Bitcoins are the most popular form of electronic money in modern society. With the recently shutdown of Silk Road and the adaption of Bitcoins by the Chinese market, bitcoins value continue to rise.
The Bitcoin exchange rate is extremely high, often trading over a thousand USD per Bitcoin. Because of their high value, Bitcoins are a sought after currency. Here are some ways to earn Bitcoins.
Earn Bitcoins from Bitcoin Exchanges
The most common way to earn Bitcoins is through simple exchange. On websites such as MtGox and BTC-E, Bitcoins can be purchased at trader-defined values and sold using any other form of currency. Often, these websites are used by people who want to use Bitcoins are a form of currency. But they are also commonly used to make profits through arbitrage and speculation.
Arbitrage is the process of purchasing Bitcoins and immediately selling them for a higher price or value. This can be done through different Bitcoin exchange markets that are priced differently.
Speculation is when one purchases Bitcoins with the belief that their value will raise over any period of time based on trends. When the value has raised, these Bitcoins can be sold for profit.
Bitcoin exchange websites are also frequented by those who have received Bitcoins through other methods, such as Bitcoin mining.
Earn Bitcoins from Bitcoin Mining
Bitcoin mining is how new Bitcoins are made. It is extremely intensive process that cannot be carried out on the average computer. The process involves adding new transactions to the Bitcoin block chain, which allows miners to find new blocks worth a certain amount of Bitcoins.
Because Bitcoin mining uses so many resources, application-specific integrated circuits mining devices, shortened to ASIC mining devices, have become popular.
These ASIC mining devices, such as the KnCMiner, are ¬†microchips devices that are much more efficient than Bitcoin mining on any other kind of computer. This technology is very recent as it was first released in 2013. However these devices currently bring in thousands of dollars to the miners that own them.
ASIC mining devices have already made many other types of mining redundant as the ASIC mining devices get many more Bitcoins for their price.
Earn Bitcoins from a Bitcoin Faucets
Bitcoin faucets are exactly what they sound like: free Bitcoins. These sites, such as Daily Bitcoins and Bitcrate. These websites can have two purposes. One is that the owner is a legitimate believer in the usefulness of the Bitcoin currency, and wants to share their wealth with people to show them how useful Bitcoin can be.
The other is that the owner wants to profit off their website by earning more from advertising than they give away in Bitcoins. This clever but increasingly common scheme involves forcing visitors to view or click an advertisement before gaining access to the free Bitcoins.
Some websites offer multiple ways to earn Bitcoins from viewing advertisement videos, playing games, or taking surveys. These websites often offer a very low payout and take a lot of effort to get a significant amount of Bitcoins.
Do Jobs to Earn Bitcoins
Multiple websites offer Bitcoins as legitimate payment for work. These sites, such as WorkForBitcoin, are mostly in their developing stages but can still be a useful source of Bitcoin income for any Bitcoin seeker. The jobs requested are similar to those of Amazon Mechanical Turk, but tend to fall more on the programming side of the spectrum.
Earn Bitcoins from Interest Payments
Much like other forms of currency, Bitcoins can gain interest if used properly. The main way to do this is using websites like BitBond, which allows a user to lend Bitcoins to another user at a defined interest rate. One can also use Bitcoin banks, which attempt to act like any bank would for any other sort of currency.
These transactions always have a slight risk factor involved, and one should be careful when placing their Bitcoins in someone else‚Äôs care.
This list contains some the best ways to earn Bitcoins-but there are others. Bitcoin is a revolutionary currency model and by far the most popular digital currency. There is a lot of money to be made in Bitcoins, whether from mining, doing jobs, accumulating interest, the exchange of Bitcoins, or Bitcoin faucets.