Bitcoins are the talk of the town and it has banks running scared. With Bitcoins, anyone can send (or receive) any amount of money to anyone else, anywhere on the planet, conveniently and without restrictions. That’s the true advantage of Bitcoin: it’s fast and very convenient.
Another significant advantage of bitcoin, when compared to conventional currencies, is that bitcoin is protect from inflation. There is no central authority that can manipulate the supply and thus the value of this digital currency.
Since the value of bitcoin is preserved, it makes keeping your money in bitcoin a much wiser choice than say stashing cash in a mattress.
Even so, it’s probably not best to just keep your bitcoin in storage. Why not try and earn some money with your bitcoin? Here in this guide I’ll go through several ways you can make money with bitcoin.
Invest In Bitcoin
Have you seen the price of a bitcoin in relation to the dollar? In recent years, it has skyrocketed. Investing in the stock market is never guaranteed, but if you see the recent trend of bitcoins, it’s hard to not invest in this cryptocurrency while it’s hot.
In 2010, Bitcoin was worth less than a penny. A year later, it was worth as much as 1 dollar. Fast forward to 2017 and a bitcoin is now worth over nine thousand dollars.
Bitcoin Savings Account
Just like you have your hard currency in a savings account, you can also keep your cryptocurrency in a savings account. You can’t expect to earn too much money doing this, but expect to make from 1 to 3 percent interest by keeping your money in a bitcoin savings account.
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Sure, you can play at an online casino and fund your account from your bank account. However, this comes with several problems.
First, most of the time there is a fee to transfer money into your account. It might not seem like much to pay a 1 percent fee, but it really adds up over time. With bitcoin, there is no fee.
Second, when you make a bitcoin deposit your information is kept private. You don’t have to enter bank records and thus your risk of fraud is zero. You never know when a company is going to get hacked and your personal info will be sold on the black market. With bitcoin, you feel safer knowing your money is safe.
Lastly, if you wish to cash out your winnings, be prepared to wait a long time to receive your funds if you paid with your bank account. Had you used bitcoin, you’d have your money right away with no delays.
Peer To Peer Lending
Yes, you can make money loaning money to others using your bitcoins. The reason why people are flocking to bitcoins to get a loan is that the fees are much lower than those offered by a traditional bank.
You can act as the bank and loan people or startups some money. They will pay you back plus interest.
Of course, be prepared to suffer some losses along the way, as not everyone ends up paying you back.
The benefits of P2P lending with bitcoin are as follows:
- high interest rates
- low fees
- fast process
- lend internationally