7 Simple Ways to Earn Bitcoin That Actually Work in 2017

Earning a small amount of Bitcoin is very easy.

But who wants a small amount of Bitcoin? Everyone requires a solid amount of Bitcoin; which is a great deal harder and wants you to be really creative in the methods you use to stick thither.

Backward in the days when Bitcoin’s value was considerably less than it is today, you could’ve multiplied your stash by exchanging a few dollars for Bitcoin. Other more creative enthusiasts used Bitcoin mining as a means to make more of the digital currency for free.

Tides have now changed, and you’re condemned if you’re even considering using any of those two methods to earn Bitcoin. For one, the dollar value of Bitcoin today is roughly $8240, making it really difficult to purchase a single coin. Secondly, mining isn’t what it used to be. We’ll speak more about mining, later in the clause.

All hope is not lost, however. Here are seven creative strategies you can apply to earn Bitcoin in 2017.

1. Work and get paid in Bitcoin

We are all used to provide (or paying for) services online and transacting through electronic money transfer programs such as PayPal or Skrill. But have you ever tried Bitcoin?

Whether you’re a graphic designer, author, translator, editor, web-developer or programmer, there is a great deal of money to be earned as a freelancer. How do I know this? I’m a freelance writer.

You’re probably questioning why a customer would pay through Bitcoin instead of dollars via PayPal. There are many reasons to do so. Let me give you an example.

Early last year, I began running with some clients from Pakistan. Equally you may already know, it is legally impossible to open a PayPal account in Pakistan. Most of the clients paid through Skrill or job platforms such as Upwork.

And then on that point was this one node who was eaten up with the high transaction fees he had to pay on job platforms. Hence when he brought up the issue, I quickly suggested Bitcoin. I quickly explained how it works, helped him open a Bitcoin wallet and later that evening, I had my money.

Since then, I’ve puzzled out with multiple international clients and received my payments through my Bitcoin wallet. And I’m not the solitary one; many freelancers are now willing to accept Bitcoin payments in addition to traditional payment means.

You could too. In that respect are very many freelance job opportunities out there, and a dearth of skilled people to occupy them. If are not already executing it, find out what you’re good at, create some portfolio, and commence your job search for any remote offices that you can fulfill.

You can then become paid in Bitcoin. And later on receiving your Bitcoin, you can multiply your stash even further using any of the highly profitable methods discussed below.

2. Make profits through Bitcoin lending

If you already have some Bitcoin in your wallet, why not multiply it further instead of just letting it gather dust in your wallet without making you any profits.

Bitcoin lending is a lot like normal loaning. You loan someone some Bitcoin, and they pay you after a specified amount of time with a little interest on top.

Lending to complete strangers on the internet is really speculative, thus I advise you go off by lending to people you already know at first and gauge whether it gives you the answers you’re appearing for. Later, you can open a free account on a reputable Bitcoin lending website and expand your venture.

The amount of profit you earn largely depends on the amount of Bitcoin you’re willing to contribute. For example, Coincheck, a leading Bitcoin lending platform, allows lenders to gain a maximum earnings of 5%. That entails that for every coin you lend, you earn a profit of 0.05 BTC. Given today’s Bitcoin value of $8240, you simply got an extra $412. It’s not a lot, simply considering that you’ve not gone for the money, it’s unquestionably worth it.

Despite the inviting rewards, there is still some risk that some borrowers won’t pay back the loan. Different programs handle these events differently. For example, when a borrower has refused to pay after a few months, some platforms reveal the individuality of the borrower to you, and you can choose to follow up yourself or take legal action against the borrower.

Understand the conditions of each lending platform very carefully before selecting one. It’s also important to observe that after each repaid loan, borrowers receive a military rank or review. Judge each loan applicant based on their rating, and only lend Bitcoin to borrowers with a clean record, and avoid newbie borrowers.

3. Bitcoin trading

Bitcoin trading has the potential to make you the highest ROI, compared to other methods of earning Bitcoin.

Bitcoin trading is really similar to Forex. It’s really comfortable as well; but requires a higher layer of knowledge, spot-on pattern analysis and anticipation skills, and a high degree of forbearance.

Bitcoin traders rely heavily on the volatility of Bitcoin prices to gain earnings. To understand how trading makes money, take a snug look at these values. On 1st June, the dollar value for Bitcoin was roughly $2344, 1st November, it was $5383, and today (20th November) the price is $8240.

Had you bought one Bitcoin in the beginning of June and sold it today, you’d have earned a big profit off $5896. Likewise, had you bought the same 20 days ago, you’d have earned a profit of $2857.

