There’s no doubt that you have heard of Bitcoin (BTC) at some point recently. Everything these days seems to be — bitcoin this, blockchain that, ICO launches galore, digital currencies, cryptocurrency — and so on. It’s mind-boggling and nearly impossible to follow for the average person who doesn’t have hours per day to keep up with it all.
However, you don’t want to get left behind, so you are wondering…
“How do I make money from Bitcoin?”
Well, that is exactly why I have decided to write this post on the best ways to earn money with bitcoins; to help answer that question for you.
We are almost to the good stuff, but before diving into it, I think it is important to give you a word of advice on being realistic about your expectations on how much money you will make.
Yes, there is undoubtedly an insane amount of money being made in cryptocurrencies, but that’s not something you should expect right out of the gate (although it *could* happen). Most of the “beginner friendly” methods for earning BTC/Crypto aren’t going to make you rich overnight.
Even so, you shouldn’t get discouraged because even a small amount of bitcoin can be a great asset, and can be used in various ways to grow your holdings & make money!
Also, it’s important to note and keep in mind; there’s really no such thing as truly “free bitcoins” if we are getting technical. At least not in the beginning. It’s always going to “cost” you something to get started — whether it’s time, money, resources, or whatever else.
Ok, now that we’ve gotten that out of the way, let’s get into the real reason why you are reading this…
Here are 10 Ideas for How to Make Money with Bitcoin in 2020 (in no specific order):
1) Investing (buying & holding) – aka “HODL”
This one is actually pretty easy to understand and about as straightforward as it gets (though it can be really stressful and quite hard to force yourself to do at times — an internal battle ensues).
You buy bitcoin and hold it for an undetermined amount of time while waiting for the price to go up until you are ready to sell at a profit.
When most people talk about how to invest in cryptocurrency this is what they mean.
This is a very passive way to make money from bitcoins. It’s also currently one of the hottest strategies out there and a big reason why many people are looking for information on how to make money with bitcoin in the first place.
The stories you hear of people seemingly becoming a bitcoin millionaire overnight were likely using this strategy (though the chances of that happening are becoming far less probable these days unless you have a lot of capital to begin with).
You probably just read those first few paragraphs of this section while thinking, “What the hell is HODL?” You may have even Googled it before getting to this point. Lol, I did that on purpose! A little cliffhanger for you to see if you are really paying attention. 😉
Okay, okay, let’s get on with it… HODL has come to mean “Hold On for Dear Life” in the crypto world. It was originally a misspelling of the word HOLDING from someone on a forum several years ago talking about holding onto their Bitcoin. People in the forum ran with it and it wasn’t long before it had a meaning of its own. Now people in the BTC space and all sorts of other digital currencies use it as a way to say; Hold On for Dear Life! (which is essentially what this section of the post is about)
The obvious risk here is that the price tanks and never recovers, thus leaving you with a loss. The upside here is that the price continues to climb and you end up selling for a huge profit at some point in the future.
Now, you never know what is going to happen, so there’s always a risk with investing in anything.
However, the bitcoin price has been trending upward overall for a very long time, and doesn’t seem to be showing any signs of major long term drops any time soon. Yes, it certainly has had its ups and downs, but the year-over-year price has continued to rise.
For example; If you had bought just $100 worth of bitcoin back around the beginning of 2011 and held onto it until now, it would be worth well OVER $1,000,000 (Yes, that is 1 MILLION USD) at the time of writing this! Can you even imagine turning $100 into $1,000,000 by doing nothing other than waiting around for a while? Wow!
Buy and hold can be a great strategy for making money long term with Bitcoin (assuming the price continues primarily rising over time as it mostly has). However, a big issue with buying and holding is that, even though you are technically earning money, you can’t spend it. As soon as you cash out, you no longer own it, so you have to buy more at a higher price if you want to continue investing. But that won’t really matter if you have already made a huge profit and are content with the amount.
