How to make money with bitcoin
Cryptocurrencies have dramatically risen in value over the past few years, going from a largely unknown to a $2 trillion market. This has been possible because of big businesses as well as retail investors taking an interest in blockchain technology. Cryptocurrencies have the unique advantage of not being tied to a country or an economy, so anyone around the world can theoretically make money with bitcoins. Owing to this freedom, even the smallest of investors have started testing the waters and are looking for ways that they can make money.
Ways to make money from Bitcoins
1.Buying and Holding
Buying and holding or “HODLing” bitcoins is the simple act of buying some bitcoin on an exchange like gate.io, transferring the keys to a private wallet, and sitting on it. While a lot of people often claim that bitcoin has peaked, experts believe that the price of 1 BTC can reach anywhere between $400,000 to $1 million as supply begins to dwindle. So if you aren’t interested in swing trading, buying some bitcoins from gate.io and holding could be a great long-term investment.
2.Trading Bitcoins
If you have the experience or the time to do so, trading in a volatile market can be hugely profitable. Getting set up as a trader is very easy. You create an account on an exchange like gate.io and you’re off to the races.
Most traders swing trade bitcoins, which means buying and selling according to the mood of the market. They buy low, wait for prices to rise, and sell before an impending downfall, repeating this process over and again.
Using an exchange like gate.io gets you access to not only bitcoins but hundreds of other digital assets. Gate.io has 325 USD/crypto coin pairs, 75 BTC/cryptocurrency pairs, and 205 ETH/cryptocurrency pairs. That’s a lot of options for you to invest in unique pairs that are exclusive to the exchange.
3.Mining Bitcoins
The process by which bitcoins are generated is called mining. To be a miner, you need a powerful computer that can run the bitcoin mining software 24/7. However, the process of mining is such that unless you have a very powerful system, odds are you won’t make enough money to justify your investment. To give yourself a fighting chance, you can join a mining pool. A pool is a collective of miners who jointly dedicate their computation powers to the task of mining coins and split the rewards accordingly.
Mining, either solo or in a pool, can be a great way to generate passive income while having to put in no manual effort.
4.Shorting Bitcoins
Just like bitcoins can make you money when they appreciate in value, they can also be profitable on the way down. Shorting is the process of betting against the rising value of bitcoins by borrowing bitcoins from a lender or an exchange like gate.io and selling them. When they fall in price, you buy them back and return them to the exchange, keeping the difference in price as profit.
5.Affiliate Marketing
Certain websites incentivize you to bring in people on board and pay in bitcoins as commission for your work. There are many such affiliate marketing programs, with varying payout rates and jobs, so choose yours carefully. In any case, this is also an easy and fun way to make money from bitcoins.
Conclusion
Bitcoins are a rising asset and anytime now is a great time to dip your toes into the market. If you’re willing to stick it out long enough, you will most certainly leave with a nice bounty.
