Monday, December 6, 2021

Do You Make Money Off Bitcoin

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Amazon To Accept Bitcoin As Payment

HOW TO MAKE MONEY WITH BITCOIN – A Simple Explanation

If the rumours are true, the technology company could accept bitcoin payments later this year. This could drive the price of the cryptocurrency upwards.

Amazon is also said to be looking at launching its own cryptocurrency.

This comes after Amazon posted a job advert looking to hire someone to develop its digital currency strategy.

Amazon isnt the only tech giant to be branching into cryptocurrency there are rumours circulating that Apple will use some of its large cash reserves to invest in bitcoin.

Senior Investment and Markets Analyst, Hargreaves Lansdown

I’ve Done The Math Forget Mining Is There A Less Onerous Way To Profit From Cryptocurrencies

As mentioned above, the easiest way to acquire Bitcoin is to simply buy it on one of the many exchanges. Alternately, you can always leverage the “pickaxe strategy.” This is based on the old saw that during the 1849 California gold rush, the smart investment was not to pan for gold, but rather to make the pickaxes used for mining.

To put it in modern terms, invest in the companies that manufacture those pickaxes. In a cryptocurrency context, the pickaxe equivalent would be a company that manufactures equipment used for Bitcoin mining. You may consider looking into companies that make ASICs equipment or GPUs instead, for example.

Do Your Research On Crypto Lingo

It’s good to know what a blockchain is and how it works but its not a necessity. Think about what happens when you buy something online do you know how an Automated Clearing House works? How well do you understand the system of banks and payment processors that make up traditional finance? Lacking this knowledge doesnt prevent you from using dollars, and likewise wont prevent you from using crypto.

That said, what you need to know is that a cryptocurrency relies on a blockchain, a special type of digital network. There are different blockchains like Ethereum, Cardano and Stellar. They work similarly, but have different features.

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Bonus: Shopping With Lolli

Lolli enables anyone to earn a Bitcoin by shopping at one of the 500+ merchants that the firm is partenred with.

The list of merchants include big names like Hotels.com, Walmart, Groupon, Priceline, BestBuy, and more.

Although each purchase is only rewarded with $1-3 in Bitcoin, it can add to a significant amount if you regularly use the stores that Lolli is partnered with.

Create a Lolli account here and earn $10 just for joining.

Way#7 Work For Cryptocurrency Companies

How Much Money Can I Make Investing In Bitcoin

This is a common way of earning from the sector. Anyone can work for a cryptocurrency company at any capacity you can be a digital marketer, content creator, web designer, among other things. All you have to do is to identify their needs and show them how your skills can help solve a problem.

The best thing about working for crypto platforms is that youre likely to work remotely, allowing you to benefit from the flexibility of working from your own space.

Other than that, most crypto firms offer very competitive packages, and if you happen to come by a chance to work with any legit ones, dont hesitate to take up the opportunity.

Below are a few examples of platforms that pay in digital assets for services rendered:

  • Coinality
  • Coinworker
  • 21.co

These companies offer their compensation in terms of cryptos this, therefore, means that the value of your earnings can more than double in value within days if not hours.

Don’t Miss: What Does Coinbase Charge To Buy Bitcoin

Who Decides What Bitcoin Is

Bitcoin is not a static protocol. It can and has integrated changes throughout its lifetime, and it will continue to evolve. While there are a number of formalized procedures for upgrading Bitcoin , governance of the protocol is ultimately based on deliberation, persuasion, and volition. In other words, people decide what Bitcoin is.

In several instances, there have been significant disagreements amongst the community as to the direction that Bitcoin should take. When such disagreements cannot be resolved through deliberation and persuasion, a portion of users may – of their own volition – choose to acknowledge a different version of Bitcoin.

The alternative version of Bitcoin with the greatest number of adherents has come to be known as Bitcoin Cash . It arose out of a proposal aiming to solve scaling problems that had resulted in rising transaction costs and increasing transaction confirmation times. This version of Bitcoin began on August 1st, 2017.

Writing / Info Products

If you are good at researching and writing then you can definitely earn bitcoin using those skills. There are a lot of people out there with bitcoin related websites or other types of bitcoin businesses that need content written for various reasons, or other types of writing gigs that arent necessarily about crypto but will still pay you in it. Whether it is to put on their own sites/blogs, use for marketing purposes, sell to others, or whatever else the fact is they need the content. Most people are either too busy to write it themselves, arent good writers, or simply dont want to do it so they are willing to pay good money for someone else to write it for them.

Chances are the people who are needing this sort of content written will own bitcoin and be willing to pay you with it in exchange for your writing services. So, all you have to do is get yourself in front of them, offer up your services, and ask them to pay you in bitcoin. There are many forums, marketplaces, websites, and other ways to find these freelance gigs so just do some searching and you are sure to find them. Heres one to get you started: Coinality.

These can be sold on places such as , Udemy, and .

Also Check: Can You Trade Crypto On Schwab

How Much Money Can You Make Mining Bitcoin: S9 Case Study

In mid-2016, Bitmain launched the worlds first-ever commercially available bitcoin miner based on a 16nm processing chip that delivers 14TH/s while only drawing 1380 watts of power. The relatively high hashrate and low power consumption make the S9 a super-efficient miner.

