Many people who contact us are interested in learning how they can make money with Bitcoin. They ask about various Bitcoin auto traders and managed accounts and hope for our approval or recommendation.
Let us make it simple for you:
Do NOT trust ANY Bitcoin software which promises you guaranteed profits. I would also stay away from most managed account services, unless provided by a reputable company.
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As a general rule, NEVER send money to any company if you’re not certain about their legitimacy.
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So how do I make money with Bitcoin?
We’re not financial experts. However, we are aware that the price of Bitcoin has been steadily and consistently climbing. Common sense suggests therefore that the best investment strategy would be to purchase Bitcoin as soon as possible and wait. Of course, prices can always come crashing down and there are no guarantees just like with any investment. However, it does seem promising so I would definitely incorporate Bitcoin (as well as altcoins) as part of broad investment portfolio.
The downside of investing for the long term is obviously that it will take time to see profits. If you’re looking for a more immediate way of making money with Bitcoin, then you should consider Bitcoin day trading through a Bitcoin trading platform.
Keep in mind though that day trading is much riskier. For those of you who don’t mind waiting for guaranteed profits, follow the following steps:
Step 1 – Decide How Much Money You’d Like to Invest
Never invest money that you cannot afford to lose. You should only invest spare money. Let’s say you earn $5,000 per month, out of which you need $3,000 for all your living expenses. You’re left with $2,000 of “spare money,” which can be invested or saved. Add to that money you’re already saving, which you can use for investment.
Now, we wouldn’t recommend to invest all your money on a single asset, even if it’s a promising asset such as Bitcoin. It’s always safer to diversify. You could purchase a few stocks, maybe some forex, commodities, as well as Bitcoin.
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Step 2 – Choose a Reliable Bitcoin Exchange
Once you decided how much money you would like to invest in Bitcoin, you should sign up with a trustworthy Bitcoin exchange. If you would like our help in locating the best exchange for you, then feel free to contact us.
Step 3 – Make the Investment
Once you open an account, you will be able to buy bitcoins. Then, wait and watch the value of Bitcoin grow. Don’t worry if sometimes the value will drop. Many analysts believe that in the long term, it will continue growing.
Step 4 (optional) – Store Your Bitcoins on a Hardware Wallet
If you you’re spending a lot of money on bitcoins, then you should consider storing most of your bitcoins on a hardware Bitcoin wallet for extra security. We recommend TREZOR, a hardware wallet which supports not only Bitcoin, but also Dash, Litecoin, Ethereum and Zcash. TREZOR Review.
Another great hardware wallet would be the Ledger Nano S. It supports the following cryptocurrencies: Bitcoin, Litecoin, Ethereum, Ethereum classic, Dogecoin, Zcash, Dash, Stratis, Ripple, Hello, Bitcoin Cash, Komodo, PoSW Coin, Ark, Expanse, Ubiq, PIVX, Vertcoin and Viacoin.
Leave a small amount of bitcoins on your online wallet (provided to you by the exchange) in case you plan to use bitcoins for online purchases.
Making Money with other Crypto Currencies
Although Bitcoin is expected to be on the raise for a long time, it can be quite pricey to make a significant Bitcoin investment at the moment.
If you don’t have enough money to make a Bitcoin investment and even if you do, we suggest considering investing with as many altcoins, other forms of crypto currency, as possible. Most of them are extremely cheap and at least some of them will probably become at least as expensive as Bitcoin is today, if not more.
A more affordable strategy would therefore be to buy several altcoins, crypto currencies other than bitcoins. Most of them are very cheap at the moment, so it’s easy to buy many different kinds. The more you buy, the more chances that one of them will become as big as Bitcoin, thereby generating tremendous profits for you.