The Layman Guide on How to Make money with Bitcoin

Bitcoin,the buzz of the year 2013 that has broken all leaps and bounds and about which everyone seems to have an opinion.  It is the most fluctuation currency available today and that’s why it is also revealed by market experts that Bitcoin will  be the top source in 2014 to make money with. This guide will help every individual who has the basic knowledge of English to understand anything and everything about Bitcoin. What it is, how it is priced, how you can get Bitcoin, advantages and disadvantages of bitcoin and at-last how you can actually earn money with it. So enjoy reading it!!!

What is Bitcoin?

Bitcoin is a digital currency that is used to pay for Online purchases and transfer. The purpose of Bitcoin and traditional currencies are same but they are widely different in their existence: one is virtual while other is physical. It can be seen just like a share of a company which doesn’t have a physical existence but can be purchased with the physical amount.

Every single transaction i.e buying or selling a bitcoin is recorded digitally in a transaction log called as “blockchain”. It contains the necessary information about the timing, quantity, owner and sender of the bitcoin.

One major term that is used frequently while talking about bitcoins is “Miners”.  Credentials of Blockchain that includes verifying of ownership, updating the database, Security and privacy are all checked and confirmed by Miners.

Advantages of Bitcoin

1 Cashless:

You don’t need to carry cash or gold for bigger transactions. Big players like reddit, overstock.com and some brick and mortar Retail shops has started accepting Bitcoins and sooner it will be implemented for a wider reach.

2 No Additional Charges:

Bitcoins has no to very small % of fee for every transaction made. This is much more advantageous as compared to Credit Cards where we pay an additional 3-4% to card dealers(Visa, American Express, MasterCard)  for every transaction we made through our credit card. Moreover there is no limit to the amount of money we spend in case of bitcoins.

3 Transparency:

Each bitcoin transaction is showed publicly online except Buyers and Senders identities. The entire bitcoin network is made aware about the complete transaction.

4 Much lesser Inflation and Collapse Risk:

The most important advantage of owning a Bitcoin is that is completely independent of a Country’s economy. Dollars, Indian Rupee widely varies depending upon the Political and economic changes. But Bitcoin is an independent entity, whose amount is fixed.

Additional guide: How to Make Money with Online Casino

How bitcoins are priced?

Bitcoin is the most volatile currency present today. It’s price is dependent on the value of other currencies especially dollar and it’s value fluctuates to a greater extent. But there is no centralised system that set it’s value.

Whenever a bitcoin is transferred from one account(sender’s) to another(buyer), it is done at a price that is currently prevailing in the country & that should be made aware to both parties.

The price of Bitcoin is purely based on demand and supply. When demand of bitcoins increase, it’s price boosts and when it decreases, the price is lowered down. This is due to the finite no. of bitcoins available and steady rate with which bitcoins are created.

How to start with Bitcoins ?

The very first thing to make money with bitcoin is to have a “Bitcoin Wallet”. This is just like a regular wallet except that is virtual and is operated on computers and mobiles to store bitcoins. It is just a software or an app that needs to be installed.

“Multibit” and “Bitcoin Wallet” are 2 most popular and legit Bitcoins wallet available. Multibit is for desktop that runs window, Linux and Mac and Bitcoin Wallet is an app for Android and Blackberry mobile OS.

When you run the setup, it will start downloading tons of blockchains and other essential credentials. It will be long process and will occupy a couple of Gb’s. The very first thing that you need to do after it is installed is to have a copy of wallet.dat file on a external drive(pen drive or hard drive).  If for any reason your computer crashes than this is the only means by which you can get all your bitcoins back.

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How do I get Bitcoins?

Getting a Bitcoin is not as complicated task as it seems. The most common way to get it is with the help of online Bitcoin exchanges. What you have to do is to register yourself there, enter your bank details and convert your local currency into bitcoins. You are filling your bank details, so you must be careful about choosing a quality Exchange(as there are hundreds in the market). A quick research i have made on it, and depending on you country you can choose the most legit Exchanges by clicking here. The most popular among those is Mt. Gox

How to Make Payment with Bitcoin?

Transferring or doing a payment with the help of bitcoin is a much simpler task. You will need the a wallet, recipient address and of course the bitcoins. With these 3 you can simply make transaction to anywhere.

