Back to blog

Best Practices for Earning Bitcoin

People talk a lot about buying Bitcoin and other cryptocurrencies. When Elon Musk buys Bitcoin (or tweets about it), the internet explodes into a crypto-fueled frenzy. It’s easy to get FOMO.

For those of us that want to get in on the hype but don’t want to buy in directly, there are options. Yep: you can have fun with speculative assets without spending a cent of your hard earned money.

What? How? Great questions! Let’s gooooooooo!

3 Ways to Earn Bitcoin

Instead of buying Bitcoin, earning Bitcoin is a great way to accumulate cryptocurrency without any initial expense. Learn three ways you can earn Bitcoin in your spare time here, pals.

Get a Crypto Interest Account

If you’ve ever found yourself wondering how to earn Bitcoin, you aren’t alone. There are tons of folks out there that want to get in on the action but either don’t have the funds to invest or are nervous about investing in such a volatile asset.

One way to circumvent these barriers is to try using a crypto interest account. This involves “saving” your Bitcoin in a dedicated account offered by companies like BlockFi, which boasts possible return rates of over 8% annually on “cold storage” crypto (although the actual rate of return will fluctuate). When you use these accounts, you’re actually lending your Bitcoin to a central holder, in this case, BlockFi. BlockFi keeps its cryptocurrency deposits with the Gemini Trust Company, which is regulated by the New York Department of Financial Services. Then over time, when the asset appreciates, you earn interest that you can withdraw as US dollars.

We can’t personally vouch for the safety of using crypto interest accounts, or of BlockFi, but if this idea interests you, be sure to do your own research and invest wisely.

Also, this method requires you to already have a Bitcoin store, which leaves lots of folks out. The next two options are great for folks with no crypto holdings.

Get Bitcoin Cashback By Online Shopping

Recently, a few easy-to-use apps have cropped up to help earn you BTC by acting as intermediaries when you do your online shopping.

When you use an app like Coinmiles to purchase something, they earn a referral commission. They split that commission up—part they keep as revenue, and the rest they use to buy you Bitcoin! Simple as that.

There are a couple online shopping apps or extensions that carry out this function. Check out Coinmiles or Fold App, both in the app store for Apple and Android, to see if this system might work for you.

Because the mechanism of these referral commissions work differently, according to them, you could earn several percentage points back on a given purchase. As always, be careful and do your own research—these companies offer a cool product but we can’t vouch for them personally.

Get Paid for Gigs in Bitcoin

Side gigs: we hate to see it, because they imply our main gig don’t pay enough.

However, side gigs can also be strategic and/or labours of love. In this case, they’d be strategic.

There are heaps of websites and folks looking to hire for goods or services that pay in Bitcoin. Are you a writer? Are you an expert at video games? Are you good at research and communicating complicated ideas in simple terms? Etc.? There’s a job out there for you.

We aren’t suggesting you take up another full time job to get paid in Bitcoin. But, if you can spare a half hour here or there, you’ll accumulate some Sats and be in the game.

Don’t wanna take on a side gig? Don’t! Mogo has a few strategic “side gigs” that will help you earn BTC.

Did you know that the person using Mogo’s free credit score monitoring is eligible for a prize of $200? Every month, we pick the most improved credit score and drop a chunk of cash into that person’s Bitcoin + Rewards account. Getting paid to strengthen your credit score? Yep, that’s all there is to it!

$200 = a lot of Satoshis.

We also love to host contests and giveaways on our social media accounts, so make sure you’re following Mogo on Twitter, IG, and FB. Eligible winners will earn money to buy into Bitcoin (if you want!)!

GO TO BITCOIN & REWARDS


Earn Bitcoin with Mogo | Bitcoin Rewards AND REFERRALS!!!!!!!!!!

Alright friends, we gotta be honest. This is probably the easiest way to consistently earn Bitcoin.

Three words: referrals and rewards.

As of today, when you refer a friend and they sign up to lil ol’ Mogo, you could both get $10 deposited into your Bitcoin & Rewards account. It’s free money to buy crypto. And you’ll get $10 for more BTC every time you sign a friend up.¹ Make sure they use your special referral link and get after it. It’s that easy! 💸💸

But wait, there’s more!

We’ve long encouraged our users to “stack sats,” which means using little bits of digital “change” to purchase Satoshis, which are the tiniest unit of Bitcoin. For example, if your coffee costs $1.95, you could automatically add that remaining $0.05 to a dedicated sats stacking account. By rounding up, you can amass a seriously impressive amount of “passive” income. BUT! This does involve spending money on Bitcoin.

