How to earn Bitcoin | Step-by-step guide

Learn how to earn Bitcoin (BTC) through mining, trading, freelancing, airdrops, and incentivized social media.

Following the SEC’s approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. in January, the world’s largest cryptocurrency by market cap has increasingly become more popular. Many may want to own a piece of Bitcoin, but with it currently priced at more than $65,000, buying the cryptocurrency is outside many people’s reach.

However, there are several ways to earn Bitcoin and slowly grow your stash over time. In this article, we look at some of these methods. 

Getting started

Before embarking on your Bitcoin-earning journey, you’ll need to open a Bitcoin account where you can store the funds you earn. Bitcoin accounts, or wallets, are software applications or physical devices that allow you to send, receive, and store Bitcoin.

Once that is in place, you can start actively exploring the Bitcoin earning methods we’ve outlined below.

Earning Bitcoin through mining

Bitcoin mining is the process of validating transactions and adding them to the Bitcoin network. In the process, miners compete to find a specific solution for a complex mathematical problem using powerful computers. 

Whoever solves the problem first gets to validate and add the transaction block to the blockchain. In return, they get rewarded with new Bitcoins as well as the transaction fees paid by users. 

Bitcoin mining was one of the few surefire ways to earn Bitcoin during the early days of cryptocurrency. However, Bitcoin halvings have reduced the reward miners get for validating transactions.

Combined with increased mining difficulty and the need for expensive mining rigs with huge energy requirements, mining Bitcoin on your own is no longer commercially feasible. However, you could opt to join a mining pool. In that way, you can combine your computational power with others and get rewarded based on your contribution.

Participating in Bitcoin faucets

Those wondering how to earn Bitcoin free could use a crypto faucet. This is a platform that allows you to earn small amounts of Bitcoin (or satoshis, the smallest unit of Bitcoin) in exchange for doing micro tasks like playing a game or watching a short ad. While small, the rewards can eventually accumulate into something more substantial over time.

How do crypto faucets work?

You need to create an account on the crypto faucet platform and connect it to an existing crypto wallet. These platforms are typically available either in your browser or as a mobile app. 

Once you have an account, you can start earning fractions of Bitcoin by completing small tasks, such as playing simple games, reading articles, watching short videos, or completing surveys. You can also earn extra rewards by inviting a friend through a referral link or code.

After you have accumulated enough rewards to reach a minimum threshold, you can send them to your crypto wallet.

Examples of crypto faucets

Some popular crypto faucets include Coin Hunt World, a geo-location game that lets you earn Bitcoins by physically exploring the city you live in, and Cointiply, which lets you earn crypto rewards by taking surveys or watching videos. 

Bitcoin Aliens is another popular faucet. It is an adventure game available on mobile that allows you to earn satoshis with each milestone you reach in-game.

Bitcoin trading

Faucets may allow you to earn free Bitcoin, but they are inordinately slow for someone looking to make large sums quickly. For those interested in how to earn Bitcoin fast, you may do so through trading. There are several ways to go about it, including day trading, swing trading, and arbitrage.

Day trading: Here, you take advantage of the extreme, short-term volatility in the crypto market, including both upward and downward trends. Instead of holding your coins long-term, you enter and exit the market daily, aiming to profit from short-term price fluctuations. 

This method of earning Bitcoin requires you to not only constantly monitor the market but also to have a good knowledge of the cryptocurrency, its trading strategies, and an understanding of its technical analysis. 

Swing trading: This method focuses on holding a position for a slightly longer timeframe, usually several days to a few weeks. As a swing trader, you’ll need to use technical analysis such as moving averages (MA) or relative strength indexes (RSI) to identify established trends and pick potential entry and exit points.

Arbitrage: Here, you look to capitalize on slight discrepancies in the price of Bitcoin across multiple crypto exchanges. Your goal will be to buy the coin at a lower price on one exchange and sell it very quickly on another exchange where the price is slightly higher.

Whichever method you use in your Bitcoin trading, if done well, it should see you earn coins in the long or short run. 

However, you must also be aware of the risks that come with Bitcoin trading, including high-stress levels, limited coin availability on popular exchanges, and, of course, the risk of significant loss due to the crypto market’s ultimately unpredictable nature. Profits are never guaranteed in BTC trading.

Freelancing

According to data from the World Bank, about 46.7% of workers worldwide are freelancers. That is 1.57 billion people out of a global workforce of about 3.38 billion. Furthermore, freelancing on digital platforms has grown in the last few years, and its value is projected to cross the $9 billion mark by 2027.

