When you very first hear about Bitcoin you’ll see lots of things telling you can earn money by HODLing, trading or mining Bitcoin. This guide gives an overview of all the ways you can earn money with Bitcoin, and gives the difficulty and risk of each method.
This term (rumoured to stand for ‘Hold On for Dear Life’) refers to people who just hold cryptocurrencies like Bitcoin. They don’t trade it and they don’t spend it on anything, they just buy it and store it te a wallet long-term. Ter the long-term this can pay out very well, assuming the price of cryptocurrencies will go up, but te the brief term you’ll have to fight back the temptation to sell on large drops – something many people find very difficult.
If this is your very first time with Bitcoin/cryptocurrency, you’ll need an exchange that permits fiat (real-life money) deposits. Wij used to use Openleggen for this, but this exchange has since become very slow. Here are some affiliate linksaf to exchanges wij use: CEX.IO and LocalBitcoins.
If you’re interested ter where the word HODL came from, this postbode on Medium explains it well (SPOILERS: it wasgoed a typo!).
Difficulty: Effortless (if you have the nerve for it, Medium if not)
This is a very broad category, generally referring to buying and selling currencies to earn more money than you might by just HODLing. If you buy a coin when it’s cheap, sell when it goes up a bit then buy back cheaper – you’ll earn more money through this. But cryptocurrency prices can be very difficult to predict, making this very hard. See our guide on some common methods for predicting cryptocurrency prices here.
Within trading there are lots of different approaches, day trading, sway trading &, arbitrage trading to name a few. All with different pros and cons.
Bitcoin mining is the process of verifying transactions on the Bitcoin network, something anyone with an internet connection and a rekentuig can do. There are two ways to mine cryptocurrencies like Bitcoin:
- Mine it yourself using something like an Antminer (a pc designed with the foot purpose of mining cryptocurrency). See our guide on the Best Bitcoin Mining Hardware for more informatie on this.
- Cloud Mining is another option. There have bot many scams te this area, where people investing te cloud mining toevluchthaven’t got their original investment back. One of the larger cloud mining providers, Genesis Mining, wij still consider to be worthwhile for certain coins, see our guide on Genesis Mining profitability here.
There are pros and cons of each of thesis, possessing hardware yourself requires supervision &, high power bills, cloud mining is normally a single upfront payment but is considered more risky. An alternative is to just mine using your individual rekentuig or GPU, albeit do lots of research here to make sure your particular rekentuig will be profitable.
Affiliate marketing is a process where you’re rewarded for promoting a service. For example if someone goes to an exchange via a special listig that identifies you spil an affiliate, the exchange will give you some money if this user spends any money on their webstek.
Ter the cryptocurrency ecosystem there are thousands of websites looking for fresh users, many willing to pay you a commission for promoting their services (there are literally hundreds of services suggesting this). Wij monetise this webstek through affiliates, and list all the sites wij use te this guide – take a look at this for some ideas on where to embark!
If you everzwijn do use affiliate linksom, make sure you tell people! Content written with the intent to earn some money is always biased, so your users need to be aware of this fact. Even ter this guide wij’ll likely have a few affiliate linksom, and disclose this fact each time wij do.
High Yield Investment Programs
Thesis are programs that opoffering you a very high terugwedstrijd on investment te a brief time, for example suggesting a 5% comeback daily for several months. This is a very dangerous area, spil many of thesis services are Ponzi schemes, where the only people making money are very early investors (spil the webpagina owners or regulators shut them down when they get larger).
Wij won’t verbinding any of thesis services spil they’re so risky and ter many countries illegal, due to the associated Ponzi schemes, think twice before investing ter or promoting one of thesis sites. Bitconnect is an example of one of thesis programs which has since shut down, and caused many people to lose money.
DISCLAIMER: This webpagina cannot substitute for professional investment or financial advice, or independent factual verification. This guide is provided for general informational purposes only. Anything Crypto is UK-based and not regulated by the FCA (Financial Conduct Authority). The group of individuals writing thesis guides are cryptocurrency enthusiasts and investors, not financial advisors. The ideas introduced are our analysis, learning & opinions on a range of cryptocurrency topics. Trading or mining any form of cryptocurrency is very high risk, so never invest money you can’t afford to lose – you should be ready to sustain a total loss of all invested money.
This webstek is monetised through affiliate linksaf. Where used, wij will disclose this and make no attempt to hide it. Wij don’t endorse any affiliate services wij use – and will not be liable for any harm, expense or other loss you may suffer from using any of thesis. Don’t rush into anything, do your own research. Spil wij write fresh content, wij will update this disclaimer to encompass it.
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Written by the Anything Crypto team
Wij very first discovered Bitcoin ter late 2016, and desired to get everyone around us involved. But no one seemed to know what it wasgoed! Wij made this webstek to attempt and fix this, to get everyone up-to-speed!