What are cryptocurrencies?
Cryptocurrencies are a form of digital or virtual payment method which don’t have a physical kind of exchange. They don’t need a central monetary authority like a government or bank, instead, they are created and secured by cryptography, which enables people to securely trade them, or buy and sell regular goods and services.
Bitcoin
There are more than 5000 cryptocurrencies in circulation, but the first one, and the best known is Bitcoin. Founded in 2009, Bitcoin is still the largest and most commonly traded. You can understand Bitcoin like a computer file stored in a digital or virtual wallet. Using that digital wallet, you can send Bitcoins to other people or receive them from them. All the transactions made in Bitcoin are tracked and recorded in Blockchain, a shared public ledger available and accessible to everyone on the network. Of course, information about transactions and people who made it are kept private and secured, the only thing the public can see on the network is that someone is sending a certain amount to someone else.
When it comes to its value, Bitcoin price reached an all-time high in November 2021, as it exceeded over 68,000 USD, while in January of the same year it was worth around 28,000 USD, less than half this amount.
How to make money with Bitcoin?
1. Trading
Buy and sell cryptocurrencies only on reliable and expertly picked exchanges. Research your choices carefully before you invest in Bitcoin and understand it is not a risk-free investment. Analyze the trading charts first, study the market, evaluate external factors.
There are several options for trading, for example, day trading, buying and selling a position within one day, with opportunities for small and fast profits, or trend trading, according to the current trend, long-term or short-term investment, etc.
2. Mining
You can buy your Bitcoin on online cryptocurrency marketplaces, or you can acquire it through a process called mining. Like trading, mining is also a fully digital process. It requires specialized software, top-tier computer equipment, a reliable Internet connection, and high electricity consumption. Therefore, mining is considered to be the most expensive process of acquiring Bitcoin after charges or rising electricity bills and maintenance prices but also can give you an opportunity to earn a lot of money with Bitcoin.
Since mining has become very popular, there is a lot of competition. Now you can join the Bitcoin mining cloud or pool, which is a collaborative group of miners who combine their computers to solve complex mathematical problems faster.
3. Buy and hold
If you want to make money with Bitcoin without putting in too much effort, probably the best option is to buy and hold strategy. Following a very simple method, get a Bitcoin Wallet, buy Bitcoin when the price is low, hold it, wait for the right time, and sell it when the price increases. This approach is usually good for long-term investments. Of course, you should invest with Bitcoin if you think the price will increase in the future. Also, you may need to hold them for a long and you should know the right time to sell them.
4. Crypto casinos
Considered to be the future of gaming. Users are no longer in need of fiat money and real casinos. As Bitcoin tends to become an ever-growing currency, Bitcoin gambling popularity is constantly rising, especially since 2017. More and more online casinos are opening worldwide. There, users can have fun anonymously, effortlessly, safe, encrypted, and secured with blockchain, which guarantees no theft is possible. Also, Bitcoin transactions are transparent and virtually impossible to cheat or hack.
Becoming a client of Crypto casinos is usually very simple, you just need to complete registration, make an account, make your deposit with the amount you want, and you will get access to various games, like in a real casino.
Transaction costs are minimal, and transfers are almost instant, from a few seconds to a few hours.
Presently, Bitcoin is neither officially prohibited nor allowed, because there are no specific laws regulating Bitcoin gambling, so players can legally deposit and withdraw.
5. Accept Bitcoin payments
More and more businesses today have started accepting Bitcoins as payment for their goods and services. Whether you are running a physical product or online business you should consider starting accepting Bitcoin as a payment system to widen your reach and to attract customers who don’t have or don’t want to use credit cards or bank accounts. All you need is a Bitcoin Wallet and customers can send funds directly to you, with no need for a third party for processing payments and no loss during transactions.
6. Become an affiliate marketer
For example, you can become an affiliate for Bitcoin by using your social media followers to promote their products and services, to convince and influence customers to buy those products, and to bring in new customers. You should also invite and encourage existing users to bring their friends and family to the business. In fact, the commission is based on increasing the customer base and sales.
There are also more ways to invest in Bitcoin, but now, with price volatility, it’s very important to try to invest safely. Be prepared for ups and downs and invest only what you can afford to lose. Learn about cryptocurrency exchanges before you invest. Know how to store your Bitcoin and which wallet to use. There are different kinds of digital wallets, with different benefits, security, and technical requirements.
There are many things to consider such as the exchange rate, transaction fees, and where you are going to store it. With Uphold, you can buy Bitcoin with a credit card or USD and store it in your account for free.
If you made the profit and don’t want to take any further risk, close the position, and cut a loss.
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