The blockchain revolution has seen Bitcoin prices soar from a fraction of a cent to tens of thousands of dollars at all-time highs. While you may have missed the $20,000 Bitcoin moon, there are still plenty of ways you can make money with Bitcoin in 2019.
The launch of the Bitcoin network in 2009 has had a profound impact on the international financial ecosystem. Bitcoin is a highly disruptive and unique method of storing and transferring value between individuals — highly fungible, completely decentralized, and immune to inflation, Bitcoin represents a significant leap forward in economic efficiency.
The earliest days of the Bitcoin network saw Bitcoin miners rewarded with 50 Bitcoin per block, and faucets in the prehistory of Bitcoin routinely gave away 10 whole Bitcoin at a time. If you’d been present and active within the Bitcoin ecosystem between 2009 and 2011, it’s highly likely that you’d now be a multi-millionaire.
The ability to generate hundreds of thousands or even millions of dollars in Bitcoin overnight may have passed, but that doesn’t mean it’s too late for you to start making money with Bitcoin in 2019. The blockchain revolution spearheaded by Bitcoin is still in its infancy, which means there are still plenty of opportunities available to individuals seeking to capitalize on it.
In this article, we’ll take a look at the best ways to make money with Bitcoin in 2019 and explain how they work.
1. Generate Profits by Trading Bitcoin
Bitcoin trading has remained one of the most efficient methods of generating profits with cryptocurrency throughout the entire history of Bitcoin, but it’s also the riskiest.
The basic principles of Bitcoin trading are simple — buy low, and sell high. Putting this theory into practice, however, can be extremely difficult. The Bitcoin market is notoriously volatile, frequently losing more than 10 percent overnight due to large-scale exchange hacks, regulatory changes from major governments, or changes to the underlying technology that drives the Bitcoin network.
Getting started with Bitcoin trading is relatively easy. Traders only need to make an account with a platform that allows them to purchase Bitcoin with fiat currency, such as Coinbase, provide their identify details, and they’re free to buy Bitcoin. The Bitcoin they purchase can then be sent to an exchange such as Binance, OKEx, or Binance Pro, and start trading.
Bitcoin can be traded for other cryptocurrencies in order to capitalize on anticipated price surges or market swings, or even used to purchase crypto that can be used to invest in initial coin offerings. Bitcoin trading isn’t easy — there are many factors that influence the price of Bitcoin, which can be broadly separated into fundamental factors, and technical factors.
Fundamental factors include the underlying real-world market ecosystem, the flow of fiat currency into fiat, technological breakthroughs, major Bitcoin adoption events, and exchange hacks. Technical factors are more complicated — traders that focus on technical analysis, or TA, use a variety of mathematical formulae and charting patterns in an attempt to predict the future price of Bitcoin.
If you’re interested in trading Bitcoin in order to make profit, it’s best to develop an extensive understanding of how Bitcoin works, the history of the Bitcoin market, and read up on technical analysis methods before starting.
2. Claim Free BTC from Bitcoin Faucets
Cryptocurrency faucets are sites that provide crypto to users for free — often with no strings attached. The first cryptocurrency faucets were created in order to promote the use of Bitcoin, back when Bitcoin was worth less than $0.01 and gave massive amounts of Bitcoin away for free.
The very first Bitcoin faucet would give users a massive 5 Bitcoin for free — all users needed to do was provide a wallet address and complete a captcha. At today’s prices, claiming Bitcoin from this faucet would net you over $45,000 USD.
There aren’t any more Bitcoin faucets that will give you thousands of dollars in crypto for free, unfortunately. There are, however, still faucets that will give you a few tiny fractions of a Bitcoin, called “satoshi”, or “sats”, for completing small tasks, watching ads, or playing games.
BitFun, Moondoge, and Cointiply are all crypto faucets that will provide you with a tiny amount of free cryptocurrency for a few minutes worth of effort. Crypto faucets, however, are no longer an efficient method of generating a large amount of money from Bitcoin.
The TrustDice faucet is notable for the gaming features it offers. TrustDice players are able to use the cryptocurrency given to them via TrustDice’s dedicated faucet in provably-fair games, potentially multiplying the free crypto they get to significant amounts.
3. Win BTC With Skill & Luck from Bitcoin Gaming Platforms
If you’re an avid gamer, or a relatively lucky person, crypto gaming platforms and Bitcoin gaming platforms can be a profitable option if you play your cards right.
The transparent and provably-fair nature of smart contracts driven by blockchain technology has allowed gaming platforms to create online prediction games that are wholly fair. Rather than trust online casinos to make sure their games are fair to users, blockchain-powered crypto gaming platforms allow users to view and audit the smart contract used in their games, proving to users that they’re playing games that aren’t stacked against them.
TrustDice, available via Trust Platform, is a highly popular EOS-based game that distils the provably-fair gaming experience. Rather than confuse gamers with complex card games or monotonous slot games, TrustDice is a simple but fun dice game that allows players to bet on the outcome of a dice roll, predicting whether the roll will fall under or over a certain number out of 100.
In addition to providing users with a provably-fair crypto dice game, TrustDice also provides benefits like TXT mining, which can be used to multiple bonuses, as well as a free crypto faucet.
4. Exploit Arbitrage Opportunities on Local Bitcoin Sales Platforms
There are many different ways to buy Bitcoin. Platforms like LocalBitcoin and Paxful are designed to allow users to buy Bitcoin through a variety of different payment methods that aren’t typically available on cryptocurrency exchange sites.
LocalBitcoins, for example, began as a platform designed to allow users to meet in real life and exchange Bitcoin for cash fiat currency, complete with ratings, reputation, and escrow services. While LocalBitcoins no longer facilitates local cash trades, other platforms such as Paxful do.
The biggest advantages offered by these platforms is the arbitrage opportunities they present. The exchange rate between cash and Bitcoin, for example, is typically 10 percent higher than the rates offered by centralized exchange platforms, allowing savvy traders to capitalize on a significant arbitrage.
The risker the payment method, the higher the arbitrage cost — it’s possible to sell your Bitcoin for PayPal credit, but the high risk associated with PayPal chargebacks means the arbitrage will net you an additional 20% on the Bitcoin price. Local Bitcoin sales platforms can be a lucrative opportunity — but there’s no reward without risk.
5. HOLD Bitcoin for Massive Long-Term Gains
The simplest and easiest way to generate profit from Bitcoin is by purchasing it, storing it, and waiting. If you’d bought $1,000 worth of Bitcoin at the earliest exchange rates and held it until now, you’d be a multi-millionaire.
Holding could potentially see your investment increase dramatically on the proviso that Bitcoin remains the king of crypto. If you’re looking for a safe long-term profit generating option for crypto, HODLing — a crypto community inside joke based on a type of “hold” — is your best bet. Just be sure to keep accurate records for your Bitcoin capital gains tax calculations.
Bitcoin trading can be complicated. Faucets don’t offer significant amounts of crypto. Arbitrate is risky, and HODLing takes a long time. All of these options can generate profit but can be boring — if you’re interested in a fun method of increasing your BTC profits, try out TrustDice on Trust Platform today.
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