As the value of Bitcoin has increased in recent years, a growing number of people are now interested in not only investing in cryptocurrencies, but also earning bitcoin to supplement their income. In this guide, we’ll show you practical and innovative ways to earn bitcoin and capitalize on the growing cryptocurrency trend.
Contents
Introduction
Bitcoin Mining
Microtasks that Pay in Bitcoin Instantly
Freelancing in Exchange for Bitcoin
Affiliate Marketing
Jobs Where You Can Use Your Knowledge of Bitcoin
Bitcoin Lending
Bitcoin-based Gaming
Bitcoin Investing
How to Get Started Earning Bitcoin
Popular Bitcoin Earning Apps
Introduction
It’s important to have reasonable expectations about how much bitcoin you can earn. Certainly, there is a lot of money to be made in this market, but many simple beginner techniques of earning bitcoin will only yield small amounts of money.
There’s no need to get discouraged. Smaller quantities of bitcoin are also valuable given the spectacular growth in cryptocurrencies. If you want to garner larger quantities of bitcoin, that is very much possible as well.
Accumulating higher sums of bitcoin will, however, require a larger investment, which may or may not be within your budget. With that note of caution, let us now explore and examine various ways in which you can start earning bitcoin.
Bitcoin Mining
If you wish to collect a large amount of bitcoin, then mining is an excellent option for you. Mining, in cryptocurrency jargon, is used to describe the use of computer hardware to generate new bitcoin through a series of mathematical operations. Bitcoin is set up in such a way that only 21 million coins can ever be generated.
To mine bitcoin, you will need a Bitcoin miner. These miners are external devices that provide the required computing power to generate bitcoin in its present, fairly challenging landscape.
A Bitcoin miner can cost upwards of thousands of dollars depending on their processing capabilities. The initial investment to purchase a Bitcoin miner can be significant, but you can use it to produce Bitcoin regularly until the 21 million Bitcoin have been generated.
In case you decide to go ahead with mining Bitcoin, do keep the ancillary costs in consideration. You will have to shell out for any equipment that you use and the electricity costs involved. Large mining operations can produce substantial quantities of heat, and if that’s the case, you’ll need to buy a cooling unit to keep it functioning efficiently (or functioning at all). These operational costs can significantly impact the profitability of mining Bitcoin.
Bitcoin Cloud Mining
If you don’t want to go through the trouble and expenditure involved in starting your own Bitcoin mining project, you can still earn bitcoin through something known as cloud mining or contract mining. Cloud mining involves paying a fee to a company that uses its mining equipment for you.
This is a time-based contract, and any Bitcoin mined on the equipment you’ve leased will be transferred to your Bitcoin wallet.
While cloud mining is a convenient and effective way to garner Bitcoin, it can also end up costing you if you don’t find the right contract. So it’s best to do your research and find the ideal cloud mining operation for you.
Three of the major players in the Bitcoin cloud mining business include Hashflare, Hashing24, and Genesis Mining.
Part 3 – Microtasks that Pay in Bitcoin
Microtasks that Pay in Bitcoin
While Bitcoin mining is one of the fastest ways to accumulate the cryptocurrency, the high startup costs involved make it unsuitable for most. If you want to capitalize on Bitcoin, but aren’t in a position to afford the significant investment that mining demands, you might want to consider doing microtasks to earn free bitcoin.
CoinWorker is a marketplace that provides specialized microtasks to accumulate bitcoin. When you complete tasks with CoinWorker, you’ll be paid in points where each point is worth approximately $0.01. Tasks typically pay between $0.03 and $.05, but some tasks can be more than $1.00. The tasks enlisted on CoinWorker are easy to perform and usually take only a few minutes to accomplish.
Some websites provide a platform for job seekers and prospective employers to connect where remuneration is paid in cryptocurrency. One such site that connects employees and employers is WorkforBitcoin.
Coinality also features various full-time, part-time, and freelancing jobs that pay in cryptocurrencies, namely Dogecoin and Litecoin. Some companies that post job requirements on Coinality are Second Market, Bitpay, and Ripple. Other favourite Bitcoin job boards that feature a wide range of employment opportunities are Jobs4Bitcoins by Reddit and Bitgigs.
Bitcoin Faucets
Bitcoin faucets are reward-based websites or apps that pay in Satoshi (one hundred millionth of a Bitcoin) — so don’t expect to make much. Satoshis are offered to visitors when they view an ad, complete a captcha or other task required by the website. Bitcoin is usually available for visitors in specific time intervals, such as every five minutes. There are faucets that dispense other cryptocurrencies as well.
