Contents of Earn Ether
- Earn Ether by accepting them as a means of payment
- Earn free Ether by completing tasks on websites
- Earn Ether from interest payments %
- Earn Ether from mining
- Earn Ether by getting tipped
- Earn Ether through trading
- Earn Ether as a regular income
- Earn Ether from gambling – not suitable for everyone
Earn Ether by accepting them as a means of payment
1. Get a free online Ether wallet from Coinbase. If you’re not sure what an Ether wallet is, check out my What is Ether section. There are many other providers aside from Coinbase such as Blockchain who provide free wallets. For increased security you may wish to opt for a physical Hardware Wallet, like those offered by Ledger. Personally I think it’s worth the investment as it brings peace of mind, however remember, no wallet is 100% secure so be careful. Treat Ether like any other currency and make sure to store in several different locations to mitigate risk.
2. Display a QR-code with your Ether address next to the till. For offline business the process is a little different:
- When you have your wallet, go to a section that says ‘Receive Money’ or ‘Add funds’ or words to that effect. Now locate your unique QR-code that has your Ether address encoded in it. Print out this image with the QR-code and place it next to your till. Your customers will typically have a Ether app installed on their smartphone where they can enter the value of the purchase in USD or EUR. Their app then calculates the corresponding Ether value. It automatically takes the current exchange rate to get the right amount. The app will then calculate the price based on the average exchange rate and your wallet will show the incoming payment.
- Another useful feature offered by wallet providers offer a ‘Receive Money’ functionality. When you begin earning Ether on a regular basis it saves time to use a “Create Payment Request” feature. Much like a credit card transaction you can enter the amount the customer needs to pay and the corresponding QR-code will automatically be generated.
3. Display the ‘Ether accepted here’ logo at the entrance to your shop to show everybody your innovative payment integration! I’ve posted a printed version of the logo which can be accessed in the download section. And that’s it! You can now begin to earn Ether and in the process you offer your customers an innovative payment method.
And that’s it. It’s so easy, start to earn Ether by selling goods and services today! This is just a quick description how to earn Ether by accepting them as a means of payment. These links are also helpful: How to accept Ether, for small businesses includes more info for online businesses The Ether Wiki Trade page shows you which other businesses already accept Ether. Add your shop here to get more publicity Coinmap is an OpenStreetMap where you can see the geographical distribution of Ether accepting businesses. Add your shop here as well There are many other lists and indexes where you can add your shop. I find the two mentioned ones to work best so far. If you have one that you think is really good and complete, contact me. I will be happy to add other links here.
2. Earn free Ether by completing tasks on websites
There are many websites which give you the chance to earn Ether. The vast majority of these sites will provide a small amount of Ether just for visiting but in return you must be subjected to ads and lots of them! Whilst this mine sound like money for nothing the return vs the actual time invested is poor. So when you earn Ether from these advertising sites, the Ether actually come at the cost of your time. As the saying goes ‘there is no free lunch’. But see for yourself, here is a list of some of the sites that I find interesting BitVisitor :: Earn Ether for watching websites or videos. Every page is shown for five minutes. Then you can click ‘Next’ for confirmation and move on to the next page. What I like about this site is that payouts come within roughly an hour. This is a major advantage compared to other sites that pay Ether for completing tasks. Also, you don’t need an user account here, you just enter your Ether address. The amount of Ether you can earn here is limited though.
3. Earn Ether from interest payments
If you already have some Ether, put it to work. Earn Ether through interest payments by lending them out. Lend directly to someone you know. This allows you to assess personally, whether you regard the borrower as trustworthy. Then the two of you only need to agree on the terms like duration and interest rate and off you go. The drawback is, however, that you probably will not have too many acquaintances who match your amount, duration and interest rate requirements. But it’s a nice way to earn Ether. Peer to peer Ether lending websites with listings from various borrowers are another option. Bitbond is such a peer-to-peer lending site. Borrowers publish funding requests and you can contribute to their loan. You can fund small portions of many loans and thereby diversify default risk. Ether loans usually work the same way as fiat currency loans. The borrower gets a certain amount of money over a specified time and repays the money with interest. There are two things you need to be aware of when you lend Ether. The site needs to be trustworthy and the borrower needs to be trustworthy. When the site assesses the creditworthiness of their applicants the information given about borrowers can be more credible.
