Seven Interesting Ways to Expand Your Bitcoin Empire

It seems as though everyone has something to say on the subject of bitcoin right now. This digital currency has become one of the hottest investments around thanks to the stunning price rises witnessed throughout 2017.

There is no doubt that many people have become millionaires due to their investments in bitcoin but is it too late for you to join them? Well, the good news is that you can still get involved in this way of investing if you want to.

In fact, there are far more interesting ways of investing in bitcoin than you might be aware of. Which of the following approaches could be perfect for you?

Get Paid in Bitcoins

News articles from Japan suggest that a company called GMO Internet Group is about to start offering their employees the chance to get paid part of their wages in bitcoin. This is an exciting, modern way of getting paid but would you feel comfortable having a bitcoin salary sent to your virtual wallet each month?

There are currently a few ways that you can get your salary paid in bitcoin, although it can get a bit complicated to do this. However, it is possible that over time more and more companies decide to give their staff this option, while in some cases it might even become compulsory.

By holding onto a percentage of what you get paid then you will be automatically boosting your investment in this currency without doing much at all.

Perhaps the biggest issue here is that many people simply don’t use bitcoin as a currency yet, so they wouldn’t want all of their wages sent to them in this way. You might prefer to simply invest a little bit in bitcoin rather than have all of your income put into it every single month.

One of the reasons why this is a good idea in Japan is that cryptocurrencies are already highly regulated there. Due to this, there are now thousands of Japanese businesses that accept bitcoin transactions.

Therefore, it is likely that people in other countries will become more interested in this approach once they begin to use bitcoin more frequently in their day to day lives. Until such time, it is probable that most of their wages would just be converted into the country’s fiat currency each month anyway.

Bearing all of that in mind, this looks like an option that you might want to look into in the future, but it may be slightly impractical just now unless you live in Japan.

Buy More When the Price Drops

A classic investment technique is to buy more when the market suffers a drop. Of course, this is a bold move that requires you to keep a cool head while other people could be screaming about prices collapsing and desperately trying to move their money out.

The first problem with this approach is that bitcoin hasn’t shown any signs of losing much value. Apart from the odd blip, it has been pretty much constant climbing through the second half of 2017, with record prices being set and then smashed at an ever faster rate.

One man who took advantage of a rare drop in value earlier on this year is the well-known cryptocurrency investor Mike Novogratz. The former hedge fund manager said that he added around $20 million to his existing investment when the chance arose.

With some financial analysts saying that it is an economic bubble that may well burst at some point, you will want to be well informed about the market before you take the plunge and invest while the price is on the way down.

Certainly, some financial experts think that when bitcoin falls it could fall pretty hard. The problem is that no-one really knows what the true, realistic value of this currency should be.

At the moment, it is only worth what someone is willing to pay for it. Right now that price is climbing ever higher but we don’t know what will happen when it finally takes a tumble and the confidence of other investors is put to the test.

This is a bold investment approach that you might be interested in if you are completely confident about the future of bitcoin and are happy taking a risk instead of getting out when things get tough.

Gamble Using Bitcoin

A fascinating way of getting hold of more bitcoin is to gamble using this digital currency. Clearly this is a risky approach but since the currency itself is so volatile you might think that it makes sense to raise your investment in this way.

In this way, at a casino site like Bitcasino, you can treat yourself to an impressive selection of slots, blackjack and roulette games while also getting a big welcome bonus that immediately gives you more money to bet with. You fund your account with bitcoin here and withdraw winnings in the same way.

If you think about it, winning in a casino with bitcoin gives you a double win provided that the currency keeps on growing. Assuming that you win on the tables or the slots and bitcoin carries on rising then you will end up with an excellent investment that looks better and better over time.

Of course, just as there is no guarantee that the price of bitcoin will keep on climbing so there is no guarantee that you will win at casino games either. However, you can get a lot of pleasure out of giving this method a try and seeing how it works out.

As with any type of currency, you should only gamble with an amount that you are comfortable risking. If you are the type of person who likes to take risks then you will find a number of benefits from using this sort of casino instead of a traditional casino.

For a start, transactions are faster and cheaper when you use bitcoin to place your bets. There is also the anonymity aspect to consider, as you will be able to gamble without linking your casino account to your bank account or credit card.

