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Beyond simply converting Bitcoin to cash for profit, there exist myriad avenues to earn money online with this digital currency. Refer to Mytour's article below for a detailed overview of innovative methods to earn Bitcoin online in 2019.
Innovative Ways to Earn Bitcoin Online in 2019
1. Establish a Website, Publish Bitcoin-related Content to Make Money
The cryptocurrency industry, particularly Bitcoin, is continuously expanding. However, Bitcoin-related content on the internet remains scarce. You can seize this opportunity by creating a website dedicated to posting news, tips, and trading guides for Bitcoin. Surely, the earning potential will be significant.
In addition to Bitcoin, you can seek and create content revolving around other popular cryptocurrencies that users are actively searching for. As long as the content is unique, engaging, and attracts a large audience, money will flow into your account abundantly.
2. Bitcoin Trading
Additionally, you may consider trading Bitcoin to earn profits. There are 2 ways to profit through Bitcoin trading: arbitrage and speculation.
- Arbitrage Profiting:
This is the safest way to profit from trading. Simply put, you buy at one price and sell at a higher price to make a profit.
- Speculative Investing:
This trading method carries higher risks. You can buy Bitcoin when the price drops low and wait for it to rise before selling. However, this method requires you to have extensive knowledge and experience in cryptocurrency, knowing when the price goes down and when it goes up.
Below is a list of some websites that allow Bitcoin trading:
- Coinbase: This is one of the most reliable cryptocurrency trading platforms today. The platform enables users to trade various digital assets securely.
- Bittrex: This platform is designed for those who want to execute trades quickly, with reliable electronic wallets, and focuses on top-notch security.
- Poloniex: offers advanced trading tools, facilitating users to conduct safe and swift transactions. Additionally, Poloniex has cold storage and 24/7 monitoring to safeguard customers' funds.
- Cryptopia: This platform supports hundreds of different cryptocurrencies with low transaction fees. Cryptopia primarily focuses on user experience by integrating additional services including markets and wallets.
- Gemini Exchange: Gemini Exchange is headquartered in New York with offices in 48 US states and other countries including Puerto Rico, Canada, the UK, Singapore, South Korea, and Hong Kong. The platform offers free deposits and withdrawals, but charges a 1% fee for trades for both buyers and sellers.
3. Bitcoin Lending Investment
Unlike other popular Bitcoin transactions, you can lend your Bitcoin to other users to make money. Some websites like Bitfinex or Poloniex allow users to earn money from Bitcoin through margin trading.
When margin trading, you provide your Bitcoin to other traders who are making margin calls with leverage. If you're adventurous and want to earn more money, you can use the SALT program.
SALT allows users to leverage their blockchain assets to make money. This way, you can earn money from Bitcoin without selling your investment.
The SALT lending investment platform is an excellent choice for those who want to make money without sacrificing the potential profits from owning their cryptocurrencies.
4. Exchanging Bitcoin for Cash
Bitcoin is a digital currency, and one of its advantages is the ability for users to exchange it for cash. Exchanging Bitcoin for cash is also a way for you to earn additional profits.
Below are some ways to exchange Bitcoin for cash:
Directly Exchange Bitcoin for Cash:
You can directly interact with potential buyers and pay a specific fee to use intermediary websites. To do this, first select a financial service and create a seller account. Once your account is set up, you can post Bitcoin sale listings. When the buyer pays, the website will transfer your cryptocurrency to the buyer.
Below are some intermediary websites you can choose from:
- Coinbase: This financial service allows users to transfer bitcoin for free. However, if you want to sell bitcoin, you'll need to pay a service fee, depending on the payment method you've chosen.
- Bitbargain: This service offers various fee levels. If your ID is not verified, the service fee is 0.005 BTC, the transaction commission fee is 1%. If you want to receive SMS messages, you'll need to pay 0.0003 BTC, and the bank verification fee is 0.02 BTC.
Exchanging Bitcoin for Cash Offline:
If you don't want to incur service fees or withdrawal fees, you can choose to sell your Bitcoin to trading partners. For this method, you can use financial services that detect your geographical location, where you live, and display practical offers in your area.
Through Bitcoin Exchange Platforms:
In addition to direct transactions with buyers, you can trade Bitcoin through exchange platforms that combine Forex trading features and Bitcoin trading. To do this, first, you'll need to open an account, place a sell order, specify the currency you want to sell, and the amount. When a similar buy order is found, the exchange platform will automatically complete the transaction.
- Kraken facilitates trading between Bitcoin and various currencies including EUR, USD, CAD, GPB, and JPY. Trading fees range from 0.10% to 0.35%. Trading fees may vary depending on the amount of Bitcoin you want to trade. The processing fee for each copy of contact paper is $60/page. Withdrawal fee for USD units is $5.
- Bitfinex supports various cryptocurrencies, including Bitcoin, Litecoin, and Ether. Trading fees on the platform range from 0.10% to 0.20%, bank transfer fee is 0.100% for a minimum of $20, express bank transfer fee is 1.000% for a minimum of $20.
Cryptocurrency Conversion Tools:
There are numerous ways to convert your bitcoin into cash. You can opt to use trading services to instantly convert your virtual currency into units such as USD, EUR, or other currencies. After the transaction is completed, you can withdraw cash at an ATM using a prepaid debit card from one of the partner services provided by the website.
If opting for this method, ensure you only trade on legitimate websites. To verify if a website is legitimate, pay close attention to the website's creation date, available trading pairs, and user reviews.
Electronic Payment System:
Additionally, you can perform all transactions and withdrawals on a multifunctional electronic system. To do this, open your Bitcoin account, then withdraw funds by bank transfer or prepaid debit card.
This article by Mytour has just shared with you some ways to earn money online with Bitcoin in 2019. We hope this article has provided you with useful information. If you have any questions or need clarification such as how to mine bitcoin, readers can leave their comments below the article.
