Last Updated on
Bitcoin is a wildfire that has left everyone wondering about the numerous ways they can earn and make massive profits from the incredible advancement in technology.
For the sake of readers new to the bitcoin, let’s have a quick recap of what the bitcoin technology is?
The base technology the bitcoin network is built on? And the advantages of the bitcoin network. Bitcoin is a digital currency that can be used for day-to-day cash transactions.
It is virtual cash that has the equivalence of the standard money, the bitcoin network was built to solve the problem of centralization associated with cash transactions. The bitcoin network is built on the blockchain technology, the blockchain technology works with a decentralized distributed digital ledger used to record details of digital cash transactions.
The digital ledger of transactions on the blockchain technology is protected using cryptography. Cryptography is a code or language used for protecting transaction information in such a way that only those legalized to view the information can view it.
The blockchain technology is one of the safest technology for cash transactions in the modern world.
What are the Benefits of the Bitcoin Network?
If the bitcoin technology is similar to the regular cash, why should you conduct transactions using the bitcoin instead of money?
Though the similarities between both methods of transactions, the bitcoin network provides an upgrade over regular payment. Some of the advantages the bitcoin technology poses include:
International cash transactions have always been slow because it has to pass through confirmation from so many authorities before it is finally confirmed and processed.
This has been associated with the security of transactions, but the bitcoin network provides the same opportunity without the central authority and still assures its users of a safe transaction.
Security and Quickness
The base technology of bitcoin, the blockchain, is one of the safest technology in the world.
It works by spreading shreds of valid transaction data across the nodes of all servers on the blockchain network. You might wonder, how vast is the blockchain network?
There are millions of nodes connected to the blockchain network simultaneously, yes, it is that large. The blockchain technology possesses a size of 242, 386 megabyte as of mid-2019.
Also, due to the elimination of the central authority in the blockchain network, transactions can be conducted faster and with more privacy.
The bitcoin network is more user-friendly than the traditional ways of conducting cash transactions.
The blockchain technology works with an open-source code, which makes the code readily available to developers on the network, and therefore any manipulation can easily be detected and rectified
The volatility of bitcoin as a digital currency comes as both an advantage and a disadvantage. It serves as an advantage to bitcoin market users who understands the concept of hoe the bitcoin market works. But, it can be a disadvantage to newbies in the market zone, as there might be panic sell resulting in loss of investment during price drop. Cryptocurrency traders generally love the volatility of the blockchain network as it presents a healthy way of making cash if you understand the market.
What Are Some Ways to Get Bitcoin?
There are a lot of articles talking about the different ways to earn cryptocurrency all over the net, but there are less popular ways that are not discussed in most of these articles.
There is a saying that a tool’s effectiveness can only be graded in the hand of the right handler.
For example, in trading, there are a lot of tools present to analyze the market and predict the next market movement, but most traders only work with a few of these tools in which they are comfortable with.
This doesn’t make other tools useless or irrelevant, the trader just doesn’t have a deep connection with the tools.
With this illustration, all legit ways to earn cryptocurrency is valid, you just have to find one in which you are comfortable with and works for you.
This article will focus on some of the not so popular ways to earn bitcoin rather than the popular ones that are pretty much online for everyone to read.
The common ways to earn bitcoin include mining, trading, freelancing, and others. Some of the popular ways will still have to discussed extensively in this article as they have been tested and probably some of the most trusted ways, but we will talk more on other ways to earn bitcoin that you probably didn’t know about.
Just as the traditional cash where you can lend your money out to people with a return of specific percentage interest, there are also trustworthy platforms that allow you to lend out your bitcoin.
There are potential loanees who require the use of bitcoin for their daily transactions or trading, giving out your bitcoin with the expectation of return with interest commonly at a rate between 10-20% depending on the platform, is a great way to increase your earnings rather than just hold your Bitcoin in a wallet waiting for selling opportunities with a price increase.
The most crucial factor to note is that most bitcoin lending platforms are not so transparent and might likely put you in a tight corner during the repayment of bitcoin loan.
It is vital to go through the bitcoin lending website privacy and policies and also, get a thorough understanding of charges involved in the lending process.
Bitcoin lending is for both ways; that is, it is a method to earn for HODLers and investors.
For Holders, instead of keeping that considerable sum of bitcoin in a wallet, you can loan part of it out and make some extra bucks before there is that massive rise in price.
