF BITCOIN AFFILIATE PROGRAMS
One of the most ignored methods to make money with Bitcoin is by promotion of various affiliate programs. Affiliates are people who promote a certain business for free but receive a commission if they are able to bring in paying customers. Many Bitcoin exchanges, products and services have an affiliate program in which you can participate in. your various social media comes in handy at this point, you can also run ad campaigns on different websites or even set up your own information site and promote your links within the content.
These are few but important ways of making money with Bitcoin, discover your area(s) of expertise and start cashing in those Bitcoins!