Last Updated on 1 year by Komolafe Bamidele
Now, more than ever, there are a ton of eyes on the cryptocurrency space. The price spikes have gotten the attention of many people, including those that are thinking about investing for the first time.
With Bitcoin (BTC) being the most popular and highest-ranked in market capitalization, it has easily become the poster child of cryptocurrency.
With all those eyes looking in, people have now turned (or are looking to turn) cryptocurrencies like Bitcoin into a means of profit.
Trading has become more popular than ever before and people are making a lot of money from it.
However, people will argue that trading isn’t for them—and that’s okay. It can be a little time-consuming, complicated, and more. Luckily, there are other ways to make money from crypto, so let’s get into it.
Alternative Means of Earning With Crypto
Looking for alternative ways to earn a profit with BTC? Here are a couple of other options you can explore:
1. Buying and Holding Bitcoin
Buying and holding (a.k.a. HODLing) Bitcoin is one of the simplest ways to make a profit with crypto. If you don’t know by now, cryptocurrencies are known to be volatile.
This means that their value is rapidly changing, sometimes in a dramatic fashion. Although that may be scary for many people, it’s what makes cryptos like BTC highly appealing for investors.
The HODL premise is simple: buy BTC, wait for it to rise in value, and then sell for a profit in the not-so-near future. With Bitcoin making revolutionary strides in the past years, it’s now easier than ever to make money with HODLing.
With peer-to-peer marketplaces like Paxful leading the charge with its wide roster of payment options (over 350 ways to pay) and free BTC wallet upon signup, you won’t even need a bank account to get started. You could buy Bitcoin with gift cards, bank transfers, e-wallets, and more.
Additionally, because of its wide roster of payment options, you can also quickly convert your BTC to cash without breaking a sweat.
2. Bitcoin Mining
Before the first BTC exchange ever popped up in 2010, mining was the only way to get your hands on freshly-minted coins.
In this process, miners use powerful computers to solve complex mathematical problems and verify transactions. Whoever is the first to crack the problem is the one who gets the BTC.
Back in the day, it used to be a whole lot more profitable to mine BTC. Nowadays, you’ll need top-tier equipment to keep up with the competition, which will set you back a few thousand dollars.
If you’re looking to get into mining and want a fighting chance, make sure to look into joining a mining pool or mining cloud. These are collaborative groups of miners that combine their computing power to solve those problems faster.
3. Playing Bitcoin Games
Did you know that there are actually sites that will reward you with small amounts of Bitcoin, Ethereum (ETH), or other coins for playing games and completing tasks? These are called crypto faucets and although they don’t give out a lot of coins, they’re free to use.
There are many ways to earn using faucets, including watching videos, completing surveys, clicking links, viewing ads, or even playing games.
Examples of these faucets and NFT games include Axie Infinity, Bitcoin Alien Run, and Spark Profit. Take a look at each one and feel free to explore to find which one best fits what you’re looking for.
4. Surfing The Web Claim Bitcoin
In case you haven’t heard, there are specialized browsers that can reward you for surfing the web.
Brave, a privacy-focused browser, is one of these. It has its own token—Basic Attention Token (BAT)—and is based on the code that popular web browsers use (such as Chrome, Edge, Opera, and Vivaldi). This means that you’ll see a lot of similarities with Brave.
To earn while surfing the web, you’ll need to watch Brave ads—don’t worry, they push notifications rather than on-page display ads. After, you’ll be rewarded with a small amount of BAT.
If you don’t want to see these ads, you can also contribute BAT to the site to block them.
5. Crypto Affiliate Programs
If you have a ton of friends that like to trade, there are opportunities out there for you to earn from their trading.
Remember that peer-to-peer marketplace we mentioned earlier? Paxful has one of the best affiliate programs out there, allowing you to earn BTC in multiple tiers.
Tier 1 affiliates are those that sign up on Paxful directly using your affiliate link. For these affiliates, you earn 50% of the platform’s escrow fee every time your tier 1 affiliates buy BTC.
Tier 2 affiliates are people that sign up using your tier 1’s affiliate link. From these users, you earn 10% of the platform’s escrow fee every time they buy BTC on Paxful.
If you rack up enough affiliates, you have the chance to generate a steady stream of income without ever having to trade on your own.
If you’re interested in giving Paxful’s affiliate program a shot, make sure to explore the other reward programs to maximize your earnings even more.
Conclusion
As you can see, trading isn’t the only way to earn money with BTC. Even outside this list, there are a ton of options for you out there with people hopping in on the action every single day.
The more Bitcoin continues to evolve, the more people can get creative with the way they earn. Good luck!
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*Disclaimer: The content of this article is for informational purposes only. The opinions expressed here are not meant to be taken as financial, investment, or any other advice, nor do they express the opinion of Paxful.