Of course, the exchange values would have been a couple of dollars less than these Bitcoin prices, but grounded on these numbers, it’s reasonably safe to say that Bitcoin trading is the most profitable means of earning Bitcoin.

4. Bitcoin Binary options

Similar to trading is Bitcoin binary options.

With binary options, you constitute a bet on whether the dollar value of Bitcoin will rise or fall after a specific measure of time. If your predictions are correct, your wager is multiplied based on the numbers given when getting your bet; if you’re wrong, everything is lost.

This method is definitely riskier than the former, but it can be an excellent means to get fast profits with very little study.

For you build profits with Bitcoin binary options, you need to open an invoice in a legitimate and reputable broker’s website and invest some time discovering the basics of binary trading and Bitcoin’s volatile prices.

5. Earn free Bitcoin from faucets

Bitcoin faucets are a form of reward system where you’re given a micro-task, and you get rewarded in satoshis. 100 million satoshis make a Bitcoin.

I call them micro-tasks because they’re very different from the gigs you get paid by a client to complete. Micro-tasks are simple projects that involve a few minutes at most to complete. Most faucets ask you to complete captchas, finish surveys, play simple web games or answer some questions correctly.

The micro-gigs require little exertion to cease; I imply, how difficult can complete a captcha be? Withal, the tasks have very low payment rates, then you accept to terminate hundreds of them to gain a considerable fraction of a Bitcoin.

This is the method with the lowest barrier to entry and with the least resources needed to begin making. Still, you have to make very many months before you can make your first Bitcoin.

6. Gamble and multiply your Bitcoin

Gambling is a very straightforward concept.

Backward in the days, most gambling and betting platforms only accepted mainstream currencies such as dollars. Nevertheless, the popularity of Bitcoin has forced many gambling websites to start accepting Bitcoin transactions while some very adventurous platforms only transact in Bitcoin (and other cryptocurrencies.)

Gambling using Bitcoin is the same as traditional betting. Most gambling platforms offer casino games, sports wagering, spread betting, lotteries and more. Nevertheless, on that point are some fringe benefits that attract punters to Bitcoin. They include;

• Lower house edges — meaning higher earnings
• Swift and cheaper transactions — multiple payouts every day and very low transaction fees
• Anonymity — Your gambling activities and transaction history is totally anonymous

Just like faucets, gambling causes a very low barrier to entry, but that doesn’t imply that it doesn’t have its dangers. For one, the legality of gambling depends on your age and location, and two, if you’re not careful, you will likely lose your investment or else of earning profits.

7. Does Bitcoin still work?

You cannot talk about earning Bitcoin without someone mentioning mining. Thus, here is the truth about mining.

A few years ago, you could get tons of money mining Bitcoin using just your household computer and a secure net link. Nevertheless, huge mining farms now dominate Bitcoin mining. These mining farms have thousands (possibly one thousand thousands) of dollars to invest in state of the art mining equipment.

Unless you’re willing to invest thousands of dollars into buying specialized ASICs (Application Specific Integrated Circuits,) you don’t bear a chance to make any significant amount of Bitcoin. To obtain an estimate of what I have in mind here is some simple math to reflect.

The Antminer S9 modern mining rig costs around $3800 on Amazon. Based on some calculations, I made using multiple online Bitcoin mining calculators, you’ll make less than $7 per day (minus electricity costs.) And given today’s Bitcoin price of $8240, when mining every day, you necessitate more than three years to get your first Bitcoin. When we factor in higher electricity costs incurred, you may lose hope somewhere along the path, or lose your rig to damages/malfunctions before you’ve got your first Bitcoin.

Put simply; mining isn’t the room to run for most people. Even online mining pools will earn you considerably less per day than the solo-mining example I’ve applied. I suggest using any of the other six methods discussed above. They’ll be worth your effort.

Where do I start?

If you’ve researched this before, and so you recognize that at that place are other alternative ways to earn Bitcoin.

Nevertheless, these are the only methods I’ve strained out or read personal accounts of real people that earned a solid amount of Bitcoin without using too much time and exertion.

As you’ve seen, these methods aren’t equal. They arrive with different layers of risks, require different types of investments and also differ in profitability. Nevertheless, knowing about these methods won’t help you a great deal if you’re not willing to put the time and effort required to begin making.

If you’re truly serious about multiplying your Bitcoin, review these seven methods, and selected a few of them that suit your goals, the resources you’re willing to invest and your current level of cognition.

Subsequently you’ve decided on one or more of these methods, put in the effort needed and you could start earning Bitcoin today.

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