Bitcoin and its hodlers have been through quite a lot in 2021. BTC price has shot up to $60k and then lost half of its value in just a few months – many people managed to make a lot of money off Bitcoin then. However, it is hard to predict such rapid price increases – although you can hold Bitcoin in anticipation of them, it is not the most reliable way to make money with Bitcoin.
Selling BTC you own is one of the most popular ways to make money with Bitcoin – that’s what most Bitcoin investors do. However, it’s not the only method of making money off the most popular cryptocurrency. In this article, we will talk about the top 15 ways of how to make money with Bitcoin – and earn more of it.
#1. Mining
Mining is one of the first things people think about when they begin to think about the ways to make money with Bitcoin. Mining seems easy at first glance: just turn your PC on, install and set up some mining software, click “on”, and BTC will start flowing straight into your wallet. However, in reality, Bitcoin mining is rarely profitable these days.
The more popular a cryptocurrency is, the less profitable it is to mine. Additionally, the closer the number of coins issued is to the cryptocurrency’s total supply, the higher the difficulty of the math problems that need to be solved by your mining rig becomes, making the whole process all the more resource-demanding. And, well, Bitcoin is pretty popular and is pretty close to reaching its total supply, which means miners are receiving fewer rewards for each block mined. Bitcoin mining is slowly but surely becoming less and less profitable.
This doesn’t mean that the last Bitcoin will be mined soon – no, that’s unlikely to happen until (at least) the year 2140.
In addition to that, the rising costs of electricity and equipment don’t help to make Bitcoin mining more profitable. You need a dedicated mining rig to be able to make an income with mining, one capable of solving incredibly complex math problems – and they cost quite a lot. Good ASIC miners cost $500, and efficient GPU miners go for $2k and more.
These days, in most cases only large-scale Bitcoin mining operations are actually worth running. However, mining can still be a valid way to make money with Bitcoin, especially if you use one of the many available cloud mining services. Learn how you can set up your own mining rig and make BTC mining profitable in this article.
#2. Investing
What do you think about when you hear the word “investment”? It won’t be a stretch to say that most people will probably say banks or stocks – these are the traditional ways to invest, after all. Depositing your money in a bank or buying stocks to passively earn from dividends and maybe selling those stocks once their price rises in 5 years.
Now you may be wondering, “How do I make money with Bitcoin by investing it” – well, crypto investment is a little different. Since the market is so volatile, most Bitcoin investors don’t hold their assets (cryptocurrencies) for long – and they have no need to, since with crypto you can double your initial investment in just a month or two. Study the market to learn how to identify entry and exit points (the times when you should buy and sell Bitcoin). Buy low and sell high, don’t invest more than you can afford to lose, and always remember to DYOR – do your own research – and you will have a chance to become one of the successful Bitcoin investors someday.
Additionally, you can use Bitcoin like one would use USD or Euro and invest in start-ups, companies, blockchain development, and so on. To do that effectively, you will once again need to sift through a lot of data, do a lot of research, and learn how to understand the market. Investment is one of the best methods for boosting your Bitcoin income.
#3. Trading
Trading is another traditional way to make money using your money – and it’s also one of the best ways to earn Bitcoins quickly. However, just like non-crypto trading, Bitcoin trading has quite a high entry barrier.
Bitcoin trading allows you to take USD out of the equation: it lets you bet on how the price of one cryptocurrency will change in relation to the price of another one. Additionally, you can also take advantage of advanced features such as margin trading (which lets you earn 2x and more the profit with the same initial investment), short selling (making money off crypto assets you don’t own), and so on. There’s a lot of variety to trading – but it all requires you to do a lot of research. Day trading is especially tough for beginners – it needs to be able to think fast and be acutely aware of the situation on the market. Do not dive headfirst into cryptocurrency trading if you don’t know much about it, it is a very risky way to make money with Bitcoin.
Bitcoin, as the most popular cryptocurrency, is available on almost all trading platforms. If you want to learn how to make money with Bitcoin trading, we recommend checking out our full-featured exchange Changelly PRO. It was designed to be both a perfect trading launchpad for beginners and to be powerful enough to satisfy even the most veteran traders.
#4. Become an Affiliate – Earn Bitcoin
Affiliate marketing has been gaining a lot of traction recently, so it’s no surprise that it exists in the crypto industry, too. If you have a blog, website, or another online platform, you can earn Bitcoin passively without a hassle by simply placing a single link or a widget on your page. You don’t even have to become an affiliate of a crypto company – a wide variety of businesses nowadays offer their affiliate partners quick and convenient Bitcoin payouts.
