A lot of people get into Bitcoin or cryptocurrencies to make some quick money. Therefore, this post is exclusively devoted to the fastest ways to earn Bitcoins in 2020. In the end, nothing comes for free. Earning Bitcoins takes patience and money. Furthermore, most methods that offer free Bitcoins are normally not worth your time.
There are limitless ways to earn Bitcoin
The rise of Bitcoin as one of the most profitable new investment assets has taken many by surprise. When it started, a lot of people never thought cryptocurrencies would have any real-world impact or value. Moreover, Bitcoin’s emergence has drawn the interest of a lot of people. Most people had either never heard of it before or knew little about it. Accordingly, this new asset now offers incredible opportunities for profiting from the cryptocurrency niche.
Fastest methods to earn Bitcoin online
1. Micro-earnings by completing simple tasks
There are many online services that offer users a chance to make free Bitcoins. With most of these platforms, you get paid a small amount for spending a specified amount of time on the platform. It is a similar concept to the traditional free TV. That is, you get bombarded with a lot of ads, but often, you get to watch what actually interests you.
While this is a genuine concept, the return on investment (ROI) considering the time you will have to spend is very small. So, when you earn Bitcoin from such advertising services, you will have to pay a steep cost in terms of your time. As the saying goes ‘nothing comes for free’.
Examples of sites that offer micro tasks for Bitcoin
Nonetheless, here is a list of some interesting sites that offer Bitcoins in exchange for your time.
- Ads4btc – watch videos and other websites for Bitcoin
- COINADDER – earn Bitcoins for watching videos or websites
- vidybit – watch videos on this service and earn Bitcoins
- freewdigitalmoney.com – earn more Bitcoins for purchases completed in Bitcoin
- CoinWorker – earn Bitcoins by doing analytical tasks
- Bitfortip – answer questions online and get paid in Bitcoins
Completing various tasks on online platforms is a viable option to earn some Bitcoins. Nonetheless, do not expect your profits to be that large. I recommend this method for starters who want to get familiar with the cryptocurrency in general.
2. Earn Bitcoin by running a faucet
Working as a faucet user does not earn much money. However, running a faucet is a totally different narrative. Today, building a Bitcoin faucet where you can sell ads is quite easy. Depending on the advertisers you are working with and the amount of traffic going through your site, you can make well over $1000 per month operating a faucet.
Nonetheless, running a faucet needs a logical amount of time and effort. You will have to set up your website, manage various users, maintain security and also come up with the initial funds to set up the faucet in the first place.
3. Trading Bitcoin
Some people would claim that trading is some form of gambling, but I could not disagree more. Although they have some similarities, there are also significant variations.
Safest way – Arbitrage
The safest way to earn Bitcoins with trading is through what’s known as arbitrage. In summary, it means buying an asset in one market at a certain price and selling it immediately in another market for a higher price. You must be sure that you can offload the asset immediately at a higher price on a different market. If this is not true, then you will be speculating – or gambling if you prefer.
The Bitcoin industry offers a lot of arbitrage of opportunities for those who know what to look out for. However, execution is not as easy as it might seem at first. Certain factors cause price differences in different exchanges. Some of the most common ones are access restrictions and speed of fiat money transfers. In the end, you have to look for concrete opportunities yourself by comparing the prices on different exchanges and looking for a concrete opportunity. Here is a list of the best cryptocurrency in exchanges in 2020 to start you off.
Requires most research and knowledge – Simple speculation
The other method of earning Bitcoin from trading is through simple speculation. In this scenario, you buy Bitcoins from an exchange such as ByBit and keep them in storage until the price increases to a certain level then sell for fiat currency. When the price drops again, you acquire more Bitcoin and repeat the process from scratch. For simple speculation to work, you have to be able to predict the future or at least be very lucky.
Some good traders can recognize historical patterns from price charts and thus make the right speculation. Nonetheless, this is not an exact science, and it requires a lot of knowledge about the market and trading. This form of trading could also perhaps be considered as gambling. Although you can extract odds from historical performance, this is never 100% a reliable source for predicting the future.
High risk/ High reward – Leverage Trading
This is probably the fastest way for you to earn bitcoins of all options but also the riskiest option. You can basically bet with up to 100x of what you and this gives you higher potential of big rewards.
If you plan to try out this method yourself we recommend you read our in-depth guide on how it works and where to actually execute leverage trading.
4. Affiliate Programs
One of the least known ways to make Bitcoins is through the support of various affiliate programs. Affiliates are people or organizations that promote a business or product for free and receive a commission whenever they bring in a paying client.
