How Can You Profit From Bitcoin?
What is Bitcoin Anyways?
Before we get into how you profit from bitcoin let me first give a brief explanation of what it is.
Bitcoin is the first decentralized, digital, global currency. What does that mean? It means that bitcoins are a form of payment that may be used in any country and aren’t dependent upon government backing. They are stored digitally and are not susceptible to unfair inflation (see article), hoarding, or reprinting by government entities.
The system, and/or protocol behind bitcoins is called the ‘blockchain’. In short; the block-chain is a peer-to-peer ledger system in which every node (computer) connected to the blockchain participates in verifying and powering each transaction. The system makes counterfeiting bitcoins (also known as ‘double-spending’) near impossible.
How Do I Profit?
For anyone who is finally starting to realize the potential for profit in bitcoins, cryptocurrencies, or the blockchain technology as a whole and also wants to capitalize off of this new wave, but doesn’t have the time or the motivation to learn an entire new industry or field of study. Then, I have a suggestion for you… 2 words: CLOUD-MINING.
What is Cloud Mining?
Cloudmining is a service that allows you to purchase hashing power. Hashing power, or hash rate, is what is used to ‘mine’ bitcoins as well as other crypto-currencies. Hashing power is basically electricity at it’s most simple explanation. Bitcoins are mined using hash rate to solve extremely difficult algorithms. So, with cloud mining you can, essentially, mine btc without all the headache that comes with setting up a mining rig i.e., calculating electricity costs, hashing power, output vs input, etc.
Which Cloud-mining Service is the Best?
There really is no ‘best’ cloudmining service out there. They all have their pros & cons. There are, however, some really bad ones out there. Even some that are outright scams so, please, I implore you to do your due diligence before making a decision.
Hashflare
The one I use is called Hashflare. They offer 1 year contracts that give you your ROI (Return on Investment) in about 10 months at the markets rate at the time the investment is made (when the rate goes up your investment matures faster). I’ve invested ~$600 USD into mine and it pays me ~$11.50/day and those are daily payouts. That equates to about $350/mth at the market rate at the time of writing this article (~$14,000/BTC). I was fortunate enough to get with them before they limited their contract term to 1 year so your results may vary.
I chose Hashflare because they offer good rates and have a sound history as a reputable company and they’ve been in the cryptocurrency business since 2012, whereas cryptos were only first released In 2009. Plus, I really, really love their “reinvest” feature. Also, since starting with them they have been wholly transparent in all of their proceedings and give ample forewarning and full explanation for any delays, issues, or changes that may happen to arise. That being said I am more than happy with the service that Hashflare provides. Did I mention that I really love their “reinvestment” feature?
Don’t Wait, Start Investing Now!
So, here’s my advice on how to profit from bitcoin by using cloud mining like you would a savings account:
- Put in what you can when you can. Just $50 — $100/wk or whatever you can afford to put aside. (there is no such thing as too little, every tiny bit adds up)
- Set your account to “reinvest” so it constantly and automatically invests your earnings into more hash-rate.
- Keep your account set on “reinvest” for about 3–5 months or until it reaches a point that you are happy with the daily payouts.
- Take your account off of “reinvest” and try to forget about it.
- Come back 6–9 months later and you will be more than happy with your outcome. Or should I say ‘income’?
Try For Yourself
Here’s a link to signup for Hashflare if you want to check them out:
https://hashflare.io/r/D1DE29CD-cryptocademy101
Do me a huge favor and use our link if you do decide to sign-up.
Always Remember
Every investment is a risk! Do not invest more than you are willing to lose because that is always a possibility, however improbable it may or may not be.
