Buying bitcoin these days can cost you in fees and require you to use fiat to purchase them. Fortunately, there are other ways to acquire your fair share of bitcoin without having to buy it using fiat. That is, to earn bitcoin online by providing a skill or devoting your time.
In some cases you can earn bitcoin using your current BTC by lending and trading, or you can start gradually by earning bitcoin through employment, mining or using and providing other services.
Using bitcoin to make purchases is becoming more and more common, so earning bitcoin has naturally followed this trend to make the cryptocurrency market even more relevant and viable. Let’s see some of the ways that you can start earning bitcoin now.
1. Trading Bitcoin
If you already have some bitcoin, then you can invest it into a cryptocurrency exchange like Binance or Bittrex. Here is where you can trade bitcoin for altcoins, which have a buy price much lower than the cost BTC. For this reason altcoins (if bought at the right time) can be purchased at a low price and sold for higher profits. If you get lucky or have a hunch in the market, then you could gain a nice ROI. Altcoins can be traded back into BTC for spending at any time.
2. Using Faucets to Earn Bitcoin
Simple tasks like taking quizzes, watching ads, or solving puzzles can actually earn you small amounts of BTC called satoshi. Satoshi represents a hundredth of a millionth of one bitcoin; we are talking small earnings. Yet, if you are new to cryptocurrency and you just don’t have the experience to trade or invest a lot of money into crypto, this is a fun way to get started.
There is a huge list of bitcoin faucets here.
3. Working for Bitcoin
Using bitcoin as payment for online contracting and freelancing jobs is a no-brainer as it makes digital payment easy and secure. There are many job posting networks to search that pay in BTC like
- XBT Freelancer: is similar to the popular freelance site, Fiverr, where you can post gigs and acts like eBay where people bid on your services. All payments are made in bitcoin and milestones can be used to issue the earnings throughout the project.
- Bitwage: internationally connects people who work remotely to companies and projects. Recruiters are used to help employers search through the 19,500+ workers who will be paid in BTC. The bitcoins earned can then be exchanged for 25 different fiat currencies.
- co: allows you to search their database by company, market, role, or location. The profile works like a LinkedIn account where you can apply to multiple jobs using your profile. It also promotes startup companies and notifies them if you click yes on their profiles.
You can even be paid in BTC at your salaried job as many companies give this option to their employees now.
4. Lending Your Bitcoin
One of the great social aspects of cryptocurrency is its peer-to-peer interactions that requires no middleman. In the peer-to-peer lending scenario all lenders become a one-person bank that can set their own interest rate on the BTC loaned to someone on the Bitcoin network. This speeds up the process of loan approvals and lowers the fee for borrowers while allowing individuals to earn bitcoin. Be cautious of who you lend to and make sure you follow the procedures on the platform you use.
5. Offer Bitcoin Payment Options
If you own a small business or an e-commerce site, then why not start accepting bitcoin from your costumers. There are payment processing providers that store and track your bitcoin transactions. You can also exchange your bitcoin payments into fiat currency on most gateways. Here are a few popular bitcoin payment gateway options:
- Bitpay: is one of the oldest bitcoin gateways, operating since 2011. It integrates with 40 other payment platforms and converts BTC into 8 difference fiat currencies. Secure your funds in an online wallet that can be used on the mobile app to make purchases and transfers.
- Coingate: uses a point-of-sale app to allow customers to pay with bitcoin. It can also be integrated into e-commerce platforms using compatible plugins and an API to your site’s store. It also has an ICO acceptance policy that allows you to crowdfund projects and token sales in bitcoin or 50 other altcoins.
- GoUrl: is perfect for small businesses that do not have a bank account and want to set up bitcoin payment quickly and easily. It does not require identification either, so it remains anonymous. The gateway seamlessly integrates into your web site’s platform without having customers redirected to a third-party site. Money is transferred to your personal wallet within 30 minutes. The one downfall is that you will need to transfer your BTC to another trading platform to convert it to fiat and withdrawal funds.
6. Use Affiliate and Referral Links
Directing people to use a cryptocurrency exchange or payment platform can be a simple way to earn bitcoin. Many exchanges have a bounty for invitations sent to friends and family. If your referral deposits money, then you will receive a percentage of the cash deposited. Even better, if you have a web site, then post an ad that links to the exchange’s affiliate program. You again will get rewarded if the person makes and account and buys some crypto from the site.
7. Mining For Bitcoin
Probably the most difficult, yet most essential component of bitcoin’s prosperity is mining. Miners solve blocks (complex codes) to approve bitcoin transactions and get rewarded with a fraction of the processing fee, thus minting new coins in the process. However, with the rise of bitcoin, mining has become difficult – too many machines and power is needed to solve the blockchain. This leads to large scale mining farms and to cloud mining. People can combine their CPU power and equipment to split the blockchain reward, but the ROI is still low. So, it may be fun to experiment with different cloud mining and rental sites to see if the bitcoin earned is worth your time.
Summary of How to Earn Bitcoin
Some of these ways to earn bitcoin are better than others and pose less risk when it comes to losing money. Any legitimate job is the safest way to acquire large sums of bitcoin. You can then use smaller amounts to learn about cryptocurrency trading or lending. It is always good practice to do your own research and read the fine print when taking a job or using a platform that promises to earn you bitcoin.