Bitcoin has been a subject of countless controversies and debate. People would try to speculate or predict as to whether this is a profitable currency after all.
A Little Bit of Bitcoin History
Bitcoin was first introduced in 2009 by a person or a group of people who hide under the alias of Satoshi Nakamoto. That time, nobody had a hit or an idea about cryptocurrencies or how it could transform the digital space on how economies evolve.
Bitcoin’s infancy years were in tepid waters. It failed to gain enough traction when it was just starting out. The prices fluctuated but it was insignificant at that time. The breakthrough came for Bitcoin in 2017 when it hit the benchmark price of $1,000 then after just a year, it reached a parabolic $20,000. It has reached its momentum and there’s no stopping Bitcoin since then.
However, in 2018, Bitcoin fell from $11,000 to just $6,000. It was a shocking shift of event. In fact, the market price during that period showed a “shark tooth” diagram mehrere Tests which means the prices were erratic or went high and then low so rapidly that the chart looked like a jagged shark tooth.
This is also referred to by economists as a “bust bubble”. The reasons for the downfall of Bitcoin prices were because of the increase in hype, too much selling activities, and the lack of support for blockchains.
How To Earn Money From Bitcoin
If you are looking to earn money from Bitcoin, you should definitely understand the market manipulation and trends circling Bitcoin. There are different ways or methods to earn money with Bitcoin. You just have to choose which ones would match your skills or preferences.
This is the simplest money-making method with Bitcoin. You just simply buy bitcoin and hold it for long term to maximize gains or performance over time. You don’t need to be an expert economist or trader to earn from this method because you just hold it for future profit. However, if you are looking for short-term gains, or have a time frame set for your investment then you should do your research and conduct data analytics of price patterns. This will allow you to time your investments and strike when the iron is hot.
Investing in Bitcoin
This is far from the buy-and-sell type of strategy stated above. When you decide to invest in Bitcoins or other cryptocurrencies, you can do it by investing in companies, startups, or even blockchains themselves.
With this method, you definitely have to research and look at their White Paper to find out the next big thing when it comes to blockchain startups or cryptocurrencies. This is what happened with the success and explosion of Brave’s BAT or Basic Attention Token. This will help you increase your profit and even shoot it to the roof.
Cryptocurrency investments are volatile and can be unpredictable. So, you should look at the startup ethics, financial statistics, and goals before you invest in any company or project.
Specialize in Bitcoin Writing
Writing about Bitcoins and other forms of digital currencies take aptitude and in-depth research. This is quite a new niche and so there are very few writers who are comfortable with this niche. Rehashing content from one site to another may not contribute to the growth of Bitcoin development and content quality. So, if you really know the ins and outs of the cryptocurrency or Bitcoin niche, then you can actually earn a decent pay from this.
Accept Bitcoin Payments
Accepting Bitcoin payments as a seller, CEO, or a freelancer would definitely help you earn money from BTC because this can be converted to any currency of your choice.
The first step to do this is to think of products and services that you can offer to a target market of perhaps a skill that has a wide market that you can tap into. You can start monetizing from your skills and accept payments in BTC.
Next, is to create a hot or cold cryptocurrency wallet. This will keep your digital cash secure and accessible for you in case you need to send or transfer money.
The final step is to monetize your skills or sell products and services. You can tap into varied online marketplaces for this depending on your niche or target market. If in case you design websites or create content, then there are sites that cater to this. You can also build e-commerce sites to sell your products.
When thinking of ways to earn from Bitcoin, you need some dose of creativity, research, and luck to keep it going. The above methods can definitely help you earn money with Bitcoin in many ways than one. You can even combine methods to boost your earning potential for both short- and long-term.
David Robson is the founder of Complus Alliance. He has been writing about different topics for almost 10 years. He’s main focus is delivering quality insights to a wide array of audience.