Equipped with this knowledge, I headed to this Bitcoin mining calculator to establish how many bitcoins one would have managed to mine with the Antminer S9 between July 2016 and September 2019.

The calculator takes into account several key metrics, including the miners hashrate, mining difficulty, power consumption in watts, electricity cost, hardware costs, and pool maintenance fees.

The reason I chose to compile this information using the S9 miner is to point out that Bitcoin miners appear to be most efficient when they get first released on to the market. From here, I pulled the historical data on bitcoin mining difficulty from Blockchain.com so that I could project accurate mining profits for each month. In my data compilation, I was interested in three crucial areas:

Once I had this information, I was able to calculate the average number of bitcoins mined in a month, the cost of electricity, and the profit made in that particular month. I came up with the following spreadsheet to help me establish potential bitcoin mining profit for someone who set up the S9 miner in July 2016.

DATE

The four crucial takeaways from the data above are:

Sell Products & Services

How To Make Money With Bitcoin

It shouldnt come as a surprise that this makes the top 10 list. Lets not forget that Bitcoin is a form of currency, so selling goods and services is one of the best ways to earn bitcoins. Yes, you can make money selling just about any type of product or service, and accepting bitcoin as a payment method. These days, even a lot of major retailers are now taking bitcoin as one of their payment options.

I think this is one of the best and easiest ways to make money with bitcoin today. It doesnt matter if you have an offline brick-and-mortar company, an internet business, or you just have some goods or services to sell on an online marketplace you should accept bitcoin as payment. And if you do already have a small business, the integration to accepting them as payment is relatively quick and easy if you use something like BitPay or a similar service.

There are even sites out there where you can specifically sell things in exchange for bitcoin. Two of the most well-known are Bitify.com and Purse.io

That concludes the list for now. I will update it when any new ideas or interesting opportunities catch my attention.

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I sincerely hope you are able to use the tips above to make 2021 your best year ever!

Recommended Reading: Do You Pay Taxes On Bitcoin

How To Cash Out Bitcoin Using A Broker Exchange

So, now that you know the difference between the two favored methods, I will now show you how to withdraw Bitcoins to cash using broker exchanges!

Coinbase

Coinbase is the most popular broker exchange for buying and selling Bitcoin. They process more Bitcoin transactions than any other broker and have a massive customer base of 13 million.

  • Withdrawal Methods: Coinbase lets you sell Bitcoins for cash, which you can then withdraw into your bank account. You can only cash out your Bitcoin into a bank account that you have already used to buy cryptocurrency on Coinbase. So, if you havent done this yet, I recommend purchasing a small amount of cryptocurrency first.
  • Fees: The fees depend on the country that your bank is located in. For example, if you want to sell Bitcoin for USD, a wire transfer is $25. If you are located in the EU and have SEPA, then this costs just $0.15!
  • Cash-out times: Withdrawal times also depend on the country that your bank is located. US withdrawals normally take between 4-6 working days, while EU withdrawals take 1-3 working days.

Start A Bitcoin Youtube Channel

YouTubers are some of the most influential individuals in the cryptocurrency space.

YouTube channels are so powerful in Bitcoin and cryptocurrency in general since this space is mostly composed of a younger audience, that often prefers content in the form of video rather than text.

There are several ways of approaching a Bitcoin or Cryptocurrency YouTube channel, and the one that suits you best entirely depends on your skills and interests.

The main categories are Trading channels, product review channels, News channels, Entertainment / Funny channels, and Mining / Technical channels.

It is important to note that many YouTubers, like for exampleIvan On Tech, combine several of the above categories in order to speak to a larger audience.

As you can probably imagine, being a Bitcoin or Cryptocurrency YouTuber can be extremely profitable. While large channels do make a decent amount from display ads they show on their videos, most of the revenue is generated through sponsorships and paid videos.

Ivan On Tech, for example, has approximately 200,000 subscribers on YouTube and charges over $15,000 for a single interview video.

Of course, it is not easy to build such a large channel, but you dont have to own a massive Bitcoin YouTube account in order to make a decent income out of it and the barrier of entry for starting a channel is pretty much zero.

Recommended Reading: How To Transfer Crypto From Coinbase To Coinbase Pro

What Is Bitcoin And How Does It Work

The concept of digital money that people send online is not that complicated in itself. After all, most of us will be familiar with transferring money from one online bank account to another.

Bitcoin is a digital asset that operates like normal currency, but without the banks taking a cut with every transaction.

Unlike normal currency, there is no physical version of the coin.

Each bitcoin is created using an encrypted code, which is a string of numbers and letters. The same equation used to create the code is can unlock it .

Other important points about bitcoin:

  • Cryptocurrencies, like bitcoin, are a form of payment that uses blockchain technology to send data in cyberspace
  • Each bitcoin must be mined
  • It is finite: only 21 million bitcoins that can be mined in total
  • Cryptocurrencies are decentralised meaning they are not regulated by a financial authority, like a government or central banks

Find out more: Is cryptocurrency a good investment?

