Many say that Bitcoin is the future of money. But for the ones asking what Bitcoin is: it is one of the most widely used cryptocurrencies out there; probably the most popular along with Ethereum, Litecoin and XRT. Basically, it is virtual money that can be used for online payments. Its popularity is growing as it is becoming even more accepted as a valid method of payment.
All the transactions made with Bitcoin, as well as the users’ account balances are recorded in the blockchain which is a decentralized and public ledger that accumulates this information. The blocks are encrypted in the chain which guarantees safety and transparency so that they cannot be counterfeit or double-spent. There isn’t a third party that governs the cryptocurrencies, and their value is not backed by any commodity, rather than the network of users that keeps them in check.
Investing in Bitcoin is a great idea, but not everybody can actually buy it. That leaves us with the question of how Bitcoins can be made. Luckily there are some online options that can get you some crypto coins in a reasonable time. Below are some simple and proven alternatives that we have come across. If you already have some Bitcoins and are more interested in trading with them, you can check out sites like the-bitcoinbank.com, but of course , make sure they are reliable before you hand them your cryptocurrency savings.
1. Bitcoin Mining
Typically, new coins can be earned through mining. It is a process where the active users in a network, called nodes, perform calculations by using supercomputers. They verify and add the transactions in the blockchain by solving these complex mathematical problems. They test its validity and submit it for confirmation by the other nodes, and for this process they are awarded crypto coins. Every node has an identical copy of the database. Mining for Bitcoins is a demanding process that uses enormous amounts of electricity and demands high computing power in order to perform these calculations. Nowadays, there is software that can be downloaded on almost any computer and can be used to mine for cryptocurrency. Still, it is worth mentioning that not all cryptocurrencies are minable.
2. Shop Online and get Bitcoin cashback
There are purchase reward programs through which you can get coins by buying stuff. Sounds simple? It is. Namely, there are cashback services like Lolli, Fold, Pei and CoinRebates, through which you can get cashback or bitcoins while shopping at the affiliate stores of the particular cashback service.
For example, Lolli is a web browser extension that after it is downloaded and installed, it will notify you to enable the cashback once you visit an online store of a retailer they are collaborating with. After you make a purchase at the webstore of any of their partners, you can receive cashback in the form of crypto coins, namely Bitcoin. They will be added in your crypto wallet. Some of Lolli’s associates are Macy’s, Bloomingdale’s Office Depot, Office Max, Walmart, etc. The downside is that the time between a purchase and the transfer can be up to 3 months, but there is a really awesome upside: if you refer Lolli to your friends and they start using it, you will get bigger crypto rewards. Such a similar extension is Ebates, and it will also notify you about the latest discounts from the online stores that you are visiting.
CoinRebates is another practical option. You register your bitcoin address on their website (if you don’t have one you can get it from Coinbase) and start buying from the affiliated retailers or using the services of their partners like Udemy, Groupon, Booking, and many others.
The fold is a mobile application for both Android and iOS which lets you earn Bitcoin rewards and doesn’t submit you to KYC. Also, there is a waitlist for their card which is the first of its kind out there; it is a Visa card that you can use to pay in cash and then earn cryptocurrency at the same time.
A cashback option also worth mentioning is Pei. You can shop through this smartphone app and collect cashback. You link your credit or debit card to your Pei account and when you use it for buying from their partner’s websites, the Pei points you will be awarded can be converted to Bitcoin.
3. Crypto Interest Accounts
For those who already have some money in their crypto wallets, or have earned some via different means, storing them in crypto interest accounts like BlockFi Interest account is a wise move. In fact, you lend your coins to investors who then pay you back with an interest. This interest is calculated on a monthly basis, so the yearly yield can be around 8%.
4. Get paid for different jobs
There are freelance platforms where you get paid in cryptocurrency as you take on projects or complete tasks. You can work in HR, answer emails, sell your own personal freelance services, etc. Answering questions in surveys is another task you can perform. The purpose of these surveys is market research for big survey companies, such as Time Bucks. As you complete them, in exchange, you will receive payment in Bitcoin. You can select which surveys you will accept to take. The payment will be adequate to the difficulty of the survey. You can also play games, install applications, post on social media, watch slideshows, perform different internet searches, and with that, increase the number of coins in your cryptocurrency wallet.
5. Referral Marketing
If you have a large online following and you are willing to direct them to companies who will later reward you with Bitcoins, you will be able to receive them after your followers click a particular URL that you will be given when you join them as their affiliate. Whenever someone clicks the link or uses it to buy something, you will get income. Another option is to receive a promo code, and whoever enters it will get a discounted price for the item or the service, and you will get a percentage of the sale in cryptocurrency.
