In the present day and age of digitization, it is safe to assume that digital currency is the future and investing in it can reap substantial returns. The most popular way of earning Bitcoin is through buying them on a Bitcoin exchange. While most people immediately sell their Bitcoins to accumulate instant profits, others like to look for better opportunities in the future and tend to hold onto it longer, as it gains value depending on market rates.
Bitcoin has seen a huge rise in value over the years. The founding and Executive Director of Coin Center, Jerry Britto was thoroughly convinced about the practicalities of investing in digital currency and advocated that cryptocurrency and its associated technology would change our future and the demographics of the economy.
As Bitcoin broke all records and emerged with a two-fold rise in net worth since the beginning of 2017, Britto stood true to the testimony. “It’s been quite obvious to me that this technology is as profoundly revolutionary as the Internet was and is“, Britto says. For true believers, the huge scale emergement of cryptocurrencies instead of conventional methods was long overdue.
The spike in trading of Bitcoin also represented the start of a new era. More investors started pooling in thereby spurring a huge frenzy. “Once it’s successful, it is a boring investment, a way to move money around the world,” says Martin Garcia, Managing Director at Genesis Trading, a licensed U.S broker and dealer for Bitcoin.
In August 2010, nearly two years after conceiving Bitcoin, Satoshi Nakamoto, the projects pseudonyms or rather unidentified creators proposed a thought experiment to better understand the concept of cryptocurrency. In an online forum, he said, “Imagine a base metal as scarce as gold, with a special property that it can be transported over a communications channel”. This was the most relevant physical analogy made to Bitcoin, where they described a virtual currency exchange medium.
However, most people argued on the validity of money as a medium of exchange when its sole value lies in the medium of exchange. The simple answer: belief in the limited supply and huge transportability of cryptocurrency to justify its market value. Bitcoin is termed as ‘ digital gold’ because they are arguably good to store value, however, the digitized money replacing Visa and Mastercard and supplanting alternatives to banks is in the distant future.
Fred Ehrsam, ex-president of Coinbase noted the unusual rise in magic internet money. “The thing that gives it (Bitcoin) value is other people giving it the value”. This highlights the fact that the network’s value increases with the exponential increase in participants.
Bitcoin also enjoys a renowned brand recognition with Google in search, Amazon in e-commerce and Facebook in networking and major investors tend to arrive early and dominate fast. Bitcoin rewards miners for supporting their network with their computers and also makes a valuable addition. In real life situations, when supply is lesser than demand, the prices of items tend to increase. However, Bitcoins supply is forever fixed by computer code at 21 million coins out of which about 80% have already been produced.
It wasn’t until 2017 that Bitcoin saw its first phenomenal rise when on the biggest U.S based Bitcoin exchanges, Coinbase noted a subscriber base of 12 million customers and tipped over the barricade of mainstream popularity. Coinbase soon became one of the most downloaded iPhone apps within weeks and created mass hysteria. Bitcoin was then worth close to $300 billion in real money.
Regardless of whether they trust them or not, banks and asset managers will eventually flock to Bitcoin too, as noted by Tyler Winklevoss, the CEO and Cofounder of Gemini, a popular cryptocurrency exchange. “ Wall Street has just started to dip their toes in, it is the bottom of the first inning“, he said.
Unlike gold, Bitcoin is not a static form of money. Its code is under constant development and alterations can be made to improve its potential to unlock greater value. Most Bitcoin fans are hopeful for the evolution of a more faster and accessible mode of network enabling cross-border payments. If and when Bitcoin attains the utility to enable a universal reach through cheap rates, those who own stakes could find other user or corporations vying to buy Bitcoin from them.
Most of the early investors hold on to this added advantage. People who hold Bitcoin for at least three years and more are called hodlers and their Bitcoins account for 4% of the Bitcoins exchanged in 2017. People choose the ‘wait to see‘ option due to the fact that the prices could soar tomorrow reaping huge profits.
Although the Blockchain technology will be a potential game-changer, Bitcoin in itself faces certain obvious flaws. The ongoing financial speculation indicates that the more Bitcoins price increases the more its technology is likely to catch up to the hype. However, the more wealth that flows into it, the more attractive are its long-term policies hence drawing a significant amount of crowd into this venture.
