There are 6 methods for you to earn more Bitcoins and it is not only restricted to cryptocurrency exchange or trading. The 6 methods are:
- Cryptocurrency exchange
- Micro tasking
- Supplying Bitcoin related services
- Becoming a Bitcoin Escrow Agent
- Bitcoin Affiliate Marketing
The first method to collect more Bitcoins is by cryptocurrency exchange or trading.
As mentioned in the previous modules, there are various forms of trading or exchange options available for Bitcoin. You may trade Bitcoin for Bitcoin, or Bitcoin with other cryptocurrencies, and even Bitcoin with fiat currencies.
But most importantly, ensure you have equipped yourself with the knowledge required to start exchanging Bitcoin so you know the risks involved as well as how much you need to invest as a beginner.
One of the most common ways of accumulating and earning Bitcoin through trading is by “Day Trading”. Day trading is the buying and selling of Bitcoins on the same day, based on small, short-term price fluctuations.
Therefore, when you observe the market and notice that the value of Bitcoin is going up, it’s a good time to purchase some Bitcoins and sell them right away after you’ve made your profit.
The second method to earn Bitcoins is through “Faucets”.
What are Faucets?
Faucets are websites which give away Bitcoins on a regular basis. They may give away Bitcoins every minute, every 10 minutes, every hour or once a week.
All you need to do is to sign up on the websites using your Bitcoin address and sometimes your email.And if you are selected, you get the Bitcoins.
However one downside to this method is the amount of Bitcoin given away is not as much, and sometimes the most you’ll get is 0.00288BTC which equals to $1.31. But still, who would want to give you Bitcoins for free? And looking at how volatile the cryptocurrency market is, it is definitely worth the try!
Some of the popular Faucets that you can try to sign up to win your Bitcoins are:
- Bitcoin Zebra
- Moon Bitcoin
- Weekend Bitcoin
The third method to earn your Bitcoin is by micro tasking.
Micro tasking is websites that pay their users using Bitcoins for completing tasks such as filling up surveys, watching videos and signing up for new services. You can sign up for free and all the tasks can be done within your own time! One example of a micro tasking site is Coinworker.
Next, you can earn Bitcoin by offering Bitcoin related services.
Not many people know that you can get paid with Bitcoin instead of Fiat Currency for offering Bitcoin related services. If you want to get an idea of what services you could offer you can visit Coinality, a site which gives current updates on Bitcoin jobs posted online.
You can also visit BitcoinTalk, a forum which discusses a wide range of cryptocurrency topics, including a services thread where users are searching for Bitcoin service providers.
Some examples of services people are looking for are:
- Blockchain developer
- Website manager
- Graphic designer
- Mining expert
- Online marketer
- Writing for cryptocurrency blogs and news sites
The fifth method for you to earn more Bitcoin is by becoming a Bitcoin Escrow agent.
What is a Bitcoin Escrow Agent?
An agent handles the 3rd party escrow service of a Bitcoin transaction. Bitcoin escrow agents are getting more and more common as escrow protects users from fraudulent buyers by requiring the Bitcoin to be deposited upfront. Usually, Bitcoin transactions are anonymous exchanges that involve untrusted parties.
In an event where the sellers turn out to be scammers, the escrow agent will act as an arbitrator and determines who will receive the Bitcoins.
Many Bitcoin marketplace provide escrow services, such as LocalBitcoins, CryptoThrift and BitPremier.
To be an escrow agent, you must build up your reputation as a trustworthy party in the community.
Last but not least is getting involved in Bitcoin affiliate marketing.
For those who are not familiar with affiliate marketing, the idea behind it is that you promote someone else’s product and they pay you a percentage of the profit based on the sales you bring in.
Let’s illustrate an example. Let’s say you decide to promote TREZOR, a hardware cryptocurrency wallet. If a person decides to purchase TREZOR and the customers came from your site, you get a commission for it.
And the best thing is, you earn your commissions in Bitcoin where previous Bitcoin affiliate marketers have reported reasonable values of Bitcoin being paid to them.
I’ve already listed the possible methods to earn your Bitcoins. Always remember whatever method you choose to venture into, there’s no such thing as easy money. If earning Bitcoins were that easy, everyone would have done it by now.
In each of the methods listed above, you will either need to invest your time or your money. There is no easy way out. Try what works for you and be patient with the results.