There are a lot of misconceptions about bitcoin right now. It doesn’t help when banks and governments are saying they help to fund illegal activities. The thing is other currencies such as the US dollar, Canadian dollar, Yen, Pound all help to fund illegal activities.

Others claim it is backed by nothing. Well, every currency in the world is backed by nothing as well. Not a single currency of any major country in the world is backed by gold anymore. As a matter of fact, when governments need more money they just print more. This is what causes inflation and hyperinflation. They print the money and it is backed by nothing.

Banks and governments will do everything to scare you away from them. Why? Because they can’t control it and don’t make money off of them.

The other misconceptions are it’s too late to make any money with bitcoins now. It’s costs way too much. You should have got into bitcoins a few years back.

I have been mining bitcoins since Oct 2016. I make money at it. I find it interesting that when I mention bitcoins to people they start telling me about what they know about bitcoins. What they are expressing is other peoples’ opinions about BTC not anything they know about them. In fact, they start telling me why no one can make money at BTC. After I hear what they have to say, I don’t bother mentioning that I have 29 BTC miners with 7 more on the way and will be buying more as soon as I can get them.

When I first started mining BTC, in Oct 2016, they were trading at approx. $637 US/$850 Cdn. While I was writing this article BTC were trading around 3900 US/4702 Cdn. They did hit a high of almost 5000 US/6200 Cdn in Aug 2017. I have also seen stories like in July when BTC lost 42% or more of it’s value. What they didn’t say was by Aug 5th it had gained it all back.

Here are some of the ways to make money with bitcoins

The first one is you can mine them by purchasing a BTC miner. When I first started in Oct 2016 you could buy a miner for 1400 US/2000 Cdn. Now the cost is in the area of 3300 US/4000 Cdn. That just means your return on investment is longer. The average BTC miner earns about $500 US/600 Cdn before paying for power. The cost of power will vary. My average month bill per miner is 100 US/120 Cdn. So after power they are still making money. The major issues with setting up your owner miner farm is you need a lot of power. Each machine requires about 1600 Watts of power to run. The average household may be able to handle 1 or 2 of these machines before they blow a breaker. Each machine makes a lot of noise and generates a lot of heat. I have 7 running in my basement during the winter and with the furnace turned off my house was sitting at 93 F/34C. It was 5F/-15C outside! To set these up and get them running does take a bit of a learning curve as well.

The other way is to start day trading the BTC like any other currency. To do this it will pretty well require full-time effort by you or someone you trust. From June to Jul to Aug you could have doubled your money if you bought at the low point around Jul 9th and then sold around Aug 15th. There are online exchanges where you can buy and sell BTC. They are predicting that within the next 3-5 years BTC will be worth anywhere from $10,000 to $100,000 US/Cdn. So you can buy a few and just ride the waves. It would be best to buy them and ignore BTC for the next 3-5 years then check how much they are worth. There will be a lot of ups and downs in that time. I just want to save you the anxiety!

You can buy a miner on a cloud-based mining pool. You don’t have to worry about the noise, heat or power bill. The one thing I noticed about the cloud-based ones are they take upwards of 40-70% of the profit for themselves and give you the rest. You also have to pay as much or more for a real miner to get in. So you can make money there just it will take long to get your original investment back.

Another way, which is more safer, is to invest or loan someone money with a guaranteed return so they can buy the miners and take care of everything. I have done this with my friends and offer anywhere from 10%-20% annual rate of return, depending on how much they invest. Some of the early people who loaned me the money received a 35% rate of return. I can’t offer that now because of the increase in the price of the miners. Every month they get an interest check and at the end of 12 months they get their original investment back. This is a very safe way to make money and get a better rate of return that what you are getting at the bank.

Can you make money at BTC, absolutely. It’s like I tell my friends we are in the 21st Century Bitcoin Rush, which is similar to the Klondike Gold Rush of 1896! My miners are working 24 hours a day, 7 days a week making me and my friends money. So jump on board for a wild ride! It’s really exciting!

Here is one of my mining sites:

[author] [author_image timthumb=’on’]https://cryptosrus.com/wp-content/uploads/2017/09/greg.jpg[/author_image] [author_info]Greg Kopchuk – gregcanada@ymail.com[/author_info] [/author]