Bitcoin has been a hot topic for quite a while now. We know the story of the man who got two pizzas in exchange for 10,000 Bitcoins back in 2010. He definitely can’t change his story, but you can change yours.
Cryptocurrency is considered the currency of the future and the investment of today. Somewhere we all want to be a part of this evolution. The evolution from fiat to crypto.
Bitcoin has proved itself as one of the most successful cryptocurrencies. They are rare, and that’s what makes them so precious. The world will have no more than 21 million bitcoins with it.
You're on the right page if you have bought a few and want to know how to earn money off Bitcoins in 2024.
9 Ways to Make Money with Bitcoins in 2024
Here’s a list of nine popular ways you can choose from if you want to be a part of this Bitcoin world.
Also check: 11 ways to earn bitcoins
1. Buy the Dips
Buying the dips is a long-term strategy. You would have heard or even practiced this already in your life. It’s nothing but buying a coin when its prices are low and waiting for the spike.
Then, you sell it and book your profits. If you are good at reading the charts and predicting the future you’d end up with pretty good profits.
If we take a recent example of September 2021, everyone witnessed the splurge of Bitcoin. In the month of July, the prices started rising from the base of 30,000 dollars. After two months, it grew a whopping 78 percent and had a value of 52,000 dollars.
If you follow it till the September end, you’ll see a dip of 23 percent, where prices lowered to 40,000 dollars and again spiked by around 69 percent to the price of 69000 dollars.
So, this long example was only to explain that if you buy at dips, which is 40,000 dollars in the above example, you will end with a bank balance that charms you.
You need to make money through this method, you need to keep yourself updated with the bitcoin price, and when you think prices are going down, it's time to take action.
There are various bitcoin trading apps that will not only keep you updated with the bitcoin price, but you can also buy and sell the bitcoin through these apps.
2. Intraday or Swing Trading
Unlike Indian markets, crypto markets don't have an upper or lower circuit. This lets you catch wild price actions within a single day.
Intraday trading refers to buying and selling a script within a time frame of 24 hours. The ones who are good at understanding charts and short-term moves can make hefty profits as intraday traders.
Swing trading is a carefully planned investment strategy. The traders buy and hold their coins for a short period so they can catch an expected price move.
If traders can foresee the upward or downward price action which will occur within a few days, they are likely to make good profits. This short period can be days, weeks, or even months.
You don’t have to invest your money for just long-time gains. You can use swing or intraday strategies and try to book your profits almost every day.
3. Mine the Coin
We all have heard of Bitcoin mining at least once in the past few months. It refers to the process by which new bitcoins enter into the blockchain circulation by verifying new transactions in the cryptocurrency system.
Is it easy to mine bitcoin? Can anyone mine the coins? The answer to these questions is undoubtedly no. If you want to mine a bitcoin, there are many complications like knowing the code, algorithm, cost of set up, electricity consumption, etc.
Also, you should be able to crack the algorithm of bitcoin, which is not that hard because the computer does it for you.
To get started with mining, you need a powerful mining computer(rig) which is quite expensive these days. Also, you’d have to search for an area where the cost of electricity is low, be equipped with mining software, some basic knowledge, and a membership to a mining pool.
After you have met all these requirements, you have to enter the pool where a group of miners collectively mine coins and are rewarded in proportion to their contribution.
Also read: Best Cryptocurrency To Mine in 2024
4. Staking the Bitcoin
You sometimes want to hold your investments, but greed or fear takes over your mind, and you exit the positions. Well, now you have the option to lock your Bitcoin in a vault. You keep them in an online safe for a particular locking period and enjoy the interest. This is called staking.
When you stake your bitcoin, you lend it to the blockchain network. You have to input a locking period so you don't sell the coin that may give you hefty returns.
In return for lending the coins to the network, you earn interest (in the form of bitcoin) on your stated amount. It is a good way of earning a few extra dollars along with your appreciation for the investment.
If you are someone who flows easily with the wave of greed or fear, then this might be a wonderful way to invest and earn money with bitcoin.
