The most important standard mode for obtaining Bitcoins is by purchasing it on an exchange. Some people prefer to keep them for a while expecting the currency to appreciate, while others prefer to make the most of selling them when they see a good opportunity.
The principle of buying low and selling high also applies to Bitcoin.
Beyond the traditional way of obtaining Bitcoin, there are other alternatives for earning bitcoins. Here are some popular options.
Bitcoin mining is the method through which the Bitcoins that will circulate are created. Simply put, it’s about solving a computationally difficult puzzle to, when that’s achieved, add a new block to the blockchain and by getting a gift from a few fractions of Bitcoins.
In 2009, when mining began, a single computer was needed to generate the coins; however, as more and more Bitcoins are generated, the difficulty of the computational problem to be solved to mine increases.
To solve current mathematical problems, miners currently use faster hardware such as Specific Application Integrated Circuits (ASIC) and advanced process units such as Graphics Process Units (GPUs).
Another way to earn bitcoins may simply be to accept it as a form of payment for products or services provided.
If someone has a store or provides a service of some kind. You should simply accept them as a means of payment and expect them to be offered to you in exchange for them.
Bitcoin payments can be created with a hardware wallet, or a digital wallet address with a key or via QR codes.
It’s easy to accept Bitcoins even for a web business, just add this feature along with other payment alternatives, such as cards, banks, Paypal, etc.
Bitcoins can be obtained daily by getting a job in bitcoins. There are some websites that are dedicated to jobs that pay digital currency.
WorkForBitcoins attracts job seekers and prospective employers through its website.
Coinality is another job exchange that offers employment options in bitcoins: independent, part-time, full-time work opportunities for payment in Bitcoin, Dogecoin, and Litecoin.
Some companies that place job offers on Coinality are Coinbase, Bitpay, Ripple, Secondmarket, etc.
Jobs4Bitcoins (reddit.com) may be another exchange option in Bitcoins.
BitGigs is another portal that provides a variety of jobs for payment in Bitcoins.
Profits can be made in Bitcoin through loan sites with the peer-to-peer system or also through sites that join supply and demand for such Bitcoin loans.
However, care must be taken with reliability when selecting a website that provides a peer-to-peer or deposit service. Loans are subject to terms and conditions, analysis regarding the placement, and social formation of the company.
It’s not the easiest way to earn Bitcoins. There are several casinos that offer completely different options, such as online lotteries, card games, casino games, etc. for Bitcoin players.
It is prudent to be very careful with gambling because it can be very risky.
A bitcoin faucet is a reward system, in the form of a website or application, that distributes rewards in the form of satoshis, which are fractions of millionths of a bitcoin, for visitors to claim in exchange for completing a task described on that website.
Arbitration is the process of buying cryptocurrencies on a low-priced exchange and selling them on another exchange at a higher price. This is possible because different exchanges generally have different prices for the same cryptocurrency.
Cryptocurrency Staking means that cryptocurrencies are kept available in an account, to support the network and to verify transactions. By keeping cryptocurrencies in your account, the crypto network is strengthened, and in return, a reward will be received.
It works just like a financial interest.
With staking you can generate passive revenue by simply keeping the coins in your digital wallet account. In addition to receiving that reward in additional units of the chosen currency, you can also earn it when the currency is appreciated in value.
Keep in mind that not all cryptocurrencies support staking.
There are two staking modes or mechanisms that cryptocurrencies, Proof-of-work and Proof-of-stake, can have.
With the Proof-of-work mechanism, a cryptocurrency system is based on amounts of computer nodes providing its computational ability to solve very complex mathematical operations, and this is necessary to create new blocks to verify the transactions of that cryptocurrency. Bitcoin, for example, is one of those currencies.
With the Proof-of-Stake mechanism, new blocks are produced and verified by participation in the system. This means that you don’t need special computers to solve difficult math problems, as is the case with proof-of-work mining.
That staking share is about how many coins you have. The amount determines the reward or interest that can be obtained. The more a currency you have, the more you trust the system and the more likely you are to get that interest or reward on new crypto drives.
In addition to the fact that staking supports and strengthens the network, it also increases the scalability of that currency and its confidence.
Cryptocurrency trading involves speculating on crypto-asset price movements, buying and selling currencies or other assets through an exchange.
It may also consist of investing in financial assets of traditional markets such as stocks or bonds but investing in cryptocurrencies, adding appreciation or devaluation of that currency, as with any other currency, but that by belonging to the crypto world can have a lot of volatility in its value.
