The rise of bitcoin and the cryptocurrency market as a whole has made the average investor and trader hungry for more coin. In the beginning, mining was the best and easiest way to earn more coin, but since earning bitcoin via mining is incredibly difficult these days, the pros have found other ways to earn. How to earn bitcoin without mining is possible and can actually be much easier than you think.
Bitcoin as Payment
Bitcoin is by far, the best digital currency. Even though many altcoins have come close, none have been able to beat out bitcoin, giving us the impression that it’s here to stay.
Of course, the easiest way to get your hands on bitcoin without mining is to accept bitcoin as payment over regular currency. If you run an online business, make sure you make this option available. You can also do this if you have a traditional brick and mortar business.
To include this payment option for your traditional or online business first you’ll need to sign up with a digital wallet service. If you mine and trade in coin, then the odds are you already have one.
In the digital wallet’s settings, you’ll find options for receiving coin. Often, this involves a standard QR code that will have your bitcoin address.
Next, print off the image, complete with the QR code and have it displayed in your traditional business, or at checkout for your online business. Customers will need to have a bitcoin app on their phones to use this option as a payment. They can easily enter the value of their purchase, which will be converted from traditional currency to crypto. The coin will then be sent to your wallet. That’s it.
How to Earn Coin on Sites
Since bitcoin is so popular these days, websites are throwing their hats into the crypto ring in order to generate a buzz around their products and services. These days, many sites now give their site visitors the opportunity to earn bitcoins and other types of altcoins if the site visitor completes a task or two. Most of these tasks involve completing some type of survey or watching short ad-filled videos. However, keep in mind that while this option sounds simple and easy, you’ll have to complete several surveys or watch a lot of videos in order to earn a whole bitcoin. This can actually become very time consuming yet, it is a legitimate way to earn coin.
Some online stores will also throw you a percentage of a bitcoin if you make your payment in crypto, which is actually a great incentive to use this payment method.
Investing Your Coin
If you’re already the proud owner of bitcoins, then you can put your coins to work by lending them out and charging interest. Not a bad idea, right? However, you need to be careful who you loan your coin to. We recommend only lending coin to people you know and trust, otherwise, you’ll run the risk of losing your currency. If you do lend out coin make sure you come to an agreement regarding the amount of interest the other party is required to pay. If you lend often, this can become very profitable for you.
There are also sites that deal in peer to peer lending, which involves different altcoins, not just bitcoin. These sites allow two people to work out an agreement that includes payment plans, interest percentages, and of course, a due date for payment. But even using one of these sites comes with a certain degree of risk. The person you lend the coin to could just disappear. Sure, they’ll be banned from the site, but this doesn’t stop many people since there are so many crypto lending sites out there. So, play it safe and only lend coin to people you know.
You can also make a decent living by trading in bitcoin. But not everyone has the stomach for trading or the calm demeanor that’s essential when it comes to handling dips in the market.
To earn by trading coin, this means that you’ll have to have a sharp eye and spend plenty of time monitoring the market. If you don’t have much experience trading in crypto, then this can be very risky. The market is volatile. Crypto is simply unstable. Your coin may be worth hundreds of dollars per share one minute and within an hour, the value can be chopped in half, only to rise again two or three hours later.
Keeping a cool head when trading in bitcoin or any type of altcoin will be key to a successful trading career. By monitoring the market, you’ll see your chance to buy bitcoin when the price has dipped. This is when most beginners panic and start selling off their coin like crazy. You’ll swoop in, buy it up, and hold it or sell it once the price rises again. If you’re skilled at trading, then you can make a large profit, especially if you diversify your crypto holdings and invest in leading altcoins. However, if you’re new to crypto, trading can be tricky and can cost you hundreds or thousands of dollars with just one bad trade.
A good, educated trader will be able to easily identify patterns simply by looking at price charts. An unskilled trader will sell off their coin the minute the bitcoin value drops. Remember, trading in crypto will always be risky, even if you invest in a solid currency such as bitcoin.
Interested in Altcoin Cloud Mining? Check out our article on the topic.