5. Gamble in a Different World
Now, as we all are familiar with bitcoin, you might have heard of the virtually real-world “Metaverse.” Gambling is an addiction and, therefore, mostly against the law in the real world. But, if you’ve got money and control, you can gamble to your heart's content in the metaverse.
The metaverse brings you a virtual casino where you can gamble with your bitcoins and earn loads of money. Obviously, you have to be careful, or you’ll end up losing all the coins from your crypto wallet.
A metaverse casino is like the ones you play on the cruise in India. You can place your bet in the games like Roulette, Backgammon, blackjack, lotteries, dice games, etc.
6. Be a Startup Investor
Startup investors are always seeking unique startup ideas to invest in. What could be more novel than a crypto-startup? So, we have heard of many money-multiplying crypto startup stories, and we surely dream of one. If you have that sack of bitcoins to invest, this might be for you.
Crypto has become the new goldmine for investors and this is how you can catch an early bird. You can make your bitcoin work for you in many ways and fields.
Some of these are, investing in the crypto-based gaming industry, crypto wallets, companies involved in metaverse creation, etc.
There is even an option for real estate lovers. You can buy and sell virtual property in the metaverse worth a couple of millions.
7. Bitcoin Blogging
Every method I mentioned has a huge risk, but bitcoin blogging differs. You can write articles on bitcoin and other cryptos and post them on your blog. This requires minimal or almost zero financial investment in the beginner stage.
You can get paid by the crypto platforms for writing posts for them. If that doesn't work, you can display ads or promote products from crypto advertising networks on your blog.
When you know your content is rare and needed, you can ask your users to pay to view your blogs.
Apart from this, you can host crypto events, own a crypto consultancy or create ebooks, videos, audios, and courses to teach people how to invest. You can also get paid in bitcoin or any other cryptocurrency.
All of the above achievements are going to take some time. Firstly, you’ll have to build a successful blog, get an audience, and engage your readers. Once you determine to make it big in the blogging world and work for it, you’ll definitely earn a shedload of money.
Learn: how to start a blog and make money
8. Affiliate Marketing
Want an option where you do not have to work as much but earn an amount that can satisfy your monthly needs? You may as well consider affiliate programs run by crypto exchanges. You can make good money by promoting bitcoin affiliate programs.
Some crypto-based affiliate programs pay you massive commissions and gifts (in the form of bitcoin) to promote or refer their platform to others. The commission can go upto as high as 50 percent on some platforms.
For example, the Binance crypto exchange offers you a tempting 50 percent commission on Bitcoin trading fees (BTC), whereas a 20 percent referral incentive if someone you referred deposits an amount to the exchange.
There are plenty of other companies that offer many alluring commissions and incentive programs. So if you have a vast friend circle, you might opt to create a chain by referring to them and earn a good sum at the end of the month.
Affiliate marketing is one of the best businesses on the internet. You not only make money by promoting crypto products but also any products on the internet.
If you know how you can start your own affiliate marketing business from scratch, you can join the advanced affiliate marketing training provided by DMatic Digital.
9. YouTube Channel
I don't need to explain to you the potential of YouTube as you are already aware of this. But if you still want to know how much money YouTubers make, you can check this post.
YouTube is another best way to make money on the internet. Bitcoin is a hot & high-profit niche. If you have good knowledge of bitcoin & cryptocurrencies, you can educate people on YouTube by creating a YouTube channel.
You are good to go if you create at least one 10-15 minutes video and one short video every week. Within the next six months, you will be able to generate good money from YouTube.
Read: How to make money on YouTube
Conclusion
Choose a method that aligns perfectly with your situation and skillset. Though buying and holding coins is the most widely known method of earning, you now know many other strategies.
The world is buzzing with the talks, news, and prices of these future currencies, and you cannot afford to stay unaware of its power. Keep exploring, and you’ll come across many other ways to grow and explore within this crypto society.
Looking at the increasing scams in this area, be careful and do proper research before investing your precious Bitcoins.
