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Day Trading Cryptocurrency – How To Make $500/Day with Consistency
Would you like to learn day trading cryptocurrency and make a consistent $500 per day? We often hear about all the money you can make by day trading stocks. But what about crypto day trading? In today’s lesson, you’ll learn how to day trade cryptocurrency using our favorite crypto analysis tools.
Our team at Trading Strategy Guides is lucky to have over 50 years of combined day trading experience. We’re going to share with you what it takes to day trade for a living, and hopefully, by the end of this trading guide, you’ll know if you have what it takes to succeed in this business.
First and foremost, when day trading, it’s essential to have a structured approach and a rule-based strategy. The same as swing trading or positional trading you are not going to trade every day, and you’re not going to make money every day. So, you need a day trading cryptocurrency strategy to protect your balance.
The high volatility nature of Bitcoin and other cryptocurrencies has made the crypto market like a roller-coaster. This is the perfect environment for day trading because during the day you’ll have enough up and down swings to make a decent profit.
Moving forward, we’re going to teach you what you need to learn how to day trade cryptocurrency and we’re going to share some out-of-the-box rule-based day trading strategies.
How to Day Trade Cryptocurrency
The crypto market’s unique characteristics require you to have a firm understanding of how it works. Otherwise, your experience can be like skydiving without a parachute.
The good news is that we’re going to provide you with everything you need to survive crypto day trading.
Day trading the cryptocurrency market can be a very lucrative business because of the high volatility. Since the crypto market is a relatively new asset class, it has led to significant price swings.
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Before day trading Bitcoin or any other altcoins, it’s prudent to wait until we have a high reading of volatility. The good news is that even when we have a low reading of volatility relative to other asset classes, this volatility is still high enough that you can generate a modest profit on your trades.
Crypto day trading also requires the right timing and good liquidity to make precise entries.
A lot of the cryptocurrencies and crypto exchanges are very illiquid and don’t have the liquidity to offer instant execution that you might find when trading Forex currencies.
Before day trading Bitcoin or any other alt coins, it’s also important to check how liquid the cryptocurrency you wish to trade is. You can do so by simply verifying the 24-hour volume of the crypto trade.
CoinMarketCap is a good free resource to read and gauge the market volume of any particular coin.
Note* Always remember that not having enough liquidity could lead to substantial slippage and subsequent to bigger losses.
As previously stated, crypto day trading doesn’t require trading every single day. We only like day trading cryptocurrencies when all the conditions align in our favor. In this case, avoid trading on weekends and limit trading only on the highest-volume days.
Put your seatbelt on because next, we’re going to reveal how professional traders are day trading cryptocurrencies.
Crypto Day Trading Strategy
The idea behind crypto day trading is to look for trading opportunities that offer you the potential to make a quick profit. If day trading suits your own personality, let’s dive in and get through a step-by-step guide on how to day trade cryptocurrency.
Now, before we go any further, we always recommend taking a piece of paper and a pen and note down the rules of this scalping strategy.
In this article, we’re going to look at the ‘buy’ side.
Step #1: Pick up Coins with High Volatility and High Liquidity
As previously discussed, the number one choice you need to make is to pick coins that have high volatility and high liquidity. If you’re not day trading Bitcoin, which is the most liquid coin out there, and you like the altcoins, try to pick those coins that have good liquidity and volatility.
There are more than 1600 coins on the market and growing. By following only the top cryptocurrencies, you’ll reduce your area of selection.
Day trading smaller cryptocurrencies can also be a very lucrative business, but there are higher risks. Remember, crypto prices can crash just as fast as they have risen.
Moving forward, you’re going to learn how you can make money crypto day trading.
Step #2: Apply the Money Flow Index Indicator on the 5-Minute Chart
This specific day trading strategy uses one simple technical indicator, namely the Money Flow Index. We use this indicator to track the activity of the smart money and to gauge when the institutions are buying and selling cryptocurrencies.
The preferred settings for the MFI indicator are 3 periods.
We’re also going to alter the default buying and selling levels from 80 to 100 and respectively from 20 to 0.
How to use the IMF indicator will be outlined during the next step.