A popular Bitcoin faucet is Moon Bitcoin. Other popular Bitcoin faucets are Daily Free Bits, FreeBitcoin, and Bitcoin Zebra.
List of Bitcoin Faucets
- BTC4Free.site
- CryptoRacers.com
- Bitemplum.cloud
- Digicoin.website
- GetYourBitco.in
- Bitfun.co
- Qoinpro.com
- GetCoinFree.com
- BonusBitcoin.co
- Bitgames.io
- Multi-CoinFaucet.com
- Bitcoinker.com
Another option to make money from faucets is to start one yourself! Though it’s hard to make a profit from a faucet site, it can be done. Since there’s a proliferation of such sites today it’s challenging to recoup the costs of the coins distributed to visitors while covering hosting expenses. The only way profit can be generated from a Bitcoin faucet is to offer unique features/user experiences that differentiate your site from the many others. Here’s a good guide to building a Bitcoin faucet for yourself.
[su_panel background=”#C6E1FF” color=”#110076″ border=”px none ” shadow=”px px px ” radius=”4″ text_align=”center” class=”dw-editor-note”]Read our Guide to Crypto Faucets for more details on how to earn bitcoin and other cryptocurrencies»[/su_panel]Part 4 – Freelancing in Exchange for Bitcoin
Freelancing in Exchange for Bitcoin
There’s a vast market for freelance services such as content writing, graphic design, and web development. Numerous websites provide a platform for freelance service providers and employers to connect with each other.
A new twist to these platforms is the ability to get paid in bitcoin instead of standard fiat currency. If you have a skill that employers find useful, you can earn a large amount of crypto from it.
Earning bitcoin through freelance work offers two significant benefits:
- Little or no costs involved in providing freelancing work, unlike if you decide to pursue Bitcoin mining or investing.
- Large payments that can offer bitcoin worth hundreds or thousands of dollars, unlike other methods such as microtasks or faucets that only provide tiny amounts of bitcoin.
Freelancing is your best bet if you want to earn a good amount of cryptocurrency with minimal or no investment.
Once you know what kind of freelance service you want to offer, the next step is to register for an online market that offers payment in Bitcoin. XBT Freelancer is one interesting option. This site provides well-paying freelance work, though much of it is technical, which may not be appropriate for all freelancers.
Another online marketplace, Cryptogrind, offers freelancers more straightforward work for lower amounts of bitcoin. If you’re familiar with Fiverr, you’ll have an idea what Cryptogrind is all about.
Blogging for Bitcoin
If you know how to make money online, then you know about Adsense, or putting ads up on your site in exchange for money.
The same idea works with Bitcoin. If you can create great content, then signing up with a Bitcoin-based ad network such as BitMedia is an option for you. Such networks pay users in bitcoin in exchange for clicks on ads displayed on your site. The higher the number of clicks, the more bitcoin you can earn.
Bitcoin ad networks can be used on any website, but the effectiveness is much higher when the site focuses on relevant topics like cryptocurrencies and related technologies because the advertising is heavily weighted towards Bitcoin-related products and services – since the ads are related to Bitcoin if the content you write is related to Bitcoin it’s more likely that readers are going to click on the ad.
If you don’t like to write but still would like to publish a website, you can outsource your writers on sites like Upwork or by posting a job ad on Freelance Writing Jobs.
To determine how much to pay for blog writing you can use the following formula. A typical blog article normally takes about one hour to write 500 words. At 3.5c per word that comes out to about $17.50, which is the common (though unwritten) standard used in the industry to charge for blog articles.
For a website focused on crypto it’ll require a writer with tech and finance knowledge, which means they probably have a college degree and have worked in at least one of these industries. So it’s unlikely to get the quality of writing you’re looking for if paying $17.50 per hour (which is a little below the average hourly wage in America. Someone with a good amount of knowledge and work experience is going to be looking for something that pays around $30 to $50 an hour, which is around 6c to 10c per word (based on the aforementioned formula). If you’re looking for a seasoned writer or expert in their field look to pay more than this.
Writing for Other Sites
If the idea of launching your own website is more than you can stomach, you can write for other sites that pay you in bitcoin.
To properly write about bitcoin, it demands knowledge of cryptocurrencies and the ability to understand the technology cryptocurrencies are based on. If you possess adequate knowledge and interest in cryptocurrencies, then you can choose to work with a blog or news site.
