The news of gold discovery spread like wildfire in California and other parts of the world, which helped spark the California Gold Rush.
Fast forward 160+ years later, we’re now at yet another seemingly new gold rush, but this time it’s digital.
Bitcoin and other cryptocurrencies started to get public attention. People are curious to find out whether it’s a great opportunity to be in to make money. I bet that’s why you’re here in this article.
What are some ways to make a side income (even full-time) from Bitcoin? How do the methods work and where should you go to get started right now?
Check out this newbie guide I made for those who are interested.
What is Bitcoin? A Quick Overview
Bitcoin is considered the “digital gold” of currency that started back in 2008. It was created by an anonymous man named Satoshi Nakamoto. While no one knows him in person, he developed an astonishing technology that will revolutionize the world.
The reason why Bitcoin is so successful is because it operates under a powerful technology called the blockchain. Blockchain is a giant public ledger where information on transactions is protected by cryptography.
This helps reassure people that the system can’t be tampered in the process and therefore, more security and trust in your Bitcoins.
As a cryptocurrency, Bitcoin is a great way to do business around the globe because it’s fast and cheap. You don’t need to go through middlemen in order to complete long transactions (while paying a transaction fee).
Bitcoin eliminates that hassle once and for all!
To learn more about the technology, here’s a quick video explaining what it is:
As it turns out, this cryptocurrency provides some wonderful opportunities, especially online. And that’s what we’re going to talk about in the next section.
5 Great Ideas to Start Earning Bitcoins
Can you earn Bitcoins and make it a source of income? Of course! Here are 5 great methods you can choose from and pursue right now:
No, you don’t need a shovel or dynamites to extract Bitcoins. So don’t worry about getting dirty with mud and risking yourself underground. Everything’s done online.
In simple terms, Bitcoin mining is about creating Bitcoins out of thin air. Put in a technical way, mining involves creating blocks of transactions that are placed in the public ledger called the blockchain.
Bitcoin miners are a vital part of the Bitcoin network because they’re the ones responsible for confirming valid transactions so that no double spending happens.
To participate, you download a special mining application, then provide some “computing power” in order to solve complex mathematical problems.
Earning Bitcoins involves you finding a block, which at present is equivalent to 12.5 BTC.
The problem though, is that it’s harder to mine as time goes by. Back then, the early miners were able to get 50 BTC easily and only with the use of a laptop.
To stand a chance in the present, you need to buy specialized hardware (called ASICs) to really find blocks. However, mining hardware is getting expensive. Also, you need to take electricity costs and cooling hardware into account when calculating your profits.
The best way to be profitable with mining is to join Bitcoin mining pools, where you take a share of the coins the pool gets. Another way is to mine Altcoins instead such as Litecoin, Ethereum, or Dogecoin.
Some alternatives include cloud mining, but it’s far too risky to invest in. You’ll do better if you just invest the same amount of money in the market.
You may have heard of stories of crypto millionaires making a fortune with cryptocurrency investing. I respect if they want to remain hidden and not reveal their investing secrets.
Although I’m not a millionaire yet, I can confidently say that these people are REAL.
A post on AuthorityIncome.com explains how Ben K made more than 1,000,000 in just 3 weeks. It was possible because he had some upfront investment (and profound knowledge of cryptocurrencies).
The method is simple: Buy low and sell f***king high!
Because here’s the thing: Cryptocurrencies can grow to 200, 500, 1000, or even 10,000% in price in just a matter of months!
If you invested $1,000 in Ethereum at the start of 2017, then by June 2017 (6 months after), it’s already grown to more than $40,000!
To get BIG money like this, you need to start sniffing out new cryptocurrencies that are priced below $10. Understand them well and read the whitepaper of the cryptocurrency.
Doing research is KEY to pulling off a successful investment. More so, don’t expect that everything will be pure gains. Expect to LOSE some money in the process and not let your emotions overwhelm you.
As for trading, you can make money by day trading if you have the skills to analyze cryptos and perform technical analysis and stuff.
If you ask me, I’ll be biased going for long-term investing instead.
Want to reap profits but don’t like to research? Try gambling in casinos and see if you can make great money with it.
In this method, you’re not doing any kind of research or reaching some objective. You just let your “luck” decide whether you win Bitcoins or lose.
When you do win, the house will take some portion of the winnings before it gets to you. But if you lose, you’ll get nothing at all.
There are many ways to play in these sites such as BINGO, Poker, Dice, Lottery, Roulette, Slots, and all kinds of games you’d expect in a traditional casino.
Some examples of websites you can try include:
- Lucky Games
I’m not a big fan of gambling at all, which is why I won’t get into further detail. If you’re feeling lucky, then try this money-making method.
4. Online Jobs
Got an awesome skill to monetize from? Why not find an online job that pays in Bitcoins? You’ll be amazed at the number of sites that already offer such opportunities.
To give you some great places to start, here’s a simple list:
- /r/Jobs4Bitcoins (subreddit)
Common skills you can get a job for include:
- Web Design
- Data Entry
- Watching Ads
- Visiting Websites
- And More
Just be careful and look at the company’s terms and conditions to protect yourself from fraudulent people and sites out there.
5. Crypto Faucets
The easiest way to get involved with Bitcoins and other cryptocurrencies is to get them through a faucet.
The main role of faucets is to increase awareness in this new technology, as well as earn tiny amounts of Bitcoin yourself. When you stay longer on the site, you can expect to earn more.
Now there are two ways you can take part in Bitcoin faucets.
The easy way, is to visit a faucet and collect 30 to 10,000 satoshis using sites like:
- Moon Bitcoin
Or, you can run a faucet yourself and make money from ads, which will require some knowledge of programming and Internet marketing to grow visitors.
The problem with making a faucet is the “complexity” in setting one up. You need to install scripts, set up a domain and website, and a little bit of marketing to get the initial traffic coming to your faucet.
If you’re interested in this Internet marketing thing, you should check out my other website, The Passionate Marketer.
My Final Word of Advice
Be careful out there, because as with most financial instruments, there are shady people lurking in the dark to take your money.
Before venturing into any opportunity, it’s best to learn how to secure your wallet especially your private key.
The best practice in holding cryptocurrencies is to spread your coins into both hot storage and cold storage. Hot storage involves Bitcoins that you use on the move, while cold storage is a place where you store Bitcoins offline.
If you’re just starting out, then it might not be a big deal yet to have offline wallets. But once you start handling big money, then you should invest in a hardware storage (like the TREZOR wallet) to protect your wealth.
Anyways, this wraps up my post on earning Bitcoins. By the way, there are many more cryptocurrencies out there that you can make a living from, so don’t limit yourself to just BTC.
So what are you waiting for? Start earning Bitcoins now because for sure, it’s going to stay for a very long time. If you think I missed something on the list, feel free to share it in the comments below.