Are you into cryptocurrency but you don’t know where to start from? Here how to make money on bitcoin. Five easy options you can do, choose one or do them all at the same time!
1 Mining Bitcoin
Mining Bitcoin used to be relatively simple, and the earliest miners were able to mine thousands of Bitcoin using their home computers. However, in today’s very competitive and volatile market, miners buy expensive computer parts, that the high street customer has little access to, required for more processing power in order to mine more difficult algorithms. Since this is a race that can solve blocks faster, miners team up in what we call mining pools where they combine their processing power in order to solve each transaction first. The reward mostly comes from several miner’s fees is then split up by members of the pool.
2 Writing about Bitcoin
Cryptocurrency, in general, is a new niche and there is a scarcity of writers who genuinely know this niche. This means the market is not very competitive and ready to get new writers on board. This is a great working opportunity for many.
Start with creating a wallet to keep your bitcoin safe. There are many places that allow you to do so. This is the easiest way if you are planning on buying and holding bitcoin. “Hodl”, a term the Bitcoin community whenever they are holding their coin with the belief their coin will be profitable one day.
4 Bitcoin trading
There is potential to make big money trading bitcoin. Unlike buying and holding, trading bitcoin means you buy at a low price and sell them back at a higher price. This requires practice and knowledge of the market and to some extent a crystal ball. You can start trading Bitcoin today on Phemex. Phemex is building the world’s most trustworthy cryptocurrency derivative exchange platform. Just go on Phemex, register and you can start trading Bitcoin, Ethereum, XRP, Litecoin, EOS perpetual contracts, with up to 100x leverage. Join Phemex today! They offer up to $72 welcome bonus.
5 Lending Bitcoin
The decentralized nature of bitcoin and other cryptocurrencies make it simpler to make transactions without needing authorities to validate it. In such a case, you can also loan bitcoin to potential loaners at a certain interest rate. It is also a very good alternative to “hodling” as you are actually making use of the wealth rather than keep it unmoved and it’s better for the economy in general.