With the upcoming demand for cryptocurrency, Bitcoin is registering a phenomenal surge, exciting the interests of speculators, media and currency regulators. Although the early days of cryptocurrency saw a downswing with Bitcoin, the stage is now set for digital currency. The positive effects of Bitcoin are trickling down into its community allowing the accumulators to rake in profits. So here are 10 creative ways in which you can become a smart money-maker through Bitcoin and reign supreme in the global market of cryptocurrency.
1. Buy and Accumulate Bitcoins
Your first step to making money through Bitcoins is through a Bitcoin Wallet. It is through this wallet that you can transact by either sending, receiving or holding your cryptocurrencies. If you are looking for your first Bitcoin, you can sign up with either of the online interfaces, namely: Blockchain.info or Coinbase. Tagged as the most patronized Bitcoin Wallets, you can either use the mobile or online versions. When it comes to holding Bitcoins, the most trusted means would be to store them offline. In order to do this, you need to employ a cold wallet named Trezor.
Once you have a wallet service with your name, you will be allowed to connect with numerous Bitcoin addresses. This way, you will be in a position to receive Bitcoins from others. You can keep track of all your transactions by checking out the Blockchain.info site.
2. The Scope Of Bitcoin Cloud Mining
The concept of Bitcoin Cloud Mining has already become a huge hit. You can collect Bitcoins by using a remote data center with a shared processing power. This option of Cloud Mining is indeed a boon to Bitcoin collectors who can indulge in mining cryptocurrency without getting bogged down by the maintenance of mining hardware.
You can mine Bitcoins without any concern towards mining hardware and software along with bandwidth and offline issues. You just need to shell out for a service charge by the providers of the datacenter for their offerings and you are all covered. If you want to be a part of the Bitcoin community by mining the currencies at low cost, then Bitcoin Cloud Mining can become your top bet.
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3. Bitcoin Mining – Best Suited for Hard Core Bitcoin Miners
As a sharp contrast to Bitcoin Cloud Mining, Bitcoin Mining entails upon a complex process which does not meet the requirements of newbies stepping into the Bitcoin market. That means, Bitcoin Mining is best suited for dedicated miners who transact in Bitcoins by spending lots of money on resources. Experienced Bitcoin dealers invest in state-of-the-art machinery that drains out kilowatts of electricity to solve mathematical functions to earn Bitcoins in return.
The well-established Bitcoin community thrives on Bitcoin miners transacting through an understanding of sharing their processing power. When all such miners get together to make a complete and effective network of Bitcoins, the returns they experience come in the form of new Bitcoins. This is the basic premise behind the “mining” concept.
For all those miners who have made up their mind to make huge investments concerning sophisticated mining hardware, Bitcoin Mining is indeed a lucrative option. Such miners can become a part of the mining pool (a collection of resources pooled together by many miners). In an attempt to get the network of Bitcoins to function without any interruption, these miners will enjoy a pro-rata share of Bitcoin based on the number of shares which are contributed by them. Through this procedure, you as a well-established miner will be able to excite the attention of small-scale miners to proceed with their mining activities; for the ultimate benefit of the Bitcoin mining community.
4. The Promise of Bitcoin Faucets
Gamers have an exciting option that can rake in revenues in the form of online ads. These ads will be featured on Bitcoin Faucet websites. If you are a gamer who is not disturbed by online ads that keep flashing on gaming sites, then you are poised to earn some money through Bitcoins. To implement this idea, you simply need to register your Bitcoin address and you will be in a position to accumulate Bitcoins worth a few cents on a daily basis through advertisements.
Despite the fact that this is indeed a slow-earning process, you can offset this sluggish pace with an advantage. Such sites which allow you to accumulate cryptocurrencies for free will come as a welcome gesture for you to collect Bitcoins.
Read More – Everything You Need To Know About Mining Bitcoin
5. Over The Counter Bitcoin Trading
Localbitcoins.com is the site that will allow you to sell Bitcoins online in exchange for legal tender; such as US dollars or Euros. It is through this interface that you can engage in individual over the counter (OTC) Bitcoin trades. OTC transactions are fast and thus convenient for Bitcoin sellers who are looking at diverse payment methods.
All those who have registered themselves with Localbitcoins.com are called Market Makers as it is because of these people that the buying and selling transactions of Localbitcoins are kept alive. If you intend to sell Bitcoins on Localbitcoins.com with an intention to make a profit, here are the steps that need to be taken.
