Key Takeaways
- Bitcoin, a decentralized digital currency, offers various opportunities to make money in 2024.
- Understanding the different ways to invest in and profit from Bitcoin is important for those looking to capitalize on its potential.
- From buying and holding to trading and mining, there are multiple avenues to explore when making money with Bitcoin, which we will discuss in this article.
There are many ways to make money with Bitcoin, but we will be discussing the most popular of them all. First, let’s get to understand Bitcoin and its technology.
CNNMoney defines it in its most straightforward terms:
“Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middlemen – meaning, no banks! There are no transaction fees and no need to give your real name.”
Before now, sending money from one end of the world to another had to be done through the current financial system. So many processes had to be carried out, having to wait a couple of days before money got to its destination, and depending on the financial institution, huge fees were collected to process the transaction. Furthermore, you can’t send a million dollars without interference. Different agencies would be up your throat to know how you came about such money.
Bitcoin presented a solution, not only a solution but a fast one. Money traveling from one end of the world to another took split seconds! No interference, no names attached. Now, you could send a billion dollars from the comfort of your computer or carry it around in hardware and paper wallets, and most importantly, anonymously. No one knows who the money is coming from and where to whom it’s going.
This was what gave Bitcoin the exposure it has gained today, and so many people are adopting this excellent system day by day. Not only is it a perfect system for money transfer, but it also has the feature of gold. Also referred to as Gold 2.0, Bitcoin could appreciate, and it did so even much faster than gold. Your $100 today can quickly transform into a million dollars without any investment in the next few years.
Apart from leaving it to appreciate by itself, there are actually fifteen ways you can use Bitcoin or add more BTC to your online/offline wallets.
Swapping Your Fiat To Bitcoin
Trading Bitcoins involves buying and selling BTC in real-time with the help of trading applications from companies called brokers or exchanges.
With various market instruments, these brokers make available, through proper training, you can learn and master how to trade Bitcoin over the internet and from the comfort of your living room.
Making money trading Bitcoin only requires you to register an account with top cryptocurrency exchanges like Binance, Coinbase, and Gemini, and you will be set not just to increase your Bitcoin value but also to increase the amount of Bitcoin you have in your possession.
Invest Your Bitcoins To Make More
In addition to trading for more Bitcoins, you can also invest them in savings accounts with companies such as YouHodler.
With this investment, not only will your Bitcoin increase in monetary value, but you will also earn more on your dormant coins.
Alternatively, you can generate more profit using an automated trading platform like Cryptohopper or create your crypto trading bot on a bot creator platform like OctoBot.
Also Read: YouHodler Review: All You Need To Know
Freelancing
If you have the skills you think you can trade for Bitcoins, luckily, there are platforms that support this. With sites like BitGigs and Bitfortip, you can exchange your expertise for Bitcoins, such as copywriting, editing, and graphics design. Depending on your level of professionalism, you can earn tens and even hundreds of dollars of Bitcoin value, which will be sent directly into your Bitcoin wallet.
Complete Microtasks
Another way you can get some extra Bitcoins is by getting specific microtasks done.
Tasks such as registering, clicking on ads, logging in to the platform, and much more are compensated with little Bitcoin, depending on the task provided. This is also another way of earning small but steady Bitcoin.
Marketplaces To Sell Your Products For Bitcoins
Be it downloadables or physical products, platforms like Bitify ensure a smooth trade between buyers and sellers on their respective platforms. This is a fantastic way to make money, even without having a website or trying to consider advertisement costs.
It is also possible to utilize Telegram, WhatsApp, or Facebook Marketplace to contact people interested in buying goods from you in Bitcoin. If you are a merchant, you can start accepting Bitcoin at your store after implementing a payment processor.
Also Read: SHKeeper Review – Non-Custodial Crypto Processor
Bitcoin Mining
Unlike paper money, which produces more in circulation and is only in the hands of the Central Bank, Bitcoin can be mined by everyone, meaning you have the power to create your own money through mining that requires high-configuration computers and specialized software.
Bitcoin mining uses special software to solve complex mathematical problems and issue a certain amount of Bitcoin for every task. You can choose to mine yourself, which is otherwise called solo mining.