Top 15 Best Ways to Earn Bitcoin for Free 2021
There is no substantial and easy way to earn Bitcoin, it will cost you more than just money to make it in the Bitcoin business, such as time, patience, vulnerability and privacy. The good news is that if you’re willing to put in the effort, Bitcoin is an easy cash flow business venture.
Probably the easiest yet time-consuming method, micro earnings are a very small way to earn Bitcoin and make profits. PTC or Paid To Click websites are an example of this method. They give you a small amount of Bitcoin for visiting their websites or viewing their ads.
They offer a duration of 5-20 seconds. Although, the revenue is only about 0.021 BTC which means $9.612 for 24 hours of work. The most popular PTC website today is ads4BTC. Bitcoin Faucets is another website that gives users a small amount of Bitcoin every few minutes. It is claimed that running a Bitcoin Faucet may be profitable, however, the same cannot be said for using one. For 24 hours of work, users only obtain 0.0028 BTC or about $1.31 even if they use a high paying faucet, which is considered a less significant amount of money.
2. Micro jobs
Micro jobs can range from testing a web application on a browser writing for websites. This involves a small pay for completing such tasks. Coinworker is one such example of a micro jobs Bitcoin website. Through writing, one can start to make a decent amount of money depending on the amount of knowledge and the ability to write well-researched articles.
Many sites need to fill up a desired quota of posts and hire writers with good knowledge about the cryptocurrency market. The salary of a blog post writer will vary significantly depending on varied experience and expertise. Top class writers get paid $80 per 1000 word blog posts and on an average, most writers get close to $35 for writing a 1000 word blog post. Quality work tends to take a good amount of time and research but this is one such method of earning through Bitcoin.
Recently, BitcoinTalk released a signature campaign where people get paid for advertising a Bitcoin product. People get paid based on their membership level with BitcoinTalk and a full member has assured a return of 0.0005 BTC per post. Posts should be legitimate and writers are required to produce original posts without any illegitimate content and must not put up advertisements.
You are expected to make at least 0.144BTC or $64.08 for twenty-four hours of work. Several Bitcoin-related services are also opportunities for jobs and people offer a salary to Blockchain developers, website managers, graphic design experts, mining experts, online marketer and so on. Although it is a broad spectrum, people hiring under these services offer a well-achieved pay.
A service that you can get paid for is becoming a Bitcoin escrow agent and arbitration in Bitcoin transactions. Enabling such jobs will require a decent reputation and background.
3. Bitcoin lending
Bitcoin lending is a way in which you can increase the value of Bitcoins that you own. It works along the principles of real life lending and exchanges where you can lend a certain amount of coins to a crypto-business and get them back with interest. Although you are likely to make a good return, there is also a flipside to this which is the risk involved.
While some people may not return your money, some others have to be chased down to get your money back. You can lend directly to a known associate thereby assessing the borrower based on mutual trust. More often than not, it is rather difficult to get a friend/known person who matches your amount, interest and payment requirements.
Another option is through lending websites such as Bitbond, where borrowers publish loan requirements and you can contribute to their loan. It is possible to invest in small amounts thereby decreasing overall risk. Users must always be cautious with the choice of websites as well as borrowers before lending money.
Most sites have efficient terms and conditions in place and display contact details for user requirements, however, some sites do not exercise this flexibility and hence, must be approached with caution.
Hence, it is extremely important to choose your lending projects carefully. Currently, the three main websites that deal with BTC lending are – BTCJam, Bitbond, and Loanbase.
4. Bitcoin Mining
Firstly, mining Bitcoin is not a fast or free method to earn Bitcoins. You will need to invest a lot of time, research and money. In this process, new Bitcoins are generated because your computer adds new transactions to the blockchain and finds new blocks.
When you discover a new block, you receive a certain amount of Bitcoins. At the moment, a block contains 25BTC and this number can change the course of time. Since Bitcoin mining is a tedious and expensive process, most miners join a mining pool such as BitMinter.
Just by adding computing power to the pool, you can earn Bitcoins without having to build your own Bitcoin mining farm. This is also a fun way to meet new people online and gain in-depth knowledge about the Bitcoin mining technology.
5. Bitcoin day trading
There are many forms of Bitcoin trading available. Bitcoin day trading involves buying and selling Bitcoins on the same day on the basis of short-term price fluctuations. Depending on market trends, it is advisable to buy and sell Bitcoin just when the sale prices go up in order to make a profit.