Step #3: Wait for the Money Flow Index to reach the 100 level
An MFI reading of 100 shows the presence of the big sharks stepping into the markets. When buying, smart money can’t hide their footsteps. They inevitably leave tracks of their activity in the market and we can read that activity through the MFI indicator.
Technical indicators aren’t always right, so in order to fine-tune our day trading strategy, we’ve added a few more conditions. Namely, during the current day, we need to skip the first two MFI readings of 100 and study the crypto price reaction.
The price needs to hold up during the first and second 100 MFI reading.
If the price drops after the first two MFI 100 readings, then this suggests that most likely we’re going to have a down day.
Let’s now determine the appropriate place to go buy Bitcoin and what are the technical conditions that need to be satisfied.
Step #4: Buy if MFI = 100 and if the subsequent candle is bullish
We can now wait for the third MFI reading above 100. It doesn’t necessarily have to be the third MFI = 100 reading, you can take every other MFI = 100 readings. If your time doesn’t allow you to catch the third 100 reading on the MFI indicator, you can simply pick the next one as long as all the other technical conditions are satisfied.
Next, we also need the candlestick when we got the MFI = 100 reading to be a bullish candle. The close of this candle needs to be near the upper end, giving us a candle with very small wicks.
This brings us to the next important thing that we need to establish when day trading cryptocurrency, which is where to place our protective stop loss and where to take profits.
Step #5: Hide your protective Stop Loss below the low of the day. Take Profit during the first 60 minutes after you opened the trade.
The obvious place to hide your protective stop loss is below the low of the day. A break below it will signal a shift in the market sentiment, and it’s best to get out of the trade. This can also signal a reversal day.
We’re more flexible when it comes to our exit strategy. However, the only rule you need to abide by is to take profits during the first 60 minutes or the first hour after your trade got triggered. Holding the trade longer than one hour will result in a lower success rate. At least that’s what our backtested results showed us.
Conclusion – Crypto Day Trading
If you took the time to read the whole day trading crypto guide, then you should be able to buy and sell Bitcoin and alts and make some daily profits. If you are interested in learning how to day trade cryptocurrency, be sure to equip yourself with enough information before diving into the market.
Crypto day trading can be a great way to grow your crypto portfolio and it’s a very lucrative alternative to the holding mentality that it’s crippling the crypto community.
Making a living day trading cryptocurrency can be a lot easier due to the high volatility nature of the crypto market. High volatility suits day trading very well, so you have the right environment to succeed. You may also be interested in reading our guide on the Best Cryptocurrencies Investments for 2020.
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How To Make Money With Bitcoin: 17 Ways That Work Fast
Last Updated on January 27, 2020
Imagine if instead of having to buy Bitcoin, you could easily make money with Bitcoin.
That’s exactly what you will learn in this guide.
Back in the day, people used to earn OVER 5 BTC with just 1 click in so-called “Bitcoin faucets”.
If you want to learn about Bitcoin faucets and 16 additional ways to earn Bitcoin, t hen you’re in the right place.
We purposefully omitted Bitcoin business ideas that require a high upfront investment, because we believe that you will be more interested in ways to make money with Bitcoin without any high initial costs, or even ways to earn Bitcoin for free.
Some of the best ways to earn Bitcoin are:
- Selling Bitcoin Merchandise
- Writing articles
- Bitcoin mining
- Affiliate marketing
- Creating a review site
- Bitcoin investing
- Bitcoin trading
Let’s now dive into each of the above 7 methods, and 10 additional ones.
1. Make money with Bitcoin merchandise
The simplest and often most effective way to make money with Bitcoin is to create merchandise related to the cryptocurrency and to sell it either on online marketplaces or on your own website.
There are countless products that fit into this category that you can easily create.
Just to name a few examples, you could, for example, create Bitcoin Mugs, Bitcoin T-Shirts, Bitcoin Hoodies, Bitcoin Phone cases, Bitcoin Socks, Bitcoin Stickers, etc.
Now, your concern may be: How can I create this Bitcoin merchandise without having to make a significant upfront investment?
The answer is simple, you can just use platforms like Zazzle or Spreadshirt that enable you to create merchandise on demand, meaning that you can design any merchandise you want, but you only actually need to pay for it when somebody buys it.