So here’s our other option. Like stacking sats with your extra change, the Mogo Visa* Platinum Prepaid Card offers Bitcoin cashback². It’s a similar vibe but the Bitcoin you buy is totally on us. Once you have the MogoCard, all you have to do is use it to start earning Bitcoin + Rewards. Here’s the drill:

You go out, you buy some sneakers and/or Funko Pops (we continue to not understand the appeal of these things, they are oddities, we are fascinated). If you buy within Canada, using Canadian currency, we’ll reward you with 1% Bitcoin cashback directly into your Mogo Bitcoin + Rewards account. As of June 1st, we'll be upping this reward to 2% on all purchases!

It’s that easy. All you have to do is use your MogoCard to make a purchase. Then, badabing badaboom, Fifth Element style, you’ve got mail—uh, Bitcoin, baybee!

(that was two totally incongruous movie references in one sentence, head hurts now, bruce willis and tom hanks would NOT be friends)

This system works differently from Coinmiles and Fold, because we give 1% or 2% rewards on every single purchase you make, whereas those two apps require you to purchase from specific retailers, or more specific products. A mixture of both MogoCard and an app like Coinmiles or Fold might do well.

But again, you’ve gotta decide that for yourself. We don’t have relationships with Coinmiles or Fold, so we can’t vouch for them or the returns you might see. Do your own research and choose wisely.

There you go, friends! 3 ways to earn Bitcoin (well, four really, with the fourth one being our favourite, hee hee hee). Take advantage of one of these methods to get yourself into the Bitcoin game without spending a cent of your own money on crypto.

Good luck out there, pals!

(Listen, while you’re here, check out this post for other fun rewards that let us give you money!)


This blog is provided for informational purposes only, is not intended as investment advice, and is not meant to suggest that a particular investment or strategy is suitable for any particular investor. If you’re unsure about an investment, you may wish to obtain advice from a qualified professional. Nothing herein should be considered an offer, solicitation of an offer, or advice to buy or sell securities. Buying and selling bitcoin is risky and you may suffer losses. The price of bitcoin is highly volatile and speculative and so you should never invest more in bitcoin than you can afford to lose. It’s also important to remember that past performance is no guarantee of future results.

* Trademark of Visa International Service Association and used under licence by Peoples Trust Company. Mogo Visa Platinum Prepaid Card is issued by Peoples Trust Company pursuant to licence by Visa Int. and is subject to Terms and Conditions, visit mogo.ca for full details. Your MogoCard balance is not insured by the Canada Deposit Insurance Corporation (CDIC). MogoCard means the Mogo Visa Platinum Prepaid Card.

1 - You will receive a $10 incentive for each person that successfully passes Mogo’s security and identity verification process and becomes a MogoMember using the unique referral link available through your MogoAccount on or after December 22, 2020. If you are eligible for MogoCrypto, then your incentive will be deposited to your MogoCrypto within 48 hours of such an individual becoming a MogoMember. Incentives deposited to MogoCrypto are subject to a 2 week withdraw hold period. If you are not eligible for MogoCrypto, then Mogo will send the incentive to you via Interac e-Transfer using the email address associated with your MogoAccount within 30 days of such an individual becoming a MogoMember. You will not be eligible for any incentives if you are in default of any of your obligations to Mogo or in violation of the MogoAccount or any other Mogo Terms and Conditions. You will not be eligible to receive any incentives if you are found to have violated Canada’s Anti-Spam Legislation or used any other improper method of obtaining referrals. Mogo reserves the right to change or terminate this offer at any time without notice in its sole discretion.

2 - To participate in the Bitcoin Rewards Program (“BRP”) you must be an eligible MogoMember in good standing who has activated MogoCrypto and has the Mogo app on an iOS or Android device. All BRP Rewards are awarded in Canadian currency and will be deposited to a MogoMember’s MogoCrypto within 30 days of earning such BRP Reward. All BRP Rewards will be subject to a two-week withdraw hold period. All decisions by Mogo regarding eligibility for the BRP, a particular BRP Reward or any other matters respecting the BRP are final and binding. Mogo will not be responsible for any technical or other impediments which may delay or prevent the delivery of any BRP Reward to you.



What are you looking for?

What are you looking for?