Bitcoin was created in 2009 by a person or organisation known as Santoshi Nakamoto. No-one had even heard of cryptocurrencies before then, or even encountered them. The years following its inception were difficult and bumpy and it failed to gain the attention that it needed. Its prices often fluctuated quite substantially at the time.
At the start of 2017 bitcoin surpassed its usual rate of around $1 000 and managed to reach a high of $20 000. It kept shocking people and increasing every day since then.
However, in 2018 bitcoins price dropped to around $11 000 then dropped further to $6 000. However, despite all these figures, bitcoin is a good way of making money.
Convert bitcoin into cash
There are many ways of making money with bitcoins, some methods may work better than others, however it is dependent on the person.
Even though bitcoins are virtual, they can be converted into digital money that you can keep and use in the future. Here are some of the ways you can turn bitcoin into cash:
- Cashing Out Online – you can connect with a potential buyer and use a website to facilitate your connection which will charge a fee. You will need to choose a financial service and then create a sellers account. Once your account is ready you can then advertise your bitcoin. Once the money has been sent to your account, the site will then transfer the bitcoins to the buyers account. You may choose to use sites like CoinBase or Bitbargain.
- Cashing Out Offline – here is an option if you would like to avoid service fees, and you can sell your bitcoins personally. You will need to use special financial services that detect your location and then show the offers available in the are that you reside.
- BUYBank – BUYBank allows you to buy bitcoin without verification so you will not need to provide any personal details except for your cellular number. You must have a bitcoin wallet to buy and sell bitcoin using this platform. Your rate will be confirmed following the second confirmation message that you receive. Once this is done, your code will be activated, and you can then proceed to collect your money.
- Bitcoin Trading Exchange – you can also trade using a trading platform, much like forex. You will have to open an account, place your selling order and the amount. Once the system finds a similar amount, it will automatically complete the transaction.
There are many people who invest in bitcoin by simply buying them. It is risky but one of the simplest methods of acquiring bitcoins. There are some people who buy bitcoin and then forget about them for a few years, hoping that their investment will pay off in the future. Then there are other investors who do lots of investigation on the subject and spend countless time analysing data and stats. They generally have a specific time frame in mind as to when they would like to reap rewards. You can also buy bitcoin using BUYbank which allows you to buy bitcoins and store them in your bitcoin wallet. Transaction are simple and can be done on your own using BUYBank’s terminal.
Get paid with bitcoin
Many sites allow you to receive payments with bitcoins by offering some sort of freelancing service. All you need to do is decide what skill you are good at; it can be anything at all. Then think of ways to make a profit out of them. Thereafter, create a cryptocurrency wallet which will keep your earnings safe. Finally find a way that you can charge people for your services, one of these options is through online forums and marketplaces.
One other way of earning bitcoin is to trade them. There are two ways of trading bitcoins:
- Arbitrage – this is the safest way of earning bitcoin free. You would have to buy and sell bitcoin at the same time, at different prices. There are numerous services that allow you to sell bitcoins. Here you can buy bitcoins at a lower price and immediately sell them at a higher price.
- Speculation – this approach is a little risky as you would buy bitcoins and then wait for the price to increase in order to sell them. If the price drops, you should buy more. It depends mostly on luck or one’s ability to predict the future. The following sites are good for trading bitcoins:
- Gemini Exchange
Lending is not a very popular way of earning bitcoins. There are many sites that allow users to loan their bitcoins to other users. You can use sites like Bitfinex and Poloniex to make money. You make money from loaning your bitcoin through margin funding. This allows you to lend bitcoins to users who are making leveraged margin calls.
If you are willing to take more risks, then you can use the programme called SALT. This allows you to leverage your blockchain assets to secure cash loans.
Bitcoin websites and writing
There is a huge demand for cryptocurrency writers as the market continues to grow. So, if you enjoy writing about bitcoin, you can easily make a profit from it. You will be able to charge a satisfactory fee for your efforts as the bitcoin industry is complex. You can also make money from blockchain product companies that would pay you to be active on their forums on sites like Facebook and Reddit.
There are many ways of making money with bitcoin, both directly and indirectly. Ensure that you do lots of research because with effort, you will find the right method for you.