Furthermore, most of these sites will also be happy to handle shipping for you, which addresses another potential worry you may have.
2. Writing articles about Bitcoin
Individuals that can write about Bitcoin are in high demand, and since there are so few candidates, the pay for this job is very significant in most cases.
If you are a decent writer then you can expect to earn around $0.10 per word. That’s $100 for a 1,000-word article, which should take you less than 2 hours to write.
Excellent writers with at least 6 months of experience can easily earn north of $0.20 per word if employed by one of the top cryptocurrency blogs.
Usually, Bitcoin articles that are more complex in nature will pay significantly better than simple review-type articles. In order to earn as much Bitcoin as possible as a writer, you need to work hard on improving your writing skills.
This can be done by making a few guest contributions to blogs like HackerNoon or CoinDiligent (yep that’s us!), and by reading a lot about the topic on other cryptocurrency blogs .
After you have worked on your writing skills, you can now start applying for jobs either on micro-task sites like Bounty0x , or on regular job listing sites like Crypto Jobs List.
3. Bitcoin mining
Bitcoin mining is often described as one of the best ways to make money with Bitcoin because of how profitable it is. Large mining firms and mining pools, like BITMAIN, make hundreds of millions of $ per year .
While its true that there is a large cost involved in running such a large Bitcoin mining operation, your goal isn’t to make hundreds of millions of $ just yet, right?
There are countless people in countries with cheap electricity running miners from their home, the only two costs involved are the mining hardware and the electricity cost.
However, a cost is a cost, you won’t be able to start a professional Bitcoin mining operation for free and you should expect to have to put aside at least $2,000 before your mining business becomes profitable.
That being said, there is an alternative to professional Bitcoin mining.
Many people that don’t want to commit to having to purchase a lot of expensive hardware from the start, choose different options like Bitcoin cloud mining or Bitcoin browser mining .
The first one is essentially a way to “rent” Bitcoin miners online, often for as little as $50, and then receive monthly payments from the profits generated by the miner.
The latter is an even more novel concept that utilizes your PC or even smartphone as a Bitcoin miner in order to make money.
It’s important to note that both cloud mining and browser mining are not as profitable as professional Bitcoin mining, but it is certainly a good start an interesting way to make money with Bitcoin without any large investment.
4. Affiliate marketing
If you enjoy marketing and sales, or if you already have an existing avenue by which you could promote products then affiliate marketing might be the right fit for you.
Affiliate marketing essentially consists in promoting the products of a company and earning a commission every time you make a sale.
These sales are tracked with what is referred to as a “referral link”. This link tracks every click and also knows when a click resulted in a sale.
So the goal is to get the link in front of as many people as possible that might be interested in buying the product or service that you are promoting. Here are some potential platforms by which you can promote your referral link:
- Your own blog or website
- On your Twitter account
- In your Facebook page
- Via email to potential customers
- In YouTube videos if you own a channel
- In a Telegram group if you own one
Affiliate links can be a very profitable way to earn bitcoins online, and even better, the cost to start promoting these links is usually zero.
So if you own a medium by which you could promote affiliate links, or if you are planning to create one, then you should definitely give affiliate marketing a try.
99Bitcoins has put together a great list of some of the best Bitcoin affiliate systems out there, make sure to check it out if this is a business model that you want to give a try.
5. Start a review site
There are countless Bitcoin-related products out there. Some of the most popular ones include cryptocurrency exchanges, bitcoin wallets, bitcoin hardware wallets, Bitcoin mining equipment, and Bitcoin merchandise.
The vast offering available in the market can often make it hard for consumers to decide which product they should purchase. This is where review sites step in.
Bitcoin product review sites are essentially focused on analyzing a certain product line, and helping potential buyers in their decision to make a purchase. This is also one of our revenue streams at CoinDiligent.
These sites can be structured in the form on a simple static content website or a blog, and there are countless ways to monetize them.
Two of the most popular ways to monetize a review site are through affiliate links and through advertisements.
In the case of an affiliate link based business model, you would earn Bitcoin every time somebody buys a product after clicking on your referral link.
In the situation of an ad-based business model, you simply earn for every click and/or for every impression that your ad receives.
