By far the most popular crypto currency, bitcoin has been at the forefront of the digital money revolution for years now. Though its ride was everything but smooth value-wise, it has fascinated the masses through the myriad of money-making opportunities it has created, even through the periods of massive volatility it has seen. Making money through bitcoin has become a sort of holy grail for speculators as well as rank-and-file users and businesses fascinated by the promises of the decentralized and semi-anonymous nature of bitcoin. With this fascination, a scam industry sprung up too, enticing bitcoin beginners with various too-good-to-be-true offers and mining schemes.
While there are indeed countless such scams casting their vile nets out there, there are actually legitimate and effective ways to earn money through bitcoin.
One of the most straightforward such ways is to simply buy bitcoins and hold on to them for the long-run. Through this method, one will indeed tie up his/her investment for a longer-than-ideal time, but the eventual returns may indeed be fabulous.
The wild volatility – jotted down by enthusiasts to the currency’s teething issues – carries countless opportunities for speculation. For instance, around October 2016, the BTC/USD exchange rate was hovering near the $700 mark. Had you bought some BTCs back then, you would’ve been able to sell them in May 2017, for $2,800. The profit margin there is simply astonishing.
Bitcoin has a tendency to crash every now and then, only to probe new records afterwards with wild abandon. A sound speculation strategy would be to await the coming of a crash, purchase some BTC in its wake and then wait for the price to go back up. The downside of this approach is that there are no guarantees it will indeed go up and you may have to wait half a year to a year for a true explosion to occur. The upside is that given how a limited number of bitcoins will ever be mined, the price tendency is definitely a long-term bullish one.
Do not fall for bitcoin auto traders who promise you impressive profits on a daily basis. Such feats are impossible to pull not matter what they tell you and how they choose to “substantiate” those claims.
Another way is to just mine bitcoins yourself. This approach has been quite unprofitable for some time though. Nowadays, only mining operations located in favored spots (such as China where electricity is extremely cheap, or Iceland, where the year-round cold facilitates cooling) using scores of specialized ASICS are able to actually turn a profit.
Cloud mining operations are 99.9% scams, so do not fall for these either. They don’t actually run away with your money, they just lure you into unfavorable contracts.
Making use of the services of reputable forex brokers for day-trading bitcoin is also a legitimate way to earn money off the crypto currency. This approach carries its own pitfalls and only skilled traders can really hope to make it work, but it least you will not be donating any money to scammers. Through such brokers/exchanges profits can be boosted via leverage, but that increases the risk-profile of the whole undertaking.
Other bitcoin-earning schemes are peer-to-peer loans, which are said to carry nice potential returns, but which also present a playing field for scammers, so caution has to be exercised in this regard.
Some people have even brought up gambling in bitcoin casinos as a legitimate moneymaker, though on our end, we’ll have to advise against that approach.
The bottom line: money can indeed be made with bitcoin. Just remember: if something seems too good to be true, stay away from it.
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