15 Ways to Make Money with Bitcoin

15 Ways to Make Money with Bitcoin
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Bitcoin is becoming increasingly popular as the years pass by, which means more and more different ways to earn money with Bitcoin are appearing. Trading Bitcoin is no longer the only way to generate Bitcoin, there are methods that are quicker & easier than others, however, this may mean the reward is usually lower than the more complicated ways. This guide will discuss all the new and exciting ways to make money using Bitcoin where there will be a relevant method for everyone, regardless of knowledge and experience in the field.

Below lists ways to earn money with bitcoin, but each method contains risks. In order to minimise risk and manage it accordingly, diversify the methods because many of these methods can be practised at the same time, balancing your risk overall.

1.  Crypto Jobs – Get Paid for Work in the Industry

There are thousands of blockchain projects and companies, which means new opportunities are always arising within the cryptocurrency industry to make money. If you have knowledge or experience with Bitcoin, you could find a job that suits you. There are many websites that advertise new job offers each day such as CryptocurrencyJobs and CryptoJobs – both websites offering a huge selection of jobs from all over the world. The best thing about the cryptocurrency industry is many jobs can be done remotely/working from home, which means you get access to a vast choice of job opportunities, and will most likely not have to relocate. You can choose from both part-time and full-time roles, with jobs such as developers, graphic designers, video makers, traders and many more!

Expect to earn: Up to 2 BTC per month working full-time.

Pros

  • It can be very lucrative
  • It can replace your current job
  • You will earn experience early in a young industry
  • The job is likely to teach you more about Bitcoin and blockchain in general 

Cons

  • Competitive
  • Some jobs will require lots of time and attention

2. Trading – Buy and Sell Your Way to Profit

Trading is one of the most popular ways people look to make money using Bitcoin. There are numerous ways to trade Bitcoin, including buying and selling solely Bitcoin, margin trading (longing or shorting – this can also be used with leverage, which is risky) or trading altcoins. However, trading can be very difficult and traders can take years of learning to start making profitable trades. Traders use both technical analysis and fundamental analysis. With trading, there comes lots of risks. If you are inexperienced you may struggle when first trading, so it’s important to focus on risk management and not start with big trades until you gain more confidence.

Expect to earn: Up to 2 BTC per month depending on your starting capital.

Pros

  • Huge profitable gains are possible
  • Markets are open 24/7 with a huge selection of exchanges and altcoins

Cons

  • High risk
  • It is possible to lose money quickly if you’re a beginner

3. Mining – Protect the Network and Earn Bitcoin

Mining increases the bitcoin network’s security and fights fraud. By contributing their computing power to the bitcoin network for mining, individuals are rewarded with newly mined bitcoins from the community. This also provides a way to distribute new bitcoins in a fair way. A drawback is that mining Bitcoin a few years ago was a lot more profitable than it is today, especially before its value started to rise. Today, to mine Bitcoin in a way that’s profitable needs more advanced equipment with more powerful processing power. Electricity costs can also turn out to be expensive, depending on whereabouts in the world you live. However, despite Bitcoin mining being more difficult to do nowadays, there are plenty of altcoins you can start mining that do not have costs that come with Bitcoin. A powerful computer with a good graphics card is even able to mine altcoins. You can check out the best coins to mine and input your equipment to see how much profit you can make at WhatToMine.

Expect to earn: Up to 1 BTC per month mining with a full rig installed.

Pros

  • Picking the right coin to mine could prove to very profitable in the long-term
  • It can be something left on in the background

Cons

  • High barriers to entry
  • Electricity costs can be expensive

4. Running a Masternode/Staking – A Great Way to Earn Passive Income

Staking and running a masternode is an excellent alternative to mining cryptocurrencies. It works in a similar way but you do not need specialist equipment, instead you will need a specific amount of coins to run a masternode. Masternodes are another way to secure the network and keep the blockchain moving forward. Masternode hosts are rewarded by gaining segments of block rewards in the cryptocurrency they are hosting, the reason for this is because masternodes usually require a significant investment (depending on the coin) in order to run. You can check all the available masternodes on the market at Masternodes Online.

Expect to earn: Up to 1 BTC annually with a high-cap masternode.

