7 Ways To Make Money From Bitcoin

By now, you’ve probably heard of Bitcoin. Whether you love it or hate it, it is the world’s most famous cryptocurrency and is wildly popular even outside of crypto circles. One of the reasons for this is the fact that it is quite profitable. 

Now, for someone who is not overly familiar with Bitcoin, it can be confusing to imagine how you would go about making money from it. But the truth is that there is no shortage of options out there, and certainly one to suit any personality type. Here are some of the ways to make money off Bitcoin:

1. Speculative Trading 

This is perhaps the most popular way to make money from Bitcoin. This basically involves buying Bitcoin at a certain market price and selling it when it reaches a higher one. As of this article, a single Bitcoin token is worth over $50,000 so depending on what price you buy a token for, you can make tens of thousands of dollars in profit. 

There are several platforms you can trade Bitcoin on, including centralized and decentralized exchanges, peer-to-peer marketplaces, and so on. Some people even use trading bots to automatically buy and sell the token when it hits certain price points. 

2. Gambling

Believe it or not, it is actually possible to gamble with Bitcoin instead of fiat currencies like dollars or euros. These days, there are many Bitcoin casinos available where you can get your gambling needs met with the token. Just like with fiat currency, you can make more than your initial Bitcoin wager if your bet is successful. Of course, you’re not guaranteed to make money this way, but there are a few strategies you can use to improve your chances. First, as Michael Graw explains, as a rule of thumb, crypto casinos often have bigger and more generous bonus offers than traditional casinos. That’s because these casinos are new and they’re working hard to attract players (source: https://valuewalk.com/cryptocurrency/best-bitcoin-casinos/). So, you’ll have much more money to play with, naturally increasing your chances of winning but without spending more.

Then, on top of this, your tokens might have increased in market price by the time you’re finished playing at the BTC casino. So not only do you win more Bitcoin but your initial wager and winnings are worth much more than they were before.

3. Mining 

Mining, with regard to cryptocurrency, is the process by which new tokens are released. Mining involves special equipment confirming transactions that have been completed on the blockchain and can be quite profitable. If you were to mine a single Bitcoin, you could have an asset worth tens of thousands of dollars. 

The tricky part of Bitcoin mining, however, is that it is a very energy-intensive process and thus, expensive. But if you can minimize the initial cost and successfully mine Bitcoin, you could make a profit while also helping to support the wider network. You can also choose to join a mining pool and split this cost with others.

4. No-Loss Lotteries

This is in a similar vein to Bitcoin casinos but with a crypto spin. Essentially, you would buy into a Bitcoin lottery pool with a certain amount of the token and if you win, you get a large amount back. But no-loss lotteries are unique in that, as the name suggests, you cannot lose. These lotteries pool together funds and lend them out for interest. The interest is given as the prize to the winner while others get their initial wager back. 

5. Lending 

Because Bitcoin is so valuable, many people try to borrow it for different reasons. This represents a money-making opportunity for you. There are many lending platforms that will allow you to list your token and lend it to others. Just like with traditional loans, there will be a fixed period for the borrower to return the token, along with a percentage as interest.

If you are able to do this, you can make some money off the Bitcoin that you already own and this can become a source of passive income. 

6. Bug-Finding

For the more tech-savvy, there are many opportunities in the blockchain space to earn money by bug-finding. This means reviewing an existing product, platform, and so on and looking for any technical errors in it. If you are able to find one or more, the creators of the platform will pay you a ‘bounty’, meaning a certain amount of crypto or fiat currency.

If you’re looking to earn Bitcoin, look out for bounty programs launched by new ventures and sign up for them. With enough technical skills, you can even do this as a side business while helping promising projects to better themselves. 

7. Airdrops

Within the crypto world, it is not unusual for projects and even people to airdrop tokens to others. Usually, this is done by participating in a community, winning a contest, or just signing up for a raffle. While it is technically free money, you up your chances of winning by hedging your bets wide.

Participate in communities that are known to have Bitcoin airdrops, enter as many contests as you comfortably can and hope for the best. Unlike a lot of the other options on our list, this comes down partially to luck and chance but doing this will help you. 

Conclusion

Thanks to its popularity and current market value, it seems that everyone wants to get their hands on Bitcoin or make money off the tokens they already have. While Bitcoin can seem overwhelming to a newbie, the industry is full of ways to make money.

Some rely on skills and long-term strategy while others are based on pure luck and chance. Whichever route you opt for, make sure it is one that suits your risk tolerance level, current lifestyle, and personal preferences. And soon, you too could be making money from the world-famous token.