How Can You Obtain Bitcoin? - The List of Options
Let’s suppose, you’ve become enthusiastic about the ability to securely store money without paying bank fees, and thus, signed up for a cryptocurrency wallet. Naturally, you are seeking ways to fill it with crypto. You can buy Bitcoin directly at exchanges, but there are many more interesting options apart from that. To help you become a part of the crypto economy, we have assembled the most popular ways to earn Bitcoin.
Become a ‘bounty hunter’
Bounty programs can be a reliable way to fatten up your Bitcoin wallet. The bounty bestowers are blockchain startups promoting their marketplaces and ICOs. You, as the bounty hunter, get paid in cryptocurrency, typically the native token of the ICO, in exchange for helping out with various marketing activities. These may include mentioning the business in social media posts, blogs, and articles. Or you may be tasked with making a Youtube video reviewing the blockchain startup. The tasks you are required to perform, and the number of associated tokens paid are clearly outlined in the bounty listing.
Bitcoin has experienced high price volatility in its short life. Extreme price movements create not only opportunities for profit but also the risk of losses. Volatility is declining, and risk management tools are slowly developing, allowing traders to manage trading risks better. The introduction of CME and CBOE Bitcoin futures last year provided traders with tools to hedge against the price volatility risk.
However, cryptocurrency traders should be aware that even in the ‘grown-up’ forex markets, most traders lose money. Many cryptocurrency exchanges provide educational resources to help you become a successful trader. When choosing an exchange, look for high liquidity and fast trade execution times.
Perform Bitcoin faucet activities
Get paid for making clicks, doing captchas, filling out surveys, or playing games. Faucets pay out rewards in Bitcoin and other major cryptocurrencies in exchange for engaging in various activities. Rewards are denominated in Satoshis, a hundredth of a millionth BTC. To get started, users set up a faucet hub – a wallet that aggregates payments from different sites. Users can then make periodic transfers to their Bitcoin wallet. Getting paid to play games sounds too good to be true. So, before registering, make sure you have read the rules. Faucet sites make money via advertising so be prepared for an annoying level of ads to click through. Faucets have been easy targets for hackers as well. Setting up two-factor authentication on your hub can help protect your earnings.
Work for Bitcoin
If you want to earn your wages in Bitcoin, many jobs are advertised on services such as Xbtfreelancer, BitGigs, and Reddit’s Jobs4Bitcoin. The freelance jobs that will pay in Bitcoin are usually related to programming, website creation, graphic design, and writing. You will also find many gigs for developing and marketing blockchains or cryptocurrencies.
Provide useful tips
If you have good research skills and ingenuity, you can earn Bitcoin answering questions on Bitfortip. Many people there are trying to locate novel and rare items (clothing, music, videos), get advice on how to do something (ship a shirt to Athens for under $20) or seek tourist tips (the best place to eat in Tokyo Shinjuku).
Earn incentives as a token holder
The Bitcoin blockchain is more than a digital ledger. When Ethereum upgraded it by adding smart contract functionality, it created a platform for any business wanting to operate a decentralized marketplace. But the blockchain is more than an operating system for transaction management; it is also about a shared economy ethos. If you want to book your travel on Travala or CryptoBnb, social network via Telegram or use financial services on BitBond or Nebeus, you can share in the value creation of these marketplaces. Different marketplaces provide different types and levels of value creation for users. They typically offer rewards and incentives in cryptocurrency, while some also provide revenue sharing. Rewards are distributed in the respective utility tokens, and most can be easily converted, some instantly, into Bitcoin.
Bitcoin transactions are verified by solving cryptographic puzzles through a proof-of-work process called mining. Mining Bitcoins was once the most profitable way to earn Bitcoin, but today, not all miners make money. Calculating mining profitability can help you decide if it would be a viable commercial undertaking for you. The hash rate of your mining hardware (GH/s) and the cost of electricity ($/kWh) are major costs. If you want to avoid the expense of investing in equipment, cloud mining is an option. Some miners locate to areas where electricity prices are low to make mining profitable. The difficulty of solving puzzles, miner reward and Bitcoin price are variables you cannot control.
Accept Payments via Bitcoin
Owing to all of the ways of earning Bitcoin mentioned above, more people have Bitcoin in their wallets, and more businesses can benefit from it. Shopify, Overstock, Microsoft are the major companies that accept payments in cryptocurrency. If you have your own business, consider joining the trend and accept Bitcoin from your customers.
To sum it up
As the crypto market is growing, a lot more opportunities appear to earn Bitcoin apart from simply buying it. Find an option that will be the most suitable for you and become a crypto owner!
Many similar earning opportunities exist – from bounties to P2P lending – for Ether, Litecoin and other cryptocurrencies. You may want to choose a multicurrency wallet if you want to have a diverse collection of digital assets.