Cryptocurrency has enjoyed a steady growth in recent years and it seems to have infiltrated the different aspects of the lives of people that have invested in it. Many big corporations and businesses have adapted their operations in a way that allows them to integrate blockchain technology and digital currency and use it maximally. Common cryptocurrencies are Bitcoin, Ethereum, Bitcoin Cash, Ripple XRP, NEO, etc. There are many advantages that come with these digital currencies such as unparalleled transparency, 24-hr accessibility, and absolute anonymity. But like every other thing with merits, it also has its own demerits, including problems with market fluctuations, absence of security for its loss, and the fact that you might experience difficulty understanding it. However, as it stands, cryptocurrencies are not going anywhere anytime soon. The earlier you take that to heart, the faster you can learn to take advantage of it to make some money.
To help you out, here are 5 interesting ways you can make huge money with bitcoin.
Bitcoin affiliate programs
Every industry has its affiliate program. It is a common concept among big brands and businesses especially. You refer a customer or client to them and they pay you a certain percentage as commission. Cryptocurrencies also have affiliate programs like these.
You will naturally get paid in BTC if you join such a program. You can use your social media platforms, youtube channel, or your blog to promote bitcoin as an affiliate. Share the links, and make money with each person that buys through your link.
If you are not a content producer and also not into paper service, which means that you don’t have a youtube channel or blog, then start sharing it with your families and friends and encourage them to share with others, post it on your social media accounts as well even if you don’t have much following. This way you will be earning bitcoin for yourself.
To join a bitcoin affiliate program, you have to open an account with a site offering the affiliate program and share your link. Examples of such sites are ByBit, which offers you a 30% commission on the revenues you generate through referral and CommissionKings, which can offer between 20-50% commissions.
Get employed in the industry
There is a lot more than monetary gains for you being an employee in the bitcoin industry. For a start, you are working directly with bitcoin and you have a chance to learn first-hand how to make money with it. All you need is discipline and your time.
If you can learn how cryptocurrency works and you can bring this expertise and knowledge into the cryptocurrency industry, you can be rest assured that you will be very well sought after.
There are many people who know next to zero about mining, crypto-economics, and blockchain technology and how they work. With your knowledge and ever-increasing demand, you can make $90,000 upwards easily, depending on your level of experience and expertise.
The best part is that you can work remotely from any part of the world and make as much as $90,000 yearly. They may even offer to pay you bitcoin directly as payment, and that will help you learn more about making money with bitcoin.
You can get the opportunity to work as a community manager, blockchain developer, or content writer which will require you to write blog posts, white papers, web copy and assignment help on cryptocurrency.
Invest in bitcoin
How do we talk about making money with bitcoin and not mention investing in bitcoin, which is probably the easiest and most direct answer to the problem?
Investing in bitcoin is basically buying the currency and keeping it. In 2009, when the exchange rate was first made, 1,309 bitcoin sold for $1. In 2011, 1BTC peaked at $32. In 2012, it peaked at $1,300. By 2017, it went as high as $19k. So, you can easily cash out on your bitcoin at points where it rises for some profit.
It is easy when you understand the basics.
This is an underutilized way to make money with bitcoin and it needs to be emphasized more. This even makes more sense if you are someone who just buys and holds. You can choose to join a site that enables you to lend the bitcoin out to others and you gain more interest from there.
The best part is, these platforms for lending bitcoin are insured (if you find the right ones). So, even if something happens, you’re surely going to get your money bitcoin back.
This is a popular way people use to make money with bitcoin. It is easy to think you will definitely be rich from trading bitcoin, and there is a big possibility. But it requires serious dedication and hard work for you to make profits from trading bitcoin.
Unlike people who just buy and hold, a trader flips the coins hoping to make profits worth hundreds and thousands daily. Trading requires an understanding of the fundamental and technical analysis, and you need to have certain trading tools as well.
There are different strategies as well that you might employ to trade bitcoin successfully. Some of them are leverage trading or margin trading or shorting trading. It depends on your analysis of the currency. If you think it will fall, then you can use short trading, and if you think it will rise, you can use margin trading.
There are a lot of ways to make money with bitcoin and these are just a few of them. Other methods are bitcoin mining, gambling with bitcoin, etc. you just need to understand how it works and go ahead with it.
Michael Gorman is a highly skilled freelance essay writer and proofreader from the UK who currently works at UK writers where he is tasked with providing assignment service with various blog posts. He has a strong interest in daily development and loves to discover new aspects of human existence every day. Feel free to contact him via Facebook or check his Twitter.