There are 2 addresses that are involved in Bitcoin. First is Public that is made available to everyone and second is private that is to keep safe. Whenever a bitcoin is transferred the public addresses of both sender and receiver are made available to outside World. Therefore a new address is to made with each transaction(it’s not compulsory).

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How can I Make Money with Bitcoin?

I bet, this is the answer you are waiting for the last 3 min after you have read all the above stuff. The wait is over and below I have described all the ways with which you can make money with Bitcoin – Currency of the year(2014)

#1 Trading:

The most common and safer technique with which anyone having a Bitcoin in his/her wallet can earn is by trading.. The difference in the value of bitcoin in different countries can be seen as an earning source. This is generally described by the term “Arbitrage Play”. Bitcoins can be traded to open international market. Even a slight change in the price of country’s currency can give you unexpected result.

Example: Suppose you have 1000 BTCs in your wallet. The current value of BTCs as seen on Mt.Gox in euro is 685.75€. If you sell all these bitcoins than you will get

685.75  *  1000 * 1.36  = 9.32 million $

On the other hand, The current value of BTCs as seen on Mt.Gox is 950.80$ . If you take the advantage of arbitrage, than you will get

950.80 *1000=9.5 million $.

So you have just earned a fancy amount of money(of course there are some transaction and currency conversion charges applied)

The arbitrage are generally the banks and brokerage firms that completely differs from country to country and where you can sell your bitcoins.

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#2 Preserving the Bitcoins

Saving bitcoins for the future sounds to look like a cool job. Buy some bitcoins, save it, wait for it’s value to rise and than bang, Sold it!!. This is just like investing in commodities or holding shares that generates a quality back end income if it’s value increases. But this may not be the thing that you should gamble on. Since it has bigger risk involved in it and with the recent changes it is quoted that “holding a bitcoin for a greater time will definitely loose you money”. But this can generate you million of dollars if everything went right.

The 2 methods described above are the most popularly used method today. There are also other smaller methods or techniques with which you can make money with bitcoin, but these are out of the scope of this post.(I will later publish about these)

Although I have explained everything that you want to know about What is Bitcoin and how to make money with it. But still there are some aspects that you must know before proceeding with it. First is it is completely intraceble: Once you transferred it you will never able to get it back. Secondly, it is easy to loose and hard to trade. Once someone will heck into your Wallet, you will never able to get a single penny. Also no stolen or lost bitcoin can be recovered. The trading of bitcoin is not as easy as I have described above. You actually have to learn a lot form your side for a successful trade. Volatility and newness are the other factors which one simply can’t trust blindly.

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So instead of blindly investing in Bitcoin, you must get an in-depth knowledge about the entire network. It has pros and cons(which every big earning source has).It may be million dollar step or the most regreatable one. It completely depends on how you understand it and implement it. You can check out it’s official site bitcoin.org for further info.

If you have any other FAQ’s about Bitcoin, you can simply comment in the below section or you can directly visit a an FAQ forum and if you enjoyed reading it, than don’t forgot to share it on social media.

How to Make Money Selling Your Crafts Online

Selling the craft is the best idea for starting as the small business. you can work at your flexible time.

Many websites like crafty, folksy, eCrater, free craft fair, misi, dawanda, zibbet, silkfair , icraft,bonoza help you to sell your crafts.

You can sell the handmade items like  Cushions and blankets, pictures, artworks, pieces of furniture, greetings cards, festive decorations, ornaments, pottery…Don’t worry about confusion of people  buy it or not, just create it,there will be people out  in the large internet world there looking to buy it!

Create the unique product , sell your product in the online is the high advantage .it better then get more profit in selling a bulk of product  to wholesale supplier . there is more demand for the unique handmade  product in the online . you will sell it in the high price.

Sell On Your Own Websites or Blogs

Another option is by creating the own website. it saves your money too. it much better idea than selling in other established online marketing places. you don’t need to pay for them. it saves you money as well as increase your profit too.Many persons looking for the new products . the main thing if your site traffic will increased ,you will get money in advertisement too.it helpful for the side income too. This way is better than putting your effort for  other’s online shops.

See Also : 7 Best Ways To Make Money with Amazon at Home

You get to deal with your customers direct, meaning you can receive feedback on what people like about your products and what would make them more appealing.

If your marketing website will grow to the high level, you can give the job opportunity to others too, then you will put your whole concentration on making the craft and sell it. Many of the popular designers will started their life in this way only.Main thing is update the  blog or the website regularly.

