How to Earn Bitcoin - A Way That Actually Works

over 3 years ago (Edited)

If you search around the interwebs for "how to earn bitcoin" you'll find tons of info on methods that are either very expensive or don't really work.

Expensive

On the very expensive side, you have a bitcoin mining rig or joining a passive income pool that is just one step removed from BTC mining. With mining, you take specialized computer equipment (GPUs or ASICs) to solve the cryptographic problems that result in bitcoin block production. Obviously, that requires that specialized computer equipment. On top of that, you have to continually reinvest your profits to keep your hardware up to date and cover your power costs. Mining is an arms race with ever escalating investment in depreciating hardware. Whether the miners are in your basement or as a partial contract on a cloud mining pool doesn't matter. The fundamental reality remains the same.

Don't Really Work

On the not-really-working side, you have things like bitcoin faucets and online games that give out bitcoin rewards. Sites like these promise free bitcoin, which sounds too good to be true. And it is.

These things exist, and do the things they say they are going to do. It's just that you can't really earn an appreciable amount of bitcoin from them. If they did, they would be inundated with people. That value has to come from somewhere though, and the revenue these sites get for advertising doesn't really buy much BTC per individual user. Crypto faucets can be fun, especially the ones that involve some kind of gaming function as the front-end to the faucet that ties in the reward to an action. Still, you're not going to get much, and withdrawing funds to your crypto wallet can be another hurdle to overcome.

Earn BTC From Social Media

Step 1

Fortunately, there is another way to earn bitcoin without having to use a game, or invest thousands of dollars in mining rigs, and doesn't even take much computer power: writing on leofinance.io.

Leofinance.io is the web3 platform that is dedicated to discussions about all things markets, financial, and crypto. So write about your favorite BTC company, a new offering from a cryptocurrency exchange, the hot new game that is dealing in nonfundible token (NFT) digital assets, or whatever other finance topic that strikes your fancy.

Step 2

If your post is upvoted by users, you get paid LEO after 7 days. Those LEO are their own cryptocurrency in your wallet that you can do with what you wish. You can stake them and increase the size of your vote on the platform (gaining curation rewards on top of your author rewards), just leave them in your wallet, or sell them.

Step 3

Once you have your author rewards in your leofinance wallet, you can sell them incredibly easily through swap-app.app. Swap-app provides a frictionless sale from LEO to ETH or BTC. You don't have to worry about setting up exchange accounts on a trading platform or messing with the lightning network. All you do is send LEO through their interface and tell them your bitcoin address. In the background, swap-app sells your LEO on the leodex.io cryptocurrency exchange for SWAP.HIVE, and then takes that SWAP.HIVE to binance and trades for bitcoin. Then the bitcoin is sent to the address you provided.

swap-app screen

It's a lot of steps in the background and you'll end up paying transaction fees, but it's simple and fast. Obviously, due the net transaction fee you'll want to wait until you have enough LEO to make the trade worthwhile. Currently, LEO is trading at about 16 USD cents per token. So I'd recommend waiting until you have at least 100 LEO before swapping. At this moment in time, 100 LEO is yielding approximately 0.00086056 BTC.

Stack Sats

The bottom line is this: add to your crypto savings account by doing the things you would be doing anyways. Whether you keep your earnings in LEO or cash them out to BTC (or ETH) is up to you. The important thing is that you are diversifying your asset base away from fiat currency and its inevitable collapse.