Pros

  • Masternodes are a great way to earn passive income
  • Setting up your masternode on a virtual server means your computer does not need to be turned on
  • Stacking up rewards can bring lots of capital

Cons

  • Some masternode coins can be scams

5. Airdrops – Free Coins for Increasing Visibility

Some crypto projects decide to distribute free coins to their holders in order to increase the coin’s visibility, help with marketing and increase the circulating supply, this is called “Airdropping.” There are 2 types of airdrops, one is where you simply receive coins for holding a coin – which is hassle free. The second type of airdrop is when you complete small tasks, usually related to social media (e.g. retweeting, reposting, sharing group links). So in return for you boosting the project’s visibility, you get rewarded by receiving free cryptocurrency, essentially creating a win-win situation. Airdrops may seem small at the beginning, but some can increase lots in value – so if the airdrop is from a company you believe in, it may be worth getting involved. AirDrops.io shows all the latest airdrops available to crypto holders, some will require you to hold a specific coin or to join a certain website, check it out!

Expect to earn: Up to 0.5 BTC annually with steady airdrop applications.

Pros

  • Easy way to earn free crypto
  • Airdrops go straight to your wallet 

Cons

  • It may take some time to make significant capital

6. Bitcoin Faucet – Slowly Accumulate Coins

Bitcoin faucets are somewhat similar to airdrops whereby someone completes a task in order to receive BTC (or Satoshis). This task could be anything, from watching a video or viewing an advert. Once you’ve done that you input your wallet address and receive crypto in return for completing your task. The amount received in these faucets may not always be a huge amount, however, it is a good way for beginners to start getting involved with cryptocurrencies – learning how transactions work while earning some money on the side. CoinTiply is one of the most popular websites for earning money via faucets, as members can earn money from completing surveys, offers and tasks.

Expect to earn: Up to 0.2 BTC annually with steady faucet usage.

Pros

  • Easy tasks that will make money
  • Quick
  • Beginners and experts can use a faucet
  • You can learn about how transactions work

Cons

  • Takes time to make a lot of money

7. Content Writing – Use Your Creativity for Cash

If you believe you are skilled at writing there are plenty of opportunities to make money in the cryptocurrency industry. Whether it is creative or technical content, crypto projects are always on the look out for people who can write well and have a passion for blockchain, Bitcoin and cryptocurrency. Many websites need content writers to publish news articles daily and other projects need writers to help them structure their whitepapers – depending on your speciality, this could be a lucrative way to earn money with Bitcoin.If there is a certain project you’d love to write for, you can always ask in their telegram or discord if any writers or content is needed.

Expect to earn: Up to 0.25 BTC per month writing full-time.

Pros

  • Great way for people with writing skills to make money
  • If you work fast, you can earn fast
  • Mentally stimulating and interesting

Cons

  • It can be time consuming and difficult at times

8. Community Managers – Support and Help Investors

Community managers are a must for any crypto project, whether its for Telegram, Discord or Facebook. They help the project look after the community by making sure engagement is high and that all support requests and questions are dealt with appropriately. Some of these groups have thousands of members chatting daily which means you have to be keeping an eye on the community for at least a few hours a day (depending on your role). Projects usually give an option to earn in their cryptocurrency, bitcoin or your national currency – so these jobs usually come with a lot of flexibility. Again, if there is a coin that you are passionate about – this could be a great way to make money.

Expect to earn: Up to 0.25 BTC per month managing communities full-time.

Pros

  • Every crypto project looks for a community manager
  • If you like discussing crypto it can be interesting

Cons

  • Community managers are required to give lots of attention throughout the day, even at unsociable hours

9. Signature Campaign on Bitcointalk – Get Sponsored to Post

Running a signature campaign on Bitcointalk, one of the most established Bitcoin forums – made by Satoshi Nakamoto himself! A signature campaign is when all your posts made on the forum have a sponsored signature (usually from a new coin looking to gain visibility). Usually you will be paid by the sponsor for every post you make on the forum. The higher your ‘status’ on the forum, the more you get paid. This can be a really easy way to make some money on the side, while keeping active on the bitcointalk forum. Check out this BitcoinTalk post for the latest signature campaigns for 2019.

Expect to earn: Up to 0.3 BTC annually through being sponsored all year.

Pros

  • Easy to set up
  • Get paid to post

Cons

  • If you do not have a bitcointalk account it may take some time to gain reputation

10. Accepting Bitcoin as a Payment – Target a New Audienc

If you sell goods and services online, why not start accepting Bitcoin as a payment method? It is a digital currency and you’ll be targeting a new group of customers, which could help to bring in more sales. This also cuts out the middle-man and means you do not have to go through a bank to receive your money as the Bitcoin will go straight to your wallet address! Coinbase and BitPay both offer merchant services, making it easy for sellers to start accepting Bitcoin for their business.