Changelly recently started a brand-new affiliate program that can help you to earn Bitcoin quickly without breaking a sweat. So, if you were asking yourself “How do I earn Bitcoins?” Changelly Earn is the answer you were looking for! You can learn more about our affiliate program in this article.
#5. Accepting Bitcoin as a Payment Option
If you own an online marketplace or maybe provide some sort of services like video editing or product development, you can get paid in Bitcoin by enabling it as a payment method. It’s one of the most efficient ways to earn Bitcoins quickly.
Accepting Bitcoin as a payment option is beneficial in more ways than one – not only does it help you to earn Bitcoin, but it also opens up your business to customers from all across the globe. There won’t be a need anymore for depending on third-party services, no need to pay commission fees – all you will need is a Bitcoin wallet.
#6. Using Bitcoin Faucets
Bitcoin micro earnings faucets are another way of how you can earn Bitcoins quickly. They are reward systems in the form of a website or a mobile/desktop application that gives you some satoshis for completing a captcha or another simple task.
1 satoshi is equal to 0.00000001 BTC.
Cryptocurrency faucets were named this way because, just like their real-life counterparts, they release crypto drop by drop, in small amounts. Don’t expect to become a Bitcoin millionaire overnight using this method – it is definitely not the answer you are looking for if you are wondering how to get rich with Bitcoin. However, since all you need to start doing it is a Bitcoin wallet, it can be a nice, beginner-friendly way to earn some BTC without much effort.
The number of satoshis you receive varies from task to task and usually depends on the platform’s rates.
#7. Getting Tipped in Bitcoin
Another way to get paid in Bitcoin can be achieved via tipping. This is a good option for artists, streamers, authors, and other people who create content online but don’t sell anything. Introducing Bitcoin tipping options to your audience will not only allow you to earn Bitcoin but will also open up donation opportunities to people who may not have access to USD or the traditional payment systems. After all, crypto is a true border-less payment method.
All you need to make this method work is a secure Bitcoin hardware wallet and an audience.
#8. Micro Earnings and Pay-to-Click (PTC) Websites
Pay-to-Click websites are similar to Bitcoin faucets in that they allow you to earn small amounts of crypto without having to do anything complicated or too time-consuming. As you can guess from the name, PTC platforms pay you a certain amount of satoshis per each click you make – usually, users have to click on ads or links provided by the website owner. Click the link/ad, stay on the website you were redirected to for a few seconds, and get your money. Easy, right?
Just like crypto faucets, PTC websites won’t make you rich. However, they can be a good source of steady Bitcoin income, especially if you are just starting out.
#9. Writing about Bitcoin
This is a more unconventional way of how to make money off Bitcoin. If you are an expert in the field or are good at researching stuff and sifting through a lot of data, you can reach out to one of the numerous crypto media websites or blogs and offer them your services as an author.
Both traditional writing and copywriting are very in-demand jobs right now, and many crypto companies offer the option of paying their writers in Bitcoin. Since crypto is a rapidly growing industry, many of those positions pay very well. You will need to stay on top of the latest crypto trends, listen to audience insights, and, of course, always strive to improve your writing!
If writing long blog articles for websites isn’t your thing, you can also go for a position in social media marketing. Overall, this is not the quickest nor the easiest but still a very reliable way to make money with Bitcoin.
BTW, we are looking for writers! If making money by writing about crypto sounds like something you might be interested in, contact us via [email protected].
#10. Bitcointalk Forum Campaigns
Bitcointalk.org is said to have been set up by Satoshi Nakamoto himself. It is the central hub for all things crypto and Bitcoin. The forum has many “campaigns” that allow users to make money. One example would be the Bitcointalk signature campaigns – those allow users to make money by placing ads in their signatures, a fixed text that always goes below your posts. Most of these options, however, are only available for senior forum members – and spamming to get that rank is not allowed. So if you are already an active participant of that forum or would like to become one, this way of making money off Bitcoin may suit you.
#11. Lending Bitcoin
Lending Bitcoin is similar to lending USD or any other asset. You give an asset you own to somebody else under a contract that they will return it after a predetermined amount of time and after paying some interest on it.
Generally speaking, there are two main types of Bitcoin holders: those that plan on selling it at a profit and those that plan to HODL till the end of time. Both of these types can boost their income by lending the Bitcoin they own. Unless you need Bitcoin to pay for daily expenses or are saving some for a rainy day, your coins are likely just sitting there in your wallet. Instead, you can use one of the Bitcoin lending platforms to earn interest on your Bitcoin.
