How to Make Money with Bitcoin: 5 Steps to Financial Freedom

how to earn bitcoins

Bitcoin is an elusive topic of conversation with many who believe it is and can only be used in one fashion or another. However it is created to be versatile with multiple ways to spend and earn. So apart from buying Bitcoin straight off the market what can you do to learn how to make money with Bitcoin? 

In this article, IncomeNinjas will show you 5 ways of how to make money with Bitcoin and how easy it is to get started today.

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CHAPTER 4

Trading Bitcoin

how to earn bitcoins
CHAPTER 5

Writing about Bitcoin

CHAPTER 1

Sell Goods and Services

Selling goods and services in exchange for Bitcoin is the original intent for creating cryptocurrency and how many people make money online.

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Why not sell your creations, pre-loved books or services online and pay with Bitcoin? It’s just one small change from what we already do on Etsy, Amazon or Craigslist. Some are already accepting Bitcoin as a form of payment so why not use this as an effective way of how to make money with Bitcoin!

If you are looking to make additional income and are interested in receiving payments from buying customers with Bitcoin, there are sites that will help you list and sell to potential customers. You want to know how to make money with Bitcoin by selling products? Online markets like Bitify and Purse.io can help you! You can purchase or sell anything from electronics to books or even creations of your own. Much like Etsy and Amazon except with the option to conduct transactions with Bitcoin. This is also a great way to learn how to work from home.

Looking to offer your expertise as a service in exchange for Bitcoin? You can do that too. How to make money with Bitcoin isn’t uncommon for freelancers. In fact, why wouldn’t it be entirely legitimate to be hired and paid in Bitcoin. You can use websites like Upwork or Freelancer.com to get paid in fiat currency or you can use websites like BitGigs and Coinality to get paid and grow your Bitcoin wallet!

There isn’t any reason why traditional methods of buy and sell can’t be used as a way how to make money with Bitcoin. It is, in fact, one of the most effective methods on how to make money with Bitcoin and can have the highest return yield.

CHAPTER 2

Faucets, Microtasks, Ads and Loans

If you are looking to make extra money, there are other more creative methods to earn Bitcoin. These methods, however, either yield minimal revenue for your time or require a higher initial investment to get started. So let’s briefly look at these other methods of how to make money with Bitcoin:

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Bitcoin Faucets & Microtasks

Bitcoin faucets and microtasks are usually lumped into what are called “mini-earnings” as the payouts are in small amounts of Satoshi (fractions of Bitcoin) for interacting with ads online. For those who are starting out and learning how to make money with Bitcoin, this might be a great start. This can range from clicking ads, viewing short video ads or playing mini games.

The downside to this is that you might not earn very much to start or it may take time to build your earnings from using Bitcoin faucets and microtasks. However if you don’t mind taking a few minutes of your time on a regular basis, this is a little boost for how to make money with Bitcoin.

A couple recommendations for Bitcoin faucets and microtasks can be found here:

Faucets

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Moon Bitcoin

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Bitcoin Aliens

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BTCclicks

Microtasks

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Bituro

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Bitcoin Reward

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Coin Bucks

Paid-to-Click Bitcoin Faucets

If you have a website or are going to start one, you can add a Bitcoin faucet to your page and earn more. This is probably a more effective way for how to make money with Bitcoin as you can earn more as passive income. As Bitcoin faucets are built on ads paying for space on your site, you can do a pay-per-click option and a company will pay you an amount in Bitcoin instead of fiat currency.

You will have to factor in how much you have to take from your total amount to pay to those who are actually clicking the ads but overall, you can net more in your revenue.

If you want to learn how to install and make money with Bitcoin by adding your own faucet to your website, check this video out for a good tutorial on how to do that.

Peer-to-Peer Loans

If you have a website or are going to start one, you can add a Bitcoin faucet to your page and earn more. This is probably a more effective way for how to make money with Bitcoin as you can earn more as passive income. As Bitcoin faucets are built on ads paying for space on your site, you can do a pay-per-click option and a company will pay you an amount in Bitcoin instead of fiat currency.

You will have to factor in how much you have to take from your total amount to pay to those who are actually clicking the ads but overall, you can net more in your revenue.

If you want to learn how to install and make money with Bitcoin by adding your own faucet to your website, check this video out for a good tutorial on how to do that.

CHAPTER 3

Mining Bitcoin

You can earn Bitcoin and lend Bitcoin but what if you can also be a part of Bitcoin’s blockchain backbone?

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Another method on how to make money with Bitcoin is Bitcoin mining. This is by investing in high powered computers dedicated to the security and confirmation of Bitcoin’s blockchain which is what helped make Bitcoin so successful in the first place.