And for investors with excellent market analysis skills but without the financial capacity to purchase bitcoin, you can easily borrow some bitcoin for short term or long-term transactions making profits in the process and paying back the bitcoin loan with interest.
Some of the reputable and trustworthy bitcoin lending websites include:
BlockFi: Earn up to 8.6% annually with BlockFi’s wealth management products crypto investors need, all powered by blockchain technology.
Celcius Network: Celsius Network lets you earn interest on your crypto and instantly borrow against it without paying fees.
Nexo.io: The only insured account that lets you borrow instantly in 45+ fiat currencies and earn daily interest on your idle assets.
Bitcoin faucets and games
Bitcoin faucets and games work in the same way. This is probably one of the easiest, if not the easiest way to earn free bitcoin.
All you need for both is a stable pc, your time, and the internet. For bitcoin faucets, the websites reward users for viewing ads or completing micro-tasks and using the site at specified intervals, sometimes at 5mins or shorter time frame than that.
It sounds almost unbelievable that anyone can earn bitcoin from just using a website. But it is necessary to check the authenticity of the site before you sign up, as many websites use this as a fraud scheme to promote ads on their website without paying users.
A little research about the website you choose to use could save you from scams. Some of the famous sites for bitcoin faucet includes freebitcoin.io, cointiply, bitcoin aliens, and so on.
Bitcoin games, on the other hand, works by playing games and sometimes viewing ads to earn bitcoin.
Websites that engage in rewarding users with bitcoin do this as a way to reach out to a lot of people and can sometimes use this as a means to pull traffic to the website. The same complications that apply to bitcoin faucets apply to this, extreme care and research should be done to reduce the rate of being scammed.
Note that you will only earn little bitcoin known as a satoshi in this process. What is satoshi? Satoshi is the smallest known unit for bitcoin. It was named after bitcoins’ founder Satoshi Nakamoto.
One satoshi has an equivalence of 0.00000001 BTC. So users might need to accumulate the rewards for an extended period to actually earn a lot.
Owning a bitcoin faucet or website
Contrary to running as a user on bitcoin faucet websites, which will only earn you a few bucks at the end of the month, owning one is a different ball game entirely.
Owning a faucet can get you bitcoin very quickly, depending on the advertiser you use and the amount of traffic you can pull to the website.
You can earn bitcoin from owning a bitcoin faucet website by setting up ads on your site, and you will get paid based on the number of users that click on the ads.
Note that owning a bitcoin faucet or website can require a considerable amount of time and capital, but the profit it will yield if it succeeds is worth the effort.
To successfully run a faucet, you will need to invest a considerable amount of time and manpower.
Also, you need to properly set up your website, manage users to reduce scams, and spend a reasonable amount of money in the beginning.
Running your own faucet might be very stressful in the beginning; you might even need to fund the website from your personal income for some months.
This is due to scams, which increases the lack of trust when it comes to users, but with time, it will bring massive profit once you have enough ads and traffic on the website.
This is one of the riskiest ways any random person can earn bitcoin. However, methods like betting and bitcoin doubling top the list.
Trading bitcoin can be very risky due to the volatility of the bitcoin market. Trading is no place to try out your luck as it requires an in-depth understanding of the market and essential learning of the tools for market analysis.
With the right knowledge, trading can serve as an effective and reliable source of income. To become a trader, you need to learn the basics of how the cryptocurrency market operates and the various factors that can affect the market.
There are various methods to trade bitcoin, the popular and most utilized ones include news trading and range trading.
Both tools can be used to analyze the market without a thorough understanding of the professional tools used in market analysis. News trading involves trading base on the news that is released.
These types of news are market movers and can quickly determine the direction of the market. Range trading, on the other hand, requires the trader to utilize news trading and the knowledge of how the market moves. Range trading makes use of the theory of supports and resistances to determine when a reversal in market movement will happen.
If you want to learn more about trading cryptocurrency check out our article on day trading cryptocurrency.
Is trading bitcoin risky?
Trading bitcoin in the real sense is, in fact, not dangerous, but it has been categorized as such because so many unexperienced people have ventured into it and lost their capital.
With a proper understanding of how the market works, the volatility of the bitcoin market is, in fact, a blessing in this regard.
Invest in Bitcoin
This is one of the safest ways of earning from bitcoin, it involves no stress at all, and this is one of the ways you can actually get your money to work for you.
Investing in bitcoin consists of buying bitcoin and holding in your digital wallet until there is a satisfactory boost in price where you sell and make a profit.
