How to Earn Bitcoin Online Explained

Different Ways of Earning Bitcoins Online Explained

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In this article, I explained how to earn Bitcoin online. Being a digital currency of great value, the Bitcoin is used much more often instead of dollars or euros. It is no secret that people are mining for Bitcoins, nearly as if mining for gold. It’s probably one of the newest tendencies that have spread over the world and made a great number of computer geeks, or even some not so technology orientated people, get themselves into the Bitcoin mining.

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The currency is still young and has a lot of progress ahead, so if you too have heard the stories of people getting a huge profit from a modest Bitcoin investment, it’s still not too late to achieve the same or similar result yourself. There are certain risks of course, but if you are serious about that new adventure and do things right, it is worth trying, because it’s definitely rewarding at the end.

Now let’s pay a bit more attention to the question of how to earn Bitcoins. The theory says, that basically if you can get paid for a certain service or product in the national currency, then you can get paid for the same thing in Bitcoin.

I will quickly list and explain a few things you could do to earn Bitcoin online.

1: Bitcoin Mining

The first one is, of course, the one we have all heard about, it follows right after we hear the word Bitcoin, is mining. Now, get rid of that picture in your head of people going to an underground cave and mining bitcoin ore. The actual mining we are talking about here happens entirely on a computer. The concept here is that you and everyone else who is mining, are in a competition of whose computer is first going to solve a particular mathematical problem using certain algorithms.

Whoever comes up first with the solution, is being rewarded with Bitcoins. Now, you might think that it would take a few seconds for the computer to solve the problem, but that is not entirely the case. Even more, Bitcoin mining is constantly evolving and people have even started building up special computer configurations to be used specifically for mining. Of course, as the problem-solving speed becomes faster, the difficulty of the problems has also increased, so now it takes more time and effort to solve them.

Reading so far, you should already know that you can’t just start mining from your simple home PC and expect an enormous profit in return. The amount of money that people and companies have invested in mining equipment has probably reached millions by now and it’s going to be very difficult to compete with them with your simple hardware.

But let’s say you have got everything you need, then comes the electricity bill. The amount of power that your hardware would use to solve all sorts of problems would increase, and you will be unlikely to make any profit out of it. Or it would at least take you months to gain something in return if we should be more positive about it. Your best bet is probably to find a place where you could use some ‘free’ electricity in an unnoticeable fashion.

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Everything starts with research if you are determined to bring it to a successful outcome. You should be familiar with the following terms:

  • Return On Investment (ROI) is the amount of time that it would take you before you start making a profit from mining. Depending on the case, this may or may not include the resources you have spent on shipping, electricity and other fees.
  • Hash is the number of calculations the minor runs per second. The hash units go from Kilohash to Petahash per second.
  • Watt (W), for the ones of you who have never heard about it, measures the amount of electricity that you use. Your electricity bill will be of course higher with the higher wattage that you use for mining.
  • Application-Specific Integrated Circuit (ASIC) is an electronic chip designed for a specific application. The ASIC computer chipsets possess enough power needed for Bitcoin mining. Their production has also proportionally increased with the growing interest for Bitcoins.
  • Algorithms are being used by each different digital currency. The one that Bitcoin uses is called SHA-256.

2: Get Crypto-Related Jobs

The next method on how to earn Bitcoin online, apart from mining, would be to find work and get paid in Bitcoin, the same way as you were going to be paid in any other currency. Since the Bitcoin is still a young currency, and we mentioned that a lot of companies have already invested in buying expensive equipment for mining, you can start work in one of them. OR you could try to find freelance work for which you would be paid in Bitcoins. There are a number of websites where you could find work according to your individual abilities. Some of such sites are Fiverr, CryptoJobList, etc. Both ways, you would gain a lot of useful experience to even start a project of your own a bit later. The important thing here is to stay consistent and serious about the tasks that you have taken.

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3: Sell Products or Services and Get Paid in Bitcoin

If your business orientated, but you don’t want to risk too much, you can set up an online store to sell your product, or resale somebody else’s product and integrate the option for payment in Bitcoins. One of the most widespread Bitcoin payment processors is BitPay. I would surely recommend it to you, since it’s by far well-known and used by thousands of users. Another of it’s advantages is that it can be integrated not just online, but in physical stores too.

So, these are our major ways you can earn Bitcoin legitimately. One is not necessarily more successful that the other. It all depends on your personal approach towards the methodology here. If you have devoted enough of your time for research about the newest tendencies in the field of Bitcoin before getting yourself into it, there is no reason for you not to succeed. If you on the other hand have decided to apply for a job, be confident and don’t despair if you get denied the first time. There is a big future for the Bitcoin currency and if you use its potential wisely, it would help you grow.

Thank you, and you can drop your questions and reactions on the comment section below.

 

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