The answer to the question of how to make money on bitcoin is very simple: you have to take bitcoin and change it for ordinary money. It remains to learn how to earn bitcoin himself or earn on those who already have bitcoin.
Prerequisites for implementation
The first and most important condition for those who decided to make money on bitcoin – download and install any purse on the computer, in a mobile device or use a web purse. Preliminarily familiarize yourself with the types and types of purses and choose the right one. In the wallet you will store your innumerable crypto-riches in the form of bitcoin and from here you will send bitcoins to exchangers to receive dollars, euros, rubles, hryvnia and other.
If you installed a standalone wallet, that is, a program that does not need online support, then you must copy the wallet.dat file to the USB flash drive and store it there, since if you spill an aquarium with coffee on your computer, your bitcoin is irreversibly annihilated.
The second important and necessary condition is how to properly understand what bitcoin is, what are its features and what are the specifics of bitcoin transactions. Bitcoin as a means of earning is more complex in circulation than the usual fiat money. And most importantly, bitcoin is an expensive coin, if you hurry and without knowledge to join bitkoin-ekomiku as an active player, you can not make anything, and lose a lot.
The third important condition: as the detective-occultist John Constantine said: "Always a catch" – there is always a catch. With respect to any of the types of earnings on bitcoin, this is exactly the case, so choosing one of the ways of earning, learn about it literally everything, only then start to work.
The good news is that there is no lack of information about bitcoin. And do not forget to constantly learn the latest news of the bitcoin-ecosystem. Since, unlike traditional monetary systems, crypto-currencies are extremely sensitive to a variety of events.
1) Sell services and goods for bitcoin
You can earn bitcoin by selling their goods or services for them. If the customer or employer has bitcoins, then he may well agree to pay your labor with crypto currency. It is only necessary to work out a scheme for converting and outputting bitcoin into fiat. Pros of this kind of earnings are shown on the growing bitcoin, then as a result you can even compensate for the losses from commissions and paradoxically get more than earned. The same if you can play on the difference of exchange rates. Disadvantages of paying labor in bitcoins will hurt your wallet in a falling course, so closely watch the changes in the cost of bitcoin.
Professionals who are interested in their anonymity or businessmen who prefer to position themselves and their company as advanced and modern prefer the payment in bitovines.
Everybody knows about the mining now. A special program is installed on the computer – for mining bitcoins. You need a powerful graphics card and an ASIC processor. Bitcoin is extracted (canned) by the method of solving problems by your computer power.
But a powerful graphics card and ASIC are unlikely to help you earn bitcoin at an acceptable time. Amateur individual mining of bitcoin, no one, perhaps, is not engaged, as the tasks have become too complicated, and the cost of electricity is too high. In China and the US, giant farms are engaged in mining, which generate 25 minutes per 10, for example.
If there is still a desire to compete with China, then you have to pump skills on the software and hardware and get ready to spend money. It will be necessary to study reviews about equipment for mining, buy it or order it in a Chinese online store (all miners and other gadgets are made in China). This is not cheap and, most likely, not quickly, after the boom of mining that hit Russia when the price of bitcoin approached $ 4500 in the summer. It will also be necessary to calculate how much money will be spent to pay for electricity, which will be consumed around the clock working miner … more precisely, a farm of a dozen video cards and a bunch of other iron. In aggregate, the initial investment will be at least 1,5 million rubles. Will it be repaired as a result of warm tube home mining? The big question.
The solution of this question can be collective work for the benefit of everyone, that is, joining the pool of miners. In the pool you need to perform less complicated tasks, and the earned one is divided according to the personal contribution to the common cause, as under communism. But before you join the pool of miners, you need to find out a number of details. Namely:
- How often does the pool harvest blocks?
- What will be the reward?
- What is the amount of the commission for mining?
- What is the commission for the withdrawal of crypto currency?
- How is bitcoin produced in general?
To do this, go to bitcoin wiki, where there is comparative information about the pools. Choose the pool you like, register, install the program for mining by selecting, for example, hence … Include the miner, enter the pool and substitute the purse, there will soon joyfully ring the cryptonyms.
The option of collective mining for those who do not want to delve into the hardware is cloud mining. In this case, the user essentially leases the mining capacities of the company, which itself configures everything in the data center. The user registers in the cloud, pays money and receives critical currency. It looks simple, but as the statistics show, up to 90% of clouded minings are fraud. Therefore, check, check and again check.
3) Exchange trading
Trading – buying crypto currency at a specialized exchange is cheaper for the purpose of subsequent sale of the crypto currency in the same place, but more expensive.
To trade on the exchange, you need to register on it, buy bitcoin on the stock exchange or a part of it or credit it with your wallet. On the stock exchange there is a trading platform with different indicators and graphs, see, trade, rapidly grow rich.
In reality, of course, everything is more complicated. Two important nuances: the first – pay special attention to the ways of withdrawing the money you have bargained for, there may be surprises, sometimes unpleasant, connected with the careful verification of your inviolable personality.
And carefully study the commission for withdrawal, on some dubious exchanges the commission needs to be checked every time you are going to withdraw money. You need to carefully calculate the commission at each stage of withdrawal and conversion. Even the rapid growth of bitcoin does not always cover the costs of commissions, since commissions are everywhere and not all small. And if small, it means that the catch is somewhere else. This is a stock exchange, not a charitable foundation, remember this, user.