Sell in Social websites

Otherwise you ca sell your craft in the social websites like Facebook, twitter, pinterest. Even your friends also help you in your sales. You might be popular among your surroundings.you can market your product by Create a page in your social websites, list your products add your friends, your site will get popular among your friends and get growth through their mutual friends.

You might  consider signing up for Pinterest and becoming active. Follow other people, re-pin their crafts, and be sure to share all of your crafts along with a link going back to where they can be purchased. so interact and try to post something of interest to your followers.

See Also : How To Earn Money On Pinterest

Etsy

Etsy is  the best place for  selling the craft & handmade item online.Around 9 lakhs people sell their crafts in theetsy selling  12.3 million products  at one time.All you need is to create the account in etsy and sell your handmade items like  crafts, soaps, vintage items, and so much more.. There is no membership fees  until  the sale. after you get the sale, They charge .20 cents to list one item  as the fee for four months. if your item is unique and it can’t get it anywhere means they offer you the best price.they apply the 3.5%  as the transaction fee.

After you created the account You must have a valid credit card to sign up as a seller  for the transaction and to send the bill once a month a the listing fees.

This site is often more profitable in terms of crafts compared to eBay and even craigslist. They also offer the forum and comprehensive,in-depth blog.in-depth blog and the  real-time chat workshops.If you are looking for the craft , etsy is the right place to purchase.

Etsy is also connected with the facebook and the twitter . they can announce new products, coupons and sales through the etsy applications.

See Also : How to Make Money on Facebook - 6 Most Popular Ways

Artfire

Artfire is  best-known marketplaces for artisans and craft people of all type.there is no membership or the commission fees to join in artfire. the main advantage is you can sell a maximum of 10 items in your shop at a time.Most of my friends prefer artfire is the best place to buy the craft items.

They apply the  charge for the monthly fee for your online store. they apply $20 a month as the fee, they will give the special offers and promotions going on that allow you to get a cheaper per month rate. Your customers can pay you with ProPay, Paypal, or Amazon Payments. Artfire tie up with the Amazon’s Universal Wishlist technology is a brilliant move.

ebay

eBay is the another option to the market place of your craft items.it contains  tens of thousands of stylish and unique products from around the world.They can do the same with a hand drawn design you photograph and upload, as well as offering designers that bid on design requests you post.eBay is a great way for testing out your products for sale, and gives you access to a huge number of potential buyers.

your items may not get as much as traffic as they might on a more popular site like Etsy, but the good news is that they are completely free to use! They don’t charge you any listing fees or monthly store fees, so this would be a very risk-free way to start selling your crafts and/or vintage items. You can sign up and create a store and start uploading photos and creating listings right away.

Online marketplaces attract keen buyers of handmade arts and crafts.

See Also : How to Make Money on Ebay as a new ebayer

Get Paid to Write Reviews- Easiest and Fastest way to Generate an Online Income

As in the previous articles, I had already discussed that Writing Articles Online is one of the best way to generate an online income. Now if I narrow it down in the form of writing reviews and getting Paid, then this way becomes one of the profitable ways for making money online. Wonder! You can easily earn extra income by sharing your thoughts, views or opinions about products, services, websites, books, movies etc.

We all know that how much chit-chat we daily do. It can be anything but mostly it belongs to the film industry, stars and latest products.  I just want to explore and utilize the speaking ways into earning money capabilities. This is not a difficult job by seeing your ways of speaking. Is this difficult??

Now come to the point. There are tens of thousands of products and services present in the world market. Basically, companies promote their products and services by these review websites. So it is a vital opportunity for you to utilize you opinions into some extra cash. But the question is in front of you that “I don’t know about Review Websites? I have done only surveys online.” So what’s the matter? Don’t you worry! I am always available for you.

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What are Review Websites?

• A review website is a website where people write their opinions and views about products, services, people or businesses. There are so many lucky people, who earn a full-time income from these review websites. Basically,review websites make money for both the vendors and the website owners. So you can also open your online discussion portal also for making an impact. However, you are supposed to write an excellent number of high quality views. Thus you can update them time to time to make a full-time income.

How Review Website Work?

There are many famous companies that pay to review websites for promoting their products, service and businesses. And these review websites pay to the reviewer for their writing opinions and reviews. Hence these reviews help the consumer for selecting the perfect choice of product. When this matter come to purchasing goods and services than also these reviews help a lot.