A Ether banking like model. Here you place your Ether as a deposit with a site that pays you a fixed interest rate on these deposits. As everything here, this method has advantages and disadvantages. The good thing is, that you don’t need to diversify your Ether over many borrowers. You just place your Ether with your Ether bank and that’s it. You earn Ether as a steady stream of interest income. However, be very careful. In the previous case of peer to peer lending you diversify your lending activity over many borrowers. In the banking model you trust one single borrower which is the bank. If they don’t do a good job in managing your Ether, everything can be lost at once. That’s because the bank takes you deposits and invests them in assets, the most important assets usually being loans. If they do a good job you are fine because you simply collect the interest payment. If they don’t do a good job you take the hit. An there is no deposit insurance in the Ether world, too.
To sum it up, Ether lending is a good way to make more Ether from what you already have. And please notice this disclaimer: only lend through sites that you trust. Such sites will comply with the usual requirements that you expect from non-Ether related sites as well. That means they have proper terms and conditions in place, they disclose their status of incorporation and contact details. Some sites in the Ether world do not do this and in the end people wonder what happened to their Ether. Therefore, when you earn Ether from Ether lending watch who you deal with and only use Ether which you can afford to lose.
4. Earn Ether from mining
Ether mining is the process by which new Ether are generated. When you perform mining, your computer adds new Ether transactions to the block chain (a public ledger where all Ether transactions are stored) and searches for new blocks. A block is a file that has the most recent Ether transactions recorded in it. When your computer discovers a new block, you receive a certain number of Ether. This number changes throughout time and gets smaller by the factor 0.5 every four years. Since bitcoin mining has become a hardware intense and therefore expensive process, most individual miners join a so called mining pool. One of the mining pools you can connect to is BitMinter for example. By providing computing power to their pool you can earn Ether from mining without the need to build your own big mining farm. There are entire communities around Ether mining and besides the fact that you earn Ether it’s also fun. You meet new people online and get in-depth knowledge about Ether as a protocol and technology. If you want to earn Ether through mining, be aware that it is a costly and time consuming process. Read the respective introductions and manuals to learn more about it. This website is a good starting point. Unless you are mining just out of curiosity and want to get to know the technology, it is important to make a cost / benefit analysis. Hardware prices, electricity costs, bitcoin difficulty and the Ether value influence the profitability of Ether mining. If all this seems interesting to you and you want to earn Ether from mining make your first calculations on the Mining Dashboard.
5. Earn Ether by getting tipped
When you earn Ether through tips, it is much like accepting Ether as a means of payment. You need a wallet, a QR-code with your Ether address on it and the people who can potentially give you a tip need to be aware of it. There are various places where you can receive Ether tips. Again, your shop is the first thing to start with in case you have one. It’s just a bit simpler because since tips are voluntary you don’t really need to check the incoming payment and the exact amount. Simply display the QR-code and check each day what came in. With tips, the nice thing is that you don’t necessarily need to have a shop. A blog for instance or any other website is sufficient. You can display the QR-code or just your Ether address at the bottom of your page or wherever it seems convenient and let people decide how much they want to tip you. You can also view how this looks like in the footer of this German blog Ether21. Another really cool way to get tipped online is Bitfortip which was already mentioned above. This service allows you to get tipped in bitcoin as the name already says Imagine you have a restaurant and want to encourage your customers to tip with Ether, there is this nice service: bctip is a website where you can print little paper vouchers that have a certain Ether balance on them. When your customer has one of these, he or she can simply give it to you or your employees and you can redeem it like a coupon.
