14 Ways To Earn Bitcoin And Other Cryptocurrency
If you’re reading this you’re probably looking for ways to earn extra cash, am I right? You’ve probably seen the click-bait ads on how 2 girls become bitcoin millionaires or how I earn 3000 dollars a day with Bitcoin and thought its time to do your research.
We all want to earn that ever elusive passive income. If we didn’t then the promise of easy money you can live off of every Ponzi and get rich schemes pitches would never be successful.
Cryptocurrency is a new concept for many and between all the FUD, FOMO, fake exchanges and investment schemes (yes there are plenty of cryptocurrency scams) you’ll find legitimate ways to make money.
CAN YOU MAKE MONEY FROM CRYPTOCURRENCY?
The short answer is yes, you can make money with crypto. What people don’t tell you is that its a slow painful process just like any other industry and you have to really commit to it. Depending on the route you take it will cost you time, money and plenty of hard graft to get your passive income stream running.
To help you get started I’ve put together a guide to over 20 ways you can earn cryptocurrency online. Please note that these methods are by no means full proof nor do they guarantee ROI. This is not a get rich quick post so if you’re looking for easy ways to make money I doubt you’ll find anything interesting on this list.
1. BUY AND HODL
Relatively speaking this is the “safest way” to earn crypto. All you need to do is buy an amount you feel comfortable with investing in a certain coin and just hold it for a year. If the coin is one of the more promising cryptocurrencies it will most likely to increase in value from the price you bought it in at.
Be responsible and do your research, don’t simply buy a coin because someone shilled it to you. Have a look at information like the coins whitepaper, roadmap, follow them on social media, check out the circulating supply, market cap and daily volume on popular exchanges.
I’ve personally bought 12 different coins and will be hodling them for the next year or more.
2. BLOGGING/VLOGGING, CURATING & COMMENTING
Youtube has been here since 2004 and you can make good money from vlogging there if you have more 10,000 views on every video and the same applies to blogging. Google has dominated this space with their Adsense platform but crypto has presented us with an alternative in Steem coin.
Steemcoin is the coin behind the Steemit blogging platform. Steemit has introduced a way for the small time blogger to actually make a decent amount of money every day by just blogging as im doing with this article. Steemit users can make money by blogging, commenting and curating content for fellow Steemit users.
Once you’ve signed up for Steemit you will also have access to sister sites Dtube (A decentralised version of Youtube) and Busy.org (A decentralised version of Twitter) where you have the same opportunity to earn Steemcoins.
This is a truly revolutionary way to look at social media which makes you think how profitable this could be in the near future if Steemit will become a mainstream medium.
3. FAUCET FARMING
Probably the least amount of effort needed but it does take time and for you to be dedicated and constant in completing mundane tasks like captchas or clicking the claim button every hour. Faucets require no investment from you, they make money from serving you ads and allow you to claim back a portion of that for your efforts.
There are plenty of sites on the web that lets you collect a micro amount of bitcoin every couple of minutes from a faucet and eventually accumulate enough to cash out and get a small of amount of bitcoin to your wallet.
To find faucet sites hit up Google or check out these two which seem to be the most popular
- Free Bitcoin
- Free Dogecoin
- Cointiply – Free Bitcoin or Dogecoin
- Free Dash
- Free Ethereum
- Free Cardano
Another popular way to make money online lately is mining at your home with your pc or a dedicated pc or even a mining rig.
Mining has become a competitive field and your standard desktop PC or laptop simply won’t cut it. You will need to spend some initial capital on a high-end pc and some additional GPU for it to be profitable and it will take you a couple of months to break even with your hardware investment because the earnings on mining can be very slow sometimes.
The good news is that even if you decided to stop mining you can still use the hardware for something else like gaming. The bad news is that the hardware it can get pretty technical and you may have to join mining pools to remain competitive.
If you’re interested in mining I suggest checking out the site whattomine.com
5. CLOUD MINING
If you’re not keen on turning one of the rooms in your house into a sauna then this method may be more up your alley. Cloud mine services offer users the ability to rent out mining equipment and have proven to be profitable without scamming and can yield a decent amount of earning which can be paid most of the time every day straight to your wallet.
