Bitcoin is all over the news again. The value of each Bitcoin is several times what it was last year. This success shows the strength of the cryptocurrency, which means many things are going well in the world of Bitcoin. But the big question is how is best to make money with Bitcoin. Thankfully, there are many ways to do this, and here are our five favorite ways to make a profit with Bitcoin.
Why not go back to basics, although there is nothing basic about the maths involved in mining for cryptocurrency. If you have the technical know-how and the computing power, you can be part of the system that keeps the Bitcoin network secure. Well, you don’t even need the technical part these days as there is software that will take the headache out of mining for coins. Be aware that the software will work better with substantial processor power behind it. Once these coins are mined, they can be sold or traditional currency or spent anywhere Bitcoin is accepted.
If you are either not interested, or able to mine for Bitcoin they can easily be bought and sold, traded for a profit or a loss. Anyone can get involved in this as it’s not difficult to know how to buy Bitcoins with credit cards. The Bitcoin market has been kind to long-term investors in recent times, but careful attention must be paid to how the value is trending to avoid disaster.
Browse the Web.
Have you ever heard of the Brave browser? No, well until recently, me neither. It is a new take on an old idea. In the early days of the internet, there were a few web browsers that were offering payment to surf the web. How this was possible was being shown adverts from commercial partners. None of these firms prospered due to a lack of advertisers and the bandwidth required to use these browsers. Brave has given a new slant on this old idea by offering Bitcoins as payment for seeing untargeted ads in place of the regular ads seen on websites.
Another old idea is affiliate marketing. There are numerous websites trading in Bitcoin and other cryptocurrencies, and they will often pay for others to drive traffic to those websites. You can easily set up an account and link to the parent site using your unique link code and receive referral payments.
Taking Bitcoin as Payments
Bitcoin is now a viable payment option for many retailers both online and offline. Many merchant services providers allow cryptocurrency payments alongside more traditional methods such as credit and debit cards. As well as just being another payment option, accepting Bitcoin can be used as a publicity stunt, especially if it is not common in your industry. It can also attract a new demographic to your business as there are always early-adopters looking to give their custom to trend-setters.
This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.