6. Earn Ether through trading
Some people would say that trading is a form of gambling. While there these two things have something in common, there are also fundamental differences. When you gamble (and assuming that it’s a fair game) you have a certain probability of winning and losing. When you trade assets, this gets much more complex. I don’t want to go into too much detail here. I just want to outline the concept how you can earn Ether with trading. The safest way to make money with trading is through arbitrage. In short, this means that you see an opportunity to buy an asset in one place for a certain price and sell it immediately at another place for a higher price. It is important that you know you can sell the asset immediately at a certain price. If this does not hold, then we are talking of speculation – or gambling if you prefer. The Ether world, in my opinion offers such arbitrage opportunities. But they are not as simple to execute as it might seem at first sight. Price differences between exchanges often come for certain reasons. The speed of fiat money transfers and access restrictions are just the most striking ones. You have to find out the concrete opportunities yourself. One place to start is this thread on Ether StackExchange. Also, not every opportunity is available to everyone. Go and have a look at the price differences between exchanges and check out if you can find opportunities. If you want to give arbitrage a try, you need to get Ether almost instantly. One of the few sites where you don’t need to sign up is bit4coin. If you spot an opportunity and want to act on it immediately, this is a way to get a hold of Ether fast. If you manage to earn Ether from arbitrage, this can be very profitable after all. But start cautiously as it really does require some experience. The other way to earn Ether from trading is simple speculation. In this case you would buy Ether, wait until the price increases, then sell for a fiat currency. When the price drops again, you buy more Ether and start all over. For this to work out you either need to be very lucky or capable of predicting the future. There are people who are good traders and who can recognize patterns from price charts. But that’s something very specialized and I’m not sure if I believe in this. So for me, if you want to earn Ether from this form of trading it could also be categorized as gambling. And actually it’s even more risky if you compare it to a fair game where you know your odds. When you speculate with assets, you can extract your odds from historical prices. But never start believing this would tell you something about the future reliably.
7. Earn Ether as a regular income
Getting your monthly paycheck in Ether is probably the steadiest way to earn Ether. There aren’t many organizations who would pay you in Ether but there are some at least. And maybe there will be more as acceptance increases continuously. Gavin Andresen, core Ether developer of the Ether Foundation stated in this interview that he gets paid in Ether. And chances are, that when your employer accepts Ether they might be willing to pay you in Ether, too. Apart from being employed by a company or a non-profit you can be self-employed and get paid in Ether. Being a freelancer has multiple advantages. You can for example earn Ether conveniently from home by participating in this bitcoin affiliate program. You can also work from home for others. Here is a list of sites where you can search job offers or where you can post an offer yourself. It’s a very convenient way to earn Ether, because many jobs can be completed from home. Ethertalk Forum Services Section is another starting point to look for job listings that are paid in Ether. Some of the jobs are done easily within a short amount of time so it’s a good way to earn Ether quickly. Jobs 4 Ether on reddit has a focus on job listings for programmers. But again, it’s not purely programming and it’s definitely worthwhile to browse through the different offers. BitGigs is an online job board with many diverse job offers. The variety is really amazing so go check it out. Coinality has a different approach by not simply listing jobs where you can earn Ether, but displaying them on a map. This comes in handy when you are interested in a local job somewhere near you. The number of listings could be higher but when it keeps growing it will become more interesting. XBTFreelancer is another job board for gigs that are paid in Ether. These jobs are mostly also software related. If you have programming or other IT related skills it is therefore probaly easiest for you to earn Ether with your expertise. bitWAGE lets you find remote jobs that are paid in bitcoin. bitWAGE also offers a second, quite innovative service. They let you invoice your USA, EU, or UK employer or client in many currencies including bitcoin. This means that you can earn Ether from your regular job. Definitely something to try for real bitcoin enthusiasts. Then of course, you can start your own Ether related business and earn Ether this way. Either as a fully fledged business of goods or services or you could run a website and place ads from CoinURL. If you want to start or already have a brick and mortar shop check out the earn Ether downloads. The flyer shows you, how easy it is to integrate Ether payments in your shop.
8. Earn Ether from gambling – not suitable for everyone
To be honest, I’m not a big friend of gambling. But it is a way to earn Ether so in order to make this list complete it needs to be mentioned here. However, I won’t list any links to gambling sites here. It’s fairly easy to research them if you are interested. And if you clicked on some of the above links you probably already came across some Ether gambling sites.