Many people may think that buying Bitcoin in large quantities is not a good investment. However, there are now many other ways of acquiring bitcoin which make it even easier to people to earn theirs. In many cases, you don’t have to anything to earn bitcoin. There are many benefits to earning bitcoin, depending on your short medium- and long-term goals.
Ways you can earn bitcoin
- You can earn bitcoin from a crypto interest account
Crypto interest accounts work in the same way that traditional bank accounts do. People store their money in the crypto accounts and receive interest on their deposits. They are a new and exciting model for the blockchain industry. By transferring your bitcoin to the financial service provider, you will eventually begin earning interest on them. Many companies make it possible for you to earn interest on your bitcoin and other cryptocurrencies and you can then exchange bitcoin to USD. Recently there has been a decline in the interest rates offered by banks which has made the returns less than pleasing. This has encouraged people to find other ways of making money. Cryptocurrency holders are now considering alternative financial services where clients can earn up to 6% interest every year on their bitcoin.
- Earn bitcoin through third parties
Affiliate marketing is increasingly becoming a popular way to earn money for bloggers, social influencers and normal everyday people like you and I. companies provide Promo codes or specific URLs for affiliate marketers to send out to their clients. If someone makes a purchase by clicking on the link you have provided, then you will receive an incentive. Affiliate marketing companies have their own way of operating, lots of e-commerce brands allow the client to earn a percentage of the order amount of the person that you referred. Other companies may just have one set fee for every successful referral. It is free and takes no time at all and can be very useful for people who have a large group of friends.
- Get Cash back when you shop online
You may be familiar with Ebates which is a popular Google Chrome extension which offers its clients cash back in bitcoin for all their purchases made from various websites. Many online retailers are affiliated with Ebates like Best Buy, Groupon and even Nike. Once you have successfully signed up and installed the extension, you will be notified of available discounts. At the end of every 3 months, you will get a cheque from Ebates with your bitcoin cash back balance. Each store will offer a different incentive amount to its users, some may offer up to 9% cashback. This is a simple way of earning bitcoin free online without investing anything.
- Ask for payments in bitcoin
Many people are now accepting payments made in bitcoin for the services that they offer. This may be a viable option for people who want to earn cryptocurrencies while working from home or freelancing. There are many cryptocurrency freelancer platforms, which include:
People may find that bitcoin tax is quite confusing. You must be able to track all your trade and have the latest and most relevant fiat conversion value. There are however many companies that work with crypto taxes, who will help you with the process and make it simpler for you. You may find companies like BearTax, CoinTracker and ZenLedger quite useful.
- Earn bitcoin by trading or mining bitcoin
For many people, trading cryptocurrency is one of the easiest ways to earn more bitcoin. There are many different ways of trading and each trader has their preferred method. One very popular method is leverage trading where traders borrow funds to increase their trading. These are known as crypto-backed loans. The borrower gives the lender collateral in order to have more funds available to them. The borrower gives the financier their bitcoin to get USD and once the loan is paid back the borrower will have access to their bitcoin once again.
One of the many benefits of crypto loans is that they are not dependent on one’s credit score because loans are given based on assets as surety. If for any reason the loan is not paid back, then the lender is at liberty to sell the borrowers assets to get their funds back.
Crypto mining is also another way to get bitcoin and this involves using computers to calculate intricate cryptographic algorithms to crack codes which forms the blockchain. Crypto miners are given incentives on successful completion of the computer process which are called block rewards. The risk of crypto mining is that it is volatile and can increase or decrease depending on the number of people who are mining that blockchain how much traffic the blockchain is experiencing.
What is the cost of crypto mining?
Crypto mines can be costly and can sell from as much as $199.99, additionally the upkeep is another cost. To fund the operations, some miners enlist the assistance of crypto loan companies to fund the process.
How else can you get bitcoin?
You can also get paid in bitcoin by playing mobile and online games. It is not just fin but an entertaining way of getting bitcoin free. If you would like to avoid annoying advertisements, then you can join a bitcoin casino. This operates much like a normal casino and you bet your bitcoin on traditional sports matches, casino games or lotteries.
Another good way of earning bitcoin is by reading books. Readers get paid in bitcoin for reading classic novels on their website.
There are numerous ways of earning bitcoin online, sometimes you don’t even have to invest to get good returns. Although it is volatile, with experience people will learn how to effectively trade bitcoin. The above listed methods are not conclusive, there are many more ways which may be more suitable for you.