10 Actionable Ways To Make Money With Bitcoin in 2024

The crypto space is heading towards a bull market again, and as time progresses, there are now more ways to potentially make money with it this 2024, particularly with the flagship crypto halving event slated for this April. 

This guide explores how to earn money from cryptocurrency, with Bitcoin (BTC) as our yardstick. Let’s examine ten actionable ways in detail, from simple, low-cost methods and going on to more complicated, higher-cost ones. 

1. Learn About Cryptocurrency

As you would for any investment, do ample research to understand exactly what you’re going into, especially if you’re new to it. Starting with learning about cryptocurrency, including Bitcoin, is a solid foundation for anyone looking to make money with Bitcoin in 2024. It would help if you had a grasp of the fundamentals of how cryptocurrencies work, their underlying technology, market dynamics, and various investment strategies are essential to make informed decisions.

2. Make Money With Bitcoin Affiliate Programs

Affiliate programs are simple: websites pay you commissions for referring customers to them. Bitcoin and other cryptocurrency affiliate programs will naturally offer to pay you in BTC. So, by joining such programs, you can passively earn Bitcoin. 

If you’re well into the internet, you may have a blog, YouTube channel, or other social media accounts: join a crypto affiliate program and share your links. If you don’t create content online, share your links with your friends and family and post them wherever you can, keeping in mind to do this without spamming people. You’ll get to earn Bitcoin and show them they can also learn how to make money like you.

3. Work in the Crypto Industry

Take the time to understand crypto and translate your expertise to the cryptocurrency industry. Your skills will be in high demand in the financial and technology worlds. Most people need to understand blockchain technology, crypto economics, mining, or how to think critically about its implications. 

Cryptocurrency experts can easily make thousands of dollars by combining such knowledge with their skills. Most of these jobs can often be done remotely, and they may offer to pay you directly in Bitcoin. In crypto, various roles like community managers, content writers, designers, software developers, and blockchain developers are in demand.

4. Invest In Bitcoin

Investing in Bitcoin for the long term, also known as HODLing, can be a relatively passive way to earn profits over time, provided that the selling price is higher than the purchase price. 

Although Bitcoin was initially created as a digital currency for everyday transactions, its increasing value has caused many investors to view it as a long-term investment. However, it’s important to remember that, as with any investment, you may have to weather fluctuations in pricing and resist the temptation to buy or sell too quickly.

If you decide to invest in Bitcoin for the long term, it is crucial to maintain a diversified portfolio and avoid investing more than you can afford to lose. One simple guideline is to invest at most 10% of your portfolio in volatile assets like Bitcoin.

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5. Staking Bitcoin

Staking Bitcoin involves holding a certain amount in a cryptocurrency wallet and actively participating in the network’s operations to validate transactions and secure the blockchain. 

In return for staking their Bitcoin, participants receive rewards in the form of additional Bitcoin or other cryptocurrencies. Staking is a consensus mechanism some blockchain networks use, such as Proof of Stake (PoS) or variations like Delegated Proof of Stake (DPoS) and Masternodes.

One practical example of staking Bitcoin is using a platform like Staked.us or Coinbase Custody. These platforms allow you to stake their Bitcoin directly through their platform, eliminating the need for technical expertise or setting up and maintaining a staking node. 

You can deposit their Bitcoin into the staking platform’s wallet and opt-in to the program. The platform then pools the deposited Bitcoin with other funds to collectively validate transactions and earn staking rewards.

6. Investing In Bitcoin ETFs

In January 2024, the Securities and Exchange Commission (SEC) approved a handful of spot Bitcoin ETFs (exchange-traded funds). These allow investors who were previously unable to directly access Bitcoin through their retirement accounts directly — to gain exposure to the cryptocurrency.

On the one hand, Bitcoin ETFs provide an easy way for fund-oriented investors, such as those with retirement accounts, to allocate a portion of their portfolio to cryptocurrency for investment diversification. 

On the other, they lack many benefits of actual cryptocurrency ownership — you can’t spend it or store it in a cold wallet. And they may be subject to just as much volatility as Bitcoin itself.

7. Lending Bitcoin

If you own some Bitcoin, you can earn interest on your assets by lending to other investors or institutions. Several platforms let you lend out your Bitcoin in return for interest. However, each platform has lending stipulations worth exploring. 

For instance, you could lose some or all of your investment if the borrower you’re lending defaults. Remember that crypto lending is also a relatively new category with high risk and uncertainty. 

8. Bitcoin Trading

Bitcoin trading is the approach that everyone thinks will get them rich. While this can be true, it requires lots of work, attention to detail, and dedication to become a profitable trader. 

Unlike regular ‘HODLers’ who buy and hold cryptocurrencies for a long time, traders enter and exit positions intraday, flipping coins for profits, hoping to make hundreds or thousands daily.

By trading Bitcoin derivatives, like futures, options, and contracts for difference (CFDs), it is possible to make speculative bets on Bitcoin’s price movements without actually owning the cryptocurrency.

9. Creating and Selling Bitcoin-related Products or Services

Entrepreneurs and businesses can capitalize on the growing popularity of Bitcoin by creating and selling products or services related to cryptocurrency. This concept includes various offerings, such as merchandise, educational resources, consulting services, and more. For example;

 

• Setting up an e-commerce store and selling Bitcoin merchandise will appeal to Bitcoin enthusiasts and help promote awareness and adoption of the cryptocurrency. 
• Developing and selling educational courses or training programs focused on Bitcoin and cryptocurrency. With the increasing demand for knowledge and expertise in crypto, creators can monetize their expertise by offering paid courses through online platforms like Udemy, Coursera, or Teachable.
• Entrepreneurs can provide consulting services to individuals or businesses seeking guidance on navigating the complexities of the cryptocurrency market.
• Create a bitcoin trading bot and sell access to it

10. Bitcoin Mining

Bitcoin mining can be profitable but requires significant computing power. The upfront and ongoing costs can exceed the mining rewards earned. Under Bitcoin’s proof-of-work consensus mechanism, miners validate transactions to keep the network secure.

New transactions are added to the ledger every 10 minutes, and the miner who validates a block is rewarded with 6.25 Bitcoins and transaction fees. However, to earn these rewards, you need a powerful ASIC computer that can cost over $10,000 and spend thousands on electricity to compete with other miners.

 

Conclusion

In summary, there are many options if you’re looking for how to earn from cryptocurrency. While some methods are geared towards short-term rewards, others focus on long-term appreciation.