Currently there are multiple ways to earn money directly in bitcoin (btc), although no alternative is suitable for everyone. some are easier or more accessible than others. each one requires developing different knowledge and allocating a different investment margin, either of money and/or time.
That is why in cryptonews we select 3 very different methods that allow you to earn bitcoin and we analyze how difficult it is to carry out each one. below you can see excellent are in order from lowest to highest difficulty: gaming, trading, and mining.
Reading: Como ganar dinero con bitcoin
1. games to earn bitcoin
as cryptonoticias has pointed out on different occasions, there are different play-to-earn game options on the market that allow you to win cryptocurrencies. It is important to know that some offer bitcoin directly when meeting the objectives, such as those of the company thndr games or fold, while others deliver a token that can then be exchanged for bitcoin if desired.
In case of using a game that offers rewards in a cryptocurrency that is not bitcoin, it is vital to keep in mind that the accumulated winnings can decrease in value if you lose a number of players or there is high selling pressure on the token. this is something that has happened, for example, with the slp tokens of axie infinity or pvu of plant vs undead. however, this cannot happen if it works directly with bitcoin, since its price fluctuations do not depend on the interest that a game has.
another issue to keep in mind is that there are games that require investing money to play. for example, buying tokens or nft (non-fungible tokens), as it works in axie infinity. although it also allows hub owners to grant scholarships, with which many players have entered the game for free in exchange for a percentage of the profits.
See also: How to Sell Bitcoin (BTC) for GBP in the UK (2021)
There are also completely free options on the market, such as those listed at the beginning or rollercoin, a game that simulates bitcoin mining and grants rewards.
Considering the free games that do not require an initial investment, this method to earn bitcoin is easily accessible to anyone without the risk of losing money. it is only necessary to learn to play them and develop skills to meet the objectives. the disadvantage is that they require a lot of time to be invested and the profit margin is not that great.
2. bitcoin trading
bitcoin trading consists of buying cryptocurrencies at low cost to sell when they have been priced and thus get a profit profit. that fiat money obtained can then be used to buy more bitcoins if its price is low.
the amount of investment can be the amount of money that each person wants, since it is adaptable to any pocket. this makes it accessible to anyone, as long as they have a little or a lot of money left over.
however, despite its ease of access, it should be noted that trading is a complex activity to earn bitcoin. In addition to requiring investment money, it requires training in principle on how the system works, the exchange to be used and the fluctuation graphs and other indicators.
In addition, you need to allocate a lot of time every day to stabilize updated prices and what is happening in the market. And that’s not all. It requires developing the decision-making capacity to buy and sell, knowing also that there is a possibility of losing the money invested if you buy higher than you sell.
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trading is a very high-risk method of earning bitcoin that requires an investment of money and time. this makes it a difficult way to acquire the cryptocurrency, but at the same time it can generate great profits if it is sold higher than what is bought. this is how some people manage to generate income with bitcoin.
3. bitcoin mining
Simply explained, bitcoin mining is the process by which new bitcoins are created. in some way, it could be said that “it is like the machine that prints tickets that each country has”, with the difference that this activity is decentralized and digital. that is, it does not depend on a centralized entity such as the government, nor is it physical. In addition, this activity provides security to the network with the computing power of the miners.
Anyone in the world could mine bitcoin, as long as they have the necessary equipment and live in a country where the activity is not prohibited, as is the case in China. The big question then is if anyone can have a “personal machine to make money”, why doesn’t everyone have it?
As a result, the activity is not as simple as it sounds. For this reason, she is positioned third on this podium of ways to earn bitcoin from lowest to highest difficulty. Unlike games and trading, cryptocurrency mining requires a large initial investment, which is something that is not easily accessible to everyone.
This is because it works through expensive, energy-intensive technological equipment that solves mathematical problems 24 hours a day to mine bitcoins. To this is added that the extraction takes time depending on the equipment, the energy, the competence of the miners (difficulty), the maintenance, among other technical issues.
That’s why earning profits can take a long time, as well as money and training before and during. although if that stage is successfully passed, with constant maintenance it can be one of the most stable and profitable ways to earn bitcoin, as crypto news has shown in a report that indicates the pros and cons of mining vs trading.
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