You don’t necessarily need to be a software developer; there are numerous ways to leverage Bitcoin mania
I make my living from the blockchain. Here are some ways the blockchain can help you earn, too.
The successful crypto speculator
Investing in ICOs
ICOs are crowdfunding ventures that use the blockchain ledger to attract investors to their projects or ideas. There are upwards of hundreds of ICOs a year that either innovate or try to resolve some sort of problem. Ideas run from Rentberry, a property management platform, to FansUnite, a decentralized platform devised to solve the problems of bettors. All ICOs tout themselves as the new Facebook, but few are. Thousands of ICOs fail. Others deceive their investors. The ICO world has few regulations, and these vary from one state to another. To protect yourself, read, review, and follow blogs such as ICOcountdown.com that keeps its blip on scams.
If you have a head for fundamental and technical analysis, you may make a savvy cryptocurrency trader. Fundamental analysis is where you evaluate long-term decisions of a company, a stock, or the market as a whole to assess its potential profit. Technical analysis investigates the data on market activity, such as trends, support and resistance levels, and trade volume, to chart patterns in market movement.
Since cryptocurrencies yo-yo all the time, you could as easily lose as win. Trading is not for the feeble-hearted. You need the passion and patience for unremitting market research, the ability to understand and recognize patterns and indicators, the speed to process them and the patience to wade through millions of data each day. Nonetheless, some traders make big money. You could be one of them.
Cryptocurrency peer-to-peer loans
You can make a good living from lending to individuals and small businesses who struggle to secure a bank loan on Bitbond. Its average APR is 13% in contrast to the 6%-7% interest rate recorded by centralized peer-to-peer competitors. There’s no need to worry about currency conversion rates or being scammed – the company takes care of that for you. Good advice is to hedge your risk by diversifying your borrowers, as opposed to putting all your money in one loan.
Buying and holding
Others insist the fast way to billionairedom is to hoard (or “hodl”) your money. After all, one bitcoin was worth US $683.85 in July 2016, that same bitcoin yielded US$2,500 a year later, and is over US$9,976 today (Feb. 15). You can also buy lower-priced coins, holding on to them for months to years, but as of everything that goes up it can also go down. Know the idea and concept behind an altcoin and ferret out its potential. Check your sources of information. Don’t get caught in the ubiquitous pump-and-dump trap.
You could use your computer to mine for coins. This is called “proof of work”, where you solve mathematical algorithms and share your computer power to help a blockchain company process its transactions. In turn, the company rewards you with its cryptocurrency. So, say, you do this for Bitcoin and earn one bitcoin, you’ve won the equivalence of US$9,976. Of course, it used to be easier and cheaper to mine when Bitcoin was young and you could use any laptop. In time, the relatively cheap and simple CPU gave way to the GPU (mining with graphics cards), and to today’s exorbitant application specific interfaces (ASICs). Most miners join mining pools, where miners pool their resources together and share the rewards. Popular mining pools include Antpool, BTCC, and SlushPool.
Some companies offer you cloud mining alternatives to setting up your own mining hardware. There’s nothing to manage and nothing to buy, but they take a pretty penny from your profit. These include Genesis-mining and Coinomia.
The Successful Crypto Entrepreneur
Bitcoin faucets and completing micro tasks for BTC
Are you the slow but steady earner?
You may want to visit bitcoin faucet websites where you look at ads or play games. These websites generate revenue from ads placed on their pages and pay a small amount of the ad revenue to their viewers. All you need to do is sign up with your bitcoin address and start earning a few cents worth of Bitcoin every day. Reliable websites include Moon Bitcoin, Bitcoin Aliens, and BTCclicks.
Alternately (or additionally), you can earn bitcoins by completing microtasks on platforms that include the following:
- Bituro – A smartphone app that gives you bitcoins for small tasks, such as watching promotional videos, filling out surveys and testing apps.
- Bitcoin Reward – You earn for accomplishing tasks that include watching videos, downloading and testing apps, and filling out market research surveys.
- Coinbucks – You earn bitcoins for playing mobile games, downloading smartphone apps and completing online promotional offers.
Pit your wits to help a blockchain company and earn cryptocurrency in the process.
Example: Cindicator with its market projection system, where 73,420 analysts, all over the world, answer questions like “What is the probability of Trump’s impeachment in the next three months?”
“In the last two months,” project co-founder and CTO Yury Lobyntsev told Hightech in July 2017, “we paid a total of $5000 to 30 best forecasters. The maximum forecaster payment was $120.”
eBay and freelance-type services for BTC
Sell your junk items products or services for bitcoin. There are bitcoin eBay equivalents that include Bitify and Purse.io. The former auctions your stuff for bitcoin. The latter helps Amazon sellers sell their items for a discount on its platform.
According to John Whelan, digital currency expert: “Three categories of people seem to be making money in the ‘blockchain’ space these days: Blockchain software developers, blockchain consultants, speculators. Numbers one and two are probably where the real money is for the foreseeable future.”