However, this has become more expensive as Bitcoin’s value grows and the electricity cost rises. Cloud mining, however, allows those who need help to afford to run this software on specialized hardware. They can invest in data centers with mining devices set up on a large scale for a percentage of their investment. So, mining is one of the significant ways to get more Bitcoins in your possession.
Also Read: What Is Bitcoin Mining? All You Need To Know
Bitcoin Gambling
Though this is not the best way to acquire Bitcoin, it has proven to be one of several ways to increase your holdings, IF you are good at it.
You can quickly earn some Bitcoin from a few hundred to thousands by playing your favorite crypto casino games with live dealers from the comfort of your room. One must review and stick to sites that prove their listed games are provably fair, which means the odds are not stacked against the players. So before you venture into this, know well what you are doing.
Also Read: Top 10 Crypto Casinos With Instant Withdrawals In 2024
Bitcoin Lending
Bitcoin peer-to-peer (P2P) communities, such as Bitbond, Loanbase, and BTCPOP, allow members to invest in other people’s projects and borrow Bitcoins to accomplish their own projects.
If you have extra Bitcoins you want to loan out for a specific period for some profit, these platforms are great places to start.
Speculative Buying And Selling Bitcoin
Based on the ideology of buying low and selling high, Bitcoin investors often speculate on the best timing to buy and sell using various market instruments. Some choose to hold onto their Bitcoin as its value rises, hoping to sell it before a potential price drop. This allows them to accumulate profits and reinvest in more Bitcoin.
Buying And Hodling Bitcoin
This is based merely on buying for profit in the long term. Imagine you purchased Bitcoin when it was just hundreds of dollars. Now that it is over $60,000, you would have made an enormous profit!
It’s never too late, though, to consider this method for long-term investment.
Also Read: Should You HODL On To Your Bitcoin?
Performing Bug Bounty Programs
Many crypto projects around the world have launched their platforms to the market. However, many of them are still being improved and tested. To avoid problems and future issues, they tend to announce bug bounty programs.
In these bug bounties, developers can check the blockchain and system the company offers and report bugs they find. If a bug is reported, the developer can receive a bounty in Bitcoin or another digital asset, depending on the company.
Although becoming a developer without the correct studies and knowledge is impossible, those who already are can start earning virtual currencies when they find bugs in bug bounties!
Earn Bitcoin While Playing
Several games allow users to earn Bitcoin by completing tasks like watching ads, downloading apps, and playing levels. As they progress, users can improve their skills and increase their chances of winning. They may also need to watch gaming, casinos, and gambling videos. Once they accumulate an average of 20,000 satoshis (minus transaction costs to be sent to your wallet), they can redeem them for free Bitcoin!
Promoting Crypto Services To Earn Bitcoin Through Referral Links
Another exciting way users earn Bitcoin is through referral links in exchanges, wallets, or other platforms. Companies in the space promote their products and services by having users share their referral links. An example is shown above.
Each time a new user enters the site, registers, and makes a purchase, the referrer will earn a small amount of money. With it, it is possible to purchase Bitcoin through any exchange available in that specific jurisdiction.
Crypto Community Manager
Most Web3 projects, NFT collections, blockchain gaming guilds, and crypto-focused entities have their communities in Telegram, Discord, or Facebook groups. This might be for you if you are a good leader and a servant to a group with a common interest.
A community manager is responsible for building, growing, and managing an online community. They selflessly share their knowledge and passion for creating content to generate buzz and foster loyalty in the community.
Crypto Content Writing
There are times when we can release our thoughts through writing alone. If you can express yourself more in writing, this might be the case for you! A content writer writes articles, blogs, newsletters, and marketing documents like scripts, captions, and promotional slogans.
Final Thoughts
Engaging in crypto-related side hustles allows individuals to tap into this digital economy and offers the potential for financial freedom. If you are considering starting a side hustle, you should know a thing or two about blockchain technology, communication skills, creativity, and adaptiveness.
In addition, you can help expand this industry! The idea of decentralization is challenging to accept among the common people. Thus, producing outcomes from side hustles that promote the industry while earning crypto is a win-win situation.