Starting a review site is a great way to make money with Bitcoin if you are not a very technical person, and don’t want to have any costs associated with your Bitcoin business.
6. Long-term Bitcoin investing
If you are interested in making money with Bitcoin, then chances are that you are planning to invest in cryptocurrencies or just Bitcoin, or that you have already invested.
Many people first found out about Bitcoin after hearing some of the mind-blowing success stories of people that invested just pennies a few years back, and whose Bitcoins are now worth a fortune. This is the power of Bitcoin long-term investing.
In long-term Bitcoin investing the goal is to accumulate as many Bitcoins as possible at a cheap price, with the goal in mind to potentially sell some of them after the BTC price increased dramatically after a few years.
Most newcomers to the space choose to buy their first Bitcoins on a cryptocurrency exchange for beginners like Coinbase since these platforms make it incredibly easy to get started.
More elaborate investors sometimes use Kraken or Bitstamp, since the fees are slightly lower.
Long-term investing is a fairly simple strategy to make money with Bitcoin since it does not require you to actively manage your Bitcoins and you can just leave them sitting in a wallet for years. Many people refer to this as “Hodling”.
That being said, in order to maximize the returns with this strategy, it is crucial to stay up to date with news and events that could drastically impact the value of Bitcoin.
7. Bitcoin trading
It is totally possible to make money trading Bitcoin. In fact, fortunes are made every day by Bitcoin traders that truly know their game.
The insane volatility in Bitcoin markets is a trader’s paradise, and with the recent rise of platforms like Bitmex, traders can now also make money betting on Bitcoin’s price going down (not just up).
However, with great opportunity comes great risk, and that is something Bitcoin traders need to be aware of.
There are three main ways to earn Bitcoins by trading: swing trading, range trading, and momentum trading. Let’s now explore each one in more detail.
Bitcoin trend trading
In trend trading, traders aim to identify if Bitcoin is currently trending upwards or if it is trending downwards. You will often hear traders say “The trend is your friend”, which is a saying that aims to illustrate that trends will rarely let you down and that trends can last a long time and therefore be a profitable opportunity.
Although there are countless ways in which traders identify trends in Bitcoin prices, the simplest way is to simply have a look at the 200 candle and 50 candle moving averages.
The strategy is rather simple. You simply plot the 200 days moving average and the 50 days moving average on the same chart and look which moving average is currently on top.
If we see that the 50 days moving average is on top, as in the example above, then we’re in a market that is trending up (bull trend).
On the other hand, if we see that the 200 days moving average is on top (red), then we’re in a market that is trending down (bear trend).
Bitcoin range trading
When you look at the Bitcoin price, you will often see that the price seems to be moving in a range on certain time intervals.
Bitcoin range trading aims to exploit precisely that.
Range traders make the assumption that ranges are strong enough to support price movement for the foreseeable future, and therefore buy at the bottom of the range and sell at the top of the range for a profit.
Bitcoin momentum trading
In momentum trading, Bitcoin traders make the assumption that if the price makes a strong move in one direction, it will likely continue moving in that direction for a while.
Momentum traders usually make use of indicators like the RSI, or just trends in the Bitcoin trading volume.
On the above image we can see how the price and trading volume of Bitcoin were increasing, so a trader would enter a trade assuming that it will continue moving in an uptrend of a little while more.
Start trading Bitcoin
If you want to start trading Bitcoin then one of the best exchanges is BitMex, which enables you to trade with up to 100x leverage.
This means that if you have $1,000, you could make it worth $100,000 by using leverage, thus drastically increasing your potential profit margin.
Learn more about BitMex here .
8. Run cryptocurrency masternodes
Masternodes are nodes that store a copy of the entire coin’s blockchain history, in exchange for a monetary reward. For security purposes, most masternodes require its administrators to “lock-up” a certain number of coins in addition to providing the computing power of the node itself.
There are several masternode coins out there, but some of the most popular ones are:
Most legitimate masternodes offer a return of between 10 to 40% per year and usually cost an average of $2,500 to set-up. However, there are outliers: a Dash masternode costed close to $1 Million at one point.
That being said, masternodes are one of the few truly passive ways in which you can earn bitcoin online. The goal here is to identify strong masternode projects when they’re still unknown and cheap so that you can afford several nodes.
