How to make money with cryptocurrencies like bitcoin
Nowadays there is a lot of talk about cryptocurrencies, especially bitcoin, but still not many people know how to make money on them. There is a really large earning potential in them, so definitely worth taking an interest in the topic. Especially since, despite appearances, earning money is relatively easy and what's more – possible even without any investment. What we should know about them and how to make money with cryptocurrencies?
How to start making money with bitcoin and other cryptocurrencies
A rather important issue when it comes to cryptocurrencies is that of storage. Special wallets are used for this, but we will return to this, because this knowledge is not essential, or at least at the beginning of the adventure with earning on cryptocurrencies. Especially if we decide on one of the first ways, because in a sense they also serve as such a wallet. Thanks to this you can actually start right away.
Earning on cryptocurrencies without investment
Earning with cryptocurrencies it is possible both without investment and with some own contribution. Let's start with these first ways, because not everyone wants to risk losing their contribution – even if it was to be minimal. So which options look the most interesting?
Kranks are probably the easiest way to get free cryptocurrencies. Their name comes from the fact that part of the chosen cryptocurrency „drips” directly into your wallet or internal balance, from which you can later transfer them to another wallet. Amounts are usually not the highest, but also do not require a large commitment. All you have to do is click a button once in a while and you will receive a certain amount of coins e.g. bitcoin. Collecting from several taps, after time we can collect quite a good amount.
Playing games and performing tasks
Rollercoin also looks interesting, which is a simulator of cryptocurrency miners. By playing games and performing tasks we collect computing power, thanks to which we mine cryptocurrencies and build passive income. Of course, we can also invest here in „miners”, although it is not necessary.
Passive income from the browser
The last proposal to earn on cryptocurrencies without investment is a bit unusual because we do not have much influence on the amount of coins received. However, this is a very interesting web browser, through which we can provide ourselves with additional income. Although small, but it requires virtually no additional activity from us. We earn thanks to small ads displayed in the corner of the browser, but only if we allow it. We can also turn it off completely, as it's a really interesting alternative to the Google Chrome browser, although then unfortunately we won't make money. It is worth mentioning that the browser has a built-in ad blocker by default and is also available for phones.
Earning with cryptocurrencies requires contributions
Other proposals for earning on cryptocurrencies admittedly require their own contribution, but it may even be relatively small. It all depends on how much you want to earn and how much risk you can afford to take.
Another way to make money with cryptocurrencies is through trading, which is relatively simple but unfortunately risky. You just need to buy the cryptocurrency of your choice e.g. bitcoin, and then sell it when the rate rises. However, we must remember that no one can guarantee that the value of a given cryptocurrency will actually increase.
Digging cryptocurrencies such as bitcoin (mining) is based on approving new blocks and adding them to the existing chain. Simply put, it is sharing your computing power in exchange for a certain amount of bitcoin (or other cryptocurrency) that you receive after digging up a block. Theoretically, we can use a computer or a phone to dig, but in practice cryptocurrency miners are a much better solution. It is worth mentioning that we can mine independently or together with others in the so-called. mines.
Social lending is borrowing money (including cryptocurrencies e.g. bitcoin) to other users in exchange for a certain percentage. The first profit is the obvious interest on the loan, and the second is the possible exchange rate difference between when the loan is granted and when it is repaid. In a situation where the value increases we will earn double, but in the opposite situation – unfortunately we will lose. We also need to remember that cryptocurrencies may not be recovered again. Although the risk of unpaid loans is small, there is always a risk.
How to store bitcoin and other cryptocurrencies
A very important issue if we are seriously interested in cryptocurrencies and we have a larger number of them is the question of their storage. There are special wallets for this, which differ in the degree of security and functionality. They come in the form of a computer application, offline, browser, mobile or as hardware wallets. Each of them has its advantages and disadvantages, so it is worth thinking about the matter or using several solutions.
Bitcoin or altcoins
Bitcoin is of course just one of a really huge number of cryptocurrencies, so we don't have to limit ourselves to just it. Although this is the first cryptocurrency and probably no other will match its popularity (at least not in the near future), but we may as well start making money with altcoins (an alternative coin to bitcoin). Due to the low rate of other cryptocurrencies, even with a relatively small increase we can earn a lot. Unfortunately, choosing the right one with so many of them can be very difficult, and the truth is that most of them will be forgotten relatively quickly and it will just be lost money.
At the moment bitcoin seems to be the most stable and reliable investment, although unfortunately nobody can predict how long it will last. The odds might as well be steadily flying downward from tomorrow until it finally becomes completely worthless.
Is it worth getting started? – feedback
Cryptocurrencies and therefore also bitcoin have a very high earning potential, but unfortunately they carry an equally high risk of capital loss. We have to assess ourselves whether we are able to take them, or whether it is better to choose less risky ways of earning money that do not require investment. Whatever your choice, it's worth giving it a try because making money with cryptocurrencies is really easy and basically anyone can get started.
Making money with bitcoin? How? Share your opinion and experiences in the comments.