The Ultimate 2016 Money-Making Guide for Beginners

The cryptocurrency market cap is currently valued at over $500 billion and continues to grow.

Bitcoin is currently the dominant cryptocurrency with a market share of nearly 70%. Other prominent coins including Ethereum and Ripple also have market shares in excess of 10%.

As the cryptocurrency market cap continues to grow, so too does the popularity of cryptocurrency mining. In fact, the demand for cryptocurrency mining hardware such as graphic cards and ASICs (Application Specific Integrated Circuits) has skyrocketed over the past year.

5 Ways to Earn Money With Bitcoin

Anyone who has bought a cup of coffee with bitcoin or another cryptocurrency knows that all it takes for value to go up in flames is for someone to try and trick the system. The cryptocurrency market is always full of stories about hackers and scammers who try and defraud cryptocurrency users. But it’s not just shady people looking to steal your money; there are also some legitimate ways to make money with bitcoin.

Here are five legitimate ways to make money with bitcoin (and other cryptocurrencies).

1. Trade Bitcoin

Cryptocurrency, particularly Bitcoin, is a great alternative to traditional investing. Instead of putting your money in a bank account, you can invest in digital currencies. And since there is no government regulation in place to govern the market for crypto-assets, you have complete control over how your money will be handled. For example, if you decide that you want to sell your coins at a certain price, you can set the selling price yourself.

The major downside to this approach is that you will need to get started investing in bitcoin (and other cryptocurrencies) early. While the traditional financial markets offer the advantage of trading stocks and bonds on a stock market, the cryptocurrency market is still in its infancy and is highly volatile. This makes it more suitable for short-term trades rather than long-term investments.

2. Start A Bitcoin Mine

There are many ways to make money from cryptocurrencies aside from just buying and selling them on a market. If you have the necessary equipment and a lot of computer power, you can also mine for cryptocurrencies. Mining is the process of validating and adding transactions to the public ledger (blockchain) that tracks all bitcoin transactions. Miners are rewarded with newly created bitcoins for adding valuable transactions to the block chain.

The reward for mining is based on the number of computational tasks completed by the network (so-called ‘proof of work’). To be eligible for the reward, your mining equipment must meet three criteria: 1) the combined power of all the computers in the network must be greater than the power of any one computer in the network, 2) the speed of your computer must be greater than any other computer in the network, and 3) the software you are running must be the most recent version.

The combined power of all the computers joined together in the network is what determines the mining difficulty. This difficulty level determines how much reward you will earn per block and per day. The more powerful your computer is, the easier it will be for you to mine. Buying equipment designed for mining is a good idea because it will reduce your time spent mining. The cost of a good-quality mining machine will set you back several thousand dollars.

3. Start An Online Jewelry Shop

If you have a good eye for design and you know how to use a 3-D printer, you can start an online jewelry shop. If you sell one ring per day for a whole year, you will earn $115,200. You will also need a PayPal account to receive money from customers. You can then transfer the money you earned to a bank account and make a purchase.

This is one of the easiest ways to make money online without any special training. All you need is a computer, a good 3-D printer, and a creative mind. Even if you do not have the equipment, you can use a service like [Amazon] ShopLocket to 3-D print the items you need. You can then design and print the pieces yourself. Once you have established yourself as an online jewelry store, you can explore the lucrative world of “drop-shipping” which allows you to set your sales price and do not have to worry about the cost of goods.

You can use Shopify’s BizEaze service to easily set up an online store. All you need to do is provide your email address and a password, and you are good to go. When a customer makes an order, you will receive an email containing a PDF of the receipt and a PayPal payment link. You do not need to have a physical store to do this. Simply log into your Shopify account, look for the “Store” option, and click on “Create a Store”.

4. Start An Online Coffee Shop

If you are the creative type who enjoys coffee, you can start an online coffee shop. All you need is a website and a nice phone app to take orders. Potential customers can find you on Google Maps and place an order whether they are in the city or remotely. Your coffee shop will be easy to run and you will enjoy a steady stream of income.

You can use Shopify’s Beanswap service to easily set up an online coffee shop. All you need to do is provide your email address and a password, and you are good to go. When a customer makes an order, you will receive an email containing a receipt and a PayPal payment link.

5. Start A Travel Agency

If you are the adventurous type who enjoys traveling, you can start a travel agency. For this, you will need a website and a way to take payment via credit card. Once you have those two things, you can explore the lucrative world of “bancassurance” which is when an insurance company will directly pay you to take a certain number of people on a tour. You can find work placements through community colleges and universities as well as local travel agencies.

If you do not want to go the individual route for earnings, you can join a salary-sharing arrangement with other travel agents and brokers to pool your earnings. According to the [Agency Planner], a legitimate travel agency can mean $500,000 per year plus benefits.