Can You Really Make Money with Bitcoin in 2021?

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Can You Really Make Money with Bitcoin?

Bitcoin has been around for almost a decade and it has remained strong, even with the existence of other rival digital currencies. In 2010, the value of a Bitcoin was less than $0.01, but just last week, it surpassed the $18,000 mark, the highest since 2017.

The Bitcoin market has started a new bull market and is up over 125% already this year. According to financial experts, this cryptocurrency has outperformed many other financial assets and may hit $2,000 by next year.   

Money made in Bitcoin YTD 2020
Money made with Bitcoin YTD 2020

The meteoric rise in bitcoin’s value shows that it is an asset worth paying attention to. But the question remains, can you make money using bitcoin? The short answer is a resounding ‘yes.’ Here’s how.

Becoming an affiliate

Being an affiliate to another company is one of the easiest ways to make money with bitcoin. Many cryptocurrency companies offer affiliate marketing programs. All you need to do is to sign up with them and start promoting their products or services. 

For any purchase made through your site, you’ll earn a commission in the form of bitcoin. The company will give you affiliate links that you can use to promote their services or products.

Before you sign up for an affiliate program, you’ll need to build a website where you’ll post the adverts. You’ll also need a strong social media presence to promote your website so you can boost traffic to your site. 

Check out Paxful’s high-paying affiliate program here –>

Micro-earnings

Micro-earnings using bitcoin requires some patience. It will also work best for you if adverts don’t bore you. There are many small tasks you can perform and earn bitcoin. 

Many bitcoin faucet websites offer simple tasks such as clicking on captchas, watching adverts, or playing games. Though the amount of bitcoin paid per task is small, it can accumulate to a substantial amount if you keep visiting the site and performing the tasks. 

Create your faucet

Rather than working on other people’s websites, you can create your faucet. This will require you to dedicate more effort and time, but it’s more profitable. You just need to create a website where you produce and run bitcoin faucets and charge companies that run adverts on your site. 

Creating a faucet isn’t a child’s play. It needs capital, and it will take time for you to build enough traffic that can help you start getting some returns. Once you build huge traffic, you can earn at least $1,000 every month. 

Buy and Hold

Bitcoin fluctuates in value from time to time. To make money using this method, you need to buy bitcoin and hold it in your Bitcoin wallet, then wait for the value of bitcoin to increase before selling it.

By selling the bitcoin at a higher value than you bought it, you’ll make some cash. This method of making money is very friendly to beginners, though it is a long term investment. The longer you hold onto your bitcoin, the more you can possibly make. 

Bitcoin Mining 

Mining is another lucrative way of making money with bitcoin. Bitcoin mining is painstaking but rewarding. It has a special appeal to cryptocurrency enthusiasts because they get rewarded without spending any cash. 

As a bitcoin miner, you’ll get bitcoin tokens without putting down your money for it. You get bitcoin rewards after you complete a block of transactions which are eventually verified and finally become part of the blockchain. Setting up your mining rig requires that you have an ASIC or a graphics processing unit (GPU).  

Trading in bitcoin

This is more or less like Buy and Hold, but it is a short-term investment. Bitcoin is among the many financial instruments in the financial markets. If you understand the principles that underlie share trading, you wouldn’t have difficulty understanding how bitcoin is traded.

It’s simple and straightforward. Just like you’d buy shares at a lower price, wait for the prices to increase, then sell them, the same happens with bitcoin. Bitcoin fluctuates in value, and with good timing, you can make good money trading in this digital currency. 

Unlike stock trading that has trading time limits, bitcoin can be traded 24 hours a day, seven days a week. This is because it is a peer-to-peer, decentralized cryptocurrency. Once you sign up on a trading platform, you can trade in bitcoin from the comfort of your couch using your smartphone, laptop, tablet, or PC. 

Of course, you can’t trade in bitcoin if you are faint-hearted. This currency is quite volatile and can make even the hardcore traders feel anxious and nervy. However, if you choose a good trading platform, you can reduce your chances of losing. 

Do you want to trade in bitcoin?

As stated above, you need a good trading platform to increase your chances of earning from bitcoin. You can sign up with eToro, which is the world’s leading social trading platform and one of the cheapest on Bitcoin.

eToro offers a fully digital hassle-free account opening process. Follow this easy account opening guide to get started now. The first step is to register using your email address, either through your Google account or through Facebook. Once you register, you’ll have access to their demo account loaded with $100,000 in virtual currency. 

You can use the demo account for practice before you move to the live trading account. To trade, you’ll have to verify your residency and identity, then load your account with real money. You can use your personal ID or passport for identity proof, and a copy of your bank statement or utility bill for residency proof.

The minimum deposit required depends on where you reside. In most cases, it is $200. If you reside in the US or Australia, you’ll only need $50 to start trading. Those in Macau, Taiwan, Hong Kong, China, or Russia need a minimum deposit of $500, while those in Israel must have a minimum of $10,000 for them to trade. 

eToro has a user-friendly interface and offers many learning tools. What are you waiting for? Start trading bitcoin on eToro today.

Conclusion

It should be clear by now that you can really make money with Bitcoin. Either you choose to trade, invest for the long-term or mine Bitcoin, there is big money to be made.

If you want to learn more about investing and trading in Bitcoin, check out our article How to Trade Bitcoin. We also provide a guide on How to Start Investing in Bitcoin for Beginners.

We have mentioned one of the most popular cryptocurrency broker, eToro. But there are also trusted crypto exchanges, like Coinbase, which is a good alternative.

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