It not only underscores the lucrative prospects inherent in freelancing for crypto but also positions the freelance cohort as potential catalysts in driving wider adoption of digital currencies.

Exploring freelancing platforms embracing crypto payments

While giants like UpWork and Freelancer.com continue to dominate the digital freelancing arena, a select few crypto-centric platforms are witnessing a surge in popularity as more freelancers seek to diversify their income streams with cryptocurrency.

One example is BitGigs, a Bitcoin jobs board that offers an extensive array of short-term tasks and gigs, reminiscent of Fiverr. Here, you can offer your skills as a content writer, SEO pro, or graphic designer, among other services, and get paid in Bitcoin or other cryptocurrencies. 

Another is Jobs4Bitcoin, a subreddit that bills itself as the biggest online BTC job platform. It’s a good platform for freelancers, especially given how active the Reddit crypto community is.

Telegram is also awash with channels offering gigs that pay in crypto.

However, even as you venture onto these platforms, it is advisable to always be wary of scammers and insist on some escrow service before agreeing to do a job.

Participating in airdrops

An airdrop is a marketing strategy used by blockchain and crypto-related ventures to reward supporters and entice new users by distributing complimentary tokens.

The process usually involves a project outlining the eligibility criteria for participation in the airdrop, which could include owning a specified amount of their tokens, being an active member of their community, or simply registering on their platform. 

Once the prerequisites are fulfilled, you will receive your tokens directly in your digital wallet. The magnitude and value of these airdrops can fluctuate considerably, ranging from modest token allotments to substantial windfalls.

After receiving your coins, you can then exchange them for BTC at a crypto exchange and continue growing your Bitcoin stash.

To find new airdrops, you can check websites such as DappRadar and Airdropalert, which track and catalog ongoing and upcoming airdrops. Furthermore, you can keep tabs on crypto projects and influencers across platforms like X, Telegram, and Reddit, which have vibrant crypto communities.

However, you must be aware of crypto airdrop scams. Crafty scammers are exploiting airdrops to hoodwink unsuspecting participants and gain access to their crypto wallets.

Telltale signs of crypto airdrop scams include unsolicited emails or social media messages promising free tokens for minimal exertion. Additionally, scammers may impersonate prominent projects or influencers to make their scams look legit.

Therefore, as attractive as the thought of getting free crypto might seem, always be skeptical, stay vigilant, and do as much research as possible before participating in an airdrop.

These are online social networks that reward users for their participation and contributions. Unlike traditional social media, where users engage without direct financial benefit, incentivized platforms offer various ways to earn rewards, often in the form of cryptocurrency.

You can create and share content on these platforms, including articles, videos, or images, and receive rewards based on their quality and popularity. You can also earn tokens by participating in activities like commenting, posting, or sharing. 

These tokens can then be held as investments, sold off, or swapped for Bitcoin on crypto exchanges.

You can consider several platforms in your quest to earn Bitcoin from incentivized social media. One such example is Steemit, which allows users to earn STEEM tokens through content creation and curation while also incentivizing activities such as sharing thoughts, posting images, and interacting with others. 

Video streaming platforms

Another option for earning Bitcoin is by watching videos on decentralized streaming platforms. Like incentivized social networks, these platforms reward users with cryptocurrency for activities like sharing, watching, liking, or commenting on videos.

A popular example of such a platform is DTube. While similar to video-sharing websites like YouTube, DTube is based on blockchain technology and allows users to share content and interact with others. 

The service leverages the Steem blockchain to reward video creators and viewers. The more you post videos and engage with the community, the more you can earn STEEM tokens, which you can convert to Bitcoin or other cryptocurrencies.

However, while decentralized video streaming platforms offer Bitcoin earning opportunities, they are still evolving. They may not have as much content as on more established traditional video platforms, and their interfaces may be clunkier and less intuitive. 

Additionally, for those that may get easily offended, some of these platforms have no means to censor videos, given the distributed nature of their infrastructure; therefore, some offensive or inappropriate content may find its way onto the websites. 

Final thoughts

We have shown you where to earn Bitcoin. Whether through mining, trading, freelancing, participating in airdrops, or engaging in incentivized social media, these avenues are diverse and evolving.

That said, when it comes to growing your crypto assets, it’s important to diversify your portfolio. This ensures that you balance the risks and rewards of investing both your crypto and your time.

For those strategies that do not directly pay in BTC, you can always trade in whatever cryptocurrency you earn for some Bitcoin on an exchange.

Additionally, don’t forget to always do your own research before engaging in any purported crypto-earning activity. Remember to stay informed, to be vigilant against scams, and to be open to new possibilities.