Bitcoin was the first cryptocurrency ever created and has been the best performing asset class in history since its launch. Many people see the potential of this new technology and are therefore looking for simple ways to make money with Bitcoin, if you are one of them then you are in the right place.
Before getting started, its important to note that before making money with Bitcoin, you will need to be familiar with the basics of the technology and of its value proposition. Simply put: The more you know about Bitcoin, the more elaborate your business/gig can be, potentially enabling you to earn magnitudes more than someone that only knows the very essential concepts. Furthermore, when planning to earn Bitcoin it also helps to be passionate about the technology. The cryptocurrency space can be a very demanding industry at times, and if you are a true believer in the technology then it will make the tough times easier for you.
In this article we analyze the most effective ways to earn Bitcoin, that essentially anyone can get started with right away. We purposefully omitted Bitcoin business ideas that require a very high upfront investment, like creating a Bitcoin exchange, because we believe that you will be more interested in ways to make money with Bitcoin without any high initial costs. Without further ado, let’s dive right into it!
Make money with Bitcoin merchandise
The simplest and often most effective way to make money with Bitcoin is to create merchandise related to the cryptocurrency, and to sell it either on online marketplaces or on your own website. There are countless products that fit into this category that you can easily create. Just to name a few examples, you could for example create Bitcoin Mugs, Bitcoin T-Shirts, Bitcoin Hoodies, Bitcoin Phone cases, Bitcoin Socks, Bitcoin Stickers, etc.
Now, your concern may be: How can I create this Bitcoin merchandise without having to make a significant upfront investment? The answer is simple, you can just use platforms like Zazzle, Spreadshirt, or CafePress that enable you to create merchandise on demand, meaning that you can design any merchandise you want, but you only actually need to pay for it when somebody buys it. Furthermore, most of these sites will also be happy to handle shipping for you, which addresses another potential worry you may have.
Writing articles about Bitcoin
Individuals that can write about Bitcoin are in high demand, and since there are so few candidates, the pay for this job is very significant in most cases. If you are a decent writer then you can expect to earn around $0.10 per word. That’s $100 for a 1,000-word article, which should take you less than 2 hours to write. Excellent writers with at least 6 months of experience can easily earn north of $0.20 per article if employed by one of the top cryptocurrency blogs.
Usually, Bitcoin articles that are more complex in nature will pay significantly better than simple review-type articles. In order to earn as much Bitcoin as possible as a writer, you need to work hard on improving your writing skills. This can be done by making a few guest contributions to blogs like HackerNoon or CoinDiligent (yep that’s us!), and by reading a lot about the topic either with cryptocurrency blogs, cryptocurrency newsletters, or cryptocurrency books.
Professional Bitcoin mining or browser mining
Bitcoin mining is by far one of the most profitable ways to make money with Bitcoin. Large mining firms and mining pools, like BITMAIN, make hundreds of millions of $ per year. While its true that there is a large cost involved in running such a large Bitcoin mining operation, your goal isn’t to make hundreds of millions of $ just yet, right? There are countless people in countries with cheap electricity running miners from their home, the only two costs involved are the mining hardware and the electricity cost. However, a cost is a cost, you won’t be able to start a professional Bitcoin mining operation for free and you should expect to have to put aside at least $5,000 before your mining business becomes profitable.
That being said, there is an alternative to professional Bitcoin mining. Many people that don’t want to commit to having to purchase a lot of expensive hardware from the start, chose different options like Bitcoin cloud mining or Bitcoin browser mining. The first one is essentially a way to “rent” Bitcoin miners online, often for as little as $50, and then receive monthly payments from the profits generated by the miner. The latter is an even more novel concept that utilizes your PC or even smartphone as a Bitcoin miner in order to make money. It’s important to note that both cloud mining and browser mining are not as profitable as professional Bitcoin mining, but it is certainly a good start an interesting way to make money with Bitcoin without any large investment.
Start a review site for Bitcoin products
There are countless Bitcoin-related products out there. Some of the most popular ones include: cryptocurrency exchanges, bitcoin wallets, bitcoin hardware wallets, Bitcoin mining equipment, Bitcoin merchandise, and Bitcoin faucets. The vast offering available in the market can often make it hard for consumers to decide which product they should purchase. This is where review sites step in. Bitcoin product review sites are essentially focused on analyzing a certain product line, and helping potential buyers in their decision to make a purchase. These sites can be structured in the form on a simple static content website or a blog, and there are countless ways to monetize them.
