You hear and read about how people make money with bitcoins, pay, and invest in cryptocurrencies. For the majority of the population, however, cryptocurrencies are still something more abstract than real.
Spend your own saved money on cryptocurrencies, especially large sums, is a psychologically daring step for a newcomer to this area.
That’s why we show in this article how to earn Bitcoin as well as how to earn money with Bitcoin. Here we go!
How to Earn Bitcoin Online: Bitcoin Faucets
Today, a lot of people wonder how to earn Bitcoin online. Bitcoin faucets are a great option! How do they work? BTC faucets are websites or apps that give out a small amount of bitcoins for free every few minutes. By offering free money, they become very popular.
Originally, these faucets were created with the aim of making Bitcoin known on the Internet. Believe it or not, the very first bitcoin faucet gave out 5 bitcoins for every user.
So, how to earn Bitcoin online with BTC faucets? These days, faucets only distribute a small amount of Bitcoin to users every few minutes. Their fractions are called ‘satoshis’ in honor of the mysterious creator of Bitcoin. Thus, these satoshis act as cents, and Bitcoin faucets remain a way of making free money.
Most Bitcoin faucets deposit satoshis directly into your virtual wallet, which is actually very convenient. In this way, a user is able to invest in other cryptocurrency platforms and it’s also easier to track your rewards and then withdraw them. Thus, this makes it a lot easier to withdraw and track your money
How to Earn Money with Bitcoin: Bitcoin Trading
Once we’ve found out how to earn Bitcoin, let’s move further. There is huge potential to make money on Bitcoin trading but it requires a certain level of knowledge of the market.
Additionally, the cryptocurrency market is extremely volatile and therefore may not suit all tastes. The first problem with trading is that almost all trading exchanges work with Bitcoin or Ethereum. This means that if you want to trade cryptocurrency and don’t own one, you will likely need to get it.
On platforms like Coinbase or CEX, users can purchase cryptocurrency using a credit or debit card, or alternatively, a bank transfer. After purchasing it, you can transfer your Bitcoin to the exchange you want to work on. If you want to know how to earn money with Bitcoin, here are some of the options.
Day traders buy and sell bitcoins the same day based on small, short-term price fluctuations in the market. Such fluctuations can be based on market trends or simply on rumors. Traders can trade Bitcoin for other cryptos or fiat currencies such as the US dollar.
Running your own Bitcoin trading bot is an advanced method that can bring good profits if done properly.
How to Earn 1 Bitcoin: Bitcoin Mining
The conservative way of earning bitcoins is mining. A detailed article on Bitcoin Mining can be found at the link. When mining, cryptocurrencies like bitcoins are created. The process is called Proof-of-Work (PoW).
People usually ask who pays out bitcoins for mining. The Bitcoin network does this automatically. A payout for finding a block is set in the Bitcoin software and the associated transaction is automatically credited to the Bitcoin address of the finder. The amount of bitcoins is limited to 21 million.
How to earn 1 Bitcoin with crypto mining? Well, the prerequisite for participating in mining is computing power. In the past, you could still mine bitcoins profitably with your desktop PC, as there was hardly any competition. Today, mining a BTC block is a far more resource-intensive process. Thus, the probability of mining a block with PC is correspondingly low.
How to earn 1 Bitcoin if your own PC isn’t powerful enough? Well, in this case, it’s advisable to join a mining pool by connecting your computing power to a large mining pool. The probability that the pool will find a block and get a block reward (currently 6.25 bitcoins) is far higher than trying to do it yourself. Of course, your reward will correspond to your share in the pool.
How to earn Bitcoin online? What other ways do you know? Feel free to share your knowledge in the comments!