How Can You Make Money Using Bitcoin?

Aside from gaming, as mentioned above, there are quite a few of other ways that can but BitCoins in your wallet. Entrepreneurs have been brainstorming to get into the BitCoin market one-way or the other. There are several ways to produce BitCoins that they have found:

Affiliate Bitcoining

One such way is to build your own website and teach courses about BitCoins for a nominal fee. There is also the option of placing BitCoin advertisements on your own website where you get a small fee when others access the ad through your site.

Faucets

Faucets for BitCoins can be more than just a game once you know how to use them. Setting up a faucet can be found in tutorials on YouTube.

Gambling

Of course, you can always take a chance and gamble with BitCoins but unless you understand that you can lose just as well as any other currency and if you plan on using BitCoins it is better to stay away from that. There are odds in gambling with BitCoins, just like any other currency.

There are even faucets that you can just hit a ‘claim’ button on that will give you free Satoshi after a waiting for a certain amount of time. The two I chose to sign up for have a waiting period of 15 and 20 minutes before I can tap the button again. Of course, Satoshi that can be harvested from some of these free sites but there are many that you will never be able to withdraw from. I do not hold out any hope of gaining from these faucets. Signing up is more about research and satoshi from these sites are like picking up pennies, anyway.

Analysis

There are websites that will micro-pay in satoshi for small analytical tasks. This is similar to MechanicalTurk at Amazon.

Auto Trading

Another passive option is to use bots that will automatically trade, for you. The convenience of letting a BitCoin bot trade for you seven days a week, 24 hours a day is as passive as it can get. There is a market for trading the BitCoin, so this is another way to make money if you understand the core of the stock market and the concept of supply and demand.

Mining

Originally, mining for BitCoins was the main source of building the market for BitCoins. Since there is only 30% of the total 21 million left to mine, other options to add to your wallet had to be found. Since BitCoins are treated as currency, the concept of loaning with a fee is also a way to make money. Banks give loans to charge interest and make money. Following that model is pretty easy to do.

But Watch Out….

After researching the many types of ways to accumulate wealth, there are a couple types of websites to steer clear of. Any website that wants a plug-in added to your computer should be a red flag. There is just too much of a risk that your computer will be infected or hacked.