4 ways to make money with Bitcoin

1.Mining

Mining is the easiest way to get wealth in the cryptocurrency market. Bitcoin founder Satoshinakamoto says that mining is a device designed to compensate for the provision of computing power to network participants to maintain the blockchain (distributed field), which is the main function of Bitcoin. Therefore, when bitcoin was first created, the mining reward was 50 BTC, and then the amount of the reward gradually decreases after the half-life.

But it is not getting smaller. Since transaction fees are charged through the Bitcoin network, additional compensation is made. Assuming Bitcoin will continue to be supported, it is predicted that it will only be possible to reward miners with transaction fees.

In terms of mining, as the value of bitcoin rises against the dollar, the number of miners is skyrocketing and the difficulty of mining also increases, and it has been a long time since mining performance disappeared from personal computers as high performance and expensive Hardware for mining ASIC.

However, since the cryptocurrency market is based on open source software, various altcoins began to emerge based on the bitcoin source to compensate for the weaknesses of bitcoin (10-minute confirmation cycle, ASIC emergence, security). Among the few downsides, coins that use an ASIC prevention algorithm are in the spotlight and can be mined on a PC, resulting in some performance.

So, if you want to profit from mining at this stage, there is a way to get continuous profit from mining after the principal is restored by buying a mining machine that can return the investment within 6 months among bitcoin miners. (However, mining performance gradually decreases and even the electricity bill is not paid.)

Another trick is to mine altcoins (coins other than bitcoins). Altcoin is also a method of making continuous profit after principal recovery by setting up a PC just enough to get a return on investment within 6 months.

Lately it is called cloud mining and there is a mining method borrowing mining performance without directly using a miner, however it also does not differ much from the above two because it is a method of investing in the form of a deposit. only payments, not buying a miner.

(Related: Genesis Mining vs Minergate Cloud Mining)

When making a profit using the mining method outlined above, you must take the risk that the payback time will be affected by fluctuations in the bitcoin price.

2. Trade

It takes too long to make money from mining. In this case, there is a method of directly buying and storing virtual currency and making a profit when the price rises. This method is a very simple method of making a profit and can be said to be similar to stock trading.

Virtual currency is considered a stock, and when the virtual currency is low, it is bought and held, and when the price rises, it is sold. Unlike the stock market, the virtual currency market is small and controlled by law. Since they do not lose, prices often rise and fall by specific forces. Plus, there is no limit to the range of wobbles and wobbles, so there are many cases where jackpots or crashes literally happen.

In order to buy or sell, the latest information comes from the cryptocurrency community or you need to follow foreign news. However, as in the stock market, in most cases the information we receive is often too late, so it seems beneficial if you write a long report with funds that you believe do not bear the burden of losses.

3. Participation in the placement of coins (ICO) - based on trades

An offering share on the stock market is called an initial public offering (IPO). In the cryptocurrency market, this is called ICO (Initial Coin Offering), as is the recruitment of shareholders in the stock market.

Initially, coins are sold at a low price (?). The reason for the ICO is to reimburse the investment costs of developing the cryptocurrency and

It is known to be used to support and promote the community.

There are some differences between IPO and ICO. If you invest through an IPO, you can use your powers as a shareholder in the invested stock. You can receive dividends and get legal protection.

(Of course, if the company fails, it becomes a piece of paper.) However, when investing with an ICO, there is only Marit, which buys coins at the initial price, not shares. Most coins have an initial issue price.

Since it is cheaper than listing on the coin market, when listing on the exchange, it tries to return the investment by selling the coins it earned from the investment.

Prices are often significantly reduced. For this reason, in the current situation, if you have made an investment in ICO, you should check the listing date and sell it as soon as possible.

Conversely, if the coin is expected to rise in the future, it will be possible to make even more profits by holding and trading for a long time.

4. Using a bitcoin collector

Mining, trading, coin offering, etc. Can enter the bitcoin market with small or large investments.

For this reason, there is also the likelihood that the investment will be taken down. (Bitcoin is not expected to disappear in the next few years, but no one can guarantee the future.) In contrast, the Bitcoin collector (paraphrasing in Korean: a service that provides bitcoin in advertising) is not investing any funds. Instead, you should specify the user's time (about 20 seconds).

At regular intervals (about 60 minutes), this is a service that gives you bitcoins when you see an advertisement displayed by the service. Although advertising costs are low, you can earn more than mining virtual currency on a regular PC. The concept of lottery and rewards is instilled, so you can get unexpected profits and pay interest. However, while this type of service has been created so many times since the early days of Bitcoin, there are many places that cannot support this service. This way you can find and use a stable service.

Since there is no investment amount, it is a limitation that you cannot get a lot of income. Recommended only for the patient and steadfast.

All of the above methods should be studied a lot in the beginning, only invest as much as you can afford, and always be prepared for accidents. Only when preceded by safe investments can continuous profits be generated. This is the truth about the investments made.