Here’s a few ways to get started.
1. Become a Bitcoin Miner
New bitcoins are generated though bitcoin mining, which is the process of using your computer power to add bitcoin transactions to the blockchain, a public ledger that chronologically stores all bitcoin transactions through a shared, and continually reconciled database.
Back when bitcoin first hit the market, bitcoin mining was exceptionally lucrative and you could earn 50 bitcoins for every block you contributed to on the chain. Over time, the rewards have become less and the market has become far more competitive with whole groups of people joining together in mining pools to split the rewards.
In addition, you require an exceptionally powerful machine to do bitcoin mining. This often requires you to leave your machine on 24/7 and is likely to rack up a high electricity bill. That being said, it is worth getting to know more about bitcoin mining and how it works considering the way bitcoin is mainstreaming around the world.
According to BitcoinMining.com, the best bitcoin mining hardware includes:
- AntMiner S7, earning about 0.1645 bitcoins a month
- AntMiner S9, earning about 0.3603 bitcoins a month
- Avalon 6, earning about 0.1232 bitcoins a month
2. Earn Bitcoins Though Work
These days there are loads of job opportunities which offer cryptocurrency payment, so if you want to earn some bitcoin this is one of the best ways to get started. There are already many freelancers earning bitcoins by looking for work though sites like XBTFreelancer and UpWork, and there are already some startups and businesses that pay employees in bitcoins. You can also find out why some employees are approaching their companies and asking to have a percentage of their salaries paid in bitcoin.
3. Accept Bitcoin Payments at Your Business
If you sell goods or services, you can easily start accepting bitcoins as a form of payment by letting your client base know – even if you have a land-based store instead of a digital one. All you need to do is sign up for a bitcoin wallet then display a QR code on your website or in your store enabling people to add funds to your account. Most bitcoin apps are able to send and receive money, and work out the exact amounts owed automatically.
4. Do Online Surveys to Earn Bitcoins
In the same way some brands pay people for their opinions in control groups, some websites pay people for taking part in online activities. Your bitcoin earning potential isn’t particularly high using this method, and it does require quite a significant investment of time, but it is still a way to start accumulating small portions of bitcoin. Some of the ways you can earn money is by viewing advertising, doing surveys and signing up for subscriptions using websites like BitforTip and CoinWorker.
5. Earn Interest on your Bitcoins
You can make more bitcoins through peer to peer bitcoin lending or bitcoin banking. By lending out the bitcoins you already have, or investing them, you can make them work for you to earn interest.
- Peer to peer bitcoin lending is a system where people publish funding requests via an established platform and you can choose to contribute to them or not. It’s a bit like running your own investment portfolio in the sense that you can diversify your strategy by spreading your bitcoins across many loans to reduce risk, and achieve more solid returns.
- Bitcoin banks offer various investment strategies that can yield various returns, and will manage everything on your behalf, which makes it a low maintenance way to make your bitcoins work for you.
6. Win Bitcoins at an Online Casino
Like any game of chance there is no guarantee that you will win bitcoins when you gamble online, but like every game of chance, there is also an opportunity for success, so why not give it a try? These days you can gamble online using bitcoin with all your favourite casino games, from slots and blackjack to dice and live dealer games. The best part is that in an online casino you can start off by making very small bets, allowing you to get a feel of what it’s like gambling with bitcoin. Also look out for faucets on gambling websites, where casinos essentially offer free coins over a specified amount of time, such as 0.0001 bitcoin every five minutes you are on the site.
3 Reasons to Use Bitcoin
Speed: Centralised bodies (banks) involved in transactions can often hold money up for several days, while bitcoin transactions benefit from being totally free of all the red tape and are virtually instantaneous. While credit card transactions are usually instantaneous too, banks usually charge you for that privilege, whereas with bitcoin, fees are minimal or sometimes free.
Safety: Using a credit or debit card online requires users to input all their details which can lead to security risks. With bitcoin, this worry is entirely eliminated because you will never have to share your personal information with any casinos.
Privacy: While it is a relatively public currency thanks to the public blockchain, bitcoin is also far more private than regular methods of payment. Unlike your conventional bank account details, your bitcoin email address, generated via your wallet, is completely anonymous, meaning people can see that a wallet exists but no one knows who it belongs to.
Find out more about the best bitcoin exchanges and how to trade with bitcoins. The currency recently reached a record high when a single coin traded as high as $1,331, and with a steady rise forecast for 2017, perhaps it’s time you start earning your own? Bet and Win Bitcoins