The simplest way for you to buy bitcoin right now — and the way most beginners get started investing — is through CoinBase. Or another popular option is LocalBitcoins where you can buy and sell bitcoins near you and often times get them at a better price than you can elsewhere.
2) Build a Bitcoin Website
This is absolutely one of the most underrated opportunities for making money with Bitcoin, and is highly ranked among my personal favorites!
You could start a Bitcoin blog or crypto information site that will explain the basics of Bitcoin (or other cryptocurrencies) to newbies and/or keep the general public up-to-date with all the important things going on with the cryptocurrency at any given time. Give tips, advice, resources, news and other types of info that is useful to people. Basically, you become a go to resource for bitcoin and other digital currencies.
Your website can earn money in a number of ways, which includes:
– Promoting bitcoin affiliate programs
– Sponsored posts
– Offering advertising spots for sale
– Selling your own info product (see #9 below)
– Building an email list
– And other monetization methods (there’s plenty of them)
All you really need to get started is a domain name and web hosting. After that it’s just a matter of content creation and marketing.
You can even take this further and start doing videos and/or podcasts, build a Facebook group, etc… There’s a ton of ways to build up a community/following, get your content out to the world, and use that to help you gain even more cryptocurrency and ultimately money!
Yes, it definitely takes a decent amount of time, hard work, and probably even some money to build up a successful business/website of this kind, but it can yield an incredible ROI in the long run, and continue to earn money for years to come. You could even sell it later for a huge profit. I truly think if you are looking for a solid business idea on how to make money with cryptocurrency then this should be considered.
If you are looking for ideas on how to earn bitcoins then this one will surely interest you! Basically bitcoin faucets are websites/apps that gives free bitcoins to their users for visiting their pages in order to earn ad revenue.
For the most part, these faucet sites make money from ads placed on their web pages, so they will pay out a small amount of the revenue to you in exchange for visits. Those who visit them will get rewarded a fraction of what they collect from advertisers for the various tasks involved – usually just viewing as.
So, if you don’t mind looking at some ads, you can visit these faucet websites, and earn bitcoins for free.
Each [ad / reward] round typically lasts somewhere in the vicinity of 5-20 minutes. While it will often take longer to gain a meaningful amount of bitcoin, these faucets do give those of you new to BTC the ability to earn portions of the top cryptocurrency for free.
To get started, all you really need to do is sign up to some of these sites with your bitcoin address and you can start earning (a very small amount of) bitcoins each day.
Yes, this is probably one of the most tedious ways to earn bitcoin, but it is free, and allows anyone new to bitcoin to get into it without risking any of their own money.
You could also set up your own faucet, which would earn you more bitcoin (and money) but would come with its own downfalls, and would obviously be much more difficult to do in the beginning.
One of the most well-known faucets is BTCclicks — If you are wanting to make money with a bitcoin faucet, or test the waters and see if you really can earn free bitcoins from faucets, that’s where I would recommend starting.
This is certainly among the top methods for how to generate bitcoins for free by only investing your time. Micro-earnings are one of the easiest – but also most time consuming – ways to earn bitcoin. This basically means that you will be doing small tasks and earning small fractions of BTC for the time you spend.
There are many websites out there on the internet that allow you to earn free Bitcoins in exchange for some of your time and a bit of effort completing various tasks. What you have to do to earn your bitcoins varies from site to site, but some of the most common tasks include; watching promo vids, taking surveys, testing apps, playing games, and doing online offers.
While this is among the best ways to earn bitcoins for free, and one of the few legitimate ways to get bitcoin without risking any of your own money, you will have to invest your time and keep track of what you have done, and the return is very small for the time/effort put in. Still it is quite easy and can be done while you are sitting around in your spare time, so it can be worth it for many people.
You aren’t going to get rich from the amount you earn from these micro-tasks but it can be a good way to make some money with bitcoin. At the very least, this can be a good first step to familiarizing yourself with the cryptocurrency with very little risk. One of the most popular websites where you can do this is Bitcoin Reward.
