13 ways to earn your first Bitcoin

Written by Anna Komashko
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Investing reporter
ECOS community manager...
4   min.
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13 ways to earn your first Bitcoin
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Initially, cryptocurrencies were created with the high goal of giving money independence and anonymity, but it seems that they would have remained entertainment for IT people for a long time if it were not for the rise in the price of Bitcoin by thousands of percent in a few years.

People paid attention to the crypto market and saw that there are a lot of opportunities for earning here – and this is not only about classic investing and trading. Today I will tell you about 13 ways to earn your first Bitcoin!

Cryptocurrency faucets

Cryptocurrency faucet or cryptocurrency faucet in the English-speaking environment is a special service where users are paid rewards in bitcoins, ethers and other coins for certain actions. Investments are not required – only time. The main way to earn money is to visit the site every half an hour or an hour, solve the captcha and get a small amount of cryptocurrency (make a claim).

Trading on crypto exchanges

Many of you know the main rule of successful trading: buy low, sell high. Traditionally, it is used to earn money on stocks or goods like gold, but naturally this also works with cryptocurrencies – they can be easily bought and later sold at a higher price (if it grows, of course).

Auto trading bots

Actually, not only people can trade for you. Trading bots are special algorithms that help in trading. The most advanced programs can completely replace a trader and execute all elements of a trading strategy. Today, more than half of the transactions on the exchanges are made by trading robots. They are able to monitor the market 24/7 and, when the necessary conditions appear, immediately open transactions.

Earnings on cryptocurrency mining

Mining is necessary to maintain the operation of the Bitcoin network and other cryptocurrencies with the Proof-of-Work consensus algorithm – the process of recording transactions and creating new blocks in the blockchain, which provides complete protection against hacking and fraud. Miners use special equipment to solve complex mathematical problems embedded in the cryptocurrency security algorithm. Naturally, not for free – with the successful creation of a new block, the miner receives a reward in cryptocurrency.

Staking

Cryptocurrency mining has become so popular that it has begun to consume huge amounts of energy. For example, Bitcoin mining consumes as much energy as Argentina consumes! For this reason, more energy efficient algorithms have been developed for a long time, and one of the most popular is Proof-of-Stake or “proof of stake”. According to this algorithm, in order to maintain the operation of the cryptocurrency network, users must temporarily block money in their wallet – for a fee, of course.

Masternodes

In cryptocurrencies, masternodes are used to maintain the operation of the network – special nodes that process transactions, record them on the blockchain and have advanced rights (transaction verification, blockchain recording, etc.). They are needed to increase the speed of work due to a smaller number of distributed nodes, while maintaining the main advantages of cryptocurrencies – decentralization and transaction security. Cryptocurrencies with masternodes forgo mining entirely, instead distributing rewards among node owners.

Cryptocurrency lending

If you are not satisfied with the interest on staking, you can try to issue a cryptocurrency loan. The advantage of this way of making money is that you yourself set the amount of payments and the term for closing the loan. Why do people take such loans? There are also advantages for borrowers: there are no conditions for a credit rating, it is approved much faster, flexible payment terms.

NFTs

In 2021, NFT (non-fungible token) became the word of the year according to the British Collins English Dictionary. NFT is a digital certificate that guarantees exclusive ownership of a digital object. The hype around the three funny letters is not going to end – every self-respecting famous person now wants to release his collection and make money on it. Well, you and I can earn money by collecting NFTs and trading them.

Fan Tokens and FTOs

Blockchain projects have also reached sports in the form of fan tokens. By purchasing them, you get some privileges in the life of sports and eSports teams: participation in voting on important club decisions, limited edition NFTs, rare badges and rewards, discounts on merch, etc.

Your own crypto business

The cryptocurrency market is developing very quickly and in dire need of people who are ready to invest money and time to create new businesses in this area. Today, there are many promising areas for this, for example, mining, payment systems that support cryptocurrencies, bitcoin machines, trading and exchange (exchanges, exchangers, p2p platforms), decentralized applications.

Cryptocurrency games

There are dozens of mobile games where you can earn cryptocurrency. Some are arranged similarly to cryptocranes – players are periodically given tasks with cash rewards. Others operate like online casinos, where earnings depend on luck.

Airdrops

New crypto projects need publicity to get the attention of the community. One of the most effective ways to do this is to arrange a free distribution of tokens. Airdrop is a marketing strategy that gives users a cryptocurrency or NFT for completing simple tasks: subscribe to social networks, like, repost from official pages, etc. In other words, to help the project with promotion.

Bounty programs

In addition to Airdrops, where you can earn in a couple of clicks, blockchain projects run more demanding and profitable bounty programs for participants. The term comes from the computer games industry, where this is the name of a campaign to attract players and specialists to work on projects – for example, to find bugs.

Conclusion

There are even more ways to make money on cryptocurrencies, I told you about the most famous ones. If you are interested in this topic, I advise you not to scatter and study one or two ways – the more experience in a particular direction, the more likely you are to find really profitable opportunities.

Do you want to invest in crypto? Pay attention to ECOS platform. If you want to try BTC mining for free, then register on ECOS platform by pushing the button below.


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