Not a trader? Here are 5 other ways to earn Bitcoin (BTC) in 2020 ๐จ This article is 4 years old...
Not a trader? Here are 5 other ways to earn Bitcoin (BTC) in 2020
3 min read
Updated: Nov. 11, 2020 at 6:29 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The world of Bitcoin trading is equal parts alluring and intimidating. The former throws up images of โLambosโ and private jet trips around the globe while the later means account blow-ups and unfortunate consequences.
But trading is not the only way to earn BTC. In this article, we explore six ways that interested individuals can use to get their hands on the digital asset โ minus staring at charts all day.
Bitcoin Mining
This is perhaps the most fool-proof, easy, risk-free way to earn Bitcoin. Mining goes back to when Bitcoin was created; quickly becoming a major industry/income source since 2012-13. Firms like Bitmain, F2Pool, and Lubian earn millions of dollars from their mining efforts each month โ rewarded by the network in turn for providing their massive computing power.
But it requires significant capital in upfront costs. Mining is not a cheap activity. A mid-sized operation could cost millions to set up, oft-involving regulatory clearances as well while being situated in a cool, electricity-abundant area.
Still, one can get their hands on a specially-designed ASIC miner for the purpose. Firms like Bitmain, Ebang, and Canaan Creative offer a range of mining devices. As CryptoSlateโs product page for Bitmain notes; Antminer S9 (14 TH/s) and the Antminer T9+ can make for solid rigs.
Or, one can simply join a mining pool. These are shared Bitcoin miners offered by firms like AntPool, Binance, and Huobi to allow people to invest directly in the activity without the need for setting up infrastructure.
Simply create an account, log in, contribute the minimum Bitcoin, and gain monthly payouts based on the amounts paid.
Earn Bitcoin through Crypto Lending
Firms like Crypto.com, Nexo, operate similarly to neo-banks, proving services to โstakeโ oneโs crypto assets or lend it to other users for an interest. The accrued amounts can be converted to Bitcoin or reinvested to compound earning for the next month.
Complete bounties for Bitcoin
Back in the ICO mania of 2017-18, many startups offered a way to earn crypto by finding out discrepancies and loopholes in their app/network. While 99 percent of these projects have since died down, many Bitcoin bounties are active in the industry.
Sites like Hackerone list several ongoing bounty programs โ many of them paying out in Bitcoin. This would require an elementary knowledge of coding and blockchain, as many of the bounties deal with system bugs, faulty codes, and smart contracts.
Some exchanges offer such programs too. Kraken lists a minimum reward of $500 in Bitcoin for anyone who gives information/implementations as specified on this list. Blockstack offers a similar program โ paying out a maximum of $2,000 for bounty hunters.ย
Referral programs and Affiliate marketing
Referral programs abound in the cryptocurrency space. Exchanges lead in this regard, offering a โcommissionโ for users who market the platform and provide affiliate links to others.
This is classic affiliate marketing but gives users/the public a chance to earn Bitcoin without buying it on an exchange or any other method listed above.
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— Bybit (@Bybit_Official) August 4, 2019
CryptoHopper, a trading bot, offers a referral program to users writing blogs or educational articles on relevant topics. They claim to have paid out over $250,000 to affiliates over the past few years.
Bitcoin trading platform Paxful, ByBit, and even Coinbase offer such programs.
Work for Bitcoin!
This one is perhaps the most interesting, but working for Bitcoin can be a good choice for many. Sites like Crypto.jobs list many job postings for developers, content creators, and designers โ with many firms paying in Bitcoin.
The cons are likely suffering from Bitcoinโs volatile prices, and enduring a project which does not payout. For the latter, itโs advisable to only use trusted platforms to find clients and sign a basic contract before commencing an assignment.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Nexo
Nexo is a leading global financial institution specializing in digital asset services, particularly focusing on cryptocurrency lending, exchange, and financial management solutions.
Crypto.com
Crypto.com was founded in 2016 on a simple belief: itโs a basic human right for everyone to control their money, data and identity.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Antminer S9 is a powerful bitcoin miner, yet smaller than many portable boom-boxes.
Antminer T9+ is an ASIC Bitcoin and Bitcoin Cash miner by Bitmain that uses SHA-256 algorithm.