When Bitcoin first laid the foundation for cryptocurrency, it was merely worth a couple of cents. Despite the criticism and skepticism surrounding its use, Bitcoin rose through the ranks and now stands at around $33,000 per coin—a record growth for any asset that’s just 12 years old.
As a result of this, Bitcoin has come out of the shadows and gained mainstream acceptance. If you’re also looking for ways to make money using Bitcoin, this beginner’s guide is a great place to start. Keep scrolling for four practical ways to make money with BTC.
1. Day Trading
Day trading is one of the most popular ways to make money with cryptocurrency. It involves keeping track of short-term price fluctuations in the market and then using them to your advantage. For day traders, the goal is to buy for less and sell for more to profit.
While it may sound straightforward, day trading involves keeping a very close eye on fluctuating prices. Crypto ticker displays can help you keep track of these changes and act on them quickly.
Holding crypto involves buying Bitcoin and then holding it for longer instead of giving it up for short-term gains. This strategy requires a lot of patience but can be extremely fruitful, as evidenced by the fact that people who opted for Bitcoin early on would be millionaires today.
3. Micro earning
If you have some free time on your hands or can do small tasks, you could earn in cryptocurrency. These are generally small tasks such as watching videos, viewing adverts, app testing, taking surveys, and more. The only downside is that the payment is minimal.
4. Referral programs
There are many companies that offer Bitcoins for referrals. This involves signing up on the website, getting a unique referral link, and then sharing it with others. The more people that sign up using the referral link, the more earnings you can make. Many companies offer Bitcoin for referrals, and the best part is that if it doesn’t work out, you won’t face any losses.
Are you interested in making money with Bitcoin? Stay up to date on Urban Crypto. Our beginners site for crypto news and industry info brings you all the latest updates so that you can successfully trade and earn from crypto. Check out our Ledger Crypto Starter Pack to get going.