However, unless you have a large warehouse and several high powered computers at your disposal, it’s not as easy to just start Bitcoin mining in your backyard. But if you want to dedicate a few computers and participate in a community where you work together in a Bitcoin mining pool, this could be a good opportunity on how to make money with Bitcoin.

Just keep in mind that since this is an ongoing process there will be ongoing utility and management fees that will affect your profit.

The reward includes that once a blockchain is confirmed, a winning miner(s) receive(s) 1 Bitcoin (which at its peak so far, was nearly $20,000USD). If you are in a mining pool then you would have your earnings split among you. So depending on the success of your mining pool, this can be an effective way on how to make money with Bitcoin.

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If you want to participate in a Bitcoin mining centre remotely, you can also participate in cloud mining services where the data centre is in a separate location but everyone in the pool is sharing processing power.

However, this would mean that you would possibly contribute a higher initial investment plus management fees since you are not buying hardware or software to contribute. This is worth keeping in mind as you weigh the costs and benefits.

This article on bitcoin mining will teach you more on the topic if you’re interested.

CHAPTER 4

Trading Bitcoin

Just like any other cash currency, you can also trade Bitcoin as a method of how to make money with Bitcoin. There are several trading options from long term investments to even gambling with the trade. We’ve reviewed all of them for you:

how to earn bitcoins

Buy & Hold

Since Bitcoin does vary in market value against other fiat currencies, you can opt to buy and hold Bitcoin as a way how to make money with Bitcoin. Due to the market demands fluctuating so much, some might become millionaires overnight or may intend to ride out the growth and fall as a long term investment.

There is obviously risk to buying and holding as Bitcoin can increase value 100 times overnight and fall 1000 times the next day. But if you buy and hold and know how and when to trade this is effectively a good way on how to make money with Bitcoin.

All you really need to buy and hold Bitcoin is a Bitcoin wallet. Just pick a time and value as to when you would like to invest in Bitcoin and keep an eye on the market!

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Trading

One step up from just buying and holding Bitcoin is trading as another method on how to make money with Bitcoin. Bitcoin is not the only cryptocurrency on the market! Maybe you might have also heard of Ethereum, Litecoin or other altcoins. Like other fiat currencies, each of them will rise and fall in value compared to each other.

If you like monitoring the cryptocurrency trading market, this may be the perfect fit for how to make money with Bitcoin. Just don’t forget to set a trading strategy! Cryptocurrency is still a very volatile market so a trading strategy is pertinent to make sure you earn on your investment and not lose it.

Binary Options

A more risky but also an option for Bitcoin trading is using binary options for how to make money with Bitcoin. Building on trading, this is one step where you now make bets. Basically the only thing you speculate is if the value of Bitcoin will rise or fall. If your prediction is right then you are rewarded and if not, then you lose what you bet.

Obviously this is a more risky option as you are now making bets. But if you are one for higher risks than this can be a perfect fit! The benefit to this is that this is a high risk, high return venture so you can make more Bitcoin through trading and possibly more with the binary options if you play your cards right!

Click here if you want to learn more about binary options.

If you’re looking for a recommendation for a binary options platform, click here to learn about IQ Options!

Gambling

The final step to high risk methods on how to make money with Bitcoin is gambling with Bitcoin! There are, in fact, online casinos where you can gamble using Bitcoin as your currency of choice. It goes without saying that online gambling comes with risks of their own.

Don’t forget to make sure that gambling isn’t illegal in your area before you start. More importantly, make sure to set limits so you don’t lose all of your Bitcoin investment!

Here are a couple options if you’re wanting to use gambling as your method on how to make money with Bitcoin:

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Starcoin

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Crypto Games

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BetKing

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vDice

CHAPTER 5

Writing about Bitcoin!

Do you like to write? Do you like Bitcoin? Why not write about Bitcoin as a way of how to make money with Bitcoin! From blogs, to articles and forums, there are many ways you can turn your writing and enthusiasm about Bitcoin into a way to make money.

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One method is to start your own blog and drive traffic to your blog. You can also add your own Bitcoin faucets as mentioned earlier to build on your earnings!

Another method is to write articles for Bitcoin websites. Websites do in fact pay writers for contributing to their websites. Prices will vary based on your word count, experience and how many ads you may need to add to your article. Usually websites will pay in cash but they can also pay in Bitcoin if you prefer! The bottom line is, if you like writing and want to make money as a freelancer, then this is a great way of how to make money with Bitcoin.

Summary: How to Make Money with Bitcoin

All in all, knowing how to make money with Bitcoin goes beyond the buy and hold trend we’ve seen in recent months. As Bitcoin is created to be a digital currency there are ways you can spend it and excellent ways to earn it! These are a few creative ideas if you’re looking to make some more Bitcoin instead of just converting from fiat currency! You can continue and check out this article on how to make money with other coins, like Litecoin, Ethereum, and more.