21 Practical Ways to Make Money With Bitcoin in 2022
Over the last few years, Bitcoin (BTC) has gained popularity as the number one form of decentralized currency. Its creator might remain a mystery up to this day, but one thing’s for sure: there are lots of opportunities for you to make money with Bitcoin today.
There are many options to choose from and deciding the best route isn’t always easy. To make things a bit simpler for you, we’ve compiled a list of tips on how to make money with Bitcoin from. Let’s get started!
1. Buy and hold Bitcoin
If you’re wondering how to make money with Bitcoin without putting in too much effort, the buy and hold strategy is among your best options. Buying and holding BTC is one of the most straightforward and beginner-friendly ways to earn money with crypto. Here’s how it works:
- Create a Paxful account—you’ll receive a free Bitcoin wallet upon signing up!
- Buy Bitcoin with bank transfer or choose from nearly 400 payment options.
- Hold on to your BTC and wait for spikes in price—no matter how long that may take.
You could wait weeks, months, or even years before you decide to sell. That’s the beauty of buying and holding. This technique has become so popular; there’s even an internet name for it—HODL. It started as a typo on a forum and became an acronym for Hold On for Dear Life. So if you decide to buy and hold, remember to hold on to the BTC for dear life.
If you want a systematic approach to HODLing, why not try Dollar Cost Averaging? Also known as constant dollar plan, DCA is an approach where you invest the total sum of your money in small increments throughout a specific period instead of handing out a lump sum in one go. This is especially useful for investors looking to back particular assets for the long term.
Difficulty: Very Easy
2. Earn interest on your crypto
If you’re looking to use your Bitcoin to preserve wealth or simply HODL for a certain period, our new helpful tool might be your best bet. Paxful Earn allows you to earn even more money by gaining interest on your crypto weekly—every Tuesday, to be exact. It works like a savings account where you keep your money but with more opportunities to make extra cash. The product is already available in the Nigerian region and soon, in different parts of the world.
3. Earn Bitcoin cashback on credit card purchases
Many payment giants worldwide have also started to dip their toes into the crypto waters. Interestingly, this paved the way for many crypto users to unlock and enjoy new financial opportunities with their Bitcoin while using their credit cards.
The BlockFi Rewards Visa® Signature Credit Card, for example, rewards its users with cryptocurrency instead of the usual miles or points. Cardholders can also earn 1.5% up to 3.5% cashback, which will be converted to BTC automatically and placed into a BlockFi account monthly. Apart from giving you a different financial experience, the next best thing is that it has no foreign transaction fees.
4. Join affiliate marketing programs
Another easy way to make money with Bitcoin is through affiliate marketing. Many companies use this type of marketing to bring in new customers. It works by incentivizing existing users to bring their friends and family to the business. You’ll see these types of programs all over the market, but they differ from one another. Carefully study each one and choose which program you want to invest your time in.
We have our own Bitcoin Affiliate Program here at Paxful, which gives you the best opportunity to make money with Bitcoin. Look into it and see if you’d be down to try it.
5. Accept Bitcoin payments for your products and services
As BTC continues to mature, we’re starting to see more and more businesses accept BTC payments for their goods and services. So if you’re already running a business and want to make money with Bitcoin, why not consider accepting BTC as payment for your product?
Integrating Bitcoin into your payment system will widen your reach and make transactions more accessible to customers who don’t have bank accounts or credit cards. The best part is that it’s incredibly easy to start accepting BTC payments.
If you’re running a physical establishment, you can start by simply putting up a small sign at your storefront and beside your cash register. If your business is online, you can put a banner on your home page or use a payment intermediary like Paxful Pay and fully integrate it into your website. Customers can just send funds directly to your Bitcoin wallet.
6. Take advantage of Bitcoin faucets
Do you like watching ads and answering surveys? Luckily for you, you can earn a decent amount of money by doing just that, thanks to Bitcoin faucets. These reward systems give small amounts of BTC to those who complete minor tasks—like watching ads or answering surveys. Some even come in the form of minigames! If this interests you, watch this video to learn more.
7. Look for micro jobs and Pay-to-click websites
This is a reliable way to gain BTC that only a few people will tell you about. Many Pay-to-Click (PTC) websites will pay you fractions of BTC if you watch an ad or click on a link to a particular page containing ads.
However, keep in mind that making significant money this way is a challenging and tedious task. If you’re willing to put in the work, these sites are an excellent way for you to earn a quick buck. You can check out websites like Coinpayu and adBTC if you’re interested in learning how to make money with cryptocurrency.
Microworkers is another site that pays you a small fee to complete straightforward tasks like watching a YouTube video or completing someone’s survey. These PTC sites have BTC counterparts like BitcoinGet and CoinTasker, where members can choose thousands of tasks to complete to earn Bitcoin.
