As an investment vehicle there is nothing that has performed as well as Bitcoin in the last 10 years. After a slow start back in 2009, Bitcoin value has grown 1300% just in the last year alone. The phenomenal performance and relative stability has made people take notice of cryptocurrencies and the enormous benefits of cryptocurrencies as alternative to traditional banking. Decentralization, 100% privacy and completely borderless, truly make digital money the currency of the future.
The realization of the potential and benefits of Bitcoin have enticed more and more people to get their share and as such there are a number of ways to get your Bitcoin today. We have also seen a huge increase in the use of Bitcoin as payment option, there is even a place called “the Bitcoin city”. When next you visit Arnhem be sure to check out all the establishments that use Bitcoin as a payment option. As ownership of Bitcoin spreads across the world, we see more and more ways to spend our Bitcoins.
So, unless you were one of the few early owners of Bitcoin, you might have been thinking about how to earn Bitcoin for your own pocket. There are many ways to do this, but I have selected the Top 6 ways (all legit) to make the selection process a little simpler.
1. Bitcoin Mining
Bitcoin Mining is the process of confirming and releasing bitcoin transactions. It involves solving a crypto-algorithm which contains the transactional data. At launch in 2009, you could earn 50BTC for every block you successfully mined, and you could do it with a decent desktop computer. Over time the crypto-algorithm has vastly increased in complexity and the payment has reduced to 12,5BTC (reduces every 4years).
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To mine Bitcoin today you need a couple of things, hardware and power resources. Hardware with enough computational power to solve the crypto-algorithm. And electricity power to keep the whole set-up running. All that has a significant cost attached to it so its no a one-man show anymore. There are mining groups popping up everywhere worldwide, some legit and some not.
Mining Bitcoin today has a few problems:
- Cost of Hardware and Grid Power. The sear size of a Bitcoin mining farm requires significant financial investment and constant maintenance, with a sizable monthly utility bill for the electricity.
- Many people join cloud mining services but soon find out that many of them are scam artists and ponzi schemes.
- The crypto hashing has become so complex that you simply can’t do it on your own anymore.
- The mining of bitcoin has become somewhat unprofitable in recent years.
These major issues have made bitcoin mining very unattractive as a method to earn bitcoins, unless you have the resources to invest in the infrastructure required. And keep on doing it.
2. Gambling and Casino Games
Take the chance and win some Bitcoin. Online lotteries, Jackpots, Casino Games, Online Betting and a host of other options are offered by certain gaming and casino websites. As with traditional casinos and betting tabs, these sites will gladly take your money and let you roll the dice, but alas it is not a good way of earning bitcoin at all. I would rather suggest you put your money under the mattress than gamble it away.
3. Work for Bitcoin
Being a digital currency, you can earn bitcoin by working for it in the digital world. In the cloud you will find many ways of earning bitcoin by doing some kind of work for it. Whether you are a freelancer, marketer, artist, web developer or engineer, there is a piece of work that you could do to earn bitcoin. With so many jobs available there are also many sites to find crypto-work such as:
- Bittask– is a freelance marketplace where you can find work as a freelancer for payment in bitcoin. Its also a environment where you can post a job for bitcoin payment. Jobs can be bid on and the employer can then choose who gets the work.
- Coinality – Another job board but with a unique feature. They not only display a list of jobs but they disply them on a map so that you could choose a job closer to home if you like. A really cool feature for those of you that would like to support your local community. Coinality also have a number of other sites posting jobs on their site, Coinbase, Ripple and Bitpay are just some of the listings you can find on their site.
- Jobs4Bitcoins– Hosted by Reddit.com this is a frequently used bitcoin job board where you can find listing for programmers mostly.
- BitGigs– The offer a general job board for a wide range of jobs for bitcoin payment.
- Bitwage– a Job board listing remote jobs for bitcoin payment.
- XBTFreelancer– Mostly software related jobs on their listing but all for bitcoin payment.
Working for bitcoin is a productive and sure way of earning bitcoins as reputable job sites all verify the employers and have reviews of the opportunities posted.
4. Bitcoin Faucets
A Faucet will pay you in fractions of bitcoin to complete a host of menial tasks such as captcha solving, video watching, playing games and clicking on ads. However, your earnings are small. If yo9u have full time job this might not be the answer for you. These tasks take lots of time and payment is calculated according to time spent. As little as 0,0001 BTC for your 5 minutes. If you would like to view some options click here or here
5. Payment in Bitcoin
If you have a business or sell a product, you won’t be sorry if you offer bitcoin as a payment option for you products or services. By simply adding your bitcoin address to your website or payment portal you will no doubt attract more clients because of the payment option. Put a sign in the window or on your advertising showing that you “Accept Bitcoin Payments” and your clients will start using it.
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6. Bitcoin Trading
You can also get your bitcoins by trading for them, in other words buying them using your credit card or wire transfer. There are several places you can do this online, but I would do proper research before you trade just to make sure that you are dealing with a reputable company. CEX.io is such a site and they let you buy bitcoins for a minimal fee. It has been said that it’s just another way of gambling as there are some significant risks involved. However, let moderation and caution prevail and you won’t go wrong.
Once you have confidence and a decent crypto wallet you can then convert your bitcoins into any of the more 1500 cryptocurrencies currently available in the market.
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No doubt you will agree that there are many ways of earning bitcoins in the market, however, it does require a little research and reference. Regardless of which way you choose, you are going to have to do something for your bitcoin. There is no such thing as FREE BITCOIN!! You are going to have to work, view ads or provide something in return.
Suffice to say, however you do it, with a little effort you can own your own bitcoin wallet and enjoy your digital money along with the rest of us.