Not a trader? Here are 5 other ways to earn Bitcoin (BTC) in 2020
The world of Bitcoin trading is equal parts alluring and intimidating. The former throws up images of “Lambos” and private jet trips around the globe while the later means account blow-ups and unfortunate consequences.
But trading is not the only way to earn BTC. In this article, we explore six ways that interested individuals can use to get their hands on the digital asset — minus staring at charts all day.
This is perhaps the most fool-proof, easy, risk-free way to earn Bitcoin. Mining goes back to when Bitcoin was created; quickly becoming a major industry/income source since 2012-13. Firms like Bitmain, F2Pool, and Lubian earn millions of dollars from their mining efforts each month — rewarded by the network in turn for providing their massive computing power.
But it requires significant capital in upfront costs. Mining is not a cheap activity. A mid-sized operation could cost millions to set up, oft-involving regulatory clearances as well while being situated in a cool, electricity-abundant area.
Still, one can get their hands on a specially-designed ASIC miner for the purpose. Firms like Bitmain, Ebang, and Canaan Creative offer a range of mining devices. As CryptoSlate’s product page for Bitmain notes; Antminer S9 (14 TH/s) and the Antminer T9+ can make for solid rigs.
Or, one can simply join a mining pool. These are shared Bitcoin miners offered by firms like AntPool, Binance, and Huobi to allow people to invest directly in the activity without the need for setting up infrastructure.
Simply create an account, log in, contribute the minimum Bitcoin, and gain monthly payouts based on the amounts paid.
Earn Bitcoin through Crypto Lending
Firms like Crypto.com, Nexo, Cred, operate similarly to neo-banks, proving services to “stake” one’s crypto assets or lend it to other users for an interest. The accrued amounts can be converted to Bitcoin or reinvested to compound earning for the next month.
One such firm is Cred. Its customers are present in 183 countries. As per its site, the firm is a licensed lender and leverages a proprietary technology to provide business and retail credit and to allow its customers to earn a yield on more than 30 crypto and fiat currencies through its partner network.
The San Francisco-based tech-first firm pays out up to 10 percent on all deposits. Accredited money managers can also access undercollateralized loan services. BitGo custodies all assets, and the firm provides a credit card as well.
Complete bounties for Bitcoin
Back in the ICO mania of 2017-18, many startups offered a way to earn crypto by finding out discrepancies and loopholes in their app/network. While 99 percent of these projects have since died down, many Bitcoin bounties are active in the industry.
Sites like Hackerone list several ongoing bounty programs — many of them paying out in Bitcoin. This would require an elementary knowledge of coding and blockchain, as many of the bounties deal with system bugs, faulty codes, and smart contracts.
Some exchanges offer such programs too. Kraken lists a minimum reward of $500 in Bitcoin for anyone who gives information/implementations as specified on this list. Blockstack offers a similar program — paying out a maximum of $2,000 for bounty hunters.
Referral programs and Affiliate marketing
Referral programs abound in the cryptocurrency space. Exchanges lead in this regard, offering a “commission” for users who market the platform and provide affiliate links to others.
This is classic affiliate marketing but gives users/the public a chance to earn Bitcoin without buying it on an exchange or any other method listed above.
CryptoHopper, a trading bot, offers a referral program to users writing blogs or educational articles on relevant topics. They claim to have paid out over $250,000 to affiliates over the past few years.
Work for Bitcoin!
This one is perhaps the most interesting, but working for Bitcoin can be a good choice for many. Sites like Crypto.jobs list many job postings for developers, content creators, and designers — with many firms paying in Bitcoin.
The cons are likely suffering from Bitcoin’s volatile prices, and enduring a project which does not payout. For the latter, it’s advisable to only use trusted platforms to find clients and sign a basic contract before commencing an assignment.
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