How do we get started making money with Bitcoin?

The same way we earn other currencies, with a job of some sort. We could get paid in bitcoin or you could work for other currencies and convert to bitcoin. There’s no “best” or “easiest” way to earn bitcoin.Through exchanging services for currency, investing, and (if you’re into it) trading. Services for currency works the same way in Bitcoin.

Investing through loaning out BTC, sites like xCoin (which I have used in the past and recommend, still do your research), or even participating in ICO’s are all things you could look into for potential BTC. So, there may be many way to earn bitcoin but here are the 3 most popular way to earn bitcoin.

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1. Earn bitcoin from Trading-Probably the most attractive way out of the here, there’s great profit to be made here as well. If you can read charts or anticipate price movements or both BTC and altcoins, you can make money. Margin Trading ups the risk/reward factor even more.

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2. Earn Bitcoins from interest payments %-If you already have some Bitcoins, put your Bitcoins to work for you. Earn Bitcoins through interest payments by lending them out.

  • Lend directly to someone you know. This allows you to assess personally, whether you regard the borrower as trustworthy. Then the two of you only need to agree on the terms like duration and interest rate and off you go. The drawback is, however, that you probably will not have too many acquaintances who match your amount, duration and interest rate requirements. But it’s a nice way to earn Bitcoins.
  • Peer to peer Bitcoin lending websites with listings from various borrowers are another option. this site is such a peer-to-peer lending site. Borrowers publish funding requests and you can contribute to their loan. You can fund small portions of many loans and thereby diversify default risk. Bitcoin loans usually work the same way as fiat currency loans. The borrower gets a certain amount of money over a specified time and repays the money with interest. There are two things you need to be aware of when you lend Bitcoins. The site needs to be trustworthy and the borrower needs to be trustworthy. When the site assesses the creditworthiness of their applicants the information given about borrowers can be more credible.

3. Earn bitcoin with mining

Bitcoin mining is the process by which new Bitcoins are generated. When you perfom mining, your computer adds new Bitcoin transactions to the block chain (a public ledger where all Bitcoin transactions are stored) and searches for new blocks. A block is a file that has the most recent Bitcoin transactions recorded in it. When your computer discovers a new block, you receive a certain number of Bitcoins. Currently a block contains BTC 25. This number changes throughout time and gets smaller by the factor 0.5 every four years.

If you want to earn Bitcoins through mining, be aware that it is a costly and time consuming process. Read the respective introductions and manuals to learn more about it. This website is a good starting point. Unless you are mining just out of curiosity and want to get to know the technology, it is important to make a cost / benefit analysis. Hardware prices, electricity costs, bitcoin difficulty and the Bitcoin value influence the profitability of Bitcoin mining.

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