Cryptocurrency (illustrative)
Cryptocurrency (illustrative) iStock

Pretty much everyone in the world is familiar with Bitcoin by now. The cryptocurrency is at the top of its game, raking in new hordes of users by the day. With the price of Bitcoin reaching an all-time high, the interest in the cryptocurrency has spiked even further. More and more people are enticed by the money-making potential of Bitcoin, and they’re joining the Bitcoin revolution in hopes of making a worthwhile profit. While there’s certainly a lot of money to be made with Bitcoin, many new users are confused by the many methods to do it. If you’re new to the cryptocurrency and looking for the best ways to make money with it, here are a few suggestions.

Buying and Holding Bitcoin

Buying and holding Bitcoin is what most people would call the oldest trick in the book. In essence, buying and holding Bitcoin is a type of Bitcoin trading. As you might have already guessed by the name, this process consists of getting your hands on Bitcoin while its price is low and holding onto it for long enough until the price spikes. Once the price of Bitcoin has reached a certain level that you’re comfortable with, you can sell that Bitcoin and make a lot of profit in the process! When most people talk about profiting through Bitcoin, this is what they mean.

Buying and holding Bitcoin might be one of the oldest and most popular ways to make big sums through the cryptocurrency, but that doesn’t mean it’s perfect. Right now, a lot of people don’t see holding Bitcoin as a viable option. Since the price of Bitcoin is pretty high at the moment, getting a decent amount of Bitcoin to hold onto can be insanely pricy. While the chances of making a ton of profit in the future are high due to the expected increase in Bitcoin’s price in the coming years, not a lot of people have the kind of money needed to invest in this method.

The New Bitcoin Trading Method

Bitcoin trading is the most popular way to profit off of Bitcoin right now. Bitcoin trading is very similar to buying and holding, with the only difference being the much shorter holding period when trading. A lot of people are somewhat put off by trading because they believe it to be quite complicated. In reality, Bitcoin trading can be pretty simple. With the help of Bitcoin trading apps like the Bitcoin Code app anyone can try their hand at it. These apps host a ton of great tools to help you get started and even offer nicely presented info to help you understand the basics.

Bitcoin trading is a fast-paced version of buying and holding. Instead of waiting for the price to rise significantly over long periods, you buy and sell Bitcoin quickly, minding the short spikes in price during the day, week, or sometimes longer. Of course, this does require some knowledge of the market and how Bitcoin itself works. Thankfully, all of this information is available online. You can find a ton of info on the process of Bitcoin trading, great guides on how to do it, different strategies you can use, and tips that could help you along the way.

Doing Work for Bitcoin

Here’s a method that’s been pretty popular in the Bitcoin circuits lately. Working for Bitcoin or Bitcoin freelancing is exactly what it sounds like. There are a ton of websites out there willing to pay people in Bitcoin to perform certain tasks. Naturally, the amount of Bitcoin you can receive through Bitcoin freelancing varies a lot depending on the type of work you’re doing. If you’re looking for something easy, then you can try filling our surveys. Tasks like these often take around fifteen minutes to finish but they don’t pay very much.

If you’re looking to make bigger sums through Bitcoin freelancing, then you might want to pick up some new skills. Since most of the high paying Bitcoin jobs out there require special skills in certain areas, signing up for a well-curated online course could increase your chances of snagging a job. These highest paying jobs you can find usually have to do with coding and website design. The rewards might be huge, but the work isn’t exactly easy.

Bitcoin freelancing might be a great way to earn Bitcoin but it’s not what most people would call passive income. Completing these tasks can take up a lot of your time and might not be the long-term solution to the extra money-making opportunity you were expecting. Because of this, Bitcoin freelancing can be your way into the world of Bitcoin, and once you make enough to spare, you can use it as an investment for the other methods!

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