How to Earn Bitcoin – Most Popular Ways

Cryptocurrency is taking off as a new, powerful form of digital money around the world. It’s been a bumpy start, but economists, bankers, and retailers are beginning to take the idea seriously. Bitcoin is the flagship cryptocurrency that’s by far the most valuable and most useful. With the Bitcoin price continuing to explode year after year, it’s a good idea to get your hands on some Bitcoin.

There are plenty of ways to start expanding your Bitcoin wallet. Here are the most popular ones and how you can use them to start earning Bitcoin right away.

1. Earn a Bitcoin Salary

The most direct way to earn Bitcoin is to earn your salary in Bitcoin. This might seem a little crazy at first, but people are already earning part or all of their salary in cryptocurrency in some parts of the world. The Japanese company GMO group are giving employees the option to receive part of their salary in Bitcoin.

Paying employees in cryptocurrency makes sense for companies that already have their funds in cryptocurrency, for example, startups that have raised funds through an ICO. They may have millions of dollars worth of a cryptocurrency like Ethereum or Bitcoin ready to spend on hiring and other services.

Be careful, though. The price of Bitcoin is very volatile. If you agree on a salary priced in Bitcoin, the value of your salary could vary widely from month to month or week to week. Another way to do it would be to agree on a salary in a fiat currency like US dollars and get paid in Bitcoin at the current market exchange rate.

2. Buy Bitcoin on an Exchange

The second most direct way to earn Bitcoin is simply to convert part of your salary yourself. Bitcoin is a very liquid investment in many countries, so you can easily swap your fiat currencies for Bitcoin on an exchange.

This could be as simple as buying a certain amount of Bitcoin every month. Or you could use one of the many apps that help you buy Bitcoin with your spare cash. Some of them will automatically convert your spare change into cryptocurrency. For example, if you buy a coffee for $3.80, the app will round the purchase up to $4 and buy $0.20 worth of Bitcoin for you. This will slowly but surely keep your Bitcoin portfolio ticking in the right direction.

3. Trade Bitcoin

The facts that cryptocurrencies like Bitcoin are volatile (the price can change quickly) and have high liquidity (they can be bought and sold quickly and easily) mean they are very popular for trading. If you can predict the direction the price of Bitcoin is going next, you can earn an easy profit. All you need to get started is a little capital and an account on a Bitcoin exchange.

Of course, cryptocurrency trading is extremely risky. It’s generally accepted that most traders on the foreign exchange market lose money. The cryptocurrency market is unregulated and could be even more dangerous to new traders. It’s a good idea to get some practice on a cryptocurrency trade simulator first. Here you can make trades just like on the real Bitcoin market. The difference is that you will be trading monopoly money and won’t be risking anything. After a while, you’ll get a feel for how things work and if you’re actually any good. If you can consistently pick good trades and earn a (fake) profit over time, you might want to start experimenting with real money. If you find you are losing more than you’re making back, it’s best to call it quits.

4. Lend Your Bitcoin to Peers

The most common strategy to earn money with Bitcoin is HODLING; buying Bitcoin and simply holding on to the investment. As the value of Bitcoin goes up, your investment can be sold again for a profit. The problem with this strategy is that the amount of Bitcoin you have doesn’t change while you are holding it. It’s a perfectly good capital that neither you nor anyone else is actively using. What’s the best thing to do with idle capital? Lend it out to earn a return.

Along with the development of Bitcoin has come a boom in peer-to-peer lending platforms. In the traditional financial system, you deposit your money with a bank and they lend the money out for you, hopefully giving you a part of the interest they earn. With peer-to-peer lending, you skip the middlemen altogether and lend your money directly to other people just like you. You can earn a high return on your spare Bitcoin. The downside to this is that you might not get paid back, meaning your Bitcoin is at risk.

5. Earn Bitcoin from Micro Donations

Bitcoin offers fast, cheap, uncensored payments to anywhere in the world. This makes it a great tool for micropayments. Micropayments are payments of very small amounts (from a few cents to a few dollars). These types of payments haven’t taken off on the internet so far because the cost of sending small payments internationally has been too high.

With Bitcoin and other cryptocurrencies, it’s possible to receive payments of just a few cents from anywhere in the world. The average fee on a Bitcoin Cash transaction, for example, is $0.01-$0.03. A whole new micro donation-based business model is emerging from the possibility of micropayments. All you need to do is create some kind of content that people like, and ask for small donations to support your cause. Projects like Steem are taking this new business model to another level again.

Start Earning

Cryptocurrency is becoming a global phenomenon. Those that got their hands on Bitcoin early have already reaped big benefits. The good news for the rest is that it’s still early days for Bitcoin. Global adoption rates still have immense room to grow.