21 Ways to Make Money with Bitcoin in 2020Cryptocurrency
Money Done Right does not accept sponsorships to promote particular products or services. However, we may receive a commission if you purchase or sign up through links on this page. Here's more information about how we make money.
Reaching a price of nearly $20,000 in late 2017, Bitcoin has been a volatile cryptocurrency that everyone wants to get their hands on.
All you need to do is make sure you understand the Bitcoin market and the various ways you can earn money through cryptocurrencies.
It is not easy to earn Bitcoin and subsequently make money with Bitcoin, and it often takes time, patience, and potential up-front investment to make it happen.
The good news is that there are more and more ways to earn money through Bitcoin. Some methods require little effort, meaning typically lower returns, and other methods require a lot of time and effort and typically earn you more money.
We’re here to help you navigate Bitcoin and provide you with 21 ways that you can make money with Bitcoin in 2020.
If you’re familiar with Bitcoin and the cryptocurrency market, you’ve probably come across the term HODL in your research.
Stemming from an upset blogger discussing buying and holding cryptocurrency, HODLing your Bitcoin is simply buying your coins and holding them to let them grow in value over time.
Stable cryptocurrencies such as Bitcoin have an upward price trend, although the day-to-day price can vary wildly.
Once you purchase your Bitcoin, all you need to do is wait until the price grows or reaches your sell threshold, allowing you to objectively sell of your cryptocurrency to make a profit.
While the effort for this method is low, the risk can be quite high, as it’s possible to lose your entire investment if the value of Bitcoin crashes.
2. Trade Time for Bitcoins
There are many sites out there that now pay users in Bitcoin and other cryptocurrencies to complete surveys, watch targeted advertisements, browse websites, and even play games online.
Paid survey sites have been around for years and provide businesses around the world with meaningful consumer data.
Marketing agencies are now turning to cryptocurrencies to draw in more users.
These lucrative payouts can mean bigger financial gains for consumers taking the surveys and completing eligible activities.
Even more established survey sites are utilizing cryptocurrency as an additional form of payout.
Depending on how much time you dedicate taking surveys and completing tasks, this can be a viable option to make money with Bitcoin.
A useful marketing strategy that rewards consumers when they connect with brands, faucets are designed to get consumers to visit a specific website and interact with targeted advertisements.
These faucets release very small amounts of cryptocurrency during a limited window of time, and not every interaction is guaranteed to reward you with cryptocurrency.
Clicking links and submitting contact information are the two most popular ways to earn cryptocurrency through a faucet. Other tasks such as watching videos or simply interacting with the site can also earn you free cryptocurrency.
There is very little effort involved once you do find a faucet. If you don’t mind targeted advertisements sent to your email after filling out your contact information, faucets are an easy way to earn free crypto that you can turn into profit.
Airdrops are another marketing tool, often used by wallet software companies to attract new users or keep their existing userbase.
When a wallet offers an airdrop, it means they are offering free cryptocurrency for completing tasks such as opening a new account or creating a new wallet in your existing account.
There is very little risk involved as you typically don’t need to make any purchases or investments in order to receive the offer.
You typically need to complete an action in your account or engage with the company via email or social media to be rewarded with free cryptocurrency.
Getting free Bitcoin is one of the simplest ways that you can earn money with digital currency, as you can simply turn around and sell off your Bitcoin or use one of our other strategies to earn even more.
Much like paid survey sites, there are other websites that will pay you in Bitcoin and other cryptocurrencies for completing small tasks online.
These sites operate similarly to Amazon’s Mechanical Turk, a platform where companies around the world can pay users to complete micro-jobs.
Rather than being paid in nickels and dimes, you can be paid in cryptocurrency, which can grow rather quickly in the right market.
CoinWorker is a leading platform that offers users cryptocurrency in exchange for completing micro-jobs.
The effort can be as much or as little as you want to put into it, but don’t expect to become a Bitcoin millionaire overnight.
6. Make Money with Bitcoin by Trading
Trading Bitcoin is one of the most lucrative ways to earn money, but it also requires advanced skill and cryptocurrency knowledge.
Digital currency trading works just like any other trading market, such as the stock market.
You need to understand how the market behaves, how to identify trends, and what platforms are best for trading.
While the risk is extremely high due to the volatility of the cryptocurrency market, that also means the rewards can be that much greater.
7. Signature Campaign
Payment is only available in categories and topics that are tied to a specific product campaign, indicated in the signature of the post, which is why it is called a Signature Campaign.
BitcoinTalk has a running list of active campaigns on the site. All you need to do is add a product campaign to your signature in order to get paid.
This acts as an advertisement for the product or company, and you can be highly compensated if your posts generate a lot of traffic.
8. Affiliate Programs
Affiliate marketing is an extremely popular way to streamline online revenue and even create passive revenue, whether you have a blog or a large social media network.
You can make money with Bitcoin affiliate programs just like you’d earn through an affiliate program with another product or service.
The more people that you refer to the business offering Bitcoin as referral payment, the more you can earn.
