One bitcoin was worth over $68,000 in November 2021, which was a new all-time high. It was the first cryptocurrency ever made, and it is still the most popular token you can buy and sell today. But did you know there are other ways to get Bitcoin besides buying it? Here are some other ways. In this article, we’ll talk about how to get Bitcoin (BTC) without having to pay the costs of running a mining operation. This can be done through cloud mining, lending, and staking. For investment and bitcoin trading.
Bitcoin mining is becoming more and more dominated by large companies that can handle the huge costs of running a mining operation and getting the electricity it needs. Bitcoin mining is changing quickly because of this.
The cloud mining industry, on the other hand, has been around for a while and is now the best way to mine Bitcoin with few or no overhead costs. People who want to mine Bitcoin but don’t have the space, the right tools, or pay “consumer prices” for electricity instead of “business prices” can use this.
Cloud mining is a great way to get Bitcoin without having to spend a lot of money right away. But it’s important to keep in mind that cloud mining can be risky and does not guarantee a profit at any time.
This could be because of things like changing power rates, the fact that it’s hard to predict how much bitcoin will cost, or the development of new mining technologies. You are guaranteed a certain amount of hash rate when you buy a mining contract. The hash rate of the network as a whole goes up when mining equipment gets better. Your prize gets less.
Where to get cryptocurrency on a loan
Bitcoin lending is another way to make money with what you already have. People who want to keep their Bitcoin for a long time might use crypto financing services to get the most out of their investment. Lending doesn’t have any extra costs or operating costs like mining, but it still gives Bitcoin deposits a high return.
Most people use Nexo and Celsius, which are online platforms for lending and borrowing cryptocurrencies. By depositing our lending bitcoin on their platforms, investors can use their crypto assets as collateral to borrow cash or earn interest. Either of these two options is open to investors.
About 6.55 percent is the initial return on a Bitcoin deposit made through the Celsius network. When the deposit is more than one Bitcoin, the return drops to 1.96 percent. Depending on how long Nexo is used, the amount of money that can be made changes.
Talk of trading platforms that have everything in one place
Another easy way to get Bitcoin without mining is to stake it on controlled exchanges (CEXs). Most of the most popular CEXs, like Binance and Huobi, give users a return on the Bitcoin they deposit. On the other hand, this plan is less likely to make money than what came before it.
Binance, the largest centralized cryptocurrency exchange, gives its customers an estimated return of 5 percent on their BTC holdings, while Huobi, another major cryptocurrency exchange, gives its users an estimated return of 2.88 percent on their BTC holdings.
Gemini is a place in the United States where people can trade cryptocurrencies. It gives its customers the chance to get up to 1.65% back on their savings deposits.
When it comes to Bitcoin financing services, KuCoin does things in a way that no one else does. On this website, lenders can choose the best time for them to skate and set the limits of the loan terms and conditions. Users can choose to bet for 7, 14, or 28 days. Also, people can choose their own interest rates, which gives them an advantage over other lenders.
A bot called Cryptohopper trades in cryptocurrency on its own. It lets customers set up their own trading strategies, which are then carried out automatically. It has a lot of tools for trading, like stop-loss orders and take-profit orders. Investors can choose to have their trading done automatically, to follow other traders, or to get trading signals. Some people have even switched to wallets that only work on their phones to get the most out of their cryptocurrency.