Learn how to earn Bitcoins for profits the smart way!
You only need the right info and a few good resources to get started.
Bitcoins, an encrypted digital currency that allows people to anonymously purchase products or services.
You can buy and sell Bitcoins for a profit?
There are many people around the world who are making a lot of money dealing Bitcoins.
If you’re interested in buying and selling Bitcoins for a profit, then you came to the right place.
In this article we will talk about how to earn Bitcoins and how to sell them for a profit.
Is Dealing with Bitcoins Risky?
There is a lot of stigma attached to Bitcoins because it’s an encrypted currency and untraceable, an ideal currency for illegal activities.
Authorities have busted several websites that offer illegal services or products in exchange for Bitcoins.
Thus, the currency has a bad-rep!
But that doesn’t mean it’s illegal to deal Bitcoins, the currency on it’s own is perfectly legal, it only depends on how you use it.
Not to mention the incredible growth spurts it sees every month!
There have also been some cases where people attempted to sell Bitcoins only to have the buyer disappear with the Bitcoins and vice versa.
This is where a third-party Bitcoin trading service comes into the picture.
If you try to create deals on your own without any third-party protection there’s always a chance that you will encounter some problems.
So, dealing with Bitcoins is risky if you do not use a third-party service, otherwise, it’s perfectly safe.
Still, one should take precautions when dealing with these currencies, especially if the value is relatively high, it’s recommended to meet in a public area.
How to Earn Bitcoins?
There are several ways to collect Bitcoins, we will summarize some of the most common techniques in this section.
Bitcoin Mining
Bitcoin Mining is a rather complicated process and difficult to explain but I’ll do my best to summarize the process for you.
Bitcoin Mining is the process of solving mathematical problems in exchange for small amounts of the currency.
Miner’s use special software (and hardware) to solve these problems on the Bitcoin network.
But here’s the catch, every time a problem is solved, the next problem is more complicated, this makes it difficult for people to abuse the system.
You’ll also need particularly powerful hardware to successfully mine Bitcoins.
And you will need to upgrade from time to time as more miners join the network and make it more difficult to mine.
Mining Bitcoins consumes A LOT of power and you need a powerful GPU (Graphics Card) to mine any worthwhile amount.
So if you’re interested in Bitcoin mining remember the electricity bill will be quite high.
If you can make a profit – awesome!
But electricity can be quite expensive in some countries, and the amount you earn from mining won’t cover it.
It is possible to purchase hardware specifically designed for solving these transactions but don’t expect to fire up one of these devices and collect hundreds of Bitcoins on a daily basis. It takes time.
So that’s one way to collect Bitcoins.
Selling services or products in exchange for the currency
This is the easiest way to earn Bitcoins.
If you have a service or product to offer the world, all you have to do is enable Bitcoins as a form of payment.
More and more websites and companies are accepting Bitcoins so this is not as unusual as you might think.
Earn Bitcoins by completing tasks
There are plenty of websites that will pay members to complete tasks in exchange for the coins.
The amount is usually very small but it can add up overtime, and the currency’s value can increase, therefore, it’s similar to an investment.
There are other, minor, ways to earn Bitcoins, but the three methods mentioned above are the most profitable.
Selling Bitcoins – There’s an Idea!
Let’s assume that you have some Bitcoins and you want to sell them, what can you do?
Well, there’s actually a large marketplace for Bitcoins, thousands of trades are done each day!
The trick (as we mentioned at the beginning of this article) is to find a marketplace that is secure and offers buyer (and seller) protection.
There’s one website that I found that makes it incredibly easy to find buyers (and sellers) for Bitcoins right in your area.
It’s free to join and you can browse through the offers, find a buyer, find their contact information, and figure out a way to meet up in person.
Once you meet up in person and the buyer hands you cash (or your desired payment method) you can confirm the purchase on your profile and the website will deposit your Bitcoins into the other person’s account.
It’s similar to Escrow, but for Bitcoins.
This service is relatively new but I couldn’t find any negative reviews about it online.
It’s a company called Local Bitcoins and it’s one of the best marketplaces for Bitcoins online.
The reason people love it is because the company provides an unbeatable level of security for buyers and sellers alike.
It’s also extremely convenient, sellers can choose their desired method of payment (cash, Western Union, or Paypal) and meet up with the buyer in person.
Most people prefer to deal with cash, therefore meeting the buyer is necessary.
These deals are often done at coffee shops, once the money has been collected, all the seller has to do is text Local Bitcoins and confirm the purchase, then the currency is transferred to the buyer’s account, this takes a few seconds.
Why Local Bitcoins?
There are a few reasons that Local Bitcoins is superior to other Bitcoin marketplaces.
- It provides excellent buyer and seller protection.
- It allows you to find buyers or sellers in your city.
- It holds the Bitcoins in escrow until both parties confirm the deal.
- It’s free to join.
- It’s fast.
Those are just some of the benefits…
Conclusion on How to Earn Bitcoins:
If you are looking for another way to bring in some cash, dealing Bitcoins is an interesting idea.
Much like other currencies or commodities, all you have to do is find cheap deals and then sell higher for a profit.
I highly recommend Local Bitcoins because they make it remarkably easy to create deals and find buyers.
If you have some Bitcoins, Local Bitcoins is the perfect marketplace to find a buyer for a fair price.
You could even acquire cash, which is rare for Bitcoin deals.
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Just remember to be cautious when dealing with high amounts and always suggest meeting in a public area. It can be dangerous otherwise.
Well, I hope this post has better helped you learn how to earn bitcoins 😉
Thanks for reading, leave a comment below with your opinions, I would love to hear what you think about Bitcoins!