Bitcoin CFDs is similar to day trading but you don’t need to buy Bitcoins. The concept is quite simple, instead of buying the asset and selling it later, a contract in place for that asset is purchased. This avoids the need to store and safely keep the purchased Bitcoins. Popular Bitcoin brokers are plus500 or AvaTrade.
Bitcoin binary is an option where you predict the rise or fall of Bitcoin value in the market. A slightly modified form of gambling, if you guess the right option, you earn the option’s payoff, else you lose your whole investment. It is referred to as ‘ Binary options ‘ because you either win or lose your investment, there is no middle ground.
6. Bitcoin Affiliate Marketing
An affiliate program involves marketing a product and getting paid in return for the sales raked in. If you decide to promote a certain cryptocurrency product, such as TREZOR, and if their sales increase from your marketing, you are likely to get commissioned for the sales brought in. This method adds up a decent amount and is convenient for a solo project as well.
7. Play Games to earn Bitcoin
Probably the most fun form of work, there are a variety of Bitcoin games that does not require an investment and provides a foolproof way to earn Bitcoin. ChopCoin, Coinbrawl and Bitcoin’s Aliens mobile app are a few such options
8. Earn Bitcoins through tips
There are various ways in which you can earn Bitcoins through tips and it is similar to accepting Bitcoin as payment. A blog is one such example, where you can display either a QR code or your Bitcoin address to which people can tip you based on the quality of your work.
Another way to get tipped online is through Bitfortip which is a service that allows you to get tipped in Bitcoin. Restaurants and other public outlets can also use a function called bctip which lets you print out vouchers with a Bitcoin balance on them which can be rewarded to employees based on customer satisfaction and the same can then be redeemed.
9. Earn Bitcoin by accepting as a mode of payment
This method is known as the best and easiest way to earn Bitcoins. Regardless of the kind of venture, Bitcoin can be accepted as a viable mode of payment, hence making it highly sought after. In order to receive Bitcoin certain requirements need to be met.
Get a free Bitcoin wallet from Coinbase or LocalBitcoins to select from a wide range of options with varied features. Research on the best-suited option and select your wallet, to be safe make sure to store money in different options.
For a business shop or enterprise, display a QR code next to our cash register. This Qr code can be obtained from the ‘ receive money ‘ section in your Bitcoin wallet which has your Bitcoin address encoded in it. Print out the QR code. The customers can scan this code and through the Bitcoin app installed on their phones, the value of the amount in either USD or EUR can be entered.
The app then calculates the real-time value in to get the corresponding BTC amount based on current exchange rates. Your account will then display confirmation of payment. Another method to ease customer experience is to use the ‘ Receive money ‘ option.
The ‘ Create payment request ‘ can be utilized for people that often use accept Bitcoin as a method of payment. The QR code will be displayed automatically once you enter the Bitcoin amount that the customer has to pay. Users can also integrate the ‘ Bitcoin accepted here ‘ logo in their shop fronts, similar to other payment options such as Paytm or Tez.
10. Complete Tasks and earn Bitcoin
I’m sure most of us enjoy sitting back and watching good tv or follow the latest online video craze. Imagine if you could earn money by just watching videos? Some websites offer a good return on Bitcoin just for watching their advertisements and following their website.
Ads4btc is one such website where viewers have to watch an advert lasting between 2- 60 seconds and are rewarded a small amount of BTC. Although, the return is quite less for the time invested. COINADDER and Vidybit are more such websites that pay simply for viewing their advertisements broadcasted. Users can also complete small tasks and answer questions to earn some money.
CoinWorker and Bitfortip reward money for taking up small analytical tasks or answering correctly in miniature quizzes. Earning Bitcoins by doing menial jobs such as the ones mentioned above is a viable and decent option but a significant increase in pay cannot be expected.
11. Earn as Regular Income
To earn Bitcoin as a source of regular income, it must be in the form of your monthly/annual salary. Hence, it is vital to join firms that use Bitcoin as a payment option for employees. You can either freelance or work for an organization, both of which are highly convenient.
One can search and apply for jobs using various recruitment portals such as BitGigs, Coinality, XBTFreelancer, Jobs 4 Bitcoins, bitWAGE and so on. The Bitcointalk forum services section is another platform to search for job listings where most jobs are easy to complete and recommended by users. While Jobs 4 Bitcoins on Reddit focuses on the technical market and offers job opportunities to programmers, BitGigs offers a wide variety of options and increases diversity in the job market.