This also means that it is a safer way of gambling online, as there is no way for anyone to hack your main bank details or steal your identity. All in all, it is a good approach if you like the idea of adding a spark of interest and intriguing possibilities to your bitcoin investing.

Look at the Bitcoin Off-Shoots

Do you feel that the price of bitcoin has already got so high that it is too late to invest any more money in it? Opinion is split over how high it can go from now on, with some analysts believing it can go a lot higher while others think that it will drop before too long.

However, if you like of idea of bitcoin but feel that the current price is too high then maybe you will want to consider the bitcoin off-shoots that have appeared recently. Both bitcoin cash and bitcoin gold are worth less than the original currency, meaning that it is easier to invest in them without spending a fortune on it.

Naturally, there is no guarantee that these off-shoots will increase in the same spectacular way that classic bitcoin has done. However, to date, the signs are of these virtual currencies being well worth taking a look at as well.

You could also choose to look beyond bitcoin and consider investing in other cryptocurrencies such as ethereum and litecoin, some of which will no doubt succeed while others are likely to fail. There are dozens of different digital currencies around.

The most exciting way of getting involved is to buy into the initial coin offering (ICO) of a new currency. This is like investing in the IPO of a business by buying stock in it when they first float on the stock exchange.

At this stage of the currency’s life, there is no way of knowing whether it is going to be a huge success or sink without trace. Therefore, it is definitely a gamble but by doing sufficient research into the currency you can feel confident about what sets it apart and why it should make you money.

Start Mining

New investors may buy into bitcoin without fully realising where the coins come from. Yet, if you are looking to make an investment in the currency then you could do so by starting to mine the coins.

This is a process that needs a top-end computer and that takes time, using up a huge amount of energy while working away. The computer has to solve complex problems that will eventually lead to a new coin being mined.

In this case, the main investment is in the computer itself and the energy that it uses. Most newcomers join a mining pool to increase their chances of finding a coin.

There are numerous mining pools around, with some of the best known being AntPool, Bixin and BTCC Pool. At the time of writing, this market is dominated by Chinese pools, who are said to make up around 80% of the global total.

Mining bitcoin isn’t the easy, cheap option that you might think it sounds like. It is something that requires a good level of investment and a lot of patience.

Having said that, it is definitely a valid alternative to buying bitcoin and well worth taking a look at. If you don’t want to invest in the high spec computer needed for this then you will find that other types of cryptocurrency can be mined with less powerful PCs.

Sell Your House for Bitcoin

How would you like to receive a big lump sum in bitcoin to invest in one go? One interesting way that some people have found of doing this is to sell their houses in exchange for this virtual currency.

There have already been a few examples of people doing this across the world in the latter half of 2017. For example, a one bedroom penthouse apartment in Miami was recently put up for sale at the cost of 33 bitcoins.

At the time of the sale announcement that equated to around $547,000 but the real estate agent said that the seller was only going to accept bitcoin for it. This wasn’t the first bitcoin real estate news story in the US and it seems that this kind of deal is going to become more common over time.

In the UK, a similar sort of deal saw a mansion in London’s Notting Hill go up for sale at just over 5,000 bitcoin in price. Other news reports coming from Australia and Canada suggest that people in these countries are also getting into the habit of buying and selling property in the cryptocurrency too.

It might not be the right move for everyone but if you want to invest a lot of money in this currency then it is definitely one way of doing so. If you only want to invest a lower amount in bitcoin than it would make more sense to sell for a fiat current currency price and then move the amount you want to invest over to bitcoin after this.

Set Up a Regular Purchase

Many of us prefer the idea of slowly building up an investment in this currency. This can be done most easily by setting up a regular payment that sees you buy some bitcoin every month.

You could think of this as being similar to the sort of traditional savings plan in which money moves over automatically from your current account to your savings account or to buy shares. This modern twist on a classic idea lets you carefully build up your investment without over-stretching financially.

Since bitcoin is so volatile you can expect to pick it up at differing rates each month. After a while, you will some amounts that you bought cheaper than others, which could be viewed as being a clever way of spreading the risk and buying cautiously.

Whatever way you choose to invest in bitcoin, it seems certain that you are in for a wildly exciting time, as it is clear that the future of this cryptocurrency has got a lot of twists and turns still to come.