A great place to discover new masternodes is Masternodes.pro .
9. Start a Bitcoin YouTube Channel
YouTubers are some of the most influential individuals in the cryptocurrency space.
YouTube channels are so powerful in Bitcoin and cryptocurrency in general since this space is mostly composed of a younger audience, that often prefers content in the form of video rather than text.
There are several ways of approaching a Bitcoin or Cryptocurrency YouTube channel, and the one that suits you best entirely depends on your skills and interests.
The main categories are Trading channels, product review channels, News channels, Entertainment / Funny channels, and Mining / Technical channels.
It is important to note that many YouTubers, like for example Ivan On Tech , combine several of the above categories in order to speak to a larger audience.
As you can probably imagine, being a Bitcoin or Cryptocurrency YouTuber can be extremely profitable. While large channels do make a decent amount from display ads they show on their videos, most of the revenue is generated through sponsorships and paid videos.
Ivan On Tech, for example, has approximately 200,000 subscribers on YouTube and charges over $15,000 for a single interview video.
Of course, it is not easy to build such a large channel, but you don’t have to own a massive Bitcoin YouTube account in order to make a decent income out of it and the barrier of entry for starting a channel is pretty much zero.
10. Create a Bitcoin course
There are many ways to make money with Bitcoin, but if you actually want to make a big positive impact in the space then you might be interested in creating an educational product for people interested in learning about Bitcoin.
People like Suppoman have made millions of dollars selling courses on Udemy.
So the market is definitely there.
The first important task that needs to be addressed when creating a Bitcoin course is to find a highly interesting topic where you can add value, and that lots of people want to learn about.
This is not easy and will require some research from your side. One approach is to browse through existing courses on Udemy, and look for courses that are very popular and where you think you might be able to create a better one.
After you found an interesting topic or theme, the next step is to decide on a format to deliver the course in. Essentially, the three options that you can choose from are video, audio, and just simply plain text.
Last but not least, you will also have to figure out a way to market and distribute your course, this can either be done on dedicated platforms like Udemy or through your own website.
11. Write a Bitcoin book
Another viable option to make money is to write a book about Bitcoin.
With tens of thousands of people entering the crypto space every month, there definitely is a market of people wanting to learn more about Bitcoin.
However, creating books comes with its own set of challenges. Although the internet has made the process of distributing books magnitudes easier and faster, that still does not mean that it is a simple task.
Creating a book is definitely more time-consuming and challenging than creating a course, but the payout can also be magnitudes higher.
As you can see in the image below, the book “The Bitcoin Standard” has 150 reviews. Given that usually, about 2% of all buyers leave a review, that means that about 7,500 people purchased the book on Amazon US alone!
At a price per book of $14, that’s over $100k in revenue.
With that in mind, before trying to find a publisher to create printed copies, it is highly recommended to get started by offering it as an e-book on platforms like Amazon first in order to get a gauge of the demand.
If you need some inspiration of what a good Bitcoin book looks like then definitely check out our article on the best cryptocurrency books out there.
12. Start a Bitcoin podcast
Podcasts are one of the most underrated business models out there.
The barrier of entry to start one is not only very low, but the potential revenue that can be generated with one often exceed one’s wildest dreams.
Podcasts like the Joe Rogan Experience earn TENS OF MILLIONS of dollars per year. But of course, we all won’t be able to build one of the largest podcasts in the world.
One case study that you can look into is the What Bitcoin Did podcast, which publishes monthly income reports .
At the time of writing, the podcast was only 1 year old and is already generating $9k+ in revenue on a monthly basis.
This clearly shows how creating a podcast is definitely a viable option to make money with Bitcoin. Additionally, it’s also still an option that is not too competitive, which could make it easier for you to establish yourself.
If you need some inspiration then make sure to check out our list of the best cryptocurrency podcasts out there.
13. Play games
If you’re looking for a way to earn some Bitcoin fast then you might want to look into playing games. Yes, playing games.
One interesting app for this is Storm, which enables you to earn Bitcoin, Ethereum and STORM coins in exchange for testing new smartphone games.
The Storm app also has other tasks aside from playing games like surveys and social media tasks, so you might want to check out those as well.