Many sites are actively seeking out writers to fill a required quota of posts on various sites. There’s a lot of variation in salaries for this kind of work depending on the writer’s level of expertise and mastery of the English language, but if you get good at it, you can earn $30 or more per hour.
Rates for freelance writing are typically paid per word or per project. Though most writers make an average of $35 for a 1,000 word blog write-up, if you’re an authoritative writer you could make $80 to $200+ for a 1,000 word article.
If you’re interested in writing, an excellent method to find Bitcoin blogs who are hiring is through Coinality. This site provides an aggregate compilation of most Bitcoin jobs posted online.
Affiliate Marketing (Selling Bitcoin Products and Services)
You’ve probably got a fair idea on how to earn bitcoin by now. But you don’t need to earn bitcoin to make money through it. Marketing Bitcoin products and services to a growing number of audiences interested in learning more about cryptocurrency is an excellent way to earn.
Affiliate marketing has been around the web for a long time. The Amazon Associates Affiliate Program is one of the longest running affiliate programs. As an affiliate you use your website to market other people’s products or services by posting links on your site to their site. If the reader clicks that link on your page and ends up making a purchase, you’re rewarded with a percentage of the purchase price.
The same idea holds true for marketing crypto-related products and services as well. Some ideas for services you can promote on your site include crypto exchanges, cloud mining, and hardware wallets.
If you’re contemplating starting up a cryptocurrency site, affiliate marketing can be mutually beneficial for both you and your readers because it delivers them quality reviews and in exchange you get affiliate commissions each time a reader makes a purchase.
Part 6 – Jobs Where You Can Use Your Knowledge of Bitcoin
Bitcoin Tutoring
After you gain in-depth knowledge of the world of crypto and specifically Bitcoin, you may want to educate others who are new to this digital marketplace.
Many people are keen to learn from your experience on topics such as Bitcoin investment tactics or how to set up a miner correctly. If you have great content and deep insights about cryptocurrencies, you can earn some good coin by teaching others.
Making YouTube videos is a sagacious way to get started teaching about Bitcoin. Teaching on the topic of crypto through YouTube videos won’t make you wealthy, but you can create ad revenue through Google’s Adsense program. If your channel becomes a well-regarded source of information on cryptocurrency, this earning could even be substantial.
If making YouTube videos is not your forte, then you can consider writing articles about the various facets of cryptocurrency. Also, online courses on crypto are an excellent method to earn bitcoin, but they require a significant amount of time and effort to set-up. If you do decide to create a course on cryptocurrencies, then it is advisable to market it on a user-generated content portal such as Udemy (or if you have the marketing and web publishing know-how you can run a site yourself).
This site allows you to sell your course at a price that you determine and you have access to millions of users globally. You should ensure that the advice you are disseminating is worth paying for. If you devise a course where the information is readily available on Google, it can be challenging to find customers.
Some innovative bitcoin tutoring startups have their own websites and are nicely cashing in on the demand from crypto knowledge seekers. These include names such as Blockchain Tutoring, Bitcoin Tutor, and Code Mentor.
Blockchain Software Development
The options in this list until now provide simple, straightforward ways to earn Bitcoin. However, if you’d like to generate a regular income through bitcoin then undertaking web development work for a burgeoning number of sites is a good idea. Every new site that accepts bitcoin provides an opportunity for a developer specializing in blockchain technology. If you can develop software related to cryptocurrencies, then you’re likely to be highly sought after in the years to come.
Needless to say, this manner of earning money through bitcoin is complicated. You will need a strong grasp of mathematics, computer programming, and computer science. You will also need to specialize in blockchain technology.
Despite these high barriers to entry, becoming a blockchain developer may be highly advantageous for you. Skilled blockchain developers can earn tons. The average salary for a developer is $75,000 while top developers can earn more than $300,000 a year. Sites such as Indeed.com list dozens of jobs for blockchain developers.
Some blockchain developers who have created successful startups include: W3Villa and Pragmatic Coders.
Bitcoin Lending
Lending money to create a secondary source of income has long been a well-used passive income generation method. The same concept can be used to earn interest through cryptocurrency. Just as with a bank, lenders are compensated through the interest earned on the money lent until the original amount is returned.
If you want to earn bitcoin through lending, you’ll need to access a Bitcoin lending platform. Bitbond currently ranks among the highest regarded platforms, though there are several other such avenues available online as well. The interest rate on Bitcoin can be as high as 10 percent or more.
