Early on in this blog, I had written a post called How Can I Earn More Bitcoins for the Dark Web?, which still continues to get a lot of views. While I still think that some of those methods may hold true, it’s time for an update.
In truth, there are lots of ways to earn BTC. According to How to Earn Bitcoin in 2018, mining is still the best way, contrary to how that might sound.
The issue is that it can take a lot of computing power to mine any significant amount of bitcoin. As the article points out:
One way to approach Bitcoin mining is to do it yourself. To do this, you’ll need to invest in a Bitcoin miner. Bitcoin miners are external devices that supply the necessary computing power to produce Bitcoin in today’s high-difficulty environment. The price of a Bitcoin miner will vary considerably based on its processing ability. Small USB miners start at under $100, while larger, more powerful mining devices can run into the tens of thousands of dollars.
If you don’t have tens of thousands of dollars to invest in the first place, then mining may not be your best option. As before, though, there are other methods.
According to How to Get Bitcoins? 12 Ways for Making Money with Bitcoin in 2018, some methods that actually result in earnings are (links go to the original article):
- Micro earnings
- Owning a faucet
- Signature campaigns
- Trading Bitcoin
- Affiliate programs
- Gambling (be careful with this one)
- Writing about Bitcoin
- Supply related services
- Mine Bitcoin
- Lend Bitcoins
- HYIPs / Coin doublers
- Bitcoin forks
In the article above, they analyze each of these methods, and they don’t rate all of them equally. The author evaluates the techniques according to “Effort,” “Income,” and “Risk,” each of which can make a huge difference in your returns.
Bitcoin faucets, for instance, are low risk, but require a lot of effort, and don’t necessarily result in high returns. (I’ve made some money from the Eobot faucet but I’m not a bitcoin billionaire just yet.) Oddly enough, I have 27 DOGE, but that only translates to $0.00223.
One of the methods that has the potential for high returns is number four (trading bitcoin), but as the article points out:
Profitable traders spend a substantial amount of time learning how to trade and how to overcome the many risks involved with trading. Successful traders know they might lose money in the short term but they look at it as an investment in their education, since they are aiming for the long term.
In other words, this isn’t a “get rich quick” scheme; it’s much like playing the stock market. It takes education, work, and some luck as well.
Bitcoin casinos, likewise, have the potential for high returns, but the chance of this is small (as with a physical casino). 99bitcoins.com also happens to have a comparison of these in 27 Bitcoin Casinos Reviewed and Compared; I’d recommend reading through this first!
Anyhow, I hope that some of the references here have been helpful. Please check out the other articles and sites to explore more.