Bitcoins are becoming better known as a type of currency but, along with it’s increased popularity, one question people keep asking is, can you actually make money with bitcoin? Turns out, yes, you can. Here are a few ways to use and make money with Bitcoins.
Accept them as payment
Obviously, you have to own a business for this to be possible. It’s not hard to accept them as payment with fast and simple integration if you follow these three steps –
Online Gambling ( Bitcoin Casino & Poker sites )
Sure, it’s not everyone’s choice but it is an option to make money with Bitcoins. Just like there are tons of bitcoin gambling sites with regular money there are websites where you can gamble with Bitcoins. They are easy to find if you do a little research and, depending on your skill level, you can make some money doing it.
Get an online Bitcoin wallet
There are several providers that you can get a Bitcoin wallet from including a couple of sites like Coinbase and LocalBitcoins that will give you a free wallet. It’s best to keep your Bitcoins stored in a couple of different places as no wallet is completely safe.
Let your customers know you accept Bitcoins by displaying a sign that says you accept them and then place your QR-code by your cash register where customers can easily use their Bitcoin app on their phone (you can find your QR-code that includes your Bitcoin address in your Bitcoin wallet and print it out). They can then enter the purchase amount and the app will calculate the Bitcoin value. You can verify the payment through your wallet account.
If you have a wallet that has the “receive money” function, you can create a request for your customer and it will create a QR-code that includes the payment amount. This is more convenient for customers since they don’t have to enter an amount themselves. Don’t forget to add your store to online lists as a store that accepts Bitcoin to attract more Bitcoin business.
Visit websites to earn Bitcoins
Just like there are websites where you can answer surveys or visit website for cash, there are website where you can do the same things and get Bitcoins. The websites and surveys usually don’t take a lot of time and there’s several to choose from so you can pick which tasks you prefer. Some have you watch ads, some have you answers questions and some have you watch videos. You won’t make a lot of Bitcoins but it’s easy and painless.
Earn Bitcoins by lending them
Another way to earn money from Bitcoins is to lend them out and you can make money from the interest payments. First, try lending them to someone you know so you can get an idea if this something you would like to continue doing. You can agree between the two of you how much you will lend, for how long and what the interest rate will be. From there you can join Peer-to-Peer groups where borrowers advertise their needs and people fund them. Make sure you use a trustworthy site and check out the credit of your potential borrower.
You can also put your Bitcoins in a Bitcoin bank that pays you interest on your deposits. This is easier than finding people to borrow your Bitcoins but you have to make sure the people running the Bitcoin bank manages your Bitcoins responsibly or they can lose them all.
Your monthly paycheck
Does your employer accept Bitcoins? If they do, they may be willing to pay your normal income in Bitcoins. If your employer does not accept them, it will probably be harder to get them to consider paying you this way. There are few companies that will do this but there are a couple of them out there. If you are a freelancer, you can join a Bitcoin affiliate program. You can work from home and earn Bitcoins. There are several websites that have job listings that pay in Bitcoins including jobs for programmers, IT and software related positions. Check out Bitcointalk, XBTFreelancer, Jobs 4 Bitcoins, Coinality and BitGigs to see what’s all out there.
Trading can be done with Bitcoins not unlike buying stocks with regular money. You buy an asset at a low price and then you sell it at a higher price, only you do it with Bitcoins. Make sure, though, that you can actually sell the asset at higher price right away otherwise you are just gambling with your Bitcoins and not making any money.
Trading with Bitcoins is not always simple and requires experience. Be careful and do your research before doing any trading. Try to find solid trading opportunities and watch the price differences between exchanges. StackExchange is good place to start and remember that every opportunity is not available to everyone.