Bitcoin as a cryptocurrency has been on everyone’s lips for some time. People analyze their past and make predictions about its future for a variety of reasons. Some people want to know the history of cryptocurrencies, while others are chasing possible investment opportunities. In the “Making Money with Bitcoin” guide, you will be told about different ways to make money with Bitcoin.
You will be shown different ways on how to realize your dreams of making money with Bitcoin. But first, the history of Bitcoin and why it is so popular will be explained. Then how this cryptocurrency has risen so much will be examined. Finally, investment opportunities will be discussed.
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If you want to drop everything and start something new, or if you want to earn in addition to your business, making money with Bitcoin may be the way you are looking for it. But first, you’ll take a look at the history of Bitcoin. After all, it becomes difficult to comment on the future without knowing its past. History of Bitcoin (Short Version)
Bitcoin was created in 2009 by a person (or group) nicknamed Satoshi Nakamoto. At the time of its release, no one knew what cryptocurrencies were.
Bitcoin’s early years were quite challenging. Although the price fluctuated, it did not receive the necessary attention. At that time, no one was wondering about ways to make money with Bitcoin.
At the beginning of 2017, Bitcoin crossed the $1,000 mark. In the same year, it reached almost $20,000. It was an amazing event. Everyone was in a daze. It was as if an unstoppable force had made him rise in an instant. However, if you’ve looked at Bitcoin’s price recently, you’ve probably seen that things are no longer the same. Bitcoin’s Decline (?)
At the beginning of 2018, the price of Bitcoin was around $ 11,000. Then it had an incredible decline and fell to $6000. At the time of writing, Bitcoin is worth $6400.
So what caused this collapse? There is a lot of speculation.
Bitcoin’s price table in recent years is as follows:
What does this figure remind you of? Can we call it a tooth?
This type of diagram is called a “shark tooth” diagram. This means that the price of a cryptocurrency (in this case, Bitcoin) rises and falls in a very short time, reminiscent of a shark tooth.
It’s also called a “burst bubble.” A famous economist called Bitcoin “the biggest bubble burst in history.” Reasons for this include unfounded excitement, lack of support for blockchain, market manipulations, and more.
Whatever the reason, Bitcoin is in decline. Anyone with dreams of making money with Bitcoin should consider this. How to Make Money with Bitcoin?
Now you know about the rise and fall of Bitcoin. Now it’s time to make money.
There are several methods to make money thanks to Bitcoin, but the main methods will be mentioned in this guide. It is not possible for all paths to fit into a single article.
The list does not have a custom ranking. Some methods work better (or faster) than others, but in general it depends on the person. Method #1 – Buying Bitcoin
There are huge groups that buy to “invest” in Bitcoin. Of course, it’s a risky method, but it’s probably the simplest.
There are several types of investors. Some people buy a certain amount of coins and forget that they bought them for a year or a decade. These people have no intention of making a profit in the short term. They think that the future will be successful for cryptocurrencies. Thus, they are of the opinion that they will make ten times the profit in the future.
Another type of Bitcoin investor is people who do a lot of research, read all the predictions about cryptocurrencies, spend weeks on data analysis and statistics. These people focus on a certain amount of time. Most of the time, they invest in the short term, so they are waiting for the right time. In addition, these investments are smaller than in long periods. Even though people do a ton of research before investing, if their investment fails, they start to look for another time period.
If you are looking for ways to make money with Bitcoin, or if you are looking to make a profit with cryptocurrencies in general, buying Bitcoin can be spectacular or disastrous. It can also earn incredible money in a very short time and put it into debt. It all depends on one factor; the research you did before you bought it. Method #2 – Accepting Payment with Bitcoin
Have you heard of Fiverr? A site where people get services from freelancers for $5. Think of this concept with Bitcoin.
For this method to work, all you need to do is:
- Find a skill you’re good at. Obviously this can be anything. Everything from copywriting and digital marketing to painting and singing. Find your strongest side and find a way to make money from it.
- Create a cryptocurrency wallet. If you are reading this article on making money with Bitcoin, it is likely that you have already completed this step. Let this be a reminder, though. A cryptocurrency wallet secures your crypto. It’s ready to use whenever you want, just like your real wallet! If you still don’t have a cryptocurrency wallet, research it now and create one!
- Find a way to get people paid. Online forums and shops are pretty good places to start. Here you can specify that you will only accept payments with Bitcoin or other cryptocurrencies. After a certain period of time, you can create a site designed for it and teach others ways to make money with Bitcoin.
If you’re thinking about making a profit with Bitcoin (and you’re serious about it), doing research is an inevitable step. Not doing research is like driving without turning on the headlights at night. Yes, maybe you CAN do it, but it’s not worth the risk. Method #3 – Mining
One of the most popular ways to make money with Bitcoin is Bitcoin mining. You can mine of two kinds: on your own or through cloud mining.
Mining alone (by owning your own mining rig) may not be the best way to make money on Bitcoin. Due to your success in the mainstream and the interest of many people, Bitcoin mining is seen as one of the more difficult minings. No matter how good it may be, a single rig may not be enough to make notable profits. After all, there are electricity and maintenance costs that you need to consider more.
Cloud mining has become quite popular in recent years. It’s a pretty good mining alternative because you don’t need to buy any hardware or software, put them together, or even do anything. You only pay the one-time contract fee and you’re done! You usually receive your earnings at the end of each month. The amount you get depends on the plan you choose and the electricity bill of the facility that offers cloud mining services.
In general, cryptocurrency mining is a very popular choice among ways to make money with Bitcoin. Although it takes some knowledge and expertise in the field to perform successfully, it is well worth the effort. Method #4 – Investing
It is not a Bitcoin buy-sell type of investment.
There are several options to choose from when it comes to investing in Bitcoin. You can make money on Bitcoin by investing in start-ups, companies, stocks, or the blockchain development itself.
Blockchain-based start-ups are very popular in investing in cryptocurrency-related areas. Some notable start-ups have even achieved mainstream success (e.g., Brave’s Basic Attention Token). You need to do some research and find the next big fish. If you find the chicken that will lay the golden egg and invest in the first days, you can hit the jackpot at 12 in the future and get profit after profit.