You’ve probably heard of “When Lambo”. It’s a product of crypto-millionaires flaunting their wealth all over social media. There’s no doubt that crypto-millionaires have made their fortune from trading. If you’re like me, the only trading you probably know about is looking for the lowest prices on Amazon. Technical analysis, candlesticks, resistant points, and margin trades aren’t your piece of cake. So, here are the top five ways to earn bitcoin without trading, in 2019:
Some projects distribute a certain amount of their tokens in little quantities to the public. The logic behind this is simple – higher the number of people using their products, higher the value ascribed to the tokens. In the heyday of initial coin offerings (ICO), many got airdrops worth as much as $5,000. In 2019, airdrops are still worth as much as $100 while giveaways run into the thousands.
Some websites, called faucets, give out satoshis (the smallest unit of bitcoin) to their visitors. These visitors complete captchas, view ads or perform microtasks. Microtasks range from filling surveys to downloading apps, from watching videos to completing questionnaires, and performing beta testing. One of the oldest existing bitcoin faucets on the internet is FreeBitco.in. It offers users up to $200 in free BTC every hour, which is higher than most bitcoin faucets around.
No one in the crypto space starts with a clean slate. Each person comes in with their own skills and finds ways to leverage them in the decentralized space. The best part is that the demand for blockchain expertise combined with traditional skills is on the rise. So, one can begin offering consulting services to newer blockchain projects.
Let’s take a look at some examples: lawyers specializing in blockchain and crypto law. Accountants consulting on funds management. Stock exchange brokers consulting on crypto trading. Freelance writers handling copy and content for a blockchain company. The list goes on and on. And most blockchain companies, by default, favor a decentralized structure. Thus, your location doesn’t matter. You can get paid in bitcoin across borders at little cost, without having to resort to expensive and time-consuming traditional payment options.
Closely related to this is training. Educating the masses, businesses and the government on the benefits of adopting this new technology. Savvy companies looking to stay relevant are eager to hire blockchain and crypto consultants that can help them strategize and re-position. Of course, it’s possible to request payment in crypto. Crypto/fiat exchanges are a dime a dozen, and they allow you to receive crypto even though Fiat was sent.
HODLing, a common word in the crypto world, actually has a background story. It refers to holding on to one’s bitcoin and not selling, especially when the market is bearish. This is a basic profit strategy even newbies can adopt. Let’s use an example. Bob invests $100 in bitcoin and a few days later, there’s a bull run and his $100 becomes $500. Bob can encash his profit of $400, and then repeat.
Long term holding is strongly advised. If you had held $100 worth of BTC in 2014, it would be worth $4000+ today, in just 5 years. No bank or other similar investments can promise you such returns.
Collectively, crypto crowdfunding methods have raised over $20 billion in the last five years. While some projects turned out to be exit scams, there are those that have brought massive profits to their investors.
Integrating blockchain and crypto in your business is a smart way to position it for disruptive growth. Fees are at their lowest, and you open your business to every corner of the world. Where previously one couldn’t do business with prospective customers outside the country, bitcoin comes to the rescue.
Bitcoin creation happens through a process called mining. Using the Proof of Work (PoW) consensus algorithm, new bitcoins are created (called block rewards) upon the successful creation of a block. To mine, one needs a computer with high hash power, and non-stop power supply. Bear in mind that block rewards halve every 210,000 blocks, which is about once every four years. The current block reward is 12.5 bitcoins, and the next halving is expected to take place in 2020 when it would go down to 6.25 BTC.
An alternative option is cloud mining where one rents space on the physical facilities of a mining company. The most prominent cloud mining company is Genesis Mining. Miners can rent a space for a small fee and begin earning daily or weekly.
Now is probably the best time to begin storing up on bitcoin. Going from almost nothing to trading at an all-time high (ATH) of $19,000+ is enough evidence that bitcoin is here to stay. Factors like the block reward halving, a fixed supply of 21 million bitcoins are just some of the reasons why anyone should be bullish on bitcoin.