If it is up to an individual that is creative and resourceful there are numerous ways for generating profit through Bitcoin network. Every day there are new ideas and concepts that get funded by Bitcoin enthusiasts. Still, there are some more traditional ways of earning from Bitcoin that have been around for years.
Day-trading was one of the first methods that people used to make profit through Bitcoin. How did they do that? Basically, the price of Bitcoin is changing from hour to hour. So, people intend to buy BTC at lower price and sell it at higher. This is not very safe method of earning. Even the biggest experts couldn’t predict the prices with high certainty. Trading bots were the next big thing. Of course, they weren’t very successful as well. There has been some success with automated trading systemsbut only small percent of investors managed to profit from them.
Bitcoin Mining was the best way for making profit from Bitcoin for years. But, since the network evolved and the number of transactions is getting bigger day-by-day, traditional home mining with GPUs is not profitable anymore. People started buying ASIC which are cards designed solely for mining and are very expensive. So, people started cloud mining. Basically you invest in others mining rigs that are at the remote locations with low electricity costs. It has its advantages since you don’t have to buy equipment or construct your own mining rig. Still, there are some risks of fraud or mismanagement by the individuals that lead mining process. Still, mining remained one of the best ways to earn, although today it requiers bigger investments.
Bitcoin lending is relatively new concept that includes buying the currency and later lending it to other individuals through modified exchanges. There are some pretty good Bitcoin lending platforms that guarantee you some level of certainty that your money will be returned. Profit lies in the fact that you get the interest that can be considerable. It is important to be careful about who is the person you are lending to. Never lend to anyone without prior experience or with bad reputation. All of the information could be retrieved through the platform on which you intend to lend Bitcoin.
Besides these methods, the big trend nowadays is Initial Coin Offerings. These ICOs are actually the new projects that are open for funding. There are numerous websites on which you could choose the most perspective ICOs for investment. Many people see this as an opportunity to early invest in the next big hit like Bitcoin or Ethereum. Still there aren’t big chances for that, but still with good analysis you can easily earn considerable amounts of cash.
Besides mentioned ways, there is much room for you to create your own business opportunities. The community of cryptocurrencies nowadays is bigger than ever and it must be taken seriously.