14. Complete Bitcointalk bounty campaigns
Bitcointalk signature bounty campaigns are one of the oldest strategies to make money in the crypto space and have been used to earn Bitcoin for years.
Bitcointalk is a forum created by Satoshi Nakamoto , the founder of Bitcoin, in order to give a medium for people to discuss Bitcoin.
Nowadays the forum has millions of active users and is seen by many as a powerful marketing machine that can be used to market new products or digital assets.
This is precisely where Bitcointalk signatures step in. A Bitcointalk signature is essentially a widget that you can insert in your Bitcointalk profile, which will then show below every single message that you make on the forum.
If designed properly, a Bitcointalk signature can look similar to an advertisement.
In Bitcointalk signature bounties users are paid, usually on a weekly basis, for carrying the Bitcointalk signature of a sponsor and making as many posts on the forum as possible in order to maximize the exposure.
It is important to note that often users with a higher “rank” (users that have used Bitcointalk for a longer time), receive higher rewards for carrying a Bitcointalk signature, which makes their accounts highly valuable.
Bitcointalk signature bounties can be found here , there are literally hundreds to choose from so it won’t be a lack of choice what holds you back from giving this strategy to make money with Bitcoin a try.
15. Collect BTC from Bitcoin faucets
Collecting BTC from Bitcoin faucets is the only way in which you can actually make Bitcoins for free without any effort at all. There are countless stories of people earning 5 BTC for every click they made in these faucets.
BTC faucets are essentially websites that give away Bitcoin for free, this is either done to generate awareness and drive adoption or to monetize a website by forcing users to interact with an advertisement before claiming the BTC.
Furthermore, there are a few different ways of interacting with the faucets. In some cases, you literally only need to complete a captcha and click a button to claim your BTC, in others, the faucet is structured in the form of a game that you first need to complete before claiming your coins.
Two very popular Bitcoin faucets are Cointiply and BonusBitcoin.
The first gives users the option to complete games or tasks in order to claim larger amounts of Bitcoin, the latter has a slightly lower payout but is also much simpler by only asking users to sign-up and click a button to claim their coins.
When trying to make money with Bitcoin using BTC faucets, it is very important to watch out for scams or “dead faucets”. A good rule of thumb is to avoid faucets without an active social media presence.
16. Lend your Bitcoins
If you already own some Bitcoin and are open to taking some risk, then making money with Bitcoin lending might be interesting to you.
As in traditional lending also, Bitcoin lending consists in lending your Bitcoin to a third party, usually through a lending platform, at an interest.
This interest is usually magnitudes higher than in traditional banking since the market is unregulated, and risk is significantly higher. Some lending platforms pay up to 20% yearly interest.
That being said, you should never lend more Bitcoin than what you can afford to lose .
There have been several cases of Bitcoin lending platforms that defaulted or that were straight up ponzi schemes, and lenders ended up losing all of their money.
One notorious platform was Bitconnect, which promised guaranteed returns of up to 2% per day by supposedly using the money that you lent them to “trade digital currencies and make significant profits”. When Bitconnect collapsed in early 2020, lenders lost all their money and countless lives were permanently destroyed.
Unless you are playing around with money that you can lose, I recommend staying away for now from BTC lending platforms and to choose a different strategy to make money with Bitcoin instead.
17. Complete micro-tasks for Bitcoin
Finally, the last strategy on this list on how to make money with Bitcoin is to complete micro-tasks.
In the cryptocurrency space, these micro-tasks are often referred to as “Bounties” and can be found on dedicated platforms like Bounty0x , or forums like Bitcointalk .
They usually consist in writing short pieces of content, interacting on social media, making a translation, recording a video, or other basic tasks.
Although some of these micro-tasks are indeed paid directly in BTC, most are paid in a different coin or token that you would then have to swap for BTC on a cryptocurrency exchange.
Reportedly, several individuals are making a full-time salary just from completing these tasks, with some people claiming to make north of $50,000 per year .
If you enjoy working online and completing small tasks, then this might be the right fit for you to earn some money with Bitcoin.
BONUS: Shopping with Lolli
Lolli enables anyone to earn a Bitcoin by shopping at one of the 500+ merchants that the firm is partenred with.
