Cryptocurrency is hotter than ever, and Bitcoin remains the gold standard among electronic, decentralized currency out there. Everyone wants to know how to make money off Bitcoin, but the truth is that it often seems to boil down to buying Bitcoin.
As much as investing in Bitcoin may be a good idea, it's not always doable. Not everyone has an extra $8,000 or so to spend on a coin. Additionally, Bitcoin wallets also can be hacked, which means that the money you spend on that data piece might end up being all for naught.
There's gotta be a way to make money using Bitcoin without having to own any of it, right? Well, of course there is! Here are some of the cool ways you can profit off the Bitcoin boom without having a fraction of a coin to your name.
If you were to ask a stock trader how to make money off Bitcoin, they'll tell you that investing in stocks of the companies that help make Bitcoin mining possible. As anyone who's looked into Bitcoin mining rigs can tell you, that equipment doesn't come cheap.
Major publicly-traded companies like NVIDIA and Intel help make the parts for Bitcoin rigs. A stockbroker would tell you to download a no-fee trading app like Robinhood, and invest in these companies.
Investing in these kinds of companies will allow you to see your wealth increase, while also providing a safety net that regular Bitcoin investing would not offer. Since these companies are profiting off cryptocurrency booms, investing in them will allow you to make a share of that profit.
On a similar note, you could also invest in companies that are actively working with Bitcoin.
In 2015, Goldman Sachs started fundraising for Bitcoin startups and showed that it was onboard for a Bitcoin investment. Considering how solid the returns have been from Goldman Sachs, investing in their securities might be a way to profit off the crypto boom on a whole.
After all, if anyone would know how to make money off Bitcoin, it'd be these guys. Sachs is one of the best companies when it comes to predicting market behavior.
Another option, if you're looking to invest in Bitcoin without actually investing in Bitcoin, is to show support for companies that currently accept the cryptocurrency payment method. Shopify is publicly-traded, so you can add it to your portfolio if you so choose.
Of course, you can also make money with Bitcoin on this platform by just opening up a shop and selling goods. In this case, you might end up owning Bitcoin as a result of your shop's success—and that means you could hold onto it as it increases in value.
Or, you could just invest in the Bitcoin Investment Trust (NASDAQ: GBTC)
A lot of stock owners would be surprised to hear that they can learn how to make money off Bitcoin by starting a trust. Currently, there's just one Bitcoin trust available on NASDATOTC—and that's Bitcoin Investment Trust.
However, there are a lot of caveats that come with this investment. The Motley Foolpointed out that the maintenance costs are pretty high, as is the risk. In many ways, GBTC could be considered one of the most dangerous investments you can make on the stock market right now.
Mining Bitcoin isn't good for the planet, primarily because of the energy consumption it requires. Many governments already regulated miners because of it—but that doesn't mean you can't profit.
Investing in energy-centric ETFs, like the ones found on the Stash app, will allow you to profit off the boosted amount of energy use from mining operations. Better still, their ETFs often will give dividends as an extra bonus to investors.
If you're able to invest in private companies thanks to connections, you have even more options available.
The cool thing about investing in private companies is that you often will get a much larger return. A lot of companies are now making apps and other products that work with Bitcoin and other cryptocurrencies.
Investing in these companies might come with risks, but considering that this is an article about how to make money off Bitcoin, it's safe to say that you're probably okay with a little risk already.
Geeks definitely do have an advantage when it comes to figuring out how to make money off Bitcoin, especially when you don't want to actually own any of it. Considering that this is one of the most techy things to happen in the investment world in years, it makes sense.
A person who has a lot of handiwork and knows their way around a computer will be happy to know that they can DIY their own Bitcoin mining rig and sell it to the less technologically gifted.
Once you finish putting together the GPUs and stuff, you can sell it on eBay using an app... or you could just set up an account with a distributor who specializes in tech.
You could also try your hand at being a Bitcoin influencer.
Do you know all about what currency will be the next to boom? Are you a big diehard when it comes to learning every little bit about blockchain technology?
If you're well-known in the field, you might be able to teach others how to make money off Bitcoin and other cryptocurrencies. However, we probably didn't have to tell you that.
The issue with this is that you will have to work hard and market yourself as a very knowledgeable individual. If you don't already have a lot of skin in the game, you won't be taken seriously.
The cool thing about Bitcoin and other blockchain technology opportunities is that it's a still-growing economy. You aren't automatically locked out just because you're new—and that means you can use what knowledge you have about Bitcoin investing to your advantage.
Beginners often want to see guides on the topic that they can legitimately understand, especially when it comes to the topic of how to make money off Bitcoin. You can just write on and sell it on Amazon's app. You keep all the profits, which means you can enjoy a lasting reward.
Or, use your imagination.
This guide is not going to be complete, simply because there's an infinite number of ways to make money in the cryptocurrency world. It's up to you to get imaginative when figuring out how to make money off Bitcoin. The more imaginative you can be, the better off you will be when it comes to turning a profit using your own skills.