People will often search for “how to make bitcoins” when they’ve heard there is a way but aren’t exactly sure what they are trying to find. Really, what they are looking for (whether they know it or not) is bitcoin mining information.
This is probably the oldest and most well-known way to earn Bitcoin. It’s also probably the most appealing method for how to earn bitcoins to the newbies who don’t know any better, yet. Once upon a time this was undoubtedly the best way to get bitcoins as it was relatively easy, fast, cheap, and low-risk. By mining for Bitcoins, you can essentially make money for nothing, and a LOT of people have done exactly that. However, it’s not quite so simple these days! As with anything that has huge opportunities to cash in associated with it, things get a lot harder as time goes on and more people catch-on, and bitcoin mining is one such thing.
It wasn’t all that long ago when you could use your own home computer to mine bitcoins, but the algorithms have become far more complex over time, and so many more people are into mining that it has become exponentially more difficult. Doing it this way isn’t really an option anymore, so it’s not worth trying. There is a finite amount of bitcoins available so the difficulty of mining increases as more miners come into play.
So, is bitcoin mining still possible?
Yes, it is, but the current level of difficulty for mining bitcoin is so high that it is virtually impossible for individuals to earn a profit. Therefore, it has made joining a mining pool an almost necessary way to reap some reward over a short period of time.
First off, you are going to need a Bitcoin Miner specifically built for this purpose and a great power supply if you are going to do it on your own.
Then, you will need to join up with a mining pool, which is basically a group of miners that have come together in order to mine more efficiently by combining their efforts, then they split the rewards accordingly. One such example would be; SlushPool.
Mining pools allow people to join their resources together and share their power, while splitting the rewards according to the amount of shares they contributed to solving a mined block. It’s also a good way to keep smaller scale miners involved in the ever-important mining activities.
Although joining a mining pool is not absolutely necessary, it is strongly advised, because doing it on your own is pretty much impossible nowadays. The large scale operations are just too difficult to compete with otherwise.
There are a ton of articles out there telling you how to get started bitcoin mining but I would be VERY cautious before taking any of that advice. Most of that information is years old and no longer relevant. I advise you to make sure the information is new, and even then I suggest you perform your due diligence on it.
Now, I know there are a lot of you reading this right now that are still wondering… How much money can I make bitcoin mining? To that, I would say, it’s impossible to know. That is one of those questions that doesn’t have a definitive answer. I wish I could tell you but I simply do not know, and neither does anyone else. That’s comparable to asking; how long is a piece of string? One simply cannot tell you because the answers are infinite.
You can earn bitcoins through trading, and it can be a great way for you to make money with bitcoin. However, I personally wouldn’t recommend engaging in Bitcoin trading if you are a total newbie to crytpo-currencies. This tends to be better for those who are experienced in general financial trading and/or have enough money that you are willing to risk (read:lose) without it affecting your life.
That’s not to say beginners can’t be successful at bitcoin trading, as it’s entirely possible, but it’s just not what I would suggest as a starting point. I’d at least get my feet wet before jumping into it.
Okay, now that I’ve said that, let’s get on with it…
When it comes to trading bitcoin as a business model, there are plenty of different strategies to use, but the basic plan is typically to buy low then wait for the price to increase so you can sell it a higher price to earn a profit. It sounds so simple, but it’s not as easy as you think. You must understand market trends, know price dynamics, and follow digital currency news if you want to make successful bitcoin trades. You also need to be quick as price can fluctuate very rapidly.
Successfully trading bitcoin is almost never a matter of blind luck, especially in the long term. The real traders spend a ton of time learning how to trade profitably and overcome the multiple risks involved with crypto trading. If you want to become a successful trader be sure you have the time and money to invest in good trading education as well as some trial & error.
You can also do bitcoin trading through arbitrage, which is probably the safest way I know of to make money from bitcoin trading at the time of writing this post. What arbitrage generally means is you see an opportunity to buy an asset in one place for a certain price, and sell it instantly at another place at a higher price. It’s very important that you know for sure that you will be able to sell the asset right away at a higher price than you bought it for. This is why knowledge and experience are necessary for this option.