8. Get tips in BTC
One of the most fulfilling things in this world is helping other people out—and if you get tipped a little money on the side for it, even better! One of the most notable platforms is Bitfortip, which gives out BTC rewards for accomplishing various tasks like helping people find a dress online and giving informed technical answers to their questions.
Additionally, if you’re a videogame streamer, why not accept tips in BTC? Twitch and other streaming platforms have integrated crypto-tipping services, so be sure to check those out!
9. Monetize your website
Another effective way to make money with Bitcoin is through monetizing a website. If you’re operating a website and you don’t know where or how to begin monetizing it, you may want to take a look at the Paxful Kiosk.
The Paxful Kiosk is another tool you can use to boost your Bitcoin earnings while helping others discover and understand the potentials of cryptocurrencies. By setting up the Kiosk on your website, you’re helping your customers or website visitors buy Bitcoin easily and securely. Simply put, it’s a great way to help others get started on crypto.
Paxful Kiosk is customizable and easy to set up. It also offers no chargebacks and allows your customers to use nearly 400 payment methods it supports. On top of that, you’ll earn automatic affiliate revenue on all purchases made by new users you bring to Paxful.
10. Lend fractions of Bitcoin
The decentralized nature of Bitcoin and other cryptocurrencies makes it simpler to make transactions. No authorities are required to validate it.
Because of this decentralization, you can loan BTC and earn some cash through interest. Think of it as a way to make your money flow even when you’re HODLing—you’re actually using your wealth instead of keeping it unmoved in your wallet.
11. Trade Bitcoin
If HODLing is long-term investing, Bitcoin trading is its fast-paced equivalent. Essentially, BTC trading means taking advantage of its highly volatile nature. This method requires practice and knowledge of the market, so be sure to do your homework before giving it a shot.
Here are a few trading strategies you can try out to make money with Bitcoin:
- Day trading – This approach entails short and quick trades, allowing opportunities for small and fast profits. Day traders don’t hold open positions overnight, so this method carefully analyzes the market, sees small money-making opportunities, and capitalizes for a small profit. At the end of the session, day traders could have a significant cumulative gain.
- Swing trading – If HODLing is long-term and day trading is short-term, swing trading is kind of in the middle. Like HODLers, swing traders will buy low, wait long enough to see their holdings increase in price, and then sell high. However, their holding time isn’t as long as a HODLer and isn’t as short as a day trader.
- Arbitrage – Bitcoin arbitrage is similar to the styles above. However, instead of looking for money-making opportunities within the same exchange, traders who use arbitrage look for those opportunities across different platforms. In essence, they buy BTC from exchange A then sell it at exchange B for a higher price.
These methods require a lot of practice, so don’t expect to get it right on the first try. You can also try our simple strategy for earning money from Bitcoin trading on Paxful. This involves buying BTC and selling it for a profit. Note that on Paxful, you have nearly 400 payment options to choose from and bank transfer has the lowest fees among the payment groups. You can use it to buy Bitcoin and make a significant profit by taking advantage of the offer margins.
Mine Bitcoin Daily For Free With Your Phone Or Computer
12. Play crypto and blockchain games
Yes, you can earn money and have fun at the same time! Bitcoin play-to-earn games like Bitcoin Alien Run and Sparkprofit give out Satoshis. Recently, non-fungible token (NFT) games have started to emerge. Some of the most popular blockchain games you can try are Axie Infinity, CryptoBlades, and My DeFi Pet, among others. While it takes more effort than micro jobs, we’ll say Bitcoin games are probably more fun than completing a survey.
13. Take jobs that pay in BTC
Getting paid in your local currency is great, but receiving payouts in Bitcoin can take your freelance gig to a whole new level. If you’re a freelancer who also happens to be a crypto geek, many websites today allow you to complete jobs and tasks in exchange for Bitcoin and other digital coins.
If you’re wondering where to get started, you can try browsing at websites like laborX.com, Cryptogrind, Crypto Jobs, and CoinTelegraph Jobs. Some of these platforms even use Smart Contracts, making every transaction more efficient and secure.
14. Write about Bitcoin and the crypto world
Cryptocurrency is a new niche and only a handful of writers genuinely know the topic. This means the market is flooded with newbie copywriters who rehash content repeatedly.
If you want to know how to make money with cryptocurrency and have previous crypto writing experience, why not try educating the masses? Cryptocurrency News and Bitcoin Magazine are some websites that can pay you to write about Bitcoin. You can also use a lot of freelance websites like Upwork and Freelancer.
15. Try out the binary trading approach
Binary trading has existed in the financial world for a very long time, so it only makes sense that it can also be applied in the world of crypto. This is a suitable option to make money with Bitcoin if you’re willing to take risks.
As the name suggests, Binary has just two options: a trader purchases an option and an expiration time. The trade is either “in the money” or “out of the money.” Basically, you’re betting on where the price is going.