- Your first step should be to sign up with Localbitcoins.com
- Next, you should curate an online selling advertisement for Bitcoins where in which you select a payment method along with setting up your pricing boundaries. You also need to make your terms of transacting public through a free message
- You should then proceed with filling your wallet with Bitcoins. This is an attempt to attract the attention of customers who will look into your ad
- Once a buyer has identified you, he begins trading with you so that the full Bitcoin amount will automatically move from your wallet to a custodian location
- As soon as the buyer completes the payment procedure by clicking the “Mark Payment Complete”, you will be informed through an SMS or an email notification specifying that the payment has been made
- Once the payment is confirmed, the Bitcoins from your wallet will be transferred from the custodian location to the Localbitcoins wallet of the buyer
- This trade finally ends with a testimony for the buyer as a marketing strategy to rope in more buyers via goodwill
As mentioned earlier, this form of Bitcoin trading relies heavily on governmental currency norms. Thus, in order to rake in huge profits via Bitcoin trading, it pays to become a Market Maker in a less-saturated Bitcoin market. Such markets uphold enormous potential to make lots of money while trading via Localbitcoins.com
6. Engage in Bitcoin Day-Trading
A yet another way to rake in Bitcoin profits is to engage in Bitcoin day-trading. This is a profit-making initiative that works in favor of all those who love trading in stocks. So, if you are the person accustomed to online stock trading, then day-trading in Bitcoins can attract you.
Just as you speculate with stocks, you apply the same logic with Bitcoin day-trading. You buy Bitcoins when the value of the currency is low with an intention to make money by selling them off at a higher price. You will wait till such time your Bitcoins register a good price and then engage in selling them so as to register a handsome profit.
However, you should always keep in mind the market trends that drive Bitcoins and be in the know of every bit of information concerning Bitcoin news.
Another time-tested means to register profits with day-trading is to tie up with exchanges that permit you to trade Bitcoin with a leverage. This is an advantage that will not only help you register an increased trading profit but will also lead you to experience a higher downside risk. Bitcoins can also be traded via arbitrage. That means you transact between two exchanges; you buy cheap Bitcoins from one exchange and sell them at a profitable quote in another exchange.
7. Bitcoin Peer-to-Peer Loans – A Novel Means of Investment
With the rising popularity for cryptocurrency, you have an excellent opportunity to provide financial assistance to small SMEs and entrepreneurs in need of funds. Bitcoins are now coming up as investment tools promoting the concept of a peer-to-peer lending interface called Bitbond; a worthwhile means to register excellent returns by lending.
Aptly named as Peer-to-Peer lending, you can lend your Bitcoins to all those who are seeking financial support; be it startups or individuals in need of money. You can lend them without the intervention of a conventional financial regulatory body. The absence of a financial intermediary works in favor of both the parties. You as a lender will enjoy high fixed interest returns and they as borrowers will be able to finance their requirements without any bank sanctions. Nominal transaction fees is another attraction that works in favor of a Bitbond; an agreement between the lender and the borrower.
Here comes a caveat to this profit-making option. As goes the famous adage “Don’t put all your eggs in one basket”, it is very important for you to diversify your loans with a number of borrowers instead of investing all your monies with one borrower.
8. Make Money Through Simple Tasks Involving Bitcoins
All those who are keen on earning Bitcoins the smart and easy way can complete simple tasks on the following interfaces.
- You can download and install the Bituro app on your smartphone to earn Bitcoins after completing simple tasks like filling out survey forms or by watching promotional videos.
- For every offer you complete on Bitcoin Rewards, you will earn Bitcoins. You also stand to gain when you refer other people by registering a 50% commission. All you need to do is to play games, watch videos and conduct surveys via Bitcoin Reward interface.
- Coinbucks is another promising alternative that will help you gather Bitcoins by downloading smartphone apps, playing online mobile games in addition to participating and completing online promotional offers.
9. Barter With Bitcoins
Just like you pay for goods and services through currency, you can also rake in profits via Bitcoins. Here, Bitcoins become the medium of exchange for all the services and products availed by others. You can engage in the selling of cars and vintage articles to receive Bitcoins in return. With the growing patronage coming from Bitcoins, the stage is set for Bitcoins to be exchanged in return for buying and selling of products.
You can check out the below-mentioned sites which sell products to be exchanged for Bitcoins.
- Bitify – Tagged as a shopping platform similar to EBay, Bitify is a spending interface which runs through an auction system. You can sell your products here, auctioning them to get Bitcoins in return.
- If you are a frequent shopper with Amazon with a registered Amazon account, you can also check out Purse.io to put your products on sale at a discounted price. This is a platform which connects buyers who link their ads to their wish lists in exchange of Bitcoins.
10. Make Your Presence Felt in the New Age Bitcoin Casinos
Not leaving the excitement linked to amassing easy money through gambling behind, Bitcoin dealers can bank on a plethora of Bitcoin casinos. These casinos which deal in Bitcoins are steadily creating ripples in the Bitcoin market. Thus, if you wish to satisfy the urge of playing the roulette in a casino, you can do so with Bitcoin online gambling sites like vDice, Crypto Games, Starcoin and BetKing.
With the above-mentioned options going in favor of Bitcoins, now is the time to make hay while the sun shines. All in an attempt to earn profits, you will be fulfilling your desires to become rich and famous provided you tread the path of Bitcoin with caution. Hence, it pays to make certain well-informed decisions concerning this emerging trend of cryptocurrency; a novel currency that is poised for the long haul.