Top 4 Ways to Earn Bitcoin in 2023
How are people earning Bitcoin right now in 2023? Here are 4 ways to get you started.
Recently, the rate of crypto adoption, and especially Bitcoin has continued to grow rapidly, with many global industries integrating the coin into their operations. This has led to a surge in Bitcoin (BTC) price, which peaked in November 2021 at roughly $68,000.
Professional traders further believe that owning a digital asset, like Bitcoin, is more crucial than ever in light of the ongoing rise in global inflation rates.
Bitcoin is a decentralized virtual currency founded in 2008 by Satoshi Nakamoto and went live in 2009. Being virtual, Bitcoin is intangible, only existing in records of transactions stored in a publicly available general ledger called the blockchain.
To transact Bitcoins, you need a wallet address and a private key- both random sequences of letters and numbers specific to one Bitcoin user. The processing time for a Bitcoin transaction is approximately 10 minutes
When coins are exchanged between Bitcoin wallets, the transaction is put in a “block” for “miners” to solve. Fees incurred during a transaction provide an incentive for the miners to solve the blockchain quickly since the fee goes to the miner who successfully verifies the transaction.
How Do I Earn Bitcoin?
The most common way to acquire Bitcoin is by purchasing in a crypto exchange. But does that mean there aren’t others? In this guide, we’ll take a comprehensive look at the top four methods to earn Bitcoin in 2023 and one bonus method for casino lovers!
If you are an online vendor or service provider, you can quickly start earning Bitcoin by integrating your store with a BTC payment processor. Many eCommerce platforms today have existing integrations that simplify this BTC payment processing.
What Do I Need to Get Started?
- Wallet: To get started on any crypto venture, you will require a wallet to store your coins. There are two types of wallets — hot wallets and cold wallets. A hot wallet is connected to the internet making it faster and easier to access your coins. It is however vulnerable to online attacks. A cold wallet, on the other hand, is not connected to the internet. This makes it less convenient but more secure.
- Inform your customers: Let customers visiting your store know they can pay with Bitcoin before they checkout. Tech-savvy customers seeking an alternative to traditional payment methods will readily go for it and probably make you their go-to seller.
- Platforms and Integrations: Many platforms allow online vendors to accept Bitcoin payments on their websites. Some examples include Shopify, WooCommerce, and Adobe Commerce. Shopify vendors, for example, can use Coinbase Commerce or BitPay to accept BTC payments.
A mining pool is a group of people who join their computing power across a network to find a block or otherwise mine a cryptocurrency.
Miners in Bitcoin mining pools collaborate to mine blocks together and split the payments based on agreed terms and each member’s contribution to the pool.
Contribution is measured in terms of hash rate, which is a measure of the number of hashes or tries to find a new block, executed per second. When a miner in the pool finds a block, they pay the block reward to the mining pool coordinator. The pool coordinator then takes a small fee before paying each member based on their hash rate contribution.
Why Should I Join a Mining Pool?
Bitcoin mining difficulty increases with every mined coin. The odds of succeeding as an individual miner are drastically reduced by the high power and resource demands.
Teaming up with others improves success rates and makes the process much cheaper due to shared costs. It allows you to mine profitably and enjoy a steady stream of income.
However, you should research extensively before joining a mining pool. Becoming a member of a poorly managed mining pool can result in lesser rewards, fraud, and hidden blocks.
In-Person Crypto Payments for The Sale of Items
Whether you are a one-time seller or a small business owner, integrating BTC payments into your business is another way to earn Bitcoin while capturing more sales.
Customers can send payments to your public address or QR code. In a retail shop, for example, you can use a point-of-sale app to deduct Bitcoins from customer accounts. You input the customer’s amount owed into the app, and it calculates the amount payable in Bitcoin. Then, the app generates a QR code for the customer to scan with their wallet to complete the transfer of funds.
In addition to being quick, BTC transactions have cheaper processing costs than traditional forms of payment, such as credit cards. This can entice customers to spend more money and make more expensive purchases. Moreover, BTC payments are impervious to chargebacks, so you don’t have to worry about your coins being reversed.
Working A Web 3 Job
Due to its increasing use across various sectors of the economy, the crypto space has become one of the fastest-growing employment prospects in the digital economy.
A few useful talents in this space include web and blockchain development, marketing, community management, content creation, and design. The best part is that most of these jobs are remote.
Most businesses in the crypto space will probably offer to pay you in a crypto coin of your choice once they hire you. You can choose Bitcoin as your preferred method of payment.
LinkedIn is a great place to find and apply for web 3 jobs
Playing Online Crypto Casinos
Crypto casinos are online casinos that accept deposits and withdrawals in cryptocurrencies. Traditionally, customers’ sole option for payment to gamble online was fiat through e-wallets and credit cards. Today, using digital assets like Bitcoin, crypto casinos have provided a more decentralized approach to online gambling.
Bitcoin casinos allow you to deposit Bitcoins to fund the games you intend to play and cash out your winnings in Bitcoin while offering a wide selection of games such as Blackjack, Roulette, Baccarat, and Video poker.
Bitcoin casinos have grown in popularity thanks to their anonymity, speedy transactions, and minimal costs.
NOTE: Casinos are a risky investment and therefore, risk management is important. As a rule of thumb, invest only what you can afford to lose.
When evaluating a casino’s credibility:
- Only pick casinos that are licensed and regulated.
- Check user reviews before signing up.
- Read the casino’s terms and conditions before agreeing.
As you get ready to invest in Bitcoin, keep in mind that the crypto market is highly volatile and Bitcoin’s price fluctuates according to market conditions. With its price slightly below $20,000 at the time of writing, BTC remains the number one virtual currency in terms of market capitalization, user base and popularity.
- Bitcoin is intangible and only exists in records of transactions on a public ledger called the blockchain
- By pooling resources together, mining pools allow even the smallest miners to earn a stable income through Bitcoin mining.
- You can accept Bitcoin payments to save on credit card fees and entice buyers to buy more.
- Bitcoin casinos are introducing better anonymity features and a decentralized approach to online gambling.
- Crypto markets are highly volatile and prices are ever-changing.
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✍️ Head of Content @ Cindicator
📊 Certified Bitcoin Professional
🔐 Blockchain Chamber - Chapter President
Who is Cindicator?
Cindicator is a world-wide team of individuals with expertise in math, data science, quant trading, and finances, working together with one collective mind. Founded in 2015, Cindicator builds predictive analytics by merging collective intelligence and machine learning models. Stoic AI is the company’s flagship product that offers automated trading strategies for cryptocurrency investors. Join us on Telegram or Twitter to stay in touch.
Information in the article does not, nor does it purport to, constitute any form of professional investment advice, recommendation, or independent analysis.