Many individuals are trying their luck in a bid to make quick money from Bitcoin and other cryptocurrencies. While there are many ways to make money with Bitcoin still at the end of the day, there are no free meals. People seem to think that Bitcoin being a digital currency, is very easy to earn, which is certainly not the case. Just as there is no simple, risk-free way to make quick money, there isn’t a magical way to make Bitcoin as well. Earning Bitcoins online needs time and money, and most methods that promise free Bitcoins are not worth the effort. The following are some of the ways to earn Bitcoins online.
In general, cryptocurrencies may offer additional income generation possibilities, but the fundamentals remain the same. We have covered multiple ways to earn Bitcoins in detail here, and they will be graded based on various factors that include
- How much effort does it need to use the method?
- How much potential this method carries when it comes to money-making,
- What is the risk factor level?
Micro earnings – Faucets
- Effort Required– High
- Income Generated – Low
- Risk Involved – Low
One of the easiest, most convenient, but also the difficult way to earn Bitcoin is through micro-earning websites. Practically, for users, little work Is involved, and earning is just a fraction of a coin. Some of the most popular micro earning sites are faucets, followed by GPT programs. These are the sites visited, again and again, every few minutes to collect a small number of coins
Faucets are the subcategory of “Pay to Click” websites. The websites usually require users to perform small tasks to generate revenue. In turn, the visitors receive a small number of coins in exchange. Although the earnings are low, you can still make an average of 5-40 cents an hour as per the estimates. Hence, this might not be worth the time or electricity for many individuals.
Owning a faucet
- Effort Required – Medium to high
- Income Generated – Low to medium
- Risk Involved – Medium
While faucet users may not make a lot of cash, it’s a different story when you manage one. Today it is relatively easy to create a cryptocurrency faucet and earn money through advertising. You can generate earnings up to $1000/month depending on the traffic, advertisers, and user engagement. But it takes a reasonable amount of time and effort to run and make your faucet popular. Interested individuals need to own a website, manage servers, prevent fraud, and also need some capital.
Running a Signature Campaign
- Effort Required– Medium
- Income Generated – Low
- Risk Involved – Low
In mid-2014, one of the largest forums for Bitcoin, BitcoinTalk, began running signatures campaigns. The interested individuals could use his/her signature for BitcoinTalk for advertising a product and get paid for their activity. With a signature campaign, interested individuals are paid according to their BitcoinTalk membership levels.
However, anyone with a rank “Newbie” was not eligible for this gig. To become eligible for rewards, you have to make regular original posts to the forum. Sometimes a minimum post requirement per week also exists. Using this method, and depending on how much you write and your membership level, one can make up to $50 per campaign.
Become a Crypto Trader
- Effort Required– Medium to high
- Income Generated – High
- Risk Involved – High
One of Bitcoin’s cheapest, most straightforward but also riskiest ways is to trade it. In practice, when the price is low, traders try to buy Bitcoin and sell it when it rises. But successfully trading Bitcoin is not just a matter of luck or speculation. Successful traders spend a considerable amount of time learning to trade and overcome the many risks involved.
They are also aware that they can lose their money in the short term, which is why many aim for a long-term investment for higher returns. However, you need to have the time and dedication to learning technical analysis, good trading education if you want to be a successful trader.
Bitcoin Affiliate programs
- Effort Required – High
- Income Generated – Medium to high
- Risk Involved – Low to medium
Perhaps one of the most neglected ways to make Bitcoin money is through different affiliate programs. Affiliates are the individuals who review and market a specific product or service for free and earn a commission upon successfully bringing in paying customers. Many exchanges, products, and services have an affiliate program to get started. You can share your link on Twitter, run ad campaigns on various websites, or even set up your site and promote your links within the content.
Gambling in Bitcoin casinos
- Effort Required – Low
- Income Generated – Medium to high
- Risk Involved – Extremely high
An undeniable way to increase your crypto portfolio is by gambling it on one of the different Bitcoin casinos. There’s not much to be clarified about this process, but you need to be sure that the casino you are using is fair when you decide to gamble and try your luck. A trustworthy Bitcoin casino wants to show to its players that there are no manipulations involved in the gambling process. They achieve this by using a cryptographic mathematical algorithm. A fair casino will also allow you how to check that the game you are playing is entirely random.
Write about Bitcoin
- Effort Required – Medium
- Income Generated – Medium
- Risk Involved – Low
If you are into cryptocurrencies and have an understanding of content creation, you might want to explore the opportunities to become a crypto journalist or article writer. Informational websites are rapidly increasing in number as the crypto industry is developing. Such sites often require authors since they publish dozens of articles every week. Besides, since the industry is young and requires tons of research, it is difficult to find good writers having sound knowledge of the Cryptocurrencies.
Mine Bitcoin
- Effort Required – Medium to high
- Income Generated – Medium to high
- Risk Involved – High
Many people who begin with Bitcoin are drawn to the idea of Bitcoin mining. The truth is that today Bitcoin mining is more of a profession than a hobby. It requires incredibly costly mining equipment, high electricity costs, hardware, and physical space to store miners. In contrast, mining altcoin is cheaper than mining Bitcoin (e.g., Ethereum mining). Although other problems relating to electricity costs, infrastructure, maintenance, etc. are mostly the same.
However, setting up a mining center without any calculations and estimate is quite worthless and usually drain the power as well as the energy of your computer only to provide you with a few cents. Cloud mining is also a choice – paying someone else to take care of your mining equipment and share the profit. Although that sounds perfect, most cloud mining sites nowadays only claim to use your cash for mining, are just scams. There are some legit sites out there; it is probably better to invest the money you would pay them to buy Bitcoin instead.
Bitcoin Lending
- Effort Required – Low
- Income Generated – Low to Medium
- Risk Involved – Low
Bitcoin lending platforms are a common way to build up your Bitcoin capital. These sites connect borrowers who need crypto with owners who lend their coins at an interest rate. Some of the popular lending platforms include Crypto.com and Nexo.
Conclusion
Several options exist for people interested in earning Bitcoin for free. However, the credibility issues of some of these mentioned above restrict users from trying them. Fraudulent activities leading to scams are also prevalent in online platforms; therefore, we would suggest that all interested individuals carry out detailed analysis and research before trying any method for avoiding any unfavorable situation.