Your Money Could Be Stolen

Be aware that a hacker can potentially steal the contents of your digital wallet.

Your digital wallet has a public key and a private key . However, crypto-asset systems allow users to remain relatively anonymous and there is no central data bank. If a hacker steals your crypto-asset, you have little hope of getting it back.

Using a wallet thats held offline, called a hardware wallet or cold storage, may provide additional protection.

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Ok How Do I Buy Some Of This Bitcoin

To purchase bitcoin using your Cash App:

  • Go to the Investing tab on your Cash App home screen
  • Select Bitcoin
  • Select an amount or … to enter a custom amount
  • Confirm with your PIN or Touch ID
  • Purchasing bitcoin requires that you have a balance in your Cash App. You may also need to enter additional geographical information.

    Why Invest In Bitcoin

    Bitcoin is the one-stop solution for all your trading and investment needs! And there are many reasons to invest your time and money into the colossal world of Bitcoins and cryptocurrencies.

    If you possess complete knowledge and a profound understanding of investing or trading in cryptocurrencies, you have a great chance to increase your wealth tremendously. Numerous people are keen to invest in the world of Bitcoins today, but we only recommend this once you have got a deep insight as it is always said To succeed in business, one needs to know math.

    With this thought in mind, we want to inform you of major reasons why you should consider investing in Bitcoin:

    • Robust Future Potential
    • Great Possibility of Accelerating Profits
    • More Reliable Compared to other Cryptocurrencies
    • User Autonomy
    • Low Transaction Fees for International Payments
    • No Banking fees
    • Peer-to-Peer focus

    The price of cryptocurrencies is volatile if you have the risk tolerance, you can invest in this business, have patience, and earn handsomely.

    If you are a savvy investor, Bitcoin might not entice you. However, individuals who invested in Bitcoin thought that they might have a possibility to earn a lot of money with Bitcoin in the future, and they were right.

    Recommended:Top 15 Cryptocurrencies to Invest other than Bitcoin

    Recommended Reading: How To Make Money Selling Bitcoin

    Energy Cost And Equipment Deprecation Will Eventually Cost More Than The Actual Bitcoins Are Worth

    Illustration by Lauren Hansen | Image by JHON PAZ/Xinhua Press/Corbis

    Think you have what it takes to be the next Bitcoin millionaire? You might not want to quit your day job.

    The suddenly popular electronic currency is drawing the ire of skeptics. And trying to explain how Bitcoin works and where it comes from to non-geeks only tends to raise eyebrows, but it’s easiest to think of this way: When Bitcoin was created by a shadowy programmer or group named Satoshi Nakamoto in 2009, a limit of 21 million coins were scattered throughout the digital realm and hidden in blocks of data. Successfully unlocking these equations with computer software, or “mining,” yields a haul of bitcoins.

    But Bitcoin mining ain’t easy. While you can purchase coins outright , the actual process of mining is “supposed to be arduous,” says Bloomberg, like extracting gold or diamonds from the earth. While you’re not climbing down treacherous dig sites with a helmet, per se, you are dedicating a significant amount of computing power to solving what are essentially complex math problems.

    Not just any old PC will do, either: Dedicated Bitcoin mining rigs with the sole purpose of crunching through algorithms can cost you up to $6,000 on eBay.

    As many have noted, there is money to be made feeding unrealistic dreams.

    How To Buy Bitcoin

    How To Make Money With Bitcoin In 2021 (For Beginners)

    Here’s how to buy Bitcoin:

  • Set up an account on a cryptocurrency platform.
  • Complete the platform’s identity verification process.
  • Deposit money from your bank account.
  • Buy the amount of Bitcoin that you want.
  • There are several places to buy Bitcoin. It’s sold on cryptocurrency exchanges, as well as by select stock brokers and some payment apps. Cryptocurrency exchanges offer the most features, so they’re well-suited for serious crypto investors.

    Since Bitcoin is the most popular cryptocurrency, Bitcoin trading is available on just about any exchange. These are a few of the best-known and highly rated exchanges:

    • Coinbase: Launched in 2012 as a way to buy Bitcoin through bank transfers.
    • Gemini: Founded by Tyler and Cameron Winklevoss in 2014 and the first to offer Bitcoin futures contracts.
    • Binance: A worldwide platform that’s been experiencing regulatory challenges, Binance also has a U.S. platform and has been listing Bitcoin since its 2017 inception.

    After you choose an exchange and create an account, you can verify your identity with a driver’s license, passport, or other valid identification typically issued by a government. This step is required for tax reporting purposes and to prevent criminal activity such as money laundering.

    Most exchanges accept multiple payment methods. Transferring money from your bank account almost always minimizes your fees, making this the best option.

    Read Also: How To Buy Cryptocurrency On Etrade

    Gambling In Online Bitcoin Casinos

    If you like gambling online and want to earn your gambling winnings in bitcoin, then you can choose from a variety of bitcoin casinos and gambling sites. Leading bitcoin online gambling sites include Starcoin, Crypto Games, BetKing, and vDice.

    When you like playing dice, roulette, poker, lottery or slots, the bitcoin online gambling market is more than big enough to satisfy your gambling needs.

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