For example, the price of BTC is 46,500 USD at 10 AM. You can either bet that the price will be more or less than that by 6 PM. If you bet that the price will increase and that happens, you earn the payout of a certain percentage of your investment. However, if it’s lower, you lose the investment.
On the other hand, you earn the option’s payout if you bet that the price will go down and it indeed happens. This can be a challenging way to earn BTC, but you can gain money quickly if you invest right.
16. Mine Bitcoin
Bitcoin mining was one of the first ways to obtain BTC, where miners used powerful computers to solve complex mathematical problems. When they crack the code, they’re rewarded with newly-minted BTC. It’s a race to see who can solve the block the fastest and those lucky enough to do so reap the rewards.
Back in the day, mining wasn’t as complicated. Some of the earliest miners could make money by mining Bitcoin using just their home computers. Now it’s a very different scenario. To mine in today’s BTC scene, you’ll need top-tier equipment, which can set you back a few thousand bucks. Also, since Bitcoin mining has become quite popular now, you’ll have a lot of competition.
You can join Bitcoin mining pools or mining clouds to give yourself a fighting chance. A Bitcoin mining pool is a collaborative group of miners who combine their computing power to solve complex mathematical problems faster. A Bitcoin mining cloud is similar, but they use the cloud to connect their computing power. That way, they won’t have to install and run the hardware and related software directly.
In either case, the miners’ fees paid from transactions and the newly-minted coin are split among the people in the group. Watch this video to learn how Bitcoin mining works.
As the competition gets fiercer, you’ll need better equipment and you have to run your operation with maximum efficiency to generate profit. Do plenty of research before getting into mining because there are many easier ways to earn money with Bitcoin.
17. Start your own dropshipping business
If you’re planning to put up your own online store, accepting Bitcoin isn’t only the way to incorporate cryptos into your business. Dropshipping, for example, is another approach you can try. Here, you can sell Bitcoin in exchange for gift cards from hundreds of global brands. This includes clothing, electronics, accessories, groceries, and a lot more.
On Paxful, you can buy gift cards at a lower price; some are even selling for up to half off! You can use these gift cards to purchase items for your online store. Then, you can sell the items at your online store at a suggested retail price. This is where you’ll get your profit.
Let’s say your customer ordered a limited edition pair of shoes. You can buy gift cards of the shoe brand on Paxful at a cheaper price and use them to buy the shoes at the online store. Once you have the item, you will ship it to your customer’s address. You’ll make a decent profit from the gift cards you used to buy the shoes.
This method may take more effort, but it’s an excellent way to earn money with Bitcoin.
18. Run a Lightning Node
Did you know that you can complete Bitcoin transactions in a blink of an eye? This is made possible by the Lightning Network, which facilitates lightning-fast Bitcoin transfers. Interestingly, you can also make extra income by running a Lightning Node. This enables users to set up payment channels powered by the Lightning Network.
By running a Lightning Node, you’ll operate a channel and get rewards through the transaction fees. However, it’s important to note that the amount of money you’ll make might not be as high compared to other ways in this list. On the flip side, the small rewards you’ll get will significantly contribute to the scalability of the network.
19. Become a masternode
A masternode is a dedicated role that keeps track of the blockchain in real-time. Much like Bitcoin’s full nodes, they’re always up and running.
In addition to saving, validating, and announcing valid transactions to other nodes, the master nodes also perform different tasks with the blockchain, including smooth protocol operations, governing voting events, and more. For their dedicated services, they are heavily incentivized.
20. Catch website and system bugs
If you want to make money with Bitcoin and you’re a coding whiz, bug bounties could be the answer. Many software developers and organizations offer these incentives that reward you for finding exploits and vulnerabilities in their systems. Also, many cryptocurrency exchanges and peer-to-peer marketplaces provide programs like this to help improve their platforms for their users.
If you’re interested in participating in a program like this, check out the Paxful Bug Bounty Program to help us make the platform a safer environment for everyone.
21. Join the Bitcointalk forum
Bitcointalk is one of the oldest forums out there. In fact, it was set up by Satoshi Nakamoto himself. It’s probably the most popular forum in the crypto sphere, as millions of people use it.
If you’re an avid follower of the forum and want to make money with Bitcoin, you can post on the Bitcointalk forum. Keep in mind that you’ll need to have racked up some authority from consistent posting and then your posts on Bitcointalk will have a sponsored signature. Eventually, you can get paid for every post you make on the forum.
The ways to make money with Bitcoin are ever-evolving
Now that you know how to make money with Bitcoin, why not give it a try? Who knows, your efforts could lead to some big profits.
As the crypto economy matures over time, we will see constant development and people will keep finding new ways to earn cash with BTC. Even beyond this list, there is an endless amount of earning opportunities offered by Paxful. Be sure to do your research and find out what works best for you. The sky’s the limit on how to make money with Bitcoin—all you have to do is be creative. Good luck!