How to Earn Bitcoin

In a previous blog article we have looked at how to buy Bitcoin, but did you know there are other ways to earn Bitcoin without having to spend any of your money? Let’s take a look at how to get Bitcoins a few other ways.

First of all let’s be honest, there is no way to earn a large amount of Bitcoins without a lot of effort. After all, it’s the same with any currency in the way that for example it is not possible to earn a substantial amount of Euros without a lot of effort. Having said that however, if you have the time then there’s no reason you won’t be able to bolster your wallets quite nicely.

Earn Bitcoin through Mining

So aside from buying Bitcoin through an exchange, the most popular way to earn Bitcoin and other cryptocurrencies is by mining them. So what is Bitcoin mining for the uninitiated. To put it simply it is the process in which transactions using Bitcoin are verified, as computers known as miners, work to solve complex maths problems in exchange for a reward of Bitcoin. This process requires a powerful computer, plus some mining hardware as it relies entirely on computer processing power. If you’d like more information on how this process works then please check out our blog on how to mine Bitcoins.

Bitcoin Trading

If you don’t want to mine Bitcoin then what other options are available to you? Another popular way to earn Bitcoin is through trading. The concept of this is of course the same as other types of trading; buying cryptocurrencies when the price is low and then selling them when the price spikes.The downside of this is that it takes a lot of research into the market and trying to predict what will happen, as well as having to have a strong nerve at times.

Bitcoin Micro-earning Methods

There are also a number of ways to ‘micro-earn’ Bitcoins, where you complete small tasks for a very small reward. The first of these is through a Bitcoin faucet. The tasks involved are usually completing a captcha or something similar. Whilst this process is easy and there are no costs involved, the returns are quite small as it usually pays a millionth of a Bitcoin per one, so it will take you a while to earn anything worthwhile through this method. Still, it can be a nice way to earn a little bit with no risk or costs involved, and there are a number of different platforms offering the opportunity to earn Bitcoins this way.

As well as the faucets there are other similar micro-earning methods. For example there are pay to click websites where you will earn Bitcoin for viewing ads and visiting websites. These are usually 5, 10 or 20 second adverts, which again will pay around one millionth of a Bitcoin for each one depending on the platform.

As well as the two options above, there are also a number of micro job websites which reward you for completing random tasks. This can be something like downloading an app, viewing an advert or completing a survey. The rewards vary from platform to platform, and you can also earn a number of different cryptocurrencies this way as well.

It is also possible to play games to earn Bitcoin. Again this is a no risk, yet a low return way of earning a bit of extra cryptocurrency. There are a few mobile games such as Coinbrawl or Bitcoin Aliens, and whilst the returns are low it is still a fun way of doing things. After all, what better way is there to fill your time on a boring bus journey than playing a game on your mobile and earning a little bit of BTC for it?

So with the above options are mentioned there is no risk involved, however the returns are low so they will be very time consuming if you wish to earn Bitcoins this way. Now let’s take a look at ways which are a bit more risky, yet yield a higher reward.

Bitcoin Lending

One of the most high risk, yet also rewarding ways of earning Bitcoins is through Bitcoin lending. If you already have some Bitcoins then you can lend them to people for their projects, and then they will usually return this with interest. The issue with this however is that the risk is high and there is a certain degree of trust involved. You may have to also chase people for payments if they don’t return it, so as we say this is only one for you if you understand that there is a chance you could not get your Bitcoins returned.

Affiliate Marketing

Affiliate marketing is another way of earning a bit of extra BTC. This is where you are rewarded for recommending a product or service through your website. Say for example you are reviewing Bitcoin hardware wallets, if you review a particular brand then a deal can be set up where you will get some commission if they purchase one from a link on your website.

Gambling with Bitcoin

It is even possible to gamble with Bitcoin as well. There are an increasing number of platforms which allow you to gamble with Bitcoins, although this is obviously the same as gambling with any type of currency, so the chances of winning are quite remote compared to the chances of losing. We’d say that this is more one for fun rather than doing it in the hope of getting a nice return.

So as you can see there are a number of ways to earn Bitcoins. Some of these can be fun, however the one thing to remember is there is no such thing as free money, so if you’re expecting a large return then you must be prepared to give up a lot of time, or in the case of Bitcoin mining spend some money getting set up. It’s also worth remembering that if something sounds too good to be true then it probably is, as there are a number of websites and scams in which they offer you a large return on a small investment, so when you’re looking for opportunities please be aware of this.

Ian Scarffe

About the Author:

Ian Scarffe is a serial entrepreneur, investor, key opinion leader and Blockchain consultant with business experience from around the world.

As a leading entrepreneur, Ian is on a personal mission to develop a culture of entrepreneurship, helping startups achieve their full potential as well as helping to expand existing companies.

Ian has founded ‘Binkplus’, a startup incubator in Europe. Ian is an Independent Expert at the European Commission – Horizon 2020

An expert in Startup, Investment, Fintech, Web3 and Blockchain industries. Ian currently consults and advises for a range of multi-million dollar companies.

Ian’s overall mission is to foster a society of economically independent individuals who are engaged citizens, contributing to the improvement of their communities across the world.

Ian Scarffe has written two books to help others:

The Ultimate Guide to Bitcoin and Cryptocurrency 2018 Blockchain Basics 2020

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