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How to earn money through Bitcoins

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So far, we have spoken about different ways through which, people can make money. Now let’s talk about some more ways of earning money. One more way of earning money is through Bitcoins. This method of earning money, is little different from the other normal ways of making money, be it by working online or by working full time, in reputed organisations. Before I talk about how to earn money through Bitcoins, let me first talk about Bitcoins.

 

Bitcoin can be defined as a cryptocurrency and a worldwide payment system. It is the first decentralised currency as it works without a central bank or a single administrator. It came to life in 2009 and uses peer to peer technology, to facilitate instant payments.

 

Different ways of earning money through Bitcoins

  • Micro earnings

 

  • Bitcoin mining

 

  • Providing Bitcoin related services

 

  • Bitcoin lending

 

  • Bitcoin trading

 

Micro earnings

 

Talking about Micro earnings, Micro earning websites pay us in Bitcoin, for completing small tasks. In return, we can get a very small amount of Bitcoin.

 

Bitcoin mining

 

It is the process by which new coins are created. Mining is carried out using certain computer programmes and utilises the processing power of the miner’s computer. At its inception, Bitcoin mining was relatively simple and the earliest miners were able to mine thousands and thousands of Bitcoin with limited expenditure.

 

Providing Bitcoin related services

 

The amount of money that can be earned from a role such as this, is obviously dependent on the type of role, the level of expertise that we bring to the role and the number of hours that we can dedicate to the role.

 

Bitcoin lending

 

There are potentially significant earnings to be made in Bitcoin lending, but there is also significant risk. Bitcoin lending tends to operate through intermediary websites such as Bitbond and the concept is as simple as it sounds. We act as a bank, lending our Bitcoin to another person at a certain level of interest.

 

Bitcoin Trading

There is a huge potential to make money on trading in Bitcoin, but it takes the same level of expertise and knowledge of the market, in the same way, that, trading on any other financial market does. In addition, the cryptocurrency market is extremely volatile and therefore, it may not suit everybody’s tastes and risk appetite.

 

Advantages of earning money through Bitcoins

 

  1. We are protected from payment fraud
  2. Lower fees
  3. Reduced possibility of Identity theft

 

Disadvantages of earning money through Bitcoins

 

  1. High risk of loss
  2. Increased rules and regulations
  3. There is no security of money earned through Bitcoins

 

Talking about earning money through Bitcoins, Bitcoin in general, has a great future ahead. We can earn lot of money through Bitcoins. The only thing which we need to be careful about is, that, since it is done online, we need to be careful of possible spammers who may hack websites. People who are planning to earn money through Bitcoins, should study about Bitcoin in general and refer to relevant articles pertaining to earning money through Bitcoins.

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