With Bitcoin dominating the headlines for the past few years, it’s no surprise that lots of people are keen to find out how they can make money from the world’s largest cryptocurrency.
Thanks to the coin’s growing popularity, there are now a whole host of ways to make money with Bitcoin.
The method you choose will depend on a range of factors like your technical knowledge, investment experience, how much risk you’re willing to take, and how quickly you want to see rewards.
The most obvious way to make money with Bitcoin is through Bitcoin mining – the process by which new coins are created and transaction information is verified. Mining is performed by high-powered computers which solve complex mathematical problems. Miners are rewarded Bitcoin whenever they add a new block of transactions to the blockchain.
In the early days of Bitcoin, it was possible to make a decent amount of money with limited expenditure. Over time, however, mining Bitcoin has become a lot harder and more competitive. More processing power is required, which means miners need specialised equipment and must fork out a lot of money on electricity.
For those who can’t afford a large mining rig, the only feasible way to make money through Bitcoin mining is to join a mining pool and combine your processing power with other miners.
Investing in Bitcoin
You can invest in Bitcoin by buying and holding the cryptocurrency in the hopes it will increase in value over time.
Bitcoin is extremely volatile and high-risk, so investing is only recommended for people who have a good level of knowledge and can afford to lose their investment. You also need to be patient, as it could take a very long time for your Bitcoin to grow in value.
If you do want to invest in Bitcoin, it’s important to store