These contracts don’t come cheap and using this method will take you 4 months to break even with your investment and after that, you’ll receive pure profit every day. The more you invest (the correct term here is: upgrade your hash power) the more you will earn so you’ll need a quite high initial investment of for example 10000$ to get a payout of 20$ a day.
Examples of trusted cloud mining services: Bulkbitcoin genesismining.com, hashing24.com, hashflare.com & nicehash
There are two popular schools of thought when it comes to Cryptocurrencies, proof of work which is where mining comes in and proof of stake. Proof of stake allows hodlers of a certain coin to earn interest for supporting the network.
You will need to invest by purchasing a certain amount of a certain currency, creating a wallet and node and then finally sending your currency to the newly created node which can be used to verify transactions on the blockchain.
As new blocks are added users will be rewarded depending on how large their stake in the currency is.
Popular currencies you can stake are Lisk, Ark, Neo, Qtum, OMG, Cardano & Stratis.
When a new currency is introduced or a new batch of currency is released in order to gain momentum and interest many companies try Airdrops. An Airdrop is when the cryptocurrency development team distributes their coin to the community for free or in exchange for small tasks like downloading their software, native wallet or signing up for an ICO.
If you want to know when airdrops are happening you can sign up for sites like Earn.com as well as Aidropalert.com.
Bounties are similar to airdrops in that companies look to offer incentives in order to increase the popularity of their coin. Companies will provide users with marketing tasks like sharing on Facebook or Twitter, blogging or vlogging and rewarding those who do with cryptocurrency.
If you want to know when bounties are happening you can sign up for bounitesalert.com
I doubt this one needs an explanation, all need to do is play games on your Smartphone and get rewarded with cryptocurrency. Stormplay is a popular option.
10. NETWORK SUPPORT
There are a few promising projects in this space looking to create a decentralised marketplace for resources. Projects like Golem, Sia, Presearch and Storaj which allow you to rent out hard drive space or CPU power and get paid in their network based currency.
Microtask websites allow users to get paid in cryptocurrency for completing tasks. A short task is any job or assignment that can be completed in a short amount of time. The tasks can vary widely in nature, from writing, editing, taking surveys, transcription, watching a video, clicking ads, online research and more.
You won’t make a fortune from this but it is a nice introduction to the technology. It provides you with a with a low-risk way to play around with setting up the wallet, sending currency, interacting with the blockchain and familiarising yourself with cryptocurrency.
Some popular microtask websites include:
- BTC Clicks
If you’re a runner and fitness fanatic you may want to check out Sweatcoin. You can earn cryptocurrency for the number of steps you take every day.
12. FUTURES CONTRACTS
If you want to trade on Bitcoin but you don’t have a strong stomach for the volatility you may want to look at Bitcoin futures. Futures are an agreement to buy or sell an asset on a specific future date at a specific price.
Once the futures contract has been entered, both parties have to buy and sell at the agreed-upon price, irrespective of what the actual market price is at the contract execution date.
The goal is not necessarily to profit maximization but more a risk management tool, often used in financial markets to hedge against the risk of changing prices of assets that are bought and sold on a regular basis.
Bitcoin futures (BTC) are currently live as of January this year and can be taken out every month with hedge funds and banks like CME (Chicago Mercantile Exchange), CBOE (Chicago Board Options Exchange) and Morgan Stanley.
Currently, future contracts are only traded on Bitcoin as the underlying asset but futures on Ethernet and other cryptocurrencies are in the pipeline.
13. AFFILIATE MARKETING
Affiliate marketing is nothing new, plenty of bloggers, social media influencers and vloggers make use of these platforms. You can sign up for affiliate programs with popular exchanges like Coinbase, Binance, Luno or Kucoin and spam your link across various digital channels.
You will get paid for every user that signs up and makes a purchase.
14. SELLING GOODS & SERVICES
If you’re an eCommerce site be it retail or SAAS all you need to do is set up a wallet with the cryptocurrency you would like to accept, say for example Bitcoin and then set up your payment options with your payment provider.
You can use providers like Payfast, Paypal, Bitpay and more. Also, enquire with your current payment provider to find out if and when they will allow cryptocurrency payments.