Two of the most popular ways to monetize a review site are through affiliate links and through advertisements. In the case of an affiliate link based business model, you would earn Bitcoin every time somebody buys a product after clicking on your referral link. In the situation of an ad-based business model you simply earn for every click and/or for every impression that your ad receives. Starting a review site is a great way to make money with Bitcoin if you are not a very technical person, and don’t want to have any costs associated with your Bitcoin business.
Long-term Bitcoin investing or trading
If you are interested in making money with Bitcoin, then chances are that you are planning to invest in Bitcoin, or that you have already invested. Many people first found out about Bitcoin after hearing some of the mind-blowing success stories of people that invested just pennies a few years back, and whose Bitcoins are now worth a fortune, this is precisely what we will be covering in this section. There are essentially two ways to profit from Bitcoin’s wild price swings and rallies: Long-term investing, and trading. Let’s split each strategy into a separate paragraph in order to dive into them in more detail.
In long-term Bitcoin investing the goal is to accumulate as many Bitcoins as possible at a cheap price, with the goal in mind to potentially sell some of them after the BTC price increased dramatically after a few years. Most newcomers to the space choose to buy their first Bitcoins on a cryptocurrency exchange for beginners like Coinbase since these platforms make it incredibly easy to get started. More elaborate investors sometimes use Kraken or Bitstamp, since the fees are slightly lower. Long-term investing is a fairly simple strategy to make money with Bitcoin since it does not require you to actively manage your Bitcoins and you can just leave them sitting in a wallet for years. That being said, in order to maximize the returns with this strategy it is crucial to stay up to date with news and events that could drastically impact the value of Bitcoin.
On the other hand, Bitcoin trading is an entirely different beast. Bitcoin traders profit from the wild volatility in Bitcoin, while not only making money when Bitcoin goes up, but also when it goes down through a practice called “shorting”. Trading can be stressful at times and extremely risky for people that are not very familiar with technical analysis and proper risk management. If you want to start trading Bitcoin then one of the best exchanges is BitMex, which enables you to trade with up to 100x leverage. This means that if you have $1,000, you could make it worth $100,000 by using leverage, thus drastically increasing your potential profit margin.
Start a Bitcoin YouTube Channel
YouTubers are some of the most influential individuals in the cryptocurrency space. YouTube channels are so powerful in Bitcoin and cryptocurrency in general since this space is mostly composed of a younger audience, that often prefers content in the form of video rather than text. There are several ways of approaching a Bitcoin or Cryptocurrency YouTube channel, and the one that suits you best entirely depends on your skills and interests. The main categories are: Trading channels, product review channels, News channels, Entertainment / Funny channels, and Mining / Technical channels. It is important to note that many YouTubers, like for example Ivan On Tech, combine several of the above categories in order to speak to a larger audience.
As you can probably imagine, being a Bitcoin or Cryptocurrency YouTuber can be extremely profitable. While large channels do make a decent amount from display ads they show on their videos, most of the revenue is generated through sponsorships and paid videos. Ivan On Tech, for example, has approximately 200,000 subscribers on YouTube and charges over $15,000 for a single interview video. Of course, it is not easy to build such a large channel, but you don’t have to own a massive Bitcoin YouTube account in order to make a decent income out of it.
Create a Bitcoin course or book
There are many ways to make money with Bitcoin, but if you actually want to make a big positive impact in the space then you might be interested in creating an educational product for people interested in learning about Bitcoin. There are several ways to approach this, including cryptocurrency podcasts and crypto newsletters, but two of the simplest and most profitable ones are creating a Bitcoin course or writing a Bitcoin book. Fortunes have been made with both options, while at the same time sharing your knowledge with thousands of people and literally making the world a better place. There’s a lot to unpack here so let’s explain each of the two options separately.
The first important task that needs to be addressed when creating a Bitcoin course is to find a highly interesting topic where you can add value, and that lots of people want to learn about. This is not easy and will require some research from your side. After you found an interesting topic or theme, the next step is to decide on a format to deliver the course in. Essentially, the three options that you can choose from are video, audio, and just simply plain text. Last but not least, you will also have to figure out a way to market and distribute your course, this can either be done on dedicated platforms like Udemy or through your own homepage. Both come with advantages and disadvantages and you will ultimately have to decide yourself which suits your needs best.
