With the increasing popularity of cryptocurrencies, you might be hearing about bitcoin every now and then. If you are thinking about the ways to earn money using bitcoin you are in the right place. We are presenting you with some amazing ways to earn money using Bitcoin.
Trade Using Bitcoin
Most common way to earn money using bitcoin is trading. Like any other asset prices of bitcoin keep changing. In-fact it is one of the most volatile assets. Its price keeps changing with respect to fiat currencies or other Altcoins. Traders use this volatility to make money. For example, if you have bought the bitcoin when it was valued 8000 dollars you could have sold it when it reached 12000 $. When it goes down again you can buy it again and sell when it rises again.
But note that trading is not an easy job. There are millions of people trying to predict the prices and if it goes the wrong way you can lose a lot. So start learning more about trading. You can read some good books like Trading in the zone or How to day trade for a living.
Even though these are books for trading in general and not specific to bitcoin but they are great for learning to trade. Additionally in order to trade you will need to have an account on an exchange that allows trading in bitcoin. Binance is the biggest exchange for trading cryptocurrencies.
Though trading is difficult once you have learnt it it is a great way to Earn money using Bitcoin. Many traders who have developed great skills in predicting prices of cryptocurrencies are making huge profits just by trading.
Invest in new De-Fi startups to earn interest
De-Fi is a term that has gained a lot of popularity in 2020. This is not specific to Bitcoin but you can use stable coins like USDT or DAI to earn interests. Basically, if you own cryptocurrencies you can deposit them with De-Fi startups like Yearn and you can earn interest on your money.
In theory, this is one of the safest ways to earn using your bitcoin but this is a very very new and untested method. And you will need to learn a lot because it can be very confusing for a beginner. There is no central authority to protect your investments. But once you have overcome this initial difficulty it is a great way to earn money using Bitcoin and other Cryptocurrencies.
But De-Fi has really taken the crypto-world by storm. Within a few days of Launch YFI which is the limited supply cryptocurrency of Yearn finance reached a value of 32000 dollars which is almost three times more than the current bitcoin value. So there are some insane things going on this arena but the stakes are equally high. Be sure you read and understand the risks before investing your money. To start to check this official article from Yearn finance.
The coin central has written a detailed post here of De-FI and Yearn. So if you want to learn more this can be a great place to start. Click here to read this article. Another Great resource to Learn about De-Fi is below youtube video.
Sell something for bitcoin
If you have deep knowledge or skills in any area and you can create something of value which you can sell you can sell it for Bitcoin. For example, if you can write a short guide on any topic or write some good articles on another topic you can offer your content for Bitcoin. Or you can buy stuff using bitcoin and sell it in other currency at some profit.
It is easy to create a website and market your content these days. Just learn a bit more about hosting and WordPress. Offering products or services for Bitcoin is not very popular but as Bitcoin gains popularity and acceptance as a currency there is a good potential to Earn money using Bitcoin by selling your product or service for Bitcoin.
If you think that Bitcoin is never going to be accepted as a currency tan you are mistaken. Many companies on the web have already started selling their products and services for Bitcoin. And this includes some big names too. Blockgeeks have written a nice post here on this topic.
Invest and forget
The way the world economy has been hit recently due to multiple reasons people have begun to realize the potential of a decentralized currency like bitcoin. Many believe that its value will keep increasing and it is still undervalued. So if you just store bitcoin in your wallet without actually doing anything there is a good chance it will have a much higher value in a year or two than if you try to trade actively. This is BTC chart for this year. Investing for long term can be a good way to earn money using Bitcoin.
It is obviously very volatile. But if you have noted Its price increased from 4000 dollars in the march to above 12,600 in March. Many analysts still believe that it can go much higher in a year or two. Please note that this is not trading advice and I am not a trader myself but this is a sentiment that many experts have shared. If you believe in Bitcoin than you can just buy some and wait for its price to increase.
Although I would caution you here. Although bitcoin has great potential but only invest within the limit which you are ready to lose or which will not hurt you badly if lost. If price indeed increases the way it is projected you should be able to earn money using bitcoin and other such currencies.
Hope you have liked this article. You are always welcome to share your feedback.