5 minutes Read

10 Ways To Make Money Online With Bitcoin

Bitcoin is not just a digital currency. Its difference from fiat currency is quite vast — in addition to being used for value exchange, it can be used as a store of value, investment venture, and a solid income source. Here are the top 10 ways to make money online with Bitcoin:

  1. Lending Bitcoin
  2. Bitcoin Mining
  3. Bitcoin Faucets Websites
  4. Bitcoin Trading
  5. Bitcoin Hodling
  6. Bitcoin Affiliate Marketing
  7. Accepting Bitcoin as Payment or Salary
  8. Micro Earnings
  9. Bug Bounties
  10. Tips

Since Satoshi Nakamoto laid the groundwork for Bitcoin and crypto, it has grown and continues to be a venture like no other. While Bitcoin and crypto are not a get-rich-quick scheme, they have been recorded to make millionaires. 

Ready to start exploring Bitcoin and its money-making opportunities? Continue reading.  

How Do You Make Money With Bitcoin in Nigeria?

The best methods to help you profit from Bitcoin are listed below: 

1. Lending Bitcoin

Lending Bitcoin is a common way for people to make money. Since it allows people to earn interest, borrowing Bitcoin from multiple websites is a popular technique for investors to gain cash rapidly. When offering Bitcoin, shareholders often charge interest based on the conditions of the contract. 

This is a perfect source of passive income as you won’t have to be active in the market. You’re also protected by smart contracts so that no party defaults in the agreement. 

2. Bitcoin Mining

One of the best methods to profit significantly from Bitcoin is Bitcoin Mining. You can make money by resolving cryptographic challenges and contributing new blocks to the Bitcoin blockchain network.

Illustration of Bitcoin mining

Illustration of Bitcoin mining

The two types of mining are:

1. Solo mining: Due to its popularity with the general public, Bitcoin is one of the cryptocurrencies considered the hardest to mine. Compared to its demand, there is a limited supply of Bitcoin. Therefore, it is challenging to profit significantly after factoring in your electricity and maintenance expenditures.

2. Cloud mining: Most people choose this technique because there are no ongoing costs or increases in utility bills associated with this mining technique. The contract fee is a one-time expense. Additionally, you don’t have to purchase any hardware or software. As a result, it offers a fantastic substitute for personal mining and keeps growing the pie. Your income is purely determined by the plan you select and the utility payments made to the location where the cloud mining service is housed.

Before investing in a mining company, you only need information and expertise.

Research a cloud mining company’s reputation before committing your hard-earned funds.

3. Bitcoin Faucets Websites

Websites that allow faucets are another way for people to profit from Bitcoin. Fortunately, there are several faucet websites to select from, so this is not a hassle. Choose the Bitcoin Faucet website first — some examples are Cointiply, CoinPayU, and FreeBitcoins.com.  You can do this to gain points converted into money or Bitcoins. To receive the bonus, you must also complete these tasks regularly. These faucet websites offer simple tasks like captchas and paid clicks.

4. Bitcoin Trading

Those looking to make long-term investments should consider trading. You must know and take advantage of the Bitcoin market’s turbulence to succeed as a Bitcoin trader. This is best suited to individuals with much market expertise and experience.

There are various types of Bitcoin trading:

  1. Day trading: This is focused on taking advantage of the market’s short and rapid price movements throughout the day. With this technique, moving quickly and keeping your eyes peeled on the chats to know when to enter and exit the market is essential. 
  2. Swing trading: This is when you buy Bitcoin at a discounted rate and watch it closely for a rise. When it eventually rises, you can sell for profit.  

5. Bitcoin HODLing

Buying and holding Bitcoin is another way to profit from it. It is one of the most straightforward and low-effort techniques and is excellent for beginners. Get a Bitcoin wallet first, then start purchasing BTC. Hold onto it after that to see whether the price rises later. 

Before you begin to hodl BTC, it’d help you set a financial goal to know when to sell for profit. It also helps keep your mind at ease and not worry too much even when the market is in bear season.   