Let’s now quickly also dive into making money by writing a Bitcoin book. Although the internet has made the process of distributing a book magnitudes easier and faster, that still does not mean that it is a simple task. Creating a book is definitely more time-consuming and challenging than creating a course, but the payout can also be magnitudes higher. Before trying to find a publisher to create printed copies, it is highly recommended to get started by offering it as an e-book on platforms like Amazon first in order to get a gauge of the demand. If you need some inspiration of what a good Bitcoin book looks like then definitely check out our article on the best cryptocurrency books out there.
Bitcointalk signature bounty campaigns
Bitcointalk signatures bounty campaigns are one of the oldest strategies to make money in the crypto space and has been used to earn Bitcoin for years. Bitcointalk is a forum created by Satoshi Nakamoto, the founder of Bitcoin, in order to give a medium for people to discuss Bitcoin. Nowadays the forum has millions of active users and is seen by many as a powerful marketing machine that can be used to market new products or digital assets. This is precisely where Bitcointalk signature step in. A Bitcointalk signature is essentially a widget that you can insert in your Bitcointalk profile, which will then show below every single message that you make on the forum. If designed properly, a Bitcointalk signature can look similar to an advertisement.
In Bitcointalk signature bounties users are paid, usually on a weekly basis, for carrying the Bitcointalk signature of a sponsor and making as many posts on the forum as possible in order to maximize the exposure. It is important to note that often users with a higher “rank” (users that have used Bitcointalk for a longer time), receive higher rewards for carrying a Bitcointalk signature, which makes their accounts highly valuable. Bitcointalk signature bounties can be found here, there are literally hundreds to chose from so it won’t be a lack of choice what holds you back from giving this strategy to make money with Bitcoin a try.
Collect BTC from Bitcoin faucets
Collecting BTC from Bitcoin faucets is by far the easiest way to make money with Bitcoin and does not require any work or skills at all. BTC faucets are essentially websites that give away Bitcoin for free, this is either done to generate awareness and drive adoption or to monetize a website by forcing users to interact with an advertisement before claiming the BTC. Either way, this is a very simple way to earn some Bitcoin.
Furthermore, there are a few different ways of interacting with the faucets. In some cases, you literally only need to complete a captcha and click a button to claim your BTC, in others, the faucet is structured in the form of a game that you first need to complete before claiming your coins. Two very popular Bitcoin faucets are Cointiply and BonusBitcoin. The first gives users the option to complete games or tasks in order to claim larger amounts of Bitcoin, the latter has a slightly lower payout but is also much simpler by only asking users to sign-up and click a button to claim their coins.
When trying to make money with Bitcoin using BTC faucets, it is very important to watch out for scams or “dead faucets”. A good rule of thumb is to avoid faucets without an active social media presence.
Make money with Bitcoin lending
If you already own some Bitcoin and are open to taking some risk, then making money with Bitcoin lending might be interesting to you. As in traditional lending also, Bitcoin lending consists in lending your Bitcoin to a third party, usually through a lending platform, at an interest. This interest is usually magnitudes higher than in traditional banking since the market is unregulated, and risk is significantly higher. Some lending platforms pay up to 20% yearly interest.
That being said, you should never lend more Bitcoin than what you can afford to lose. There have been several cases of Bitcoin lending platforms that defaulted or that weres straight up ponzi schemes, and lenders ended up losing all of their money. One notorious platform was Bitconnect, which promised guaranteed returns of up to 2% per day by supposedly using the money that you lent them to “trade digital currencies and make significant profits”. When Bitconnect collapsed in early 2018, lenders lost all their money and several lives were permanently destroyed.
Unless you are playing around with money that you can lose, I recommend staying away for now from BTC lending platforms and to chose a different strategy to make money with Bitcoin instead.
Complete micro-tasks for Bitcoin
Finally, the last strategy on this list on how to make money with Bitcoin is to complete micro-tasks. In the cryptocurrency space, these micro-tasks are often referred to as “Bounties” and can be found on dedicated platforms like Bounty0x, or forums like Bitcointalk. They usually consist in writing short pieces of content, interacting on social media, making a translation, recording a video, or other basic tasks. Although some of these micro-tasks are indeed paid directly in BTC, most are paid in a different coin or token that you would then have to swap for BTC on a cryptocurrency exchange.
Reportedly, several individuals are making a full-time salary just from completing these tasks, with some people claiming to make north of $50,000 per year. If you enjoy working online and completing small tasks, then this might be the right fit for you to earn some money with Bitcoin.
Did we miss an important way to make money with Bitcoin? Let me know in the comment section below! I’m also curious to hear any success stories you may have on the topic.
CoinDiligent Staff Writer