CFD trading (contracts for differences) refers to trading by asset price difference and allows you to invest in price movements in both directions, up and down.
You can trade as standard, generating a profit when a market’s prices go up, and you can also open a short position with CFDs, which will generate a profit when the market price drops.
Trading crypto enters a sophisticated world of investments and also adds an extra layer of assets and digital currency that has its own movements and fundamentals, so you have to be careful and do it responsiblely.
Trading bots are programs that connect to a user’s cryptocurrency exchange and perform cryptocurrency exchange operations on their behalf. They work using a variety of indicators and signals, such as moving averages and indices with the idea of helping users make money in markets quickly.
Its strength can also be its weakness: automation. Ideally, bots should generate profits, but not all commercial bots are profitable.
What they do is interpret market signals and therefore, if those signals are correct they can work, but they are never foolproof as unforeseen events can occur.
The way bots work is by following the buy and sell signals and carrying out some trading action according to each situation. Some Bitcoin robots may have a good profit rate, as long as the signals they interpret are correct.
It is important to understand that the traditional rules of the world of financial investments apply here as well: you can lose capital, past profits are not a guarantee of future profits, do not invest what you are not willing to lose. In addition, the risks of people and the technology of the system are added.
This way of earning cryptocurrencies is basically based on offering a Bitcoin address to receive tips in exchange for some stock that brings value.
Examples of this are the addresses offered on some websites in exchange for downloading some useful file for the public that requires that material. In return you are asked for a voluntary collaboration that you can deposit by sending bitcoins to that address as a thank you.
Another widely used system is the Basic Atention Token #BAT, which attempts to democratize the advertising world by handing out units of that currency to users in exchange for watching advertisements on the Internet.
For that users must download Brave, a special browser based on Chromium, which allows to connect a wallet or crypto wallet to start receiving the reward coins.
In addition, users can also reward content creators, who must be subscribed to the system as well, with bat tips.
Currently added to this is the Tippin service, which implements the tipping system in BAT for Twitter. In other words, users can take advantage of its impact on the social network to receive tips in cryptocurrencies with their tweets.
We just mentioned the tipping system with the #BAT token, and it is just another way to get bitcoins, although more precisely YOU receive BAT coins by downloading the Brave browser and connecting the crypto wallet, then they can be redeemed for their equivalent in bitcoins.
Rewards are accrued every time a pop up is observed with advertising in the Brave browser, and are settled monthly, at which point they are sent to the enabled wallet.
Donations work exactly the same as with traditional fiat money, only in these cases, the bitcoin cryptocurrency is requested instead of money.
With minimum or no fees, donations through Bitcoin can avoid the high percentage that is often lost in transaction fees through standard payment methods.
As with online donations of fiat money, there are services that offer the possibility to receive donations by adding a button to the content or channel in question, so that the public can make the donation.
Certain cryptocurrency companies will pay you (in Bitcoin or fiat money) if you send them paying customers. This marketing method, called “affiliate marketing”, has been around for a long time and allows to generate additional revenue streams.
Bitcoin and crypto affiliate programs offer a powerful way to monetize your specific crypto audience. Whether you run a popular blog, news website, YouTube channel, or Twitter account, crypto affiliate programs can provide a recurring revenue stream for months and sometimes years.
These articles provide lists of the most popular services:
What?! a universal income?
That’s right, this is without a doubt the strangest way to earn bitcoins of all.
It is Goodollar an innovative project that seeks to generate a universal income for those who subscribe.
Anyone would think that it is a government project, however its creators promote it by looking for alternatives for the creation of a universal income. The project of being able to provide a universal basic income for all people who need it has a long history and there are many people who believe that it would be very beneficial for all humanity.
They argue that DeFi (Decentralized Finance) and blockchain can be a solution to the project of a universal basic income that has been discussed for so long, and the impact it could have on the solution of poverty and inequality.
The funds comes from those who want to support the project by depositing bitcoin or other cryptocurrencies in exchange for interest; then there are those who request universal basic income and who would receive those funds periodically.
The cryptocurrency industry is getting bigger with its own exchanges, casinos, jobs, hardware, applications and a growing evolution that starts to have available the same resources as the traditional money world and therefore its ways of generating revenue.
There is still a need to gain clarity about its laws and legality for more people to be encouraged to enter the world of Bitcoin, but the advance seems inexorable as its ability to change the world so far known is incontenable.