Before lending your Bitcoin to anyone, however, make sure you thoroughly research the lending platform you are going to be using. Additionally, don’t lend out all of your savings – we recommend always keeping a rainy day fund just in case.
#12. Bitcoin Gambling
Although gambling is outlawed in some countries, there are plenty of Bitcoin casinos and other gambling platforms online. Keep in mind, however, that this is an extremely risky way to make money with Bitcoin – beginner’s luck may help you to get some profit in the beginning, but most gamblers make losses and go back to square one, or even rack up debts. DYOR before engaging in any gambling activities, and make sure you fully understand all the risks involved in it.
We would not recommend gambling to anyone, but if you do choose to engage in it, make sure it is not illegal in your country.
#13. Binary Trading
Binary options trading may seem very simple at first glance – you basically bet on yes/no options. Traders have to decide whether they think an asset (in our case Bitcoin) will go up or down in a certain amount of time.
This is a valid alternative to day trading and can be a good way to make money using Bitcoin, but, just like other forms of trading, it requires you to have some experience and to be quite knowledgeable. It’s no use making blind guesses – you may get some Bitcoin profit in the short term, but will most likely lose money in the long run.
There are two main ways to make money off Bitcoin using binary trading: by betting on BTC price, or by depositing Bitcoin to your trading account and using it to trade.
Learn more about options and other traditional stocks here.
#14. Being a Masternode
Another way how you can make money from Bitcoin is by running a masternode.
In crypto, nodes are computers that participate in a specific coin’s network, tasked with validating transactions and blocks. A full node hosts a copy of the coin’s ledger. Masternodes are full nodes that also perform various functions, and give their owners rewards in return.
Owning a master node is essentially an alternative to mining – you don’t need a lot of computing power, but you will have to buy a dedicated virtual private server and have enough of said cryptocurrency to put up as collateral.
There are two types of Bitcoin nodes: full nodes and lightweight nodes. The former have to validate all the transactions on the BTC network, so they are quite slow and take up a lot of space. Lightweight nodes handpick only the most important information when processing transactions, which makes them a lot faster and much less resource-demanding.
Unfortunately, you cannot make any money running Bitcoin nodes. However, there are non-monetary benefits to it, such as supporting the cryptocurrency in an eco-friendly way.
#15. Bug Bounties
Many platforms offer “bug bounties”, meaning they pay you money for finding and revealing bugs in their system. This is especially crucial for financial services, like crypto exchange platforms or wallets. Many of these services will offer to pay you in Bitcoin – and even if they don’t, hunting bugs makes the crypto space safer and more secure, increasing the value of cryptocurrency in the long run.
Frequently Asked Questions
How do Bitcoin owners make money?
There is a wide variety of ways in which BTC holders make money off Bitcoin. Firstly, they can sell the Bitcoin they own when the coin’s price is high. Secondly, they can use their BTC to invest in startups and various projects. Additionally, Bitcoin can be used for trading, or to pay for a course that will give them a good job in the future… There are as many ways to make money using Bitcoin as there are with USD, if not more.
Can I get rich off Bitcoin?
Yes. Bitcoin miners, Bitcoin traders, Bitcoin investors, and all others who make money off Bitcoin have a chance to get rich. However, we recommend against having “get rich” as your main goal – although it is definitely possible, there is a reason why there are a lot more regular Bitcoin investors than Bitcoin millionaires. Crypto is a volatile asset, and you will need a combination of knowledge, starting funds, and quite a lot of luck to become rich using Bitcoin. That said, it is easier to make money using Bitcoin than traditional stocks – there’s a lot more profit to be earned due to higher price volatility.
Who got rich from Bitcoin?
People who got uber-rich from Bitcoin are called “Bitcoin billionaires”. Most of them are quite famous: Ethereum creator Vitalik Buterin, the Winklevoss twins, Binance founder Changpeng Zhao, and many others. However, there are also a lot of “Bitcoin millionaires” – so many, in fact, that finding and putting them all on one list would be near impossible. Reddit and various forums are full of stories of people who bought their house, a luxury car, or made some other extravagant purchases using the money they made off Bitcoin.
Can Bitcoin crash?
Bitcoin “crashes” quite often – some argue that BTC price dropping from $60k to $30k was a crash. However, not everyone sees it that way. Many people believe that Bitcoin price dropping is just an opportunity to stock up on the coin before it rises again.
We believe that a crash happens when an asset’s price drops to 0 – and stays there. Although everything is possible in theory. In reality, that is highly unlikely to happen to Bitcoin, at least in the near future. That said, it is always good to diversify your portfolio – make sure Bitcoin is not the only asset you are holding.
