Unless you have been living under a rock for the past few years, you have more than likely heard about the economic phenomenon that is cryptocurrency, and more specifically, Bitcoin. But do you know what is it and how it can help you to earn money? Here, we quickly explore the basics and a couple of ways in which it can make you some cash. What should you know before buying dogecoin, bitcoin, or other coins?
What is Bitcoin?
Bitcoin was created in 2009 and is a form of digital currency. Unlike traditional government-issued currencies, it is decentralized, which is one of the main attractions of the currency. There are no physical bitcoins – it is entirely digital and kept on a public ledger in the ‘cloud,’ called a blockchain. It is peer to peer managed, and payments are almost instant. The independent individuals and companies who own the governing computing power and participate in the Bitcoin network are known as miners.
How can you make money from Bitcoin?
Like all forms of trading, trading with Bitcoin is going to go one of two ways: it is either going to lose your money or make you money. There is software out there that claim to help you with your decision making when it comes to trading, for example, the ones discussed at https://insidebitcoins.com/bitcoin-robot/bitcoin-revolution. However, it is thought that one of the best ways to make money from bitcoin is to buy it – and hold on to it. If you invested $1000 in Netflix a decade ago, you would have around $100,000 return now. If you had invested in Bitcoin ten years ago, you would have $100,000,000 now. It has been one of the best-performing assets in recent years, so it can make you a lot of money if done correctly.
Complete Bitcoin tasks
One of the easiest ways of earning small amounts of Bitcoin is by doing tasks for them. Answering messages, taking surveys, watching videos, and downloading apps are just a few of the really simple ways you can do this. Have a look around for apps and websites which allocate the jobs and currency – there are many. You won’t earn a fortune doing it this way, but it is a great way to dip your toes into the world of cryptocurrency without any risk.
If you have a knack for writing, you can earn Bitcoin through a third-party app such as Steemit. It differs from traditional freelance writing in that you do not get paid per word or per article, but by the value of your content. The more votes from other users your work gets, the more Bitcoin you earn. There are various websites out there, so check them all out.
Become a Bitcoin affiliate
If you have already dabbled in Bitcoin, you might want to think about becoming an affiliate, which is the ultimate in passive income. Sign up with a Bitcoin affiliate program, promote a service or product that you like and when people sign up or make a purchase using your link, you will receive a commission. It really is that simple!