One of the most favorite virtual currencies of Crypto users, Bitcoin, has turned 12 years old this year, 2021. In these 12 years, you must have probably come across Bitcoin as a cryptocurrency at least once. Bitcoin continues to evolve over time and so do the money-making opportunities that come from it. More and more people are interested in figuring out how we can make money with Bitcoin. This article might make things easier for you, as we have compiled a list of how you can make money with Bitcoin in 2021.
Methods to make money with Bitcoin
If you are reading this article, then you must already know quite a few things about Bitcoin- its rise and fall and primary characteristics.
- Method 1: Buying
Buying Bitcoin is a risky method although the simplest one. Buying and holding Bitcoins is the simple answer to investing and making money out of it. It is one of the most straightforward and beginner-friendly strategies.
The process is quite simple. First, you get a bitcoin wallet, then you buy Bitcoins, and thereafter, hope that its price hikes in the future, irrespective of how long it takes. The difficulty level is easy and the speed is slow for this method.
- Method 2: Mining
Mining is when miners solve complex mathematical problems using computers and is also the first method to gain Bitcoins easily. Miners are then rewarded with a newly minted Bitcoin when they crack the code and the race is basically to see who solves the problem fastest.
The competition is tough compared to the early times and to give yourself a chance you can consider joining Bitcoin mining clouds or mining pools. The idea behind Bitcoin mining pools is that a group of miners collaborate to combine their complex problem-solving skills to mine faster. The difficulty level is hard and the speed is slow for this method.
- Method 3: Trading
The method of trading requires you to have some knowledge and practice of the cryptocurrency market since trading Bitcoin means taking advantage of its volatile nature. The difficulty level is medium and the speed is fast for this method.
There are different styles of trading such as:
- Day trading, entailing quick and short trades besides allowing faster and smaller prophets.
- Swing trading falls in the middle of long-term HOLDing and short-term day trading. Swing traders buy low, wait for long to see their holdings hike in price, and then sell even higher.
- Arbitrage, similar to the above styles but instead of looking out for money-making opportunities within the same exchange traders look across various platforms. For instance, investors buy the currency from exchange A and then it to exchange B, at a higher price.
- Method 4: Accepting Bitcoin as payment
As Bitcoin continues to evolve, more and more individuals have started investing in cryptocurrency and even more, businesses have started accepting it as a payment method for their services and products. The difficulty level is easy and the speed is fast for this method.
Accepting Bitcoin as payment will widen your global outreach, speed up your payment processes, and make payments more secure. The best part is that Bitcoin is easily acceptable and can be accepted even if you have an offline establishment. Customers directly send your funds to your Bitcoin wallet which you can use for future investments. This app can help you understand more about bitcoin, check their official website.
- Method 5: Bitcoin Faucets
Bitcoin faucets are basically reward systems that provide Bitcoin fractions to those users who finish nominal tasks like answering surveys, questionnaires and watching advertisements. The difficulty level is super easy and the speed is also fast for this method.
Bitcoin is gradually gaining mass recognition. Apart from the ones mentioned here, there are several other methods through which you can make money with Bitcoin. Bitcoin has been evolving ever since it’s invention in 2009 and the recent developments are highly beneficial for Crypto users.