You will need an initial amount of cryptocurrency before lending it out. You can generate your crypto through any of the methods mentioned here, such as Bitcoin mining or freelancing for bitcoin, or to just exchange it from fiat currency.
It’s vital to remember that there’s the possibility of default in payments just like a regular loan. Be sure to evaluate the person that you’re lending to carefully and establish a high level of confidence before lending bitcoin.
Other Sites for Bitcoin Lending and Borrowing
X Coins – This site lends bitcoin for a fee. You can lend or borrow bitcoin as a secured loan instantly.
Bitfinex – A reliable cryptocurrency exchange platform that supports margin funding, margin trading and peer-to-peer financing.
BTCPOP – This is a bitcoin lending network designed to provide loans, bonds and investments.
Bitcoin-based Gaming
Playing games to earn bitcoin is similar to Bitcoin faucets because they pay minuscule amounts of bitcoin and earn revenues through advertising. Gaming for bitcoin provides monetary gain for an activity you may have undertaken for free until now.
Gaming for bitcoin also includes casinos that pay out in bitcoin. As in a brick-and-mortar casino, the odds are always in favour of the house. While gambling is not a reliable way to make money, it’s a good idea if your primary intention is have fun and you don’t mind losing your crypto — it’s a way to earn free bitcoin doing something you enjoy.
Some of the popular bitcoin gaming and gambling sites include: Fortune Jack, Lucky Games, Crypto-Games, Primedice, Safedice, Fun Crypto Games, and Nitrogen Sports.
Bitcoin Investing
Over the last few years, Bitcoin has established itself as a popular investment option. Presently, Bitcoin is not as mainstream as say, stocks or bonds, but it’s quickly entering the conventional financial sector, being recently adopted by Futures exchanges.
With the surge in value of Bitcoin, investing has been more lucrative than other options listed here. Buying and holding Bitcoin until the prices go up and then selling them can be extremely profitable, though it also holds a lot of risk.
Bitcoin has paid off incredibly for investors who invested in the cryptocurrency early on. If you had invested $500 in Bitcoin when its value was only $1 in 2011, your investment would have multiplied by several thousand times. This is an extreme example, but it highlights the profitability of Bitcoin for traders who held their investments for a long time.
A prominent Bitcoin exchange is Coinbase, which has become a go-to exchange for many new investors because it’s more secure and user-friendly than other exchanges. See our extensive listing of crypto exchange reviews.
A relatively lesser known method of investing Bitcoin is through trading it as a CFD. A CFD is basically a derivative instrument based on the price of an asset, in this case, Bitcoin. Derivative trading does not require the actual purchase of the asset.
Part 10 – How to Get Started Earning Bitcoin
How to Get Started Earning Bitcoin
1. Get a Bitcoin Wallet
To start earning crypto online, you first need a Bitcoin wallet. These wallets are like a debit card for bitcoin and come in different varieties (online, software application, mobile app, and hardware — Read more about wallets in our crypto wallets section).
One easy way to get a wallet is to sign up with a reputable and secure exchange for Bitcoin. We recommend a Coinbase account because it’s user-friendly and the government ensures savings similarly to a bank account. Other popular wallet apps are listed below.
NOTE: For long-term bitcoin storage we recommend hardware wallets like the Ledger Nano S as they’re the safest option.
2. Work for Bitcoin
Use one of the various methods of earning bitcoin mentioned in this guide to generate some income. There’s a good list of bitcoin earning apps and sites in the next section. Once you have accrued enough bitcoin to be worthwhile sending to your wallet move on to the next step.
Note that bitcoin transaction fees can wipe out your earnings if you try sending over too little an amount. They’re usually low, about a dollar, but during periods of serious network congestion they can get really expensive, like $20 or more.
3. Copy and Paste Bitcoin Address
Copy your current Bitcoin address from your bitcoin wallet (e.g. Coinbase). NOTE: Make certain to copy that address using Ctrl+C (Windows) or Command+C (Mac) because any error made in transcribing the address can result in you losing your bitcoin!
Paste the Bitcoin address where you’re asked to provide it by whoever is paying you for your services.
4. Wait for Transaction to Clear
Wait until your transaction clears. This can take minutes or several hours depending on the Bitcoin network congestion (and it can get costly as well, depending on how busy the network is).
Top Bitcoin Wallet Apps
Coinbase – Coinbase has a unique advantages that the online wallet is accessible from both your mobile and computer. Additionally, you don’t need to stress about any phone-related issues as the bitcoin is stored securely on the app’s platform. Coinbase supports Ethereum and Litecoin as well.
