How To Earn Bitcoins Online
Some investors believe that buying bitcoins might the ultimate investment of the year. They believe that the value of bitcoins will continue rising in the foreseeable future. The most common and easiest way of becoming a bitcoin owner is by buying them on an exchange and storing them in your wallet.
Interestingly, there are plenty of other ways that you can use to earn bitcoins online without necessarily paying thousands of dollars. The article discusses 6 easy ways of earning bitcoins online.
1. Bitcoin Mining
Bitcoin mining is the process through which you earn bitcoins as a reward for solving complex arithmetical problems. To become a miner, you need a host of complex computer hardwares and softwares. The machines required for mining are known to consume a lot of electricity. For every computational problem solved using a blockchain, you get to earn 12.5 bitcoins.
However, as you prepare to become a bitcoin miner, always remember that it requires heavy financial investments to buy the computers. Just imagine being paid 12.5 bitcoins at the current rates of $15,000 per bitcoin. This easily translates to $187,500 for every successful block mine. Despite the highly profitable returns, mining still faces some challenges because of the increasing difficulty of hashing. There is no single machine that has sufficient capabilities to mine bitcoins.
2. Work For Bitcoins
For those who do not prefer mining, they can try working for bitcoins. There are very many online platforms that will enable you earn in bitcoins. Some of the most popular websites where you can find work are Jobs4bitcoins, Reddit and Coinality. Here you will be required to complete simple tasks such as online surveys, making short videos, reviewing items, writing articles or proof reading content.
As the adoption of bitcoins increases, so will the opportunities for freelancers. Work4bitcoin provides a good platform where work seekers can meet prospective employers. Coinality offers those looking for work opportunities as freelancers in part-time or full-time.
3. Bitcoin Lending
This will only work if you already have bitcoins. With this, you just lend your bitcoins to other users who use them and later pay you with some interest on top. The interest will be paid in form of bitcoins. The biggest advantage of lending is that you can gain a lot of interests, hence your investment grows. The downside, however, is that not everyone will pay back in good time.
You might need to chase people up and down before they can pay you back. It is therefore, important that as an investor, you choose your lending projects wisely. The lending usually happens on exchanges such as BTCJam, Loanbase and BitBond. Alternatively, you could lend your bitcoins to websites that work like banks where interest is paid on bitcoin deposits.
Gambling is actually the easiest way of earning bitcoins for free. However, you should always remember that gambling bears some level of risk as there is no guarantee for winning. Some casinos and gambling sites will pay you in bitcoins in you win. Some websites will increase the number of your bitcoins if you win a bet.
You should critically analyze and compare what you are risking with what you might win or lose. The advantage of gambling is that it doesn’t require any special skills or experience. With just a few dollars, you can try gambling. Some of the most popular gambling sites include BigCoin Gambling, PrimeDice, Bit777 and 777Coin.
5. Trading Bitcoins
There are plenty of platforms for trading bitcoins nowadays. First, you must get sufficient trading knowledge. For instance, you can be a bitcoin day trader. This refers to the buying of this digital currency when the prices are lower and selling them when the prices rise on the same day. You learn to thrive on short fluctuations. The principle behind trading is to ‘Buy Cheap, Sell Expensive’.
You therefore, need to have good analytical skills that will enable you to monitor and predict trends. You could also trade bitcoin binary options. This refers to a type of trade where you predict the probable movement of bitcoin trends. For instance, you can stake $10 and say that within the next 10 minutes, the price of bitcoins will have gone higher. In the event that this happens, you win another $10 payable in the form of bitcoins. If the price goes against what you had predicted, you lose your money.
6. Bitcoin Faucets
Bitcoin faucets will enable you to own small amounts of bitcoins after you complete some small tasks online. With some bitcoin faucet websites, for instance, you can earn 0.0003 bitcoins every 15 minutes that you play. Some websites will pay you ‘bitcoin dust’ if you spent a specified period of time on their website, for instance, when playing online computer games or when watching short clips.
Some of the most popular bitcoin faucets websites that will pay you for completing minor tasks include include BitcoinZebra, Satoshi City, Milli and BitcoinAliens. This is an entirely free way of earning bitcoins that anybody can try.