Before diving into the best methods of how to earn Bitcoins fast, it is important to get clear about one question: “Why Bitcoin?”
Bitcoin is a digital cryptocurrency that was founded in 2009 by an anonymous person/s only referred as Satoshi Nakamoto to provide a platform for decentralized payment. Here are the benefits to expect from owning Bitcoin:
- Bitcoins have a huge potential for growth to deliver high ROI in the long term
- The digital coins allow you to save funds anonymously without worrying about third-party seizures
- Owning Bitcoins implies that you become part of the network owner and will be called to vote when key decisions about the network are being made.
- It presents the owner with a cheaper and faster way of sending value across the globe
The following are the top methods you can use to make Bitcoins quickly.
Work for Pay with Bitcoin
Working to earn Bitcoin is among the easiest and legit methods to earn the coin. Whether you are an online marketer, engineer, singer, or designer, among other professions, you can identify sites that allow people to work for Bitcoins.
Many enterprises are embracing Bitcoin as a method of payment because transactions are cheap, fast, and anonymous. For example, a marketing site that works with hundreds of marketers across the globe would incur heavy bills when paying the marketers via wire transfers.
However, Bitcoin is a peer2peer coin, which means that the fee is very small. The only requirement is for the payer and payee to be on the Bitcoin network. Here are some of the sites that pay in Bitcoin.
Earn Bitcoins from Interest Payment
For those who already have some Bitcoins, it is possible to make more coins by lending them out for a profit. The simplest way of earning Bitcoins using this method is lending them to a person you already know. Make sure to agree on the interest and the duration of payment.
The following are the two main methods of earning Bitcoins from interest payment:
- Peer2peer Bitcoin lending: These are websites such as Bitbond that provide borrowers with an additional method of borrowing. When lending to others on peer2peer sites, it is advisable to deal with many borrowers as a method of spreading risk.
- Bitcoin banking: This is a lending model where Bitcoin owners deposit their coins and earn interest over time. The funds you deposit in the banks are lent to borrowers who repay with interest.
While Bitcoin lending is a great method on how to earn Bitcoins fast, you need to be vigilant about the borrowers. Because cryptocurrencies are not protected by law, it will be very difficult to go after defaulters by seeking redress in a court of law.
Promote Bitcoins Affiliate
Programs Affiliates programs are designed to help promote products for a commission. In this case, you work for businesses that pay the commission in Bitcoin.
The secret to getting more from affiliate programs is becoming a leader in your niche to command authority and large traffic. As a leader or expert in your niche, followers will take recommendations for the products you review to convert. Then, the commission is paid in Bitcoins.
Earn Bitcoins Through Mining
Bitcoin Mining is one of the recommended methods of how to earn Bitcoins online fast. Mining is the main process used by the Bitcoin network to confirm transactions, generate new blocks, and release new coins.
To mine Bitcoin, you will need a computer with high computing power to help solve the complex mining puzzles generated by the platform’s proof of work (PoW) algorithm. However, the mining difficulty has gone up so much that mining using a standard computer or GPU is not viable. Instead, you need the right mining hardware such as Bitminer that can generate a lot of hashing power.
Another way of mining Bitcoins is by joining a mining pool. The good thing with mining pools is that they already have the right mining rigs and users only hire the preferred mining power. However, the mining reward is shared with all the members in the pool.
Make Bitcoins Fast Trading in the Exchanges
This is perhaps the fastest method of making Bitcoins online today. Trading takes place in the exchanges where you buy Bitcoins when the price is low and sell when it goes up. They operate like the forex markets, although the exchanges deal with cryptocurrencies instead of fiat.
To earn Bitcoins when trading in the markets, it is important to start by understanding the markets and the involved risks. Then, you need to identify the right platforms such as Binance or CEX.io and form the right trading pair.
Though it might look easy and direct, the metrics involved are very complex. Therefore, you need to understand the factors that define the market and the market shifts to make the right predictions. Here is a video guide to help start trade profitably trade Bitcoin at Binance.
Gamble With Bitcoins in Casinos
This is one of the fast-growing methods on how to earn Bitcoins quickly. Many online casinos such as Miami Club Casino have added Bitcoins to their deposits and withdrawal portals because it is easy and cheap to use.
The best way to gamble with Bitcoins is by selecting the best casino and choosing the games you know. Besides, you should start by learning what you can about the casino and how it works before gambling with Bitcoins.
Note that though gambling is a great method on how to make Bitcoins fast, it is a very risky undertaking. The chances of earning or losing are 50:50.
The Final Take
While there are many methods that you can use to earn Bitcoins fast, it is important to appreciate that each comes with unique risks. The most important thing is ensuring you understand the selected method and take all the precautions to avoid getting scammed. Though experts recommend trading as the best method on how to earn Bitcoin fast, it is advisable to start by practicing with a few coins before trading with a lot of funds. Besides, you should be prepared for other costs such as trading fees and withdrawal charges that will define how much you can make from trading Bitcoin.