By far the simplest way of earning Bitcoin is to accept it as payment for your business services if you already own a small business.
There are several ways of doing this:
- Use a normal Bitcoin wallet (like Electrum) to get an address and tell your clients to send Bitcoin to that address
- Setup a self-hosted payment processor like BTCPay
- Use a third-party payment processor like Coinbase
1. Using a normal Bitcoin wallet
This approach is the simplest and easiest to setup, but also the least flexible and less convenient for your client.
When accepting payments, you may want to use a wallet that uses a full node, such as Bitcoin Core, to ensure better security. When using a light SPV wallet (like Electrum, or just about any mobile wallet), your wallet must communicate with other servers so it can check whether it has received a payment. The problem with this is that it must trust those servers (at least partially). This goes against the philosophy of Bitcoin, which states that you should not have to trust anyone to transact securely.
Once you have a wallet setup and running, you need to generate a Bitcoin address. How you do this will depend on the wallet. Some wallets will also give you a QR code along with the address. You may be able to save this or you may have to take a screenshot of it. QR codes are useful for those using mobile devices, so they can use their camera to scan the code instead of having to type out the entire address.
When it comes time for your client to pay, just send them the address and the QR code and tell them how much Bitcoin to send. You will need to calculate this using a website like BitcoinAverage.
To maintain privacy, it is a good idea to use a different address for every transaction. You can see how this may become tedious, so this method is not recommended if you will be accepting a lot of payments.
2. Setup a self-hosted payment processor
BTCPay has become a very popular choice for those who want to use a payment processor to accept Bitcoin but don’t want to give up control to a third-party. Software like this can be setup on a dedicated server, a VPS, or even a home computer if necessary. Typically, it connects to a running full node (like Bitcoin Core) and uses that to determine when payment has been received. It has a full API that can be used with a plugin for Woocommerce or queried directly if you’re a programmer.
This option would be a good choice if you have a business where you will frequently be accepting Bitcoin and want to control everything yourself without needing to depend upon a third-party.
Read the documentation for more information on setting up BTCPay.
3. Use a third-party payment processor
This option is more complicated than 1. but simpler than 2. Using a third-party payment processor, like Coinbase, to handle payments provides a relatively straightforward, polished, and professional-looking way to accept Bitcoin. The downside is that you outsource control of payments to a third-party. This is similar in concept to accepting credit cards.
Another downside of using payment processors is that they typically take a fee.
Often using payment processors like these will require you to verify your ID because of KYC/AML regulations.