The season of cryptocurrencies is upon us and the time for stacking sats has arrived. In this article, learn four great ways to earn Bitcoin.
As it has been alluded to time and time again, engaging in cryptocurrency comes with considerable risk. This is particularly true if you are trying to earn it by way of gambling or predicting certain market movements. Whatever method you choose, you are putting a lot on the line. Now, on its own, digital currencies are risky in that you could lose a substantial amount – if not all – of it by making one wrong move. That or you get too cocky with your investments.
This is why, for many people, purchasing large amounts of bitcoin is not wise financially. Many consider it to be a precarious investment strategy that is not worth the risk. However, there is good news pertaining to this seemingly unwise strategy. If you take a gander online, you will find that there are plenty of alternatives that effectively make it easier to earn bitcoin.
You may be thinking that these alternatives require you to do an excessive amount of work to garner success. Contrary to that belief, there are some cases in which you don’t need to do much to start earning.
This article will highlight what your options are for successfully earning bitcoin. These methods range from affiliate marketing to trading and/or mining. It is important to remember that each of these options has different benefits and the choice of which to use is entirely subjective. The decision largely depends on your short, medium, and long-term goals.
The unexpected rise of crypto and four great earning techniques
The continuous rise in the popularity of Bitcoin as an investment asset is remarkable, if not inevitable. At the time of its release, a lot of people were under the assumption that this blockchain-driven cryptocurrency would flop. Or, at the very least, it would never possess any real-world value. Despite these doubts, Bitcoin would go on to prove those naysayers wrong.
Furthermore, it would generate extensive amounts of interest. Specifically, those who had no prior knowledge of Bitcoin before or knew very little about it. The outcome of this was the existence of amazing opportunities for making extra money in the cryptocurrency field.
Four ways to earn Bitcoin
The four ways to earn Bitcoin that we cover in this article are the following:
- Get cash-back in Bitcoin by using Lolli
- Earn by way of affiliate marketing
- Receive payment in the form of bitcoin
- Earn Bitcoin through trading or mining
1 – Cash-back with Lolli
Cash-back is a perk that a lot of credit card companies offer on some of their rewards credit cards. It refers to the act of earning back a percentage of the money you spend on your credit card. There are some cards that offer clients the chance to earn even more cash back on purchases made. They can do so by either enrolling in quarterly promotions or conducting purchases via their virtual shopping portals.
Ebates is a popular Google Chrome Extension that provides its customers with cash-back for their purchases from various websites. They collaborate with almost all major online retailers, which include the likes of Best Buy, Groupon, and Nike. Upon the extension installation and the creation of an account, Ebates will notify you should there be any discounts available. They can do so all while you browse through a retailer’s website. With just one click, you are able to activate the discounts. At every quarter’s conclusion, you will get a cheque from Ebates that has your cash-back balance on it.
In the world of crypto, Lolli is a company offering similar services to something like Ebates. You make purchases on websites such as Sephora or Macy and then you will receive cash-back in Bitcoin. Each and every store consists of a different incentive amount. There are some that offer their customers up to 9% cash-back. Others will often provide a set amount of BTC. This, in particular, is a very easy way to earn free Bitcoin while simultaneously making your ordinary purchases.
According to Lolli’s website:
“Lolli is the first bitcoin rewards application that lets people earn & own bitcoin when they shop online. We’ve partnered with 500+ top brands to help drive sales and conversions on their sites. When you shop on one of our partner sites, we get a percentage of each sale. We then split that percent with you, sending bitcoin to your Lolli wallet!”
In the team’s own words, Bitcoin in its current state is not easily accessible. Their main goal is to change this with the use of Lolli. They want to make it easy for everyone to earn, save, and share bitcoin.
“We want to live in a world where every payment is as fast, inexpensive, and universal as sending a text message. We are on a mission to spread bitcoin to billions of people all around the world with the click of a button.”
2 – Bitcoin from affiliate marketing
Affiliate marketing is a popular tactic that aids in driving sales and generating substantial online revenue. This is the process by which an affiliate earns a commission for marketing the products of another person or company. The affiliate searches for a product they find attractive, then they promote that product. As a result, they will earn a piece of the profit from each sale that they carry out. It’s an extremely beneficial process for both brands and affiliate marketers and it pushes towards less conventional tactics of marketing.
