The Most Effective Ways of Earning Bitcoins [2018 Review Guide]
How To Earn Bitcoins
The recent highs experienced by cryptocurrencies have awoken the interest of speculators, regulators and the media. Both the regulatory environment and reputation for bitcoins are changing positively around the globe. This has seen investors rush to invest in the world’s first decentralized digital currency. The article explains 5 different ways how you can earn bitcoins.
1. Buy and Hold Bitcoins
The first step towards becoming a bitcoin investor is by obtaining a wallet address. You can use online wallets such as Coinbase or Blockchain. Wallets are used for sending, storing and receiving bicoins. These wallets can be accessed using mobile phones or computers. For enhanced safety, you could use cold wallets such as Trezor to store your information offline.
Once you own a wallet address, you can now start buying bitcoins with the anticipation of further increases in bitcoin values in future. According to bitcoin historical graphs, the upward trend will most likely continue within the foreseeable future. This means that if you buy a bitcoin today, it will have increased in value in the years to come. The secret is to buy low and sell high.
2. Bitcoin Mining
For beginners, this is usually not recommended because of its complexity. Bitcoin mining is the process that you can use sophisticated machines to create bitcoins. Bitcoin mining machines are complex to operate and consume a lot of power. You are awarded bitcoins for solving complex mathematical algorithms. If you have enough money and good mathematical abilities, then this is one way of earning bitcoins.
To make more money, it is highly advised that you join a mining pool. Here, miners pool their resources and share utilities with the aim of reducing costs. The created bitcoins are then shared among the miners. Some of the most common mining pools include Antpool, BTCC and SlushPool.
3. Bitcoin Faucets
Are you a video games lover? If you love video gaming and you won’t mind looking at a few paid ads, then this is for you. Faucet websites generate their revenue from advertisements placed on their pages. The visitors of their websites are paid a small amount from this revenue. Whereas this is slow way of making money with bitcoins, it is the easiest. You just need to sign up with the websites and start earning smaller portions of bitcoins everyday. If you love video gaming, then websites such as Bitcoin Aliens, Moon Bitcoin and BTC Clicks will be helpful.
4. Completing Simple Tasks
There are platforms that will pay you in bitcoins for completing simple online tasks. For instance, Bituro is a mobile phone application that gives you minute tasks to complete upon which your are paid in bitcoins. You will be paid for watching videos, downloading and testing mobile phone applications or filling out surveys. With Bitcoin Reward, you get paid to watch promotional videos, filling online market research survey forms and other simple tasks. You can earn bitcoins by playing mobile phone games with Coinbucks.
5. Daytrade Bitcoins
This is for those who love trading online. You must have good education on how financial markets perform. This is just like Forex trading as the basic rules of speculation apply. Scalping (day trading) means that you look out for price variances during the course of a 24 hour period. Once you identify a low point, this presents a buying opportunity with the anticipation that the price will surge up.
Once the prices go high, you sell to make a profit. It is therefore, important to have a good understanding of price action and market dynamics. To be successful in bitcoin day trading, you must apply both technical and fundamental analysis. Some exchanges will give you the option of day trading bitcoins using leverage.