You just need to write good English so that the online community can find it helpful. Here are many types of website in the sense of paying. Some websites pay you upfront, some wait for reading your reviews by online community and some websites give you a percentage of the ad revenues that are displayed on your reviews. Now know about these types of website briefly for writing reviews and getting paid. 

Don’t Miss: Wonder! I am earning money by just surfing the websites!

Best Review Website which Get Paid to Write Reviews:

(1) Dooyoo.com:

Dooyoo.com is one of the best ‘Get Paid to Write Reviews’ websites on the Internet, especially for UK and European based freelance writers. In short, here  you can write reviews about all of your favorite products, foods and even locations. Your all effort and time will not waste here for sure.

Earning money ways of Dooyoo.com-

• If you write a premium review, you will receive 600 ‘Dooyoo Miles’. Premium review means a genuine and useful consumer opinion with more than 150 words. You will also receive 20 ‘Dooyoo Miles’ from reading your review by each member.

• You can write for more common categories and easily earn 300 Dooyoo Miles. You will also get 15 Dooyoo Miles for each member reading your review.

• You can write for less popular categories and receive 100 Dooyoo Miles for writing reviews. Here, also you will get 10 Dooyoo Miles for each member reading your review.

• If you are rewarded with a crown for writing a fantastic review then your review will enter in Dooyoo competitions. Here, you can earn for a full of 6 months from the very first date with your review.

• 1000 Dooyoo Miles are worth £1 and obviously 300 Dooyoo Miles are worth £0.3.
• Don’t Miss: How To Make Money With Answering Questions!!

(2) Reviewstream.com:

Reviewstream.com is the perfect place for writing reviews. It is also known as one of the highest paying review website. Anyone can write a review here from all over the world. It is an exact place for Real consumers and Real experience. Here, first you need to fill out an online form to write reviews and get paid. You have to fill this online form every time when you write a review using the same Google email address. Obviously your review must be unique and in high quality otherwise you might get rejected also. If you are copying the review from other sources than Beware! Your account might be suspended or terminated.

Earning money ways of Reviewstrem.com-

• If you write a good review which is full of helpful information for the readers and also helpful in taking them decisions then you can easily earn $2 per review.

• If your reviews were not rated as high quality you can still earn from the bulk rate of $0.40 per review.

• If you receive the votes for your review then you can easily earn $0.10 for every vote.
• Don’t Miss: Simple Ways to Earn Money For Teenagers!!

(3) Shvoong.com:

Shvoong.com is also a very good review writing website. You can write any summary or review of a previously published book, article or newspaper. You can write your abstract in your own words but remember your abstract must not exceed 900 words. The Google Page Rank 5 of this amazing review website.

Earning money ways of Shvoong.com-

• The minimum amount pays by Shvoong.com is $10, which is accumulated in the writer’s account.

• Shvoong also pays 10% of its advertising revenues to the writers.

• Payment is usually made by PayPal and Check system both.
• Don’t Miss: Make Money With Mobile Apps!!

(4) Ciao.co.uk:

Ciao.co.uk is also one of the biggest website in the series of review writing. It is located in  UK. The site is very popular for its tens of thousands products. Just you need to register with the site for writing the reviews and you get paid. The Google Page Rank 2 of this superb website.

Earning money ways of Ciao.co.uk-

• If you write a single review, you can easily earn $0.25 here.

• When someone rates your review, you can earn $.01 to $.03 for each rating.

• When someone views your review, you can earn $.01  per view.

• You can easily earn $1 for each referral that you send to the website through Ciao referral program.
• Note:

If you are really good in giving opinion of something, whatever the thing is! Then you must try this way of earning extra cash at home. You can share your opinions and thoughts about anything whether it is related to market or not. You become popular also in the sense of providing valuable services to the consumers or online community. Therefore, you can improve your writing skills even and it may increase your job promotion chances also. So try this easiest and fastest way of earning extra income online. Share Get Paid to Write Reviews on Social Media..!!

Make Money With Drop Shipping

So what exactly is Drop Shipping? With the ever rising competition to online markets, many people shy away from selling online. Drop shipping is often claimed as the easiest way to sell products online - especially when using eBay and Amazon as a selling platform. Let's see why this is the case!

By definition, drop shipping is a supply chain management strategy in which goods or stocks are not kept by the retailer. Instead, the customers' orders and shipment details are transferred to the manufacturer or wholesaler, who then sends the goods to the customer directly. 