If you want to get into Bitcoin arbitrage trading, you will need to be able to get bitcoins nearly instantly, so when you find an opportunity you can act on it immediately. You can earn bitcoins from arbitrage and it can be quite profitable, but you definitely need to be very cautious if you aren’t highly experienced in this area.
Another great way to make money trading bitcoins is to buy altcoins or invest into ICO’s that seem to have a promising future. Then, once the coin takes off (assuming it does) you sell them for Bitcoin at a profit. I was personally able to turn a $1,000 investment into nearly $5,000 recently – in less than one month – by doing exactly this!
This can actually be a great strategy on how to make money with cryptocurrency in general. However, once again, I do caution this if you don’t have much experience in the digital currency world overall, or at least have a good mentor to get advice from on which coins to buy, and even then it’s risky.
Our recommended resource for this is AvaTrade
Loan your bitcoin(s) and earn some money on interest.
Lending is one of the oldest ways to use your existing money to make more money. Pretty much everyone knows that or at least has a basic understanding of how it works. If you don’t, it’s fine, here’s the basic rundown… You loan out a certain amount of money to someone for a certain reason and they pay you back with interest in a specified amount of time. The interest rates will vary depending on the market, time, and the risks involved.
If you already own some bitcoin, you can put them to work for you by lending them out and earning interest payments on the loan.
Because of how risky these loans are, the interest rates are quite high, which can seem like a great thing initially. Thinking about how you can make 10-20% plus per year on your coins, it’s hard not to love the idea of that!
However, since there is no actual collateral holding the borrower liable for the loan, it is very common for these loans to default and the lender is left without their money.
Therefore, this is a HIGHLY RISKY method, and one I would advise most people to stay away from unless you know what you are doing and are lending through trusted resources.
In summary, BTC lending can be a good way to increase the investment on what you already own, but please be sure to only lend through sites/people that you absolutely trust. There’s a lot of unscrupulous people in the world so you have to be very careful.
Also, be sure to diversify your risk by lending to multiple borrowers, rather than putting all your eggs into one basket – so to speak.
Honestly, this is really not my forte, and I don’t generally recommend gambling unless it’s just for an occasional night out for fun with your friends at a local casino. However, if you like gambling online, it can certainly be a way to earn Bitcoins if you are skillful or at least lucky.
I’m sure you are familiar with online casinos by now. They are very well known and the concept is pretty straightforward. You play various games such as blackjack, poker, craps, roulette, and a whole bunch of others with the intention of winning money – You can bet on just about anything! It’s really no different using bitcoin to gamble with than it is your normal fiat cash, except you can make even more money if you win bitcoin and the value goes up afterward, or you use some of other ideas in this post to invest it wisely.
If you like gambling online and want to earn your winnings via bitcoin, you can choose from a variety of internet casinos and gambling websites that use cryptocurrency. However, you should never forget, the house always wins eventually if you keep on gambling – just like any regular casino – so the risks are high. If you win, it’s best to cash out and move on to more stable opportunities. That’s how to earn bitcoins through gambling without taking on nearly as much of the risk. You just have to be smart about it and don’t count on winning.
9) Writing / Info Products
If you are good at researching and writing then you can definitely earn bitcoin using those skills. There are a lot of people out there with bitcoin related websites or other types of bitcoin businesses that need content written for various reasons, or other types of writing gigs that aren’t necessarily about crypto but will still pay you in it. Whether it is to put on their own sites/blogs, use for marketing purposes, sell to others, or whatever else — the fact is they need the content. Most people are either too busy to write it themselves, aren’t good writers, or simply don’t want to do it; so they are willing to pay good money for someone else to write it for them.
