4 Ways to Earn Bitcoins
Bitcoin is the most popular digital currency in the world today. It is built using very complicated cryptographic principles, and supported by countless individuals and companies from all around the world. But, did you ever wonder how to earn Bitcoins?
Nowadays, there are almost as many ways to earn bitcoin, as there are ways to earn any other kind of money. The best way to earn bitcoin is just to stop thinking about it as something different from the regular fiat money that you use everyday. How do you get money usually? Well, that is probably how you should go about earning digital currency as well. The more ways are there to spend the cryptocurrency, the more ways are there to obtain them. Let us look at some of the approaches to help you earn Bitcoins online.
- Work for Bitcoins
You can search for work that you can do for Bitcoins. There are multiple services that will offer one an opportunity to work for cryptocurrency. Currently, you can earn Bitcoins online as a freelancer mainly, but some Bitcoin startups and companies like Overstock offer an option to get the regular payment in BTC. With greater acceptance, there will be more options to look for.
- Gambling
We do not recommend gambling for every player or every user; we find that gambling is only suitable for people who know how to win at it. However, if you are lucky and have some tricks up your sleeves, and can manage to win at games such as poker, then you will find that earning bitcoins is not that hard.
- Mine your own Bitcoins
The very first way to get your own Bitcoins was through mining. In 2009, every block mined (every 10 minutes on average) brought a reward of 50 Bitcoins to the lucky one who managed to solve the computational problem. Right now, every block brings 12,5 Bitcoins. While the reward is still luring, there are some issues, which stand in the way of earning some loot:
- Mining has gotten unprofitable.
- Even when the efforts are combined, there is still need to pay for the electricity, and the utility bills often exceed the mining reward.
- The hashing difficulty has grown significantly over the last years. No single equipment has enough computational power to compete for Bitcoins.
All these factors make Bitcoin mining these days unprofitable.
- Trading
If you’re interested in getting started with trading, you need to make sure you have the required knowledge. Here are the main options:
- Bitcoin day trading
Day trading is the buying and selling of Bitcoins on the same day, on the basis of small, short-term price fluctuations. So, if you think that Bitcoin’s price is going to go up, it’s a good time to buy some Bitcoins and sell them off after you’ve made a profit. In order to participate in actual day trading, you’ll have to own or buy Bitcoins. - Bitcoin binary options
Bitcoin binary options are a form of trading in which you predict if the price of Bitcoin will rise or fall in a certain amount of time. If you’re correct, you earn the option’s payoff; if you’re incorrect, you lose your investment. They are called “Binary Options”, because the outcome is either win or lose; there’s nothing in between.