Expect to earn: Up to 1 BTC per month depending on how big your business is.

Pros

  • Anyone can add it to their website
  • Cuts out the middle man

Cons

  • You need a website firstly

11. Investing and Holding – Buy and HODL

Trading is one method of making money, but if you do not feel confident trading, holding can actually be a more sensible way to make money with Bitcoin. If you believe in the technology and the potential of Bitcoin then invest and hold till you feel you are happy with your investment. It’s recommended to do this on a hardware wallet and not an exchange, meaning your coins are completely safe and secured from any possible exchange hacks.

Expect to earn: Up to 2 BTC annually depending on your portfolio size.

Pros

  • Does not require trading skill
  • Can bring great returns if you are patient enough

Cons

  • It is hard to not let emotions make you sell

12. Lending Bitcoins – Hold and Gain Interest

You can loan bitcoins to loanees at particular interest rates. It is generally very easy to set up, taking only a few minutes – much quicker than setting up a bank account. The advantages of lending bitcoin is users do not need to keep a close eye on their funds as it is all automated, no quick actions are needed, unlike day traders. The risk is mostly with the borrower, rather than the lender. For example if you are lending for margin trading and the trader makes a bad trade, its on them and not you. The main risk of lending, however, is if an exchange experiences a hack – so it’s essential to find a trustworthy and safe platform, and never lend more than you can afford to lose. People usually use websites like BitBond to lend Bitcoins.

Expect to earn: Up to 0.5 BTC per month.

Pros

  • Easy to set up
  • Get paid to post

Cons

  • If you do not have a bitcointalk account it may take some time to gain reputation

13.  Start a Bitcoin YouTube Channel – Earn Money to Entertain

Many people interested in Bitcoin use YouTube as their go-to website to find out all the latest news and tips. Having your own YouTube account can be extremely profitable if you become popular, as you will make money from sponsorships and ads – while helping and entertaining people at the same time. The YouTube channel can be anything Bitcoin and Blockchain related, from trading to mining, so if you believe you could make interesting videos it could pay handsomely!

Expect to earn: Up to 3 BTC per month depending how big your channel is!

Pros

  • Low cost to set up
  • Can be lucrative with big sponsors and adverts
  • Fun to do

Cons

  • Some prior Bitcoin knowledge may be needed
  • Time consuming

14. Start a Bitcoin Podcast – Begin the Discussion

This is similar to starting your own YouTube channel, but the barriers to entry are even lower. Podcasts are extremely underrated and the potential revenue that can come from them are impressive. At the same time, if you start building your reputation then it’s possible to start getting some interesting guests on your podcast which would be not only profitable, but educational. People are always wanting to listen to Bitcoin podcasts, whether they’re on the way to work or just relaxing at home.

Expect to earn: Up to 2 BTC per month if your podcast is very popular

Pros

  • Almost free to set up
  • No need to video record

Cons

  • Lots of competition
  • Need to be consistent otherwise people will lose interest

15. Bitcoin IRA – Your Future Self Says Thanks!

For those who don’t know, an IRA is an individual retirement account. They are used to store savings for retirement. These accounts are usually long-term investments so that when the owner of the IRA decides to retire, they have a sufficient store of capital to withdraw and spend on whatever it is they need it for. Today it is possible to open a Bitcoin IRA which allows you to store your money and diversify in cryptocurrencies rather than fiat. So your retirement savings can be invested into alternative assets, such as Bitcoin, with some providers even allowing Ethereum, Litecoin and more.

Expect to earn: Up to 1 BTC annually depending on your pot size.

Pros

  • It can be a new, smart way to save for your retirement
  • Lock-ups mean you won’t be tempted to take the money out

Cons

  • Many have high minimum spends
  • There are scams and high fees sometimes

Tips to Remember

So above is the 15 best ways to make money using Bitcoin. Some methods will require more time and effort than others, meaning the amount you can receive varies. Don’t be put off by the methods that only accumulate little by little (such as airdrops and bitcoin faucets) because if you slowly build up these rewards, they can become very valuable in the future. There have been many examples of where coins being airdropped have made 1000% gains – so keep an eye out and if you believe in Bitcoin as a whole, then these methods could turn into significant amounts in the future. To keep risk at a minimum, diversify and only invest what you can afford to lose (especially trading and holding). While you are accumulating Bitcoin, make sure to have 2-Factor-Authentication enabled and if possible a hardware wallet, it’s very important to keep your funds safe and secure and those are the best ways of doing so.

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