With this method, you are not concerned about the volatility of the market or other factors influencing the market price, your only aim is to sell when the price is high and make a profit.
The only problem with this method is, the bitcoin price might stay at a high price leaving investors with no investment opportunities.
But you take less risk with this method, and it requires less effort when you earn through investing. You only buy when the price is low and sell when the price is high in a repetitive manner.
Due to the volatility of the market, the con of this method rarely occurs, so there is a slight risk of losing the investment.
The only requirement to earn through this method is to have the cash to invest and a constant update of the price movement.
We created an extremely helpful post discussing the many intricacies of investing in Bitcoin. Check out our article titled, ‘Should I Invest In Bitcoin | Learn, Earn and Profit.’
Bitcoin mining is one of the first and oldest ways to earn bitcoin. In fact, the first bitcoin was mined by the founder Satoshi Nakamoto.
There are two ways in which miners can earn Bitcoin; confirming transactions and mining new bitcoin. New bitcoins are made available in the market through mining. When bitcoin was just launched, conventional computer systems CPU was enough to mine Bitcoin.
With the increased competition and the entry of large and influential companies into the game, specialized types of computers had to be built.
These computers are specially dedicated to mining alone; these specialized computers compute and solve high mathematical algorithms.
Miners were rewarded 25 BTC initially for successful mining of a new coin, as the volume of the available coin increased, the reward for successfully mining a coin dropped to 12.5 BTC per successful mining.
Before data of new transactions can be added to the blockchain, details of the transactions are verified by a miner.
The process of validating transactions is called consensus. An agreement has to be reached between the miners confirming the transaction, commonly 4 to 5 miners.
The details of the transaction will be presented in the form of a mathematical equation for the miners to solve. Once consensus has been reached between miners, then the data can be added as a block to the blockchain. The miners are rewarded in bitcoin for this act, this is another way to earn free bitcoin.
The beauty of this method is that you don’t have to leave the comfort of your home, all you need is your computer.
There is a lot you need to understand when it comes to Bitcoin mining in order to be successful. Here are several articles we created on the topic to help you learn about mining:
Bitcoin affiliate programs
This is perhaps one of the overlooked but most straightforward ways to earn free bitcoin.
Affiliate program involves promoting other people’s business and getting a commission for everyone that makes a purchase or signs up using your affiliate link.
Affiliate program consists in joining the affiliate program of bitcoin exchanges, you will be given your own affiliate link in which you can use for your promotion. Note, you won’t be paid for signing up to be an affiliate on any exchange.
You will only be paid when people make use of the services of the website, like buying and selling bitcoin.
Promoting your affiliate link can be done in so many ways, the best most effective being social media promotion.
Social media has a vast network of users and can, therefore, provide outstanding opportunities for marketing. You might need to spend some cash to run ads on social media platforms, but you also freely promote by joining groups on Facebook and promoting your affiliate link on them.
You can also run ads campaigns on a different website to earn money or own your own information website and promote your affiliate link on them with some content.
There is no fixed price to commissions paid for affiliate programs, it absolutely depends on the number of people you bring in and the amount these new customers spend on the exchanges.
Coinbase learn and earn
The potential of blockchain technology is mostly limited by the lack of knowledge of what technology is all about.
8 out of 10 people cannot successfully explain what the blockchain technology is all about.
How are people supposed to use or trust what they don’t understand?
So, Coinbase, a cryptocurrency exchange platform, has created a program to enlighten people about the blockchain technology and the opportunities cryptocurrency provides.
This new program is known as Coinbase learn and earn. Coinbase pays users for learning, it sounds quite unbelievable, but it is true.
How can you join the Coinbase learn and earn program? You need to sign up for the Coinbase learn and earn on the Coinbase website here.
Why is there a waitlist? The opportunity is strictly by invitation as there are limited slots, which may increase as time goes.
How is the selection made? People are selected at random, but you stand a significant chance of getting chosen once the current applicant for the program finishes.
Notwithstanding, the explanatory videos are available for free even if you were not selected, and you can easily go through them for more knowledge about the blockchain technology.
Now to the most crucial question, how will you earn from this program?
If you are selected for the program, you will be contacted via mail, and you will be required to watch short explanatory and engaging videos and after then, complete quiz.
Once you are done, you will be rewarded with free crypto that you can exchange for bitcoin. Note that you must sign up on the website before you can participate at all.
If you want to learn more about Coinbase you can see our full review on Coinbase and their Learn and Earn Program.