This is a popular method of earning money for various groups. These include bloggers, influencers on social media, and even regular people. Companies will provide unique URLs, or promo codes, for affiliate marketers so they can send them out to their audiences. You will receive a reward if someone clicks on that link and makes a purchase on your affiliate link.
No two companies structure their affiliate program in a similar fashion. In the case of many e-commerce brands, you will earn a percentage of the customer’s order amount. There are several companies that have a different approach. With them, you may get a fee for every person who registers for a service by using your promo code.
A notable example of this is Coinbase. This platform will pay you $10 for every customer who signs up. Moreover, when these customers deposit a minimum of $100. Binance is another popular exchange. It offers users up to 40% of the transaction fees of your referrals. When it comes to people with big audiences, they are capable of adding up to thousands of dollars each month.
An additional alternative is BlockFi’s affiliate program. This is a service that offers 10% of the interest that is earned by referrals to the BlockFi Interest Account. Furthermore, $50 or 10 basis points on the loan amount (depending on which is greater) of a loan that was funded.
3 – Earning as payment
As time goes on, more people are beginning to accept Bitcoin and other cryptocurrencies as work payment. With the rise in popularity of digital currencies, this is not exactly a surprising turn of events. This option is especially appealing for people who wish to earn bitcoin from home or as a freelancer. Nowadays, it doesn’t matter what your profession is. You can exchange cryptocurrency for your services whether you’re an artist, an editor, or a social media manager.
There are a lot of crypto freelance platforms, but the most popular ones include:
- Bitwage — Payroll and HR services for receiving payment in the form of Bitcoin
- Angel’s List — Job board site that showcases the crypto projects that are currently hiring
- r/Jobs4Bitcoin — A popular job board on Reddit that is specifically for tasks that pay in Bitcoin
- CryptoJobs — Job board for primarily for freelancers wanting to earn crypto in exchange for their work
- Earn.com — A platform that allows you to earn bitcoin by completing tasks and even simply answering emails
- Coinality — Job board that displays projects that are actively seeking payment in crypto
- CryptoGrind — A platform where you can buy and sell freelance services with the use of Bitcoin
- Bitfortip — Earning bitcoin from lending a helping hand to people
The taxing of these wages
Those who earn Bitcoin or other cryptocurrencies as wages often possess very specific needs. These are needs that pertain to accounting and paying taxes. By and large, cryptocurrency taxes are one of the more confusing aspects of cryptocurrency ownership. You need to have the ability to track all of your trades. Moreover, you need to have both the up-to-date fiat conversion value and the crypto amount.
There are numerous companies whose specialties are in crypto taxes, thus making this entire process very simple. Not only that, but it also makes the process economical. A large number of them also provide expert customer service. With this, you will have the proper access to support for your individualized questions, wants, and needs. Their distinct software is able to assist you with an array of tasks. These range from compiling and gauging your crypto trades to crunching the numbers on the bitcoin from your job.
4 – Trading or Mining
There are a lot of people who find trading cryptocurrencies to be the easiest way to earn bitcoin. There are plenty of trading strategies for them to choose from. Every trader has their favorite way to boost their crypto holdings via trading. With that in mind, another trading method that is growing in popularity is leverage trading. In this particular scenario, traders borrow funds in order to reinforce their trading. In crypto, these leveraged loans go by the name of ‘crypto-backed loans’.
Probably one of the easiest ways you can mine crypto is right through your personal computer with a Honeyminer. All you have to do is download the application and then have it run in the background.
Loans that are crypto-backed have a structure that is similar to that of collateralized loans. To elaborate, it is where the borrower provides the lender with collateral. With this, they can successfully get access to additional funds. In other words, the borrower grants the lender with their cryptocurrency as a means to get USD. Upon the payment of the loan, the borrower will then reclaim their crypto. This method is a reliable and seamless way to get admission to either USD or stablecoins.
A key benefit of crypto loans is that there is no requirement for a hard or soft pull of a potential borrower’s credit score. An asset secures the loan as collateral, therefore there is no discernable risk concerning either side. Let’s assume that the borrower ultimately decides to not pay back the loan. In this case, the lender is able to sell the borrower’s collateral as a way to compensate for the funds.