Coinality uses a unique approach to displaying jobs based on their location hence being convenient for folks who are looking for short-term and local projects. bitWAGE offers an innovative service where the user can invoice their clientele in many currencies including Bitcoin, enabling a steady source of income in Bitcoins through a regular job.
Clients in UK, USA and EU regions can be approached with this initiative and is quite the popular choice amongst real Bitcoin enthusiasts. For all the programmers and experts in the IT department, XBTFreelancer is the quickest and easiest way to earn Bitcoins. Users are also recommended to venture out into the business field and earn Bitcoins.
12. Earn Bitcoin through trading
Bitcoin trading is a more sophisticated and deeply complex form of gambling, which requires a certain understanding of the system and an outline of the concept before investing heavy assets. The safest and quickest method is through arbitrage.
Users make the most of a good opportunity and buy an asset and immediately sell it at a higher price, only with the full knowledge that the asset can be sold immediately at the required price. This must not be mistaken for gambling because in this method a certain degree of surety is required. The Bitcoin business does offer arbitrage however, they are not simple to execute.
Users can search for solid, concrete opportunities on Bitcoin Stack Exchange. The price difference between exchanges is the only drawback. One of the few websites for arbitrage is bit4coin which offers immediate accumulation of Bitcoins upon spotting a good opportunity. Another option to earn through trading is the simple art of speculation.
People buy Bitcoin for a certain price and wait until its value reaches a good peak and sell it for fiat currencies. This is not a guaranteed way of earning Bitcoins because if and when the price drops, you are likely to lose all earned Bitcoins and will have to start over. This method is based on high speculation driven by luck which doesn’t make good odds for most people.
13. Invest in Bitcoin
Over the years, Bitcoin has developed as a method of investment as is likely considered as an important asset. It involves buying and storing Bitcoins until you see a steady increase in market value enough to turn in a profit. As we know, Bitcoin has a high level of volatility and hence Bitcoin has introduced certain advantages for people choosing to invest.
However, a major drawback of this method is the lack of reliability in most exchanges. Although certain better run exchanges are coming up such as Coinbase, which has become trustworthy and sought after option amongst most investors. Another well-known way of investing is to trade it as CFD or contract for difference.
CFDs don’t involve purchasing an asset but is based on the price of the asset involved where traders open an investment option with CFD brokers. If used correctly, CFDs are highly profitable because the gains and losses incurred are much higher than other options owing to the high leverage rates.
14. Blockchain developer
For people looking for serious options to earn money through Bitcoin, Blockchain development for the increasing number of sites that use digital money or cryptocurrency is an extremely viable option. For every new website that accepts payment in Bitcoins, there will be a potential job opportunity for Blockchain developers.
People with advanced knowledge in computer programming and mathematics are most suited for this position. Currently, the average salary for Blockchain developers ranges between $80,000 to $300,000 for experienced and top-level developers.
This method is becoming an extremely sought after option because most companies these days are incorporating Bitcoin technology and with the rapid increase in popularity, the need for skilled programmers is only likely to increase in the near future.
15. Teaching about Bitcoin
Once you gain a high-level knowledge of the Bitcoin market and cryptocurrency in general, you can always impart knowledge to others who are starting off in the business and seeks guidance. Whether it’s investment strategies, choosing cost efficient mining hardware or setting up a mining pool, people around the world are on the constant lookout for experienced guidance or mentorship.
One way to get into teaching is by setting up a Youtube account and uploading daily/weekly lessons on latest trends and tips. If your content is good, you are likely to get paid a decent amount of money or helping people with valuable information. Blogging about the latest market trends and writing reviews on products will gather good popularity and demand.
Online courses are also another good way of earning money, only recommended for veterans in the field. Udemy is a good option to which you can upload and sell your course for whatever price you like, which can then be viewed by millions of people around the world. Always make sure to provide quality content and beneficial advice.
As you can see, the ways to earn Bitcoins are limitless and is a huge source of revenue for many people around the world. Randing from investing in cryptocurrency, trading or earning money by supplying services, the market holds a wide and open avenue for Bitcoin enthusiasts. With the full potential of Bitcoin technology being slowly realized, the value and money behind most jobs will only continue to increase.
Jacob is the master-mind behind BitCongress. Over the years he has dug into the world of bitcoin and cryptocurrency and really nerded down on all the products and services. Beyond sitting in front of the computer and absorbing information on crypto, he really likes to play Zelda.