What is a brave browser?
Brave browser is just like the regular Safari or Chrome. Anyone that has gone through the videos of Coinbase learn and earn program will understand how brave the browser works as there is a video dedicated to earning by using the Brave browser.
The brave browser has its own token known as BAT, it is the reward awarded to users for using the browser.
The brave browser works with an effective ads blocker, and you can expect an entirely smooth browsing experience without annoying pop-ups as most users experience with other browsers.
This way, you get to account for all the data consumed while browsing, unlike for other browsers where irrelevant consume your data and are often times frustrating.
How do you earn bitcoin with a brave browser?
There is an option to disable or view ads based on the users’ preference on the brave browser. However, if you choose to see the advertisements, you will be paid by clicking on the ads.
So you get paid BAT by taking a few minutes out of your time to click and view some ads. This is not hard at all, as so many browsers use up your data to view those data without paying you for them. Is the brave browser available for everyone?
Yes, there are no restrictions on location when it comes to using the brave browser for browsing, anyone from anywhere can download and use it.
Can I convert my BAT token to bitcoin?
Is a brave browser reliable and fast?
Brave browser operates with good speed, and it loads website pages very fast based on your internet speed.
Note that users will have to sign up on the brave browser and verify their identity using a valid identity card, driver’s license, or another reliable verification document.
The brave browser is available for both PC and mobile operating systems.
Bitcoin forks and airdrops
What is bitcoin forks?
New bitcoin technology emerges from the previous one forming a network of their own. A typical example is the emergence of the bitcoin cash, which is a clone of the regular bitcoin.
Bitcoin cash works with the same technology as the bitcoin network, but it offers faster processing time and unlimited mining; bitcoin has limited mining, with only 41 million bitcoin available to be mined.
When this break out happens, the new network offers its own token, and the first set of people to receive the new token are the former Holders of the old coin.
After the break out of the bitcoin cash, other cryptocurrencies like bitcoin gold, bitcoin diamond, and others have emerged from the previous bitcoin network.
So, in summary, you earn free bitcoin by holding the parent coin, bitcoin, and you are entitled to the new token. Once you claim the forked coin, you can sell in exchange for bitcoin.
What is airdrop?
Airdrop is similar to the bitcoin fork; you earn new bitcoin by Holding a parent coin like the bitcoin.
New cryptocurrencies offer former Holders of former popular coin free tokens randomly. This method is used as a publicity technique to spread the awareness of a new coin.
You can exchange the airdrop coin for bitcoin, and herby earning new coin. However, in some cases, conditions may apply before airdrop is awarded to users.
Also, an airdrop is done to reduce centralization in a particular token; the cryptocurrency market is a decentralized one, and therefore the managers can give out a coin at random to wallets to increase decentralization in the market.
Both bitcoin forks and bitcoin airdrop are coins gotten out of thin air, and you don’t need to invest any labor into getting them.
Note that both are also a random process, the latter being a result of break-outs, and the second one is caused by the launching of a new coin or for decentralization of a coin.
You have to be careful when participating in airdrops. They are the easiest but most dangerous way to acquire crypto.
Make sure to take a look at our post called, What is a Crypto Airdrop | The Good The Bad The Ugly.’ It will tell you everything you need to know when taking part in an airdrop.
Most Risky Ways To Get Bitcoin
These are some of the ways to get free bitcoin, but note there are other ways like gambling and bitcoin doubling, which are not advised but do work for some.
I will give a summary of the two but note that they can be extremely risky. Bitcoin gambling is similar to traditional gambling; gambling is one of the oldest and most risky ways to earn or lose money very fast.
You will stake a percentage of your bitcoin for a higher profit. Different websites offer this opportunity, and a quick search on the internet will provide the list.
Bitcoin doubling is also similar to gambling, the only difference is that you are not taking the stakes yourself. A quick search on the internet will provide a website that offers this service.
There are a lot of different ways to get your hands on Bitcoin and more will come in the future for sure.
Some take little effort while some can take a lot of work to accumulate.
Regardless of what route you decide to take there are two main categories you must focus on with everything crypto-related.
That is to protect your identity as well as your earned crypto. Many are out here to take advantage of both.
To protect your crypto you should use cold storage and keep your crypto offline as much as possible using our recommendation of the Trezor Wallet.
We have done a full review of Trezor if you want more details.
Always stay safe and check out our other trusted tools if you are new to the crypto space.