If you want to start earning Bitcoin, you first need to open a Bitcoin wallet, which is used to send, receive and store your currency. There are several ways to make money on Bitcoin, with which you should definitely get aware with those who decided to make money in this way. Each of the methods is proven and can be successfully used to generate good income. Simply you can visit the site immediate-bitcoins.com and earn money.
- Mining: This term is called direct mining of Bitcoin. The basis of this method is the solution of mathematical problems by computers. This process entails the use of high-performance machines that cost a lot of money and consume enough electricity to solve mathematical problems in exchange for Bitcoin. Mining allows you to perform Bitcoin transactions, dividing their processing power. In exchange for the ability to operate the Bitcoin network, they are rewarded with new Bitcoin.
If you want to participate in mining and are ready to invest in expensive equipment for the “extraction” of cryptocurrency, it will be useful to join the same ones as you. In an association of miners, resources are combined and share their hash power in order to solve a large block of tasks and divide the wage in the same way, depending on the number of shares contributed by each person.
- Resale of equipment: This method is suitable for people who are not afraid to participate in sales transactions. While a person is looking for a buyer, he can still connect them to the process of earning – configure them to earn Bitcoin. That is, the equipment does not just lie in the warehouse, but works for its temporary owner, after which it is transferred to the found buyer.
- Cloud mining: This method is very alike to conventional mining. Its difference is that a person does not buy special equipment, but rather rents time for working from special companies. This is a kind of rental, but only at a remote distance. The advantages of this method are the lack of the need to solve problems associated with equipment maintenance.
- Buying currency for long-term storage: The exchange rate of Bitcoin, like other currencies, is changing. If you want to earn money, you can buy Bitcoin at a favourable rate. This option is quite profitable, but only if it is possible to store Bitcoin for a long time. After a significant rise in price, the currency can be sold. There are some truths and risks – this method of earning is unstable, since it is impossible to expect the growth of Bitcoin.
- Trading on exchange rate changes: Trading on major exchanges is reflected in the rate of Bitcoin, and these variations can be significant. Having estimate the time when the cost of Bitcoin becomes minimal. You can buy a currency, and then wait for the moment when the price of this currency rises to sell it. For the convenience of tracking exchange rate changes, you can use special tools.
- Trading between exchanges with different rates: It is another option for earning, which is study the exchange rate of Bitcoin. The course for them can vary significantly, but you need to constantly monitor it, since these courses are constantly changing. Trading experts recommend conducting in dollars and securing profits in the same currency. Keep in mind that it may take up to half an hour to transfer Bitcoin between exchanges, and during this time, rates may change.
- Online stores: This way of earning involves opening your own online store, where services and goods will be sold for Bitcoin. Owners of their business can simply add a similar payment option to the number of existing methods. In this case, you should always remember the risks of reducing the cost of cryptocurrency and take them into account in the cost of services and goods.
- Bitcoin Faucets: If you like to play games or do not mind bothering you, look at a few ads, you can visit Bitcoin faucet sites. They generate revenue from ads placed on their pages and receive a small portion of the ad revenue for their users. All you have to do is register your Bitcoin address and start earning a few cents of Bitcoin every day. Although this is a very slow way to earn Bitcoin, these sites allow anyone new to Bitcoin to receive a bit of cryptocurrency for free.