In the last couple of years, Bitcoin has created quite the buzz online, with enthusiasts seeing it as a secure, independent way to make money and others seeing it as a chance to make quick cash. With the increasing popularity of digital currencies like Bitcoin, more and more people are finding ways to make money online using them. Once you fully understand how Bitcoin works, it’s not hard to see why people want to try it out. Here we’ll discuss twelve ways to make money online using Bitcoin, so you can enjoy the freedom of financial independence.
1. Bitcoin Faucets
One of the simplest ways to make money online with Bitcoin is to participate in Bitcoin faucets. A Bitcoin faucet is a website that allows users to earn a little Bitcoin every day by performing simple tasks like taking a survey or watching a video. Since the value of Bitcoin can vary widely, from just a few cents to hundreds of dollars, your earnings could be either positive or negative, based on the prices of Bitcoin at the time you perform the tasks.
The most popular faucets are Simple Bitcoin, which is operated by Circle internet trading and Dash, a Bitcoin-based faucet that offers its users frequent rewards. Dash has been around since 2014 and allows users to earn between $0.40 and $1.00 per day with minimal effort through its Instant Dash button that automatically performs tasks like taking a survey, scanning an article, or watching a video for you, without any need for human interaction. Dash also offers an offline option for those who want to make extra cash without having access to the internet.
2. Bitcoin Cloud Mining
If you’re looking for a way to make easy money online, you could consider cloud mining. With this option, you don’t need to have your own computer in order to make some extra cash. You simply need to have an internet connection and you can get started mining Bitcoin (and other cryptocurrencies).
To be able to mine Bitcoin effectively, you will need to have a graphics card mining chip, such as the ATI Radeon HD 7870 or the NVIDIA GEFORCE GTX 660. Before you buy these cards, make sure you research their mining capabilities, since the efficiency of your mining will determine how much profit you make. The more efficient your card is, the more profitable it will be for you. Also, make sure you purchase ASIC-resistant coins like ZEC, which is one of the most popular cryptocurrencies.
3. Bitcoin Dropshipping
Dropshipping is another way to make money online. With this strategy, you essentially operate a store. When a customer makes an order, you order that product from a third party (usually a manufacturer, vendor, or wholesaler) and ship it directly to the customer. For instance, if someone buys a T-shirt from your store, you’ll order it from a textile manufacturer and ship it directly to the customer.
The upside with this approach is that you don’t need to maintain a physical location to make money. The downside is that you don’t know exactly how much you’ll be able to make until you’ve actually run the store for a while. Additionally, you’ll need to have a lot of faith in the stability of Bitcoin and other cryptocurrencies in order to make the strategy work.
4. Bitcoin Lending
Bitcoins can be difficult to get your hands on since they’re digital and not easily transported. However, that doesn’t mean that you can’t make money online by offering Bitcoins as a loan. You can’t really put a price on free money, right?
With Bitcoin lending, you essentially function as a lender willing to provide Bitcoins as a loan to borrowers, who need to use them to purchase something from an online store. There are a few different Bitcoin lending platforms, like Purse, Celsius, and Borrower’s Corner that all allow users to earn interest by offering Bitcoins as a loan.
5. Bitcoin Arbitrage
Arbitrage is the practice of making money from the differences in prices of two or more markets. For instance, you can buy silver coins in China for less than the value of a troy ounce of silver in other countries, and make a profit from the price discrepancy. Arbitrage is a way to rapidly generate income by identifying these price differences and taking advantage of them.
6. Bitcoin Trading
Trading is another profitable way to make money online. You’ll need to find a reputable broker or financial institution that supports Bitcoin trading. Once you’ve found one, all you need to do is set up an account, choose which instruments you want to trade (either Bitcoin or other cryptocurrencies, usually the latter), and make a deposit. Then you can simply wait for the markets to give you an answer.
The benefit of cryptocurrency trading is that you don’t need to keep any investment capital in order to make a profit. You simply need to make enough money to make the initial deposit back. Additionally, cryptocurrency trading allows you to make money no matter which direction the market goes in, so long as you’re following the trend. Volatility in the cryptocurrency markets is quite high, so you’ll need to be prepared for sudden fluctuations in prices that may cut into your profits. Finally, cryptocurrency trading is one of the few ways to make money online that doesn’t require much knowledge or experience.
7. Bitcoin Mining
Mining is the act of securing and verifying transactions (blockchain) and recording them on a public ledger (Bitcoin network). In return for securing the network and verifying transactions, miners are rewarded with Bitcoin and other cryptocurrencies.
The easiest way to become a Bitcoin miner is to purchase computing hardware (such as a graphic card) and become part of the network. You will then be able to verify transactions and help secure the network. However, if you’re looking for a quick fix, you can look into mining pools, which coordinate the processing power of their members and split the earned Bitcoin among them. Since mining is such a competitive industry, where profits are determined by how much power you can marshall, you’ll need to be prepared to spend a decent chunk of change on hardware.
8. Create a Blog
Blogs are an easy way to make money online. You’ll need to have a platform for it (such as WordPress.com), and then use a tool like Blogger to put it online. Once you’ve done that, all you need to do is populate it with content and promote it on social media. The more unique and high-quality content you have, the more likely someone will click on your link and end up on your site.
9. Start an Online Store
If you’re looking to make money online, you might be wondering about the many different ways to make cash. One easy and legal way to make money is to start an online store. There are myriad ways to make money online with an e-commerce store, from affiliate marketing to dropshipping. You’ll simply need to pick your preference and get to work.
10. Sign Up for a Fiverr Account
Fiverr is an online marketplace where you can freelance your services to small businesses across the globe. The businesses, in turn, will pay you in cash or cryptocurrency for your efforts. You’ll need to have a fiverr account in order to take advantage of this feature, but it’s free and an easy way to make some extra cash.
11. Start an Etsy Shop
Etsy is an online marketplace where you can buy and sell products ranging from clothing to artwork, invitations, yard signs, and more. You can use the platform to set up a shop to sell your own goods or designs, or you can join other Etsy sellers to co-market and co-distribute goods together. Since Etsy is completely digital, you don’t need a physical location in order to set up shop.
12. Start a Travel Blog
Last but not least, we have travel blogging. Travel bloggers chronicle their travel experiences and share their tips and tricks with others. Since Bitcoin is a fairly new concept and most people aren’t exactly sure how much it’s worth, you might consider using it as your mode of payment for all or part of your travel adventures. You can use a tool like Nomad Capital to find the perfect travel destination and plan the perfect itinerary, which will create a steady stream of revenue.
Which one you decide to go with depends on your own personal preferences. Do you want to try out Bitcoin to make extra cash or to eventually buy something large and expensive? Each one of these twelve ways to make money online using Bitcoin has its own advantages and disadvantages. We hope this article has provided you with enough information about Bitcoin to seriously consider trying it out for yourself, so you can enjoy the freedom of financial independence.