Opening an eCommerce store requires an inventory or service of some kind to sell. Getting enough merchandise together to open a store that can attract the attention of buyers on the Internet could take quite an investment. However, methods exist that eliminates the need for physically holding merchandise to sell on the eCommerce website. Using Drop Shipping methods to sell inventory could be quite the lucrative experience.

Drop shipping is when a website owner uses inventory supplied by a third-party company to sell on his or her own site. It is a way to get an eCommerce website up quickly and with little money. Here is how it fits together:

1. A website owner signs up with a drop ship company.
2. Using the merchandise available with the drop ship company, the owner posts those items to sell on his or her own website.
3. When a customer purchases an item on the website, the owner purchases the corresponding item from the drop shipper.
4. Using the customer’s address, the drop shipper sends the item using the website owner’s return business address.

Although, it may sound like a lot of work, it’s actually quite simple. The eCommerce website owner buys what items he or she needs as they sell to customers.

How Is Drop Shipping Ideal For Some eCommerce Websites?

1. No Inventory – Instead of requiring a warehouse to store the items one is selling online, there is no need for shelving or space. This could greatly reduce the costs of overhead for running an eCommerce website.

2. No Investment Costs – Most drop shipping companies are free to use as they make their money from the eCommerce website owner. All one would need in order to be a success is an eCommerce capable website. Using a hosting provider such as HostGator.com and a free CMS for eCommerce such as PrestaShops, the entire investment should be around $120 per year and the time to develop the site.

3. Home Office – With time, someone could develop a robust and merchandise filled website from the comfort of their own home. Customers would have no idea that the website owner could be working in his or her pajamas from a home office. If it seems ridiculous, it happens more often than one may think.

4. Variety of Items – There are a lot of successful drop ship companies on the Internet that have access to thousands of brands, types, and colors. A website developed using a specific niche can be easily accomplished using these companies.

5. More than One – A single drop ship company may have some good items for the eCommerce website owner to post. However, there is nothing to stop someone from using several drop ship companies in order to develop a more diverse collection of goods. As long as a tracking method is in place so the eCommerce owner knows what item is sold from where, an expanding list of Inventory can be acquired.

 Drop shippers provide a way for beginning eCommerce businesses to make money without investing thousands of dollars into inventory and shipping supplies. All the eCommerce site owner has to worry about is purchasing the correct item and customer support. For those who don’t have a lot of money to get started with making money online, the drop ship method is one that could help get the ball rolling.

 Many retailers earn the difference between the wholesale and retail price as profit. However, some retailers may earn an agreed percentage in commission for sales paid by the wholesaler. 

Often, drop shipping retailers display items, which they can easily order from the wholesaler, in their stores. As such, sometimes they may provide only a catalog or a website of their products. A lot of products sold on eBay and Amazon are good examples of this. There are various methods to keep the wholesale source unknown such as “blind shipping”, where the product is shipped without a return address. 

Another method is called “private label shipping”. In this case, the product is shipped from the wholesaler with a return address that is customized to the retailer. 

Advantages: 

Let’s look at some of the advantages of drop shipping. One of the obvious benefits of drop shipping is that there is no need for an upfront inventory to store the products. 

Furthermore, drop shipping creates a positive cash-flow cycle, because the seller is paid when the purchase is made. This is because generally, the seller pays the wholesaler by credit card or credit terms. Hence, there is a lag interval during which the seller accepts the customer’s money, but has not yet paid the wholesaler. 

An additional advantage of drop shipping is the elimination of duplicated efforts in regards to warehouse storage, packaging and shipping. Thus, the reduction of total inventory management needs and shipping costs mean that the products can be made available at a reduced price to the customer. 

Disadvantages: 

All businesses involve some risks and this, of course, also includes drop shipping. One example is “back ordering”, where an order might be placed with a wholesaler even though the product is temporarily out of stock. 

This in turn can prolong waiting times for a product to arrive and this often reflects badly on the retailer. For this reason, it is important to select a trustworthy and reliable wholesaler – ideally, one that makes an effort to update the retailer on the number of products available. Having that said, the ultimate responsibility rests with the business owner to follow up on the quantities available from the wholesaler. 

Finally, when searching for a wholesaler, it is important to do thorough research of the current market prices of the different products. This is because we want to have a profit margin that is significant enough to make the drop shipping business worthwhile while at the same time staying competitive.