This option does often take a lot of time in order to build an audience, gain their trust, and convince them to sign up using your link.
It also is very low risk as there is often not much more involved than creating copy and posting to your blog or social media account.
9. Earning Dividends
There are some cryptocurrencies that pay you dividends simply for holding those coins, which you can then use to purchase more coins and build your dividend payouts.
We do not recommend gambling your Bitcoin, but we did want to review the possibility of earning money by gambling in online Bitcoin casinos.
There are countless scam websites out there that are just simply trying to take your cryptocurrency, and many of them front as legitimate online gambling sites.
However, there are legitimate online casinos out there that do post their odds and that players have earned money through.
Bottom line, always do diligent research before gambling Bitcoin online.
11. Write about Bitcoin
Content is king, and if you are an expert in Bitcoin, you can get paid for sharing your expertise.
Writing about and teaching others about cryptocurrency is a great way to make money with Bitcoin online.
With more and more websites focusing on cryptocurrency, and Bitcoin specifically, skilled writers who are well-versed in Bitcoin are in high demand.
There may be a larger time commitment with this option, but the payoff is almost always worth it.
You’ll be connected with eligible borrowers and can earn significant interest on your Bitcoin loan.
In fact, Bitcoin loans have interest rates that are often much higher than personal loan interest rates.
However, lending your Bitcoin is extremely risky, as there are currently no federal regulations around digital currency loans, so always lend at your own risk.
Another common term, mining is used to earn cryptocurrency and help complete the public blockchain record.
Every Bitcoin transaction that is made across the world is added to the public ledger.
This ledger is a public record that is not centralized, meaning it is secure and virtually impossible to alter.
Before any transaction is finalized and added, miners need to validate the data and are rewarded for their efforts with free cryptocurrency.
While it was once possible to mine on your home computer, there is so much competition today that the algorithms have become too complex for standard processors to handle. This means that a large up-front investment is often needed to rent or purchase the necessary equipment.
If you want to make money with Bitcoin individually, mining may not be your best option as you need a large amount of capital just to get started.
14. Accept Bitcoin as Payments
If you’re a merchant that sells goods online, you can now set up your payment portal to accept Bitcoin as a form of payment.
Rather than accepting local currency or having to pay fees for international currency exchanges, accepting Bitcoin streamlines your payment process and allows you to accept payments from anywhere in the world.
Not only does it make it easier for international consumers to buy from you, but you’ll also be paid in a currency that can greatly increase in value in a short amount of time.
You’ll need to stay on top of your pricing in order to maintain relevant prices based on the current Bitcoin value.
15. Long Game Savings
Long Game Savings is a financial tool that also rewards you with free cryptocurrency for simply meeting your savings goals.
When you sign up for Long Game Savings, you’ll answer questions about your goals and your current financial situation.
You’ll receive personalized recommendations and a tailored savings plan based on your answers.
When you meet your goals, you’ll unlock fun games that reward you with free cryptocurrency.
The sleek, easy-to-use dashboard makes it simple to buy and sell Bitcoin, as well as manage your cryptocurrency portfolio.
Coinbase has over 20 million users and has processed over $150 billion in cryptocurrency transactions to date.
Download the app to your phone and use Coinbase’s secure wallet to keep your cryptocurrency safe and secure.
When you sign up as an affiliate marketer, you’ll unlock access to hundreds of affiliate partnerships with companies around the world.
Simply select the offers you want to use and start promoting to your customer base.
The platform makes it easy to browse offers, review earnings, and make withdrawals.
18. Bit Panda
While primarily focusing on the European cryptocurrency market, this worldwide market is used by traders around the globe.
With dozens of cryptocurrencies to choose from and a streamlined dashboard, you can start trading in no time.
19. Coin Bucks
These tasks include completing surveys, installing applications on your mobile devices, and affiliate marketing programs.
Coin Bucks regularly updates offers, meaning there are always new ways to earn free cryptocurrency, which you can keep for growth or sell for a quick profit.
As soon as you complete an offer, your account is instantly credited, and you’ll be paid out the very next day.
20. Secure Your Wallet
Choosing a Bitcoin wallet that’s trusted and secure protects your assets and can help your cryptocurrency value grow safely.
With so many scams out there today, it’s easy to get caught up in “get rich quick” schemes that are trying to take your crypto.
21. Always Do Your Research
Finally, one of the best ways to make money with Bitcoin is to always do thorough research.
Whether you’re downloading a wallet, tapping into a faucet, or trading Bitcoin online, always research the platform, market price, and trends in order to make a sound decision.
It’s easy to get caught up in an online scam and lose out on money, so it if sounds too good to be true, it probably is.
Now that you have some tips on how to make money with Bitcoin in 2019, it’s time to get out there and start earning.
While Bitcoin can be confusing if you’re not a seasoned investor, these practical tips can help you earn more with each Bitcoin transaction.
Have any more top tips for earning money with Bitcoin? Let us know in the comments!
Logan is a practicing CPA, Certified Student Loan Professional, and founder of Money Done Right, which he launched in July 2017. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.