After a few years of quiet time, bitcoin is now back at the forefront of everybody’s thoughts. Now that it has hit records in value after a major crash back in 2018 everybody is wondering if they can also make some money with bitcoin.
The reality is that the best time to buy into bitcoin was ten years ago. But, the second-best time is right now. If you are wondering if there are ways that you can make money with bitcoin the answer is a resounding yes.
And there are more ways than you might think when it comes to making money with bitcoin. In this article, I will go over several ways that you can get some of the pie yourself.
1 – Buy and trade
The most obvious way to make money with bitcoin is the simple and tried and true way of buying and trading it as a currency. There is a risk of course, but if you have the right mentality and can certainly work for you. How to buy Bitcoin is easier than ever these days with Paypal allowing you to buy bitcoin on their platform, but even the regular way of buying off of an exchange is not difficult.
Just like with any type of investment the idea is to buy low and sell high. Now, bitcoin andd other cryptocurrencies have a reputation of being volatile. Meaning that there is a risk that there will be a crash. Since bitcoin is not really tied to anything in the real world it is highly speculative so its value can change quickly.
Looking at charts from the last ten years, however, you can see that even after a crash it doesn’t go too low. And it comes back higher than before in many cases. You may just have to wait a while and have the courage to do so. Of course, don’t forget that you do have to pay taxes on your gains so it isn’t all profit.
2 – Accept bitcoin payments
One way that you can earn money from bitcoin without much risk or know how is to accept it as a payment. If you are doing any kind of freelance work this is a good opportunity to ask for payment in the cryptocurrency of your choice. The bonus is that if it increases in value after you’re paid, you essentially make more money for the weork done without needign to do extra.
If you sell any type of products online then accepting bitcoin payments can help in other ways as well. The processing of payments is much cheaper with cryptocurrency than it is a traditional merchant service for credit cards. There is no bank involved as a middleman and payments are direct. And, once again, if the value increases you’ve made ven more money which can’t happen when you accept your local currency.
3 – Affiliate income
Starting a website based on affiliate income is always good idea. And one of the best affiliate programs is based on bitcoin. Make a website around the topic of bitcoin and those commissions will be much more than in many other niches that you can create.
There is a lot of competition, but if you target topics that other bloggers are ignoring then you can serve a need for your readers and still make a lot of money.
*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.