Bread – This mobile wallet is a favourite for many iOS users. The app is very lightweight and focuses on three parameters: easy usage, safety, and value. Bread offers one-tap payments on the web or personally, and provides users with a recovery phrase if you lose access. The app acts directly on the Bitcoin network meaning there are no additional costs or fees. It has also recently added the option of buying Bitcoin directly in the United States.
Airbitz – Airbitz is one of the top iOS apps in the digital marketplace today. It provides an integrated buying and selling solution for users in the US and Canada. The app offers an innovative feature of being able to pay via Bluetooth. The app is compatible with various wallets and provides robust security. You can also find Bitcoin-friendly companies through its built-in directory.
Copay – This online wallet has been developed by the reputable Bitpay. It has multiple features and is compatible with various languages and wallets. Also, it allows more than one user to access the wallet, just like a joint checking account. This feature sets Copay apart from many similar apps.
Blockchain – Blockchain is free and convenient to use across various iOS devices such as iPhone, iPad, etc. The app has fundamental features which include PIN security and support for QR codes. It provides exchange rates for many fiat currencies so that you can keep track of your spending and you can customize your wallet balance to Bitcoin.
Part 11 – Popular Bitcoin Earning Apps and Sites
Popular Bitcoin Earning Apps on Android and iOS
CashPirate – While CashPirate is not technically a Bitcoin app, you can earn Bitcoin as payment for using this app in exchange for answering survey questions, watching videos, and signing up for various offers. CashPirate is considered by many as the best app for 2018, and it’s one of the best and fastest ways to earn free Bitcoin through your smartphone.
Bitmaker – This Bitcoin faucet app pays every 30 minutes and has a user-friendly interface with numerous features, which makes it stand above its rivals. The app rewards users in Bitcoin and has a scoreboard feature where you can compare your earnings with friends and other users. You only need your email and Bitcoin wallet address to get started on this app.
Bitcoin Farm – With this simple app, you can earn Bitcoin every 30 minutes by watching a display app. Then you can collect your satoshi and start again in 30 minutes. You can earn bonus satoshi by watching paid videos every 30 minutes. The app’s design and layout is simple yet effective, and you can cash out your earning on Saturdays or Sundays. These earnings go to your Bitcoin wallet. You need a minimum of 20,000 satoshis to cash out.
Bitclaim – Bitclaim is a faucet application that you can use to earn Bitcoin every half an hour. You only need a Bitcoin wallet to get started and earn satoshi immediately. The apps interface is not as sophisticated but serviceable. You can cash out when you reach the minimum payment amount.
BTC Safari – This faucet pays every 15 minutes, and you can earn a maximum of 400 satoshis on every claim. The app is simplistic and doesn’t provide many features. It’s a bit clunky but works well. Again, the sign-up process is easy, and you only need email and Bitcoin wallet addresses.
Top Sites to Earn Bitcoin
Bitcoin Reward – Soaring in popularity, this site is not spammy and provides simple jobs to earn Bitcoin. This site does not have a long and rigorous registration process. You only need to enter your Bitcoin address and start working towards earning Bitcoin right away.
BTC for Clicks – In BTC for Clicks, you can earn Bitcoin by the hour. The platform offers special prizes for registered members. You can accumulate Bitcoin at CoinAd, which is a paid-to-click Bitcoin game. On top of this, you can watch ads to collect Bitcoin.
BTC Clicks – On this advertisement platform, users can click ads to get paid in Bitcoin and advertisers get an inexpensive avenue to reach out to audiences.
MyCoinAds – The MyCoinAds platform enables advertisers to buy ads through Bitcoin and pays out bitcoin for watching these advertisements.
iFaucet – This faucet pays relatively well. If you pass the captcha challenge, you can win 1,000 Satoshi, which translates into a good amount of bitcoin. It’s also the biggest Bitcoin, Dogecoin, and Litecoin faucet globally.
Land of Bitcoins – The Land of Bitcoins provides users with instant Bitcoin payouts. There are more than 100 free faucets to choose from.
CoinUrl – You can get cash for any content that you create such as websites, forum posts, images, tweets, and blogs on CoinUrl. The site provides competitive rates and pays out a large chunk of the advertising fees to users.
Freebitco.in – After you register on Freebitco.in, you can play the ‘game’ every hour to potentially earn bitcoin. The game comprises entering a captcha check, which leads to rolling the dice, and you can win bitcoin depending on the numbers you get. However, most of the dice rolls result in only small wins.
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