How to make money with bitcoin

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How to make money with bitcoin is the challenge that most investors struggle with, but it shouldn’t be much of a problem.

Just like any other currency, there are a thousand and one ways of making money, either by working for someone, or investing your earnings in a given venture.

How to earn bitcoins fast would be a matter of personal efforts and initiatives, and some luck in various industries that one chooses to venture in.

Joining a Pool

You would remember that the primary method of acquiring bitcoins is by way of mining, a long and vigorous process of solving algorithms. A successful mining process is usually rewarded with a block of coins, which are normally 50 bitcoins at any one given time.

Even with the exhaustion and great deal of time spent in this process, there is still a chance that one might not succeed from time to time.

In order to increase your chances of making more money with bitcoin, it is recommended that one joins a pool, which is essentially a group of miners, who pull their resources and abilities to solve the algorithms jointly.

The 50 coins rewarded in each block are then shared among members of the pool, using a predefined criterion. This way, you can be certain that in every attempt, you will generate bitcoins and make more money with bitcoin.

Integrate bitcoins as a payment method

With the widespread publicity about bitcoins, many businesses have co-opted bitcoins as a payment method, whether their trade is online or on a one on one basis.

It really doesn’t matter whether you are dealing in goods or services, or both – all you need to do is to identify with a provider for online bitcoins wallet, and be guided through the integration process, to the point that a logo will display on your page or shop to the effect that bitcoins are accepted.

It would do you a lot of good if you advertised your business as one that accepts bitcoins for payment in various sites and pages.

Simple Interest from Lending or fixed deposits

Making money with bitcoins should not be an uphill task. Simple interest from lending coins to people you know, or from storing them under fixed deposit account with model banks. However, care should be taken in dealing with the latter, since there are no structured insurance plans yet for bitcoins.

Other options

Other options of making money with bitcoins would include taking part in trades like gambling (a trade that may not go well with everyone), doing various assignments (like watching movies on websites or data entry for free bitcoins), or taking up regular jobs for regular payments using coins (such organizations may be few at the moment, but the income would be steady), or better still by getting tips from different persons for services offered.

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