The list of merchants include big names like Hotels.com, Walmart, Groupon, Priceline, BestBuy, and more.
Although each purchase is only rewarded with $1-3 in Bitcoin, it can add to a significant amount if you regularly use the stores that Lolli is partnered with.
Create a Lolli account here and earn $10 just for joining.
Bitcoin earning tricks
Alright, so those were the top ways to make money with Bitcoin!
But before we end this article and you start earning some coins, here are a few Bitcoin earning tips that will help you to get there faster.
Add a lot of value
You need to find a way in which you can add VALUE to your customer. A product or task that doesn’t add a lot of value, won’t earn you lots of Bitcoins.
To earn more, you need to stay at the top of the game. Read as much about cryptocurrency and blockchain as you can, this space evolves fast and there’s opportunity everywhere.
Keep taxes in mind
Keep in mind that even though you’re earning Bitcoin, you will likely still have to pay taxes on your earnings. Please check this with a tax advisor when you’re starting to make a considerable amount of yearly revenue.
Store your earnings safely
After you earned your first cryptocurrency, make sure that you know how to keep your coins safe . If you have earned more than $250, then you should consider investing $70 in a cryptocurrency hardware wallet like Ledger or Trezor to store them as safely as possible.
Is making money with Bitcoin legal everywhere?
Unfortunately, the answer to this question is no. There are some countries, like India, Morocco, Indonesia, or Cambodia, where Bitcoin is illegal. Hence, earning Bitcoins may be unlawful as well.
Before starting your Bitcoin money-making endeavor, please make sure that the digital currency is legal in the jurisdiction you are based in.
Did we miss an important way to make money with Bitcoin? Let us know in the comment section below! We’re also very curious to hear any success stories that you may have about earning some Bitcoin.
How to Make Money with Bitcoin
How to Make Money with Bitcoin
There are plenty of ways to make money with Bitcoin outside of the traditional investment routes that you’ve probably had promoted to you ad nauseam by now.
As the old saying from the gold rush goes, “You can either mine for gold or you can sell pickaxes.” In this article, we’ll outline how to make money off Bitcoin using 4 different pickaxe strategies:
- Bitcoin websites
- Products & Services
The cryptocurrency industry is still relatively young, and there aren’t many resources online to learn more about it. As interest in Bitcoin continues to grow, the demand for cryptocurrency writers and content creators will increase with it.
As a cryptocurrency writer, you may be able to charge a premium for your services because of the complexity of the topics and the recent boom in popularity.
Beyond writing informational content, several blockchain product companies pay active forum contributors to promote their product across popular platforms like Reddit and Facebook.
Another strategy to make money from Bitcoin is by starting a Bitcoin website. Once again, you can provide relevant content to visitors on your site that focuses on anything from market trends and coin performance (like CoinMarketCap) to explanations of advanced trading strategies.
There’s an endless amount of possible website subjects.
With enough visitors to your site, you can monetize the traffic through referral links and advertisements.
Although not as popular as normal trading, some exchanges let you loan out your Bitcoin to other users. On Bitfinex and Poloniex, you can make money from your Bitcoin through margin funding. Note that, you cannot have a scottish trust deed binding you and the lender in this form of a loan, as the scottish trust deed only applies to people who are struggling to repay the money they have already borrowed as loan. It’s an initiative helping people to regain their financial stability.
When you margin fund, you provide Bitcoin to other traders who are making leveraged margin calls.
If you have a higher risk tolerance, you can take advantage of a program like SALT. SALT is a relatively new platform that provides cash loans when you give your cryptocurrency assets as collateral.
Using the lending program, you can take your cash loan and re-invest it into the crypto market with the goal of increasing your position before your loan expires. Once again, this is a risky strategy that may result in you losing both your loan and blockchain assets if the market does poorly.
Products & Services
As with any new industry, there’s ample opportunity to create products and services that fill a gap in the market. Whether it’s a portfolio tracking app, a new cryptocurrency, or even a blockchain-based game about cats, there’s plenty of options for you to choose.
The key to coming up with a great idea is by keeping your eyes and ears open to the pain points people (including yourself) are experiencing, and finding a way to address or circumvent them.
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