Awesome article. Covers everything in detail. Almost reminded me of my early days in blogging. I think you should do a part-time job as well as focus on marketing a single software or product related to your topic.
Really great post on how to earn bitcoins. I invested about 6 BTC and I got 9.90 BTC within a week.
Good article, I learned new things about how to earn bitcoins. Thanks dude
Hi Todd, really an impressive post on Bitcoins. People set their mind always that bitcoins is a scam and it does not pays. This post will help the people to get clean and clear information on Bitcoins and how it makes money. Thanks a lot Todd for sharing this detailed post on Bitcoins and it will be very useful for the people to make money.
Really great post on how to earn bitcoins. I also like the idea of an online business.
I don’t have a ton of money, what would you recommend for me?
Thanks
Hi Deb,
Check out our Free Internet Marketing Training eCourse.
We give all the information and resources to see what online strategy is best for you.
Thanks,
Todd
Great article! I like local bitcoins personally. I think you’ve made some solid points for those trading. You do need to be careful when trading currencies, online or offline.
Oh man, bitcoins, quite a subject there. I see bitcoins as a way to earn a profit depending on when you trade them of course? Really good information and quiet simple to understand. If you can buy low and sell high, like any other stock or commodity, you should do well.
Great post
Thanks Walter, just another avenue to learn how to make that money online. If trading is your thing, than Local Bitcoins got you covered.
Cheers,
Todd
Awesome, thanks for the recommendation of Local Bitcoins, I’ll check them out.
Yeah, I’ve heard nothing but good things about working with them. You can start trading with Local Bitcoins and have the security of a fair trade.
Best,
Todd
Hi Todd,
Thanks for your article, you have made it a little clearer to me what Bitcoins really are and how you can earn them.
One of the big advantages I can see with Bitcoins is that there is no fee for international transfers, so this could be interesting for businesses. Although on the other hand, as the value of Bitcoins is dependant on demand, the value could vary greatly, making it risky to hold much of this digital currency.
As for earning Bitcoins I can understand getting paid with them or selling to receive some, but mining Bitcoins must be for just a select few. It sounds so complicated and you need some pretty powerful equipment.
If I ever earn any Bitcoins the Local Bitcoins platform seems to be a safe way to trade. I like the idea of finding and then meeting locally in person.
Peter
Hi Peter,
Thanks for your feedback and I’m glad you’re more aware of how to earn Bitcoins and what they are. It could be a good currency for traveling if you can find safe ways to trade it in a foreign country.
If you do end up trading Bitcoins, Local Bitcoins will work well for safety to both parties and meeting in person in a public place would be the only way to go.
Thanks for your feedback and input Peter.
Cheers,
Todd
Hi Todd! I have never heard of bitcoins but I think it’s a really cool concept. I was checking out your post on how to build traffic when I saw your post on how to earn bitcoins. I think bitcoins could be handy if you’re traveling. Thanks for the information. Is it really a good source of income? How can I avail of it? Sorry for the questions, I really wanted to know more about it.
Hey John, thanks for your feedback and learning how to earn bitcoins isn’t too difficult. You just do some of the online tasks I mentioned in the post or buy them. The way you really make money off of them is by timing the market right and buying low, or earning them when they’re valued lower and selling high.
It’s just like any foreign currency exchange, you want to exchange with currency when your dollar is stronger than the currency. So for example, when I came to Colombia in 2009, the dollar was about 2,100 Colombian pesos per dollar.
A couple of years back (2010 – 2014) the dollar dropped to around 1700 – 1900 COP to USD, recently it’s over 3100 COP per USD. So when I went to the market to buy 40 lbs of fruits and veggies, it cost me 35,000 Colombian pesos, in 2013 that was about $18.50. Now it only costs me $11.30.
When you start trading larger sums of currency or buying foreign property, you see a huge difference of over 80 to 100 thousand dollars in your purchasing/trading power.
Hope that helps,
Todd
Hey, Todd
Bitcoins is something I have come across on many occasions online, but never really fully understood how the process worked. For a long time, I thought Bitcoins was some sort of online scam, but your great article tells a different story 😀
I see you have listed a few ways to earn Bitcoins, so Thank You for the ideas!
Sweet! I will definitely check out your Bitcoin exchange platform recommendation because I’m now intruiged.
Cheers!
Neil
Hi Neil,
Glad you enjoyed the article and have learned how to earn Bitcoins as well that you have a better understanding of how bitcoins work.
Go with Local Bitcoins if you decide to trade them, they’ve got one of the best reputations and buy buyer and seller protection.
Thanks for your feedback and have a great day,
Todd
Great post Todd on how to earn bitcoins. This was a very educational and interesting post.
I have heard of Bitcoins before, but I had no idea that they were a digital currency. I can certainly see how they could be used for illegal activities.
The mining of Bitcoins is also an amazing concept, quite remarkable how it all works.
I don’t think I will be getting into the buying and selling of Bitcoins myself, but it is definitely a very interesting concept.
Thanks for explaining how it all works 🙂
~John
Hey John,
You’re welcome, it was a fun post to create and interesting to learn more about how to earn bitcoins as well as how to find a good bitcoin company like Local Bitcoins.
If you do eventually decide to get into the trade of Bitcoins, I’d make sure you use a solid company like Local Bitcoins to make sure you are protected on your transactions. Plus make sure you meet your local bitcoin party in a public place and directly for cash (or whatever you’re trading) to make sure all deals are on the up and up.
There’s a lot of ways to make money online and that’s what we try to do here at Learn To Grow Wealth Online, find the best ways to make cash from the comfort of your home.
Thanks for your feedback John, it’s always great to get your take on our posts.
Todd