Chances are the people who are needing this sort of content written will own bitcoin and be willing to pay you with it in exchange for your writing services. So, all you have to do is get yourself in front of them, offer up your services, and ask them to pay you in bitcoin. There are many forums, marketplaces, websites, and other ways to find these freelance gigs so just do some searching and you are sure to find them. Here’s one to get you started: Coinality.
Also, there is a growing social media & blogging platform that has skyrocketed in popularity in recent years called Steemit. It can certainly be a great way to earn cryptocurrency (STEEM) through writing. You can then trade/sell them for BTC. As of right now this is one of the best options for you to get bitcoin for free in 2020 and is especially nice for the average person just looking for some easy ways to make money online.
Another strategy for how to earn money with bitcoin through writing is to create your own information products (ebooks, courses, etc) to sell. Cryptocurrency in general is such a hot topic right now and most people just don’t really “get it” so they are searching for information to help them understand the ins and outs of it all. Many people would love to just buy an info product that has everything they need to know all in one place. You can use your writing and research skills to create this product, and many others around many different topics in the digital currency world.
These can be sold on places such as Clickbank, Udemy, and Amazon.
10) Sell Products & Services (accept bitcoin as payment)
It shouldn’t come as a surprise that this makes the top 10 list. Let’s not forget that Bitcoin is a form of currency, so selling goods and services is one of the best ways to earn bitcoins. Yes, you can make money selling just about any type of product or service, and accepting bitcoin as a payment method. These days, even a lot of major retailers are now taking bitcoin as one of their payment options.
I think this is one of the best and easiest ways to make money with bitcoin today. It doesn’t matter if you have an offline “brick-and-mortar” company, an internet business, or you just have some goods or services to sell on an online marketplace – you should accept bitcoin as payment. And if you do already have a small business, the integration to accepting them as payment is relatively quick and easy if you use something like BitPay or a similar service.
There are even sites out there where you can specifically sell things in exchange for bitcoin. Two of the most well-known are Bitify.com and Purse.io
That concludes the list for now. I will update it when any new ideas or interesting opportunities catch my attention.
Overall, learning how to start a bitcoin business and make money with it is not very difficult, it’s just a matter of getting the right information, finding the best options for you, taking some calculated risks, and going for it. As you can see above, BitCoin (BTC) offers several types of money making opportunities for those of us with the entrepreneurial spirit. This digital currency makes starting an online business faster and easier than ever before.
Finally, it’s up to you to jump in and find the right way for you to cash in on the bitcoin craze. You have all the ideas, information and links you need in this post, so don’t delay any more. The longer you wait, the further you fall behind in the curve, and the harder it will be to catch-up. There’s no denying that this is the future of money so get started now rather than regretting it later.
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BONUS: I’ve found an awesome way to combine several of the above ideas into one. It includes aspects of bitcoin investing, trading, and a cryptocurrency business opportunity in one simple to use system. This is among the fastest and easiest ways I have ever seen to start making money with bitcoin. Best of all, it’s virtually passive income and can be incredibly lucrative. I highly recommend it! However, this is something I am only sharing with my insider secrets crypto subscribers, so enter your name/email in the form below if you want the details.
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I sincerely hope you are able to use the tips above to make 2020 your best year ever!
Please share this post with your friends and social networks to help out as many people as possible. We all win by utilizing and sharing this information. Let’s all strike digital gold this year!
Here’s the video version for those of you that would rather watch or listen. It’s not nearly as in-depth so be sure to come back here for the full information as well as the links, resources, etc…
Notice: Investing/trading/lending/gambling/dealing/etc in digital assets, such as bitcoin and other cryptocurrencies or tokens, is highly speculative and comes with many risks. The market is largely unregulated and anyone considering it should be prepared to lose their entire investment. Always use caution and do your due diligence before getting involved in anything. Also, NEVER risk more than you are willing and able to lose. We do not guarantee or imply that you will earn any bitcoin or make any money by using the information above. This is not to be construed as financial or investing advice. You use the information herein at your own risk and you accept full responsibility for your own actions!