Many people have become millionaires and even billionaires through crypto; those that got into it early enough and those that played their cards right. To make money with crypto, there are various ways to go about it. This article will discuss five methods to earn money with Bitcoin.
What is Bitcoin?
Are you new to the crypto space, or you’ve been around for a while? Bitcoin is not new to you.
Founded in 2009 by Satoshi Nakamoto, Bitcoin is the first-ever and most popular cryptocurrency. It is a decentralised digital currency that you can buy, sell and exchange directly, without an intermediary, for example, a bank.
Satoshi originally described the need for “an electronic payment system based on cryptographic proof instead of trust.”
Just ten years ago (August 2012), BTC was worth $15, and at the time of this writing (August 2022), it is currently sitting at $23,000. Bitcoin once rose to an all-time high of $68,000 in November 2021.
The growth of Bitcoin paved the way for more digital currencies, which has opened the world up to even more transaction methods that do not require intermediaries.
Features of Bitcoin
- Satoshi is the smallest unit of a Bitcoin
- The total limited supply is 21 million.
- Transaction on the Bitcoin network is stored on a block linked to a previous block of transactions.
- The creator of Bitcoin, Satoshi Nakamoto, is unknown.
- Bitcoin transactions cannot be reversed.
Ways To Earn Money With Bitcoin
- Mining Bitcoin:
This is the process of releasing more Bitcoin into circulation. In addition to confirming new transactions, it is also essential to maintain and develop the blockchain ledger.
Bitcoin mining is done by solving complex cryptographic hash puzzles to verify blocks of transactions updated on the decentralised blockchain ledger. Solving these puzzles requires mighty computing power and sophisticated equipment.
It is important to note that Bitcoin mining has changed significantly compared to 10 years ago, when anyone with a PC could mine it. Although it takes about 10 minutes to mine one Bitcoin, it takes heavy and expensive machine power.
According to Scholar.smu.edu, Block mining requires solving complex mathematical equations, also known as a hash. The first miner to validate new block benefits by getting a reward is currently 6.25 BTC, down from 12.5 BTC.
- Bitcoin Lending:
According to Investopedia, Crypto lending is the process of depositing cryptocurrency that is lent out to borrowers in return for regular interest payments. Payments are made in the form of cryptocurrency, typically deposited and compounded daily, weekly, or monthly.
- Affiliate Programs:
This method is often overlooked and an excellent way to earn Bitcoin other than investing.
With Bitcoin affiliate marketing, you promote a product or service. When someone signs up or purchases using your link, you will receive a commission in Bitcoin (BTC).
When you sign up for a trusted bitcoin affiliate program, you receive a unique referral link. When people purchase products/services through your link, you receive a commission in the form of Bitcoin.
- Work In The Bitcoin Industry:
There are many other ways to make money with Bitcoin aside from owning, trading, or investing in Bitcoin, and working in the Bitcoin industry is part of it.
You can work in the Bitcoin industry in various fields such as Blockchain developers, content writers, copywriters, community managers, etc.
- Invest in Bitcoin:
Investing is the most popular way to earn money with Bitcoin; buy some Bitcoin, and hold them till they increase in price and value.
As earlier mentioned, from its launch in 2009, Bitcoin’s value has increased rapidly.
Bitcoin peaked at $32 in 2011, $260 in 2012, $1,300 in 2013, and of course, $19k in 2017, and at the time of this writing, Bitcoin price in Nigeria is currently sitting at $23k (August 2022).
- Selling Bitcoin:
Another way to earn money with the popular digital currency is by selling. When you invest in Bitcoin and wish to convert your Bitcoin to cash, you can sell it.
With the rise of cryptocurrency in Africa and the world as a whole, crypto trading apps have come forward to provide an easier way to buy, sell, and exchange crypto.
Keep reading if you are looking for the best site to sell Bitcoin in Nigeria.
Best App To Sell Bitcoin- BREET
Breet is an over-the-counter crypto trading platform in Africa where users instantly receive Bitcoin, convert it to cash, and withdraw straight to their local bank account.
It is best for the ideal user who wants to sell Bitcoin in Nigeria and convert it to cash without worrying about cryptocurrency volatility.
Breet is 100% free as it has no deposit fee, withdrawal fee, or other hidden fees, and no deposit and withdrawal limit.
For help and support, reach out to [email protected] and call/WhatsApp 08090569499.
Also supported by Breet are Ethereum, Litecoin, Dogecoin, Tether (USDT), and Bitcoin Cash.
With a user-friendly interface, Breet App is easy to navigate and use. They recently introduced new features to their app, such as; Crypto news and alerts where you can catch up on the latest happenings in the crypto world, Incentives where you can complete tasks and earn reward points which you can redeem for cash or airtime.
The goal of Breet is to provide an easy and seamless trading experience for the average person.
It is available in Nigeria and Ghana and can be downloaded on android and IOS.
There are numerous ways to make money with Bitcoin, which is not limited to this list alone. To do this, you have to do your research to know and decide which method works best for you.
According to your knowledge and skill set, explore the different areas and strategise how to do it.
Whether by investing, working in the industry, mining, or many others, there are various ways to make money with Bitcoin.