The second nuance is – NEVER keep all your money or even a large amount of money on the exchange, whether it's crypto currency or fiat money. Ideally, it is desirable to conceive a brilliant transaction, to enter money, to turn a brilliant transaction, to withdraw money more than it introduced. Crypto-instruments are unstable structures, they break down, then hackers attacked, then the FBI presses, then China tyrants – you see, and the stock exchange is gone and your money with it. Therefore, save the crypt partly on cold wallets, part of the fiat on the bank card, and part in the usual leather purse.
Generally, trading is fascinating and exciting and can be profitable, especially as the experience grows. But do not forget that cryptotrading does not completely depend on the trader's skills, great value is luck. The bitcoin course was shy as a young gazelle at dawn, and to predict what he would react to until no one could. Due to their unpredictability, crypto-exchanges are somewhat similar to casinos. In trade bitcoin, this is especially important to realize, because this coin is expensive, the profit is substantial, but losses can be large.
The list of exchanges can be found by contacting the relevant request. Pay attention to how long the exchange exists, the rigidity of verification requirements, be sure to learn the background of the exchange – now, fortunately, the past can not be hidden, because Google remembers everything.
4) Inter-exchange trading
One of the relatively easy ways to make quick money on bitcoins is to buy bitcoin on one exchange and sell it to another. To do this, you need to study a certain number of exchanges, register at all and carefully monitor the bitcoin rate. Despite the fact that bitcoin is very cool, it is managed only by the community, it is democratic, honest, nobody affects its course and all that, but the course of bitcoin on different crypto-exchanges sometimes miraculously varies considerably, sometimes for a long time. And so sometimes you can really make a good profit in a few clicks.
But here the speed and smoothness of the actions are important, so it's better to write down where to click, what to open and what to close, at the same time monitor the exchange rate difference, and again and again recalculate the commission and do it all quickly. Preliminary training will be superfluous.
And still there is a risk of error and unforeseen losses, because bitcoin is volatile. Worse, it is suddenly and abruptly volatile. While a multi-pass transaction is genuinely conceived by you, the rate may drop a little, which is not terrible on the stock chart, but in real money and even with commissions this is a very tangible loss.
Losses can also be related to the speed of the exchange, especially when money is transferred to your media.
5) Investing in bitcoin-companies
This method is for those who want to profit from the growth of the bitokin rate, but he does not want to buy bitcoin himself or can not. There are several companies of the bitcoine ecosystem, whose shares are quoted on traditional exchanges. Among them are Bitcoin Investment Trust, Bitcoin Shop, SmartMetric and several others. All these companies are actively operating in the crypto-currency sector and with great ambitions, and most importantly they function confidently in the world of large companies and ordinary money, so the prospects for investing in such companies are good.
6) Buy bitcoin and do nothing 🙂
The quietest way to earn on bitcoin. Despite the fluctuations, the overall trend of bitcoin cost is still growing. Most likely, it will grow further. This is indicated both by positively-minded experts and by negative-minded bankers who do not like when someone else is rich in addition to themselves. Investing in bitcoin, with the hope of further growth, may well be a very profitable and promising measure.
Only it is necessary to buy bitcoin for conditional "extra money", which it is not a pity to lose. Because with the same probability, bitcoin can not only stop growing, but also fall. The price of bitcoin is now being formed speculatively, it is not necessary to forget about it. For those who are ready for this, waiting for the growth of bitcoin is easy, not burdensome and in the future profitable occupation. Just need to check the serviceability of the purse and occasionally look at the course, suddenly bitcoin is already $ 100000?
7) Become a director of the exchanger (monetary, but dangerous)
By the way, since we started talking on commissions … Making your own exchanger is also a way to make money on exchanging bitcoins for other money. Here it is desirable initially to have the N-th number of bitcoins in ordinary money and carry out a huge preparatory work. Money will be needed for software, a very good programmer, opening accounts in various systems and making substantial sums there, renting a separate powerful server, advertising and promotion, and a lot more for that. In addition, one must bear in mind that the market for exchange resources is extremely competitive, it will be very difficult to occupy a place on it. Anonyms claim that the real opportunity to create an exchanger is in the narrow niche of exchanging rare currencies. But when the exchanger is created and put into work in automatic mode, you can simply watch how zeros are added to your account online.
The crane is a site that gives satosh (one hundred millionth indivisible part of bitcoin) per visit. On some, to get Satoshi, you need to enter some captcha or do other simple actions. On the cranes there is also a referral program – you bring a user, you get Satoshi. Despite the similarity with the pyramid, the crane is not a pyramid. Once these sites were created to popularize bitcoin, and now they simply earn on placing advertising of third-party resources. You can google the list of cranes. Earnings on cranes are probably the easiest of the active ways to earn bitcoins, but also the least profitable. Accelerate the process of earning rotators – windows with links to cranes, fans of this kind of activity work immediately on 20 sites. They say that you can earn about 1000 satoshi per hour.
Investing in a PAMM account is a variant of exchange trading, in which the user instructs to multiply his wealth to another trader, hypothetically more experienced and skilful for a percentage of transactions. This method is positioned as a form of passive income, but in the case of crypto-currencies it is no less risky than independent trade. At large crypto-exchanges PAMM-trading is not practiced.
Some gambling users are ready to play online casinos and various lotteries for bitcoins. We will not recommend this way of earning, since the legality of this method is doubtful and not so many people wishing to play on a coin worth 5 thousand dollars. But there were cases of winnings.
Posted by Evgenij Novožilov, Analyst Freedman Club Crypto News
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