In this guide, I will explain to you how to make money and bitcoin online by completing surveys. I will also show you some good online survey sites paying since 2011
The main topic to be covered in this online money making guide are listed below.
- The meaning of bitcoin?
- How is bitcoin exchanged all over the world?
- What is an online survey?
- Why companies pay you for taking an online survey?
- Gains of going into online survey jobs.
- How you can earn money by completing a survey and top paying online survey sites.
The meaning of Bitcoin
To cut through some of the confusion surrounding bitcoin, we need to separate it into two components. On the one hand, you have bitcoin-the-token, a snippet of code that represents ownership of a digital concept – sort of like a virtual IOU. On the other hand, you have bitcoin-the-protocol, a distributed network that maintains a ledger of balances of bitcoin-the-token. Both are referred to as “bitcoin.”
The system enables payments to be sent between users without passing through a central authority, such as a bank or payment gateway. It is created and held electronically. Bitcoins aren’t printed, like dollars or euros – they’re produced by computers all around the world, using free software.
It was the first example of what we today call cryptocurrencies, a growing asset class that shares some characteristics of traditional currencies, with verification based on cryptography.
A pseudonymous software developer going by the name of Satoshi Nakamoto proposed bitcoin in 2008, as an electronic payment system based on mathematical proof. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way.
To this day, no-one knows who Satoshi Nakamoto is.
How is bitcoin exchanged all over the world?
A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different fiat currencies or altcoins. A bitcoin currency exchange is an online platform that acts as an intermediary between buyers and sellers of the cryptocurrency.
Bitcoin exchange platforms match buyers with sellers. Like a traditional stock exchange, traders can opt to buy and sell bitcoin by inputting either a market order or a limit order. When a market order is selected, the trader is authorizing the exchange to trade his coins for the best available price in the online marketplace. With a limit order set, the trader directs the transfer to purchase coins for a price below the current ask or above the current bid, depending on whether s/he is buying or selling.
For example, on a bitcoin exchange, three coin sellers are asking for BTC/USD 2265.75, BTC/USD 2269.55, and BTC/USD 2270.00. A trader who initiates a market order to buy bitcoins will have his prescription filled at the best ask price of $2265.75. If only five bitcoins are available for the best ask and ten coins are available for $2269.55, and the trader wants to buy ten at the market, his order will be filled with five medals @ $2265.75 and the remaining five @ $2269.55.
However, a trader who thinks that he can get bitcoins for a better price could set a limit order for, say, $2260.10. If a seller matches his/her ask price with this order or sets a price below this figure, the buyer will get filled.
Online bitcoin marketplaces usually designate bitcoin participants as either makers or takers. When a buyer or seller places a limit order, the exchange places add it to its order book until the price is matched by another trader on the opposite end of the transaction. When the amount is matched, the buyer or seller who set the limit price is referred to as a maker. A taker is a trader who places a market order that immediately gets filled.
All bitcoin exchanges have transaction fees that are applied to each completed buy and sell order carried out within the trade. The fee rate is dependent on the volume of bitcoin transactions that are conducted. For example, bitcoin exchange Poloniex has its rate ranging from 0 to 0.25%, GDAX fees range from 0 to 0.30%, Kraken’s prices range from 0 to 0.36%, and Paxful charges 1% of the amount of a sale to the seller but buyers don’t get charged.
To transact in bitcoin on an exchange, a user has to register with the trade and go through a series of verification processes to authenticate his or her identity. Once the authentication is successful, an account is opened for the user who then has to transfer funds into this account before s/he can buy coins. Different exchanges have different payment methods that can be used for depositing funds including bank wires, direct bank transfers, credit or debit cards, bank drafts, money orders, and even gift cards. A trader who would like to withdraw money from his or her account could do so using the options provided by his exchange which could include a bank transfer, PayPal transfer, check mailing, cash delivery, bank wire, or credit card transfer.
