A detailed guide to earning Bitcoins
With the significant rise in the value of Bitcoin and its popularity, the number of people who want to learn how to earn Bitcoin is increasing too. Back in 2011, if I had written the same post, probably no one would have shown interest, but now the situations have changed more drastically than ever.
The world has just started getting used to the utilization of Bitcoins. In fact, a few countries in the Netherlands, the whole towns are Bitcoin-friendly. With the increase in the adoption of Bitcoin, people are finding more and more ways to spend the Bitcoins and other cryptocurrencies. Now, let’s take a look at some of the interesting ways to earn Bitcoin. Of course, this isn’t going to be a roller-coaster ride fun, but I’m sure you will work your way up.
1. Start mining your Bitcoins by yourself
We know two facts for sure. One is that Bitcoins are to be mined, not printed and the other is Bitcoins are not regulated by any government institution or bank for that matter like regular currency. Back in 2010, when they first launched Bitcoins, it took 10 minutes to mine each block and every block mined gave a reward of almost 50 Bitcoins to whoever mined by solving the complex computational problems. However, now, with each mining block, miners would get only 12.5 Bitcoins. Of course, the reward isn’t any less attractive, but when compared to the what miners used to earn in the beginning, there are a couple of issues that come in the way of earning Bitcoins.
There isn’t enough hash power that any single piece of equipment could handle that much computational power to compete for Bitcoins
Not a handsome profit for the mining
For whatever reward is available, miners are increasingly uniting in pools and utilizing cloud mining services
Even the miners would succeed in mining a Bitcoin; there would be a hell of a lot of electricity bill and other utility bills to pay which eventually exceed the mining reward they received
All the issues as mentioned earlier are making the Bitcoin mining process a bit less profitable to miners.
2. Earn Bitcoin from trading
Earning Bitcoins from trading could be both legit and cost-affordable, but at the same time, it takes a lot of analysis and awareness as to when to trade and how to trade. In this Bitcoin earning method, the idea is to diversify and invest in multiple cryptocurrencies when their prices are at the affordable range and then sell them once the prices reach a desirable number. The profit you would be earning will be in Satoshis, but eventually, you will earn more Bitcoins once you know how to do it.
Of course, We gave this a try. All you need is a little patience and understanding of how trading works. It works fairly well regarding stable ROI. However, this isn’t any investment pitch. This is all Do-it-yourself based on your research.
You can easily begin by closely following and understanding your favorite cryptocurrencies and start purchasing them from multiple cryptocurrency exchange platforms.
3. Write about Bitcoin
Writing about any subject requires knowledge, understanding, and research. This is all more than necessary especially if you are writing about Bitcoin. There are a handful of websites that are looking for writers who have good understanding and knowledge of Bitcoin. From Bitcoin-related articles and insights to general information, they will accept your work based on the quality, length, and the amount of research involved in writing one piece.
When it comes to paying, there are some who are interested in paying only in Bitcoins while some still offer regular money. However, there is a good chance for you to earn Bitcoins by writing more about them. Check the websites below:
4. Utilize multiple Bitcoin faucets
All you need to know about Bitcoin faucets is that they will let you get a little piece of cryptocurrency in specific time periods. For example, on various Bitcoin dice sites, you will get 0.00001 Bitcoin in every 5 to 10 minutes. Nevertheless, to get a new piece of Satoshis, you have to have a zero balance. There are various other options as well wherein you will be able to earn Bitcoin dust just for the time spent on a particular website. Of course, it won’t be much; still you would own some fraction of Bitcoin.
Well, other than those mentioned above, there are a few other ways to earn Bitcoin. The reason we didn’t mention is that we don’t consider them as legal or legit such as gambling. However, in gambling, more than anything, the situation depends on luck but the other hand, in ways like trading and writing about Bitcoin require knowledge and research. Nonetheless, you can stay tuned to our blog so that we can keep you apprised on new tips and info about Bitcoin and ways to earn it.