6. Bitcoin Affiliate Marketing

This is a simple method of participating in marketing efforts that offer Bitcoin as a reward for people using your link for purchase. All you need to do is find companies with affiliate programs, sign up, and use your channels (website, social media, or offline network) to get people to purchase an item or service using your affiliate link.   

7. Accepting Bitcoin As Payment Or Salary

With time, Bitcoin has gained popularity, and many companies now accept it as a form of payment. You can do the same if you run a business.

Bitcoin is growing and is on track to being one of the most valuable investments of this generation. It goes without saying that you will have a bigger audience, and the payment procedure will be much quicker. It is also not difficult to add this payment method to your website. If you are unable to complete it yourself, an IT professional can. Accepting cryptocurrency as a business allows your customers to send you payments in Bitcoin easily. 

After receiving payment in BTC, you can save them offline in cold storage until there’s a price increase, and then you can sell for profit on Breet.  

8. Micro Earnings

Meager earnings may not make you a crypto millionaire; however, they are a great source of daily revenue. You can get paid for performing tasks like clicking on links at specific times, watching videos, or playing an online game in BTC.

These websites offer poor returns, but they’re one of the quickest ways to generate money. Websites like adBTC, Coinpayu, Coinadder, and BTC4ADS would pay you in Bitcoin for simple tasks like these. 

9. Bug Bounties

The rewards many companies and software developers provide to discover bugs and other weaknesses in their systems are a significant source of income that will only continue to increase. They reward you primarily for the upkeep of the system. Additionally, you can gain Bitcoins to improve their user experience. 

10. Earning Through Tips

Offline or online, tips are often given as appreciation for a job well done. And it’s increasingly becoming the norm to tip people with BTC — especially online. 

If you’re a creator or work at a job that permits BTC payments, receiving tips in BTC is the way to go! And because of the growth potential of BTC, you stand to make on the initial tip you were given. 

Frequently Asked Questions (FAQs) About 10 Ways to Make Money Online with Bitcoin

How Do Beginners Invest In Bitcoin And Make Money?

As a beginner, Bitcoin may seem intimidating, but do not worry; there are simple ways you can invest in crypto and get high returns. Some lucrative options with low-entry barriers are:

  1. Bitcoin lending
  2. Hodling Bitcoin
  3. Bitcoin Staking

You don’t need to acquire highly technical knowledge to make money with these methods, and they’re passive income sources

What Is The App To Convert Bitcoin To Naira?

The best app to convert your Bitcoin to Naira is the Breet app. With this app, you get direct deposits to your bank account. With the best rates on the market presented in a convenient mobile app or web app, you can perform Bitcoin transactions quickly on the go.

How Much Do I Need To Start Investing In Bitcoin?

What’s so great about Bitcoin and crypto is that you can start with what you can afford. Bitcoin can be bought in fractions of a whole, so don’t worry about investing a significant amount. You can begin with as little as 1,000 Naira. 

Conclusion

Earning money with Bitcoin isn’t so tough — not with the right strategies. You can use Bitcoin or other cryptocurrencies like Ethereum to make money in various ways, including lending, trading, buying, and holding. Examine these possibilities to determine which is more advantageous, and depending on your degree of experience, you will either notice benefits immediately or eventually.

With this guide, you can now explore ten different ways to earn with Bitcoin. All the best as you embark on this exciting and profitable journey!

Copy Link

From the blog

The latest industry news, interviews, technologies, and resources.

July 8, 2024
Risk Management in Dogecoin Investment- Protecting Your Investment Capital

If you follow cryptocurrency, you have probably heard of the "Elon Musk" coin: Doge. The meme coin sits among the...

Read More
June 20, 2024
How to Earn TRON by Participating in Network Validation

TRON is a decentralized blockchain-based system with several use cases thanks to its smart contract functionality and proof of stake...

Read More
June 20, 2024
TRON Wallet App Security: How to Protect Your Digital Assets from Threats

You have probably heard stories of drained TRON wallets or even experienced it yourself. The attackers may have found a...

Read More
May 23, 2024
What are Crypto Network Fees? All You Need to Know

When you withdraw or transfer money with your conventional bank account, the bank deducts a certain amount as its "transaction...

Read More