Most Bitcoin exchanges, products, and services offer an affiliate program that you can join easily. You will receive a unique affiliate link that you will use to promote the product or service. There are many ways to share this link. You can do it via social media such as Facebook, running an ad campaign on relevant sites or even set up your site and start promoting the links within the content.
5. Writing about Bitcoin
If you are a cryptocurrency fanatic with a knack for writing, you may earn some good money being a crypto journalist or article writer. As the crypto industry grows, more and more information and news websites are popping up. These platforms are always in need of good writers as they are churning out thousands of words in articles on a daily.
If you are a brilliant writer with a good work ethic, you can make good money and form a consistent stream of revenue writing about Bitcoin and being paid in Bitcoin. The best place to look for such gigs is in the ‘Jobs’ section of most crypto publications. You can also email your favorite crypto sites and ask if you can write for them.
6. Accept your income in Bitcoin instead of fiat
One of the steadiest ways to earn Bitcoin is by getting your paycheck or payments in Bitcoins. There are only a handful of organizations that are willing to pay via Bitcoins, but they are there. For instance, in this interview, Gavin Andresen, a seasoned developer of the Bitcoin Foundation, admits being paid his salary in Bitcoin. As Bitcoin acceptance grows, this number is also bound to get bigger. Some platforms that offer jobs paying in Bitcoin include:
Own your business
Besides being employed by an organization, you can run your own business and accept payments in Bitcoins. Your business can be either a fully-fledged one with a list of goods and services, or you could operate a website and run ads from CoinURL. If you have a brick and mortar shop already, you can learn how to integrate Bitcoin payments to your existing system and accept some of your payments in Bitcoin.
7. Bitcoin mining
Mining Bitcoin is a process through which new Bitcoins are formed. When you mine, your computer adds new Bitcoins transactions to the blockchain and looks for any new blocks. A block is a file containing all the latest Bitcoin transactions. When your computer finds a new block, you get rewards through a certain number of Bitcoins. As we speak, a block contains 25 Bitcoins. This number changes, however, reducing by a factor of 0.5 every four years.
Mining is complicated
With the evolution of Bitcoin, mining has become very hardware intense and thus expensive. As a result, most miners join what is known as mining pools to consolidate this mining power. By contributing a computer to a mining pool, you can earn Bitcoin without having to build your own big mining company. Here are some of the best Bitcoin mining companies in the world right now.
Nonetheless, it is a time consuming and costly process earning Bitcoin this way. Unless you are mining for fun or getting more acquainted with the technology, you may have to prepare a cost/benefit analysis to ensure your investment makes sense. Profits may be affected by many factors, including electricity costs, Bitcoin value, and Bitcoin difficulty.
8. Bitcoin Lending
Since humans got civilized, lending out money for interest has been one of the most effective ways of making passive income. Even in this digital age, the same principle holds. Lending Bitcoin is similar to peer-to-peer lending since it allows individual lenders to assume the role of a financial institution such as a bank. When it is time to pay the money back, the lenders collect plus interest.
To earn Bitcoins through lending, you will need the help of a lending platform such as Bitbond. Interest rates on Bitcoin are generally high, with some platforms charging more than 10%.
Another trusted platform to earn money on lending cryptocurrency is the known exchange Binance.
Lend more to earn more – but there is a catch
Before you can get into lending Bitcoins, to start with, you must own some of your own. You can either buy some or earn Bitcoins through one of the methods already mentioned here. However, if you want to make significant sums from lending, I suggest buying a sensible initial stock of Bitcoins. It will enable you to fund more loans and earn more money in terms of interest. Keep in mind that just like in any other type of lending, defaulting is a risk also in this case. As a result, be sure to do a proper analysis of the borrower before lending.
An obvious yet extremely volatile way of earning Bitcoins is via gambling using one of the many Bitcoin casinos out there. Honestly, I am not a big fan of gambling. Nonetheless, it can earn you Bitcoin fast, and so to make this list complete, it needed to be mentioned.
There is not much to discuss under this method, but if you decide to risk your assets and try your luck, look for a fair casino. Legitimate Bitcoin casinos strive to prove to their customers that their results are not being manipulated at all. They do this mostly via a mathematical algorithm showing the randomness of the results.
As you probably know by now, there are many ways in which you can earn Bitcoins or make money from the rise of cryptocurrencies. In conclusion, every method has its advantages and disadvantages. For instance, while some pay well, they are also risky, and the low-risk ones may take a great deal of effort and time. As a result, there is no easy way to earn Bitcoins quickly.
The good news is, nevertheless, that it is possible. If you put the necessary time and effort into it, you will find a lot of creative ways to generate new revenue streams via cryptocurrencies. If you have tried one of the approaches covered in this section before and you want to share your experience, we would like to hear them; please do so in the comment section below.