Making deposits and withdrawals come at a price, depending on the payment method chosen to transfer funds. The higher the risk of a chargeback from a payment medium, the higher the fee. Making a bank draft or wiring money to the exchange has a lesser chance of a chargeback compared to funding your account with PayPal or a credit/debit card where the funds being transferred can be reversed and returned to the user upon his/her request to the bank.
In addition to transaction fees and funds transfer fees, traders may also be subject to currency conversion fees, depending on the currencies that are accepted by the bitcoin exchange. If a user transfers Canadian dollars to a trade that only deals in US dollars, the bank or the transaction will convert the CAD to USD for a fee. Transacting with an exchange that accepts your local currency is the best way to avoid the FX fee.
Foreign exchange spreads are essential measures when transacting in bitcoin and vary depending on how liquid the bitcoin exchange is. For example, on May 31, 2017, the best bitcoin bid and ask on Kraken, a bitcoin exchange system, was XBT/USD 2,314.07 and XBT/USD 2,317.75, respectively. Another online exchange, GDAX, had its best bid and asked period for the same time window as BTC/USD 2314.99 and BTC/USD 2319.00. The FX spread is more extensive for GDAX, but may not necessarily be so at all times of the day. (Note that the Bitcoin ticker is either XBT or BTC, depending on the exchange).
Note that a bitcoin exchange is different from a bitcoin wallet. While the former offers a platform through which bitcoin buyers and sellers can transact with each other, the latter is merely a digital storage service for bitcoin holders to store their coins securely. To be more technical, bitcoin wallets store private keys which are used to authorize transactions and access the bitcoin address of a user. Most bitcoin exchanges provide bitcoin wallets for their users but may charge a fee for this service.
What is the online survey?
An online survey is a questionnaire that the target audience can complete over the Internet. Online reviews are usually created as Web forms with a database to store the answers and statistical software to provide analytics.
Why companies pay you for taking an online survey?
In the business world, an untested idea is a bad idea. Before spending millions of dollars designing, manufacturing and marketing a product, companies first have to figure out whether anyone even wants to buy it. That process is called market research.
Market research is big business. American companies spend billions of dollars each year on focus groups, product testing, interviews, and surveys — all to determine which logo is the catchiest, which flavor of the potato chip is the most addictive and which pop song will be the next big hit [source: The Huffington Post].
To save time and money, many companies are turning to online market research. Surveys, in particular, can easily be conducted online or over e-mail. The cost of a 200-person, e-mail survey is $2,500 to $5,000. To get the same number of responses from a snail mail survey would cost between $5,000 and $7,000, and phone surveys can run as high as $15,000 [source; Yahoo! Small Business].
As an incentive for consumers to fill out online surveys, companies offer them rewards. At Web sites like e-Rewards and MySurvey, consumers either earn money or points for each survey they fill out and submit. Those points can be redeemed for rewards such as discounts on products, free airline miles or gasoline gift cards.
Gains of going into online survey jobs
1) Cost-efficiency: Using online surveys significantly reduces the set-up and administration costs. There is no money spent on paper, printing or postage. Money is also saved as a telephone, and in-person surveys are no longer necessary.
2) Saves Time: Online surveys save a lot of time and effort. Through an online feedback management system, you can quickly create, administer, collect and analyze studies. Performing all of these functions in one integrated web system saves you a considerable amount of time.
3) Convenience: It is very easy and convenient for respondents to complete surveys online. Participants can fill out questionnaires when they choose to and start and stop a survey at their leisure. This gives control over completing the survey to the individual, which can increase engagement and response rates.
4) Accessibility: Administering your surveys through an online system increases accessibility. You can send a link to the survey via email and set-up subsequent reminders through the online feedback management system. Respondents then have a variety of ways to access the questionnaire including mobile devices, tablets, laptops, desktop computers, etc.
5) Reach & Scalability: One of the greatest advantages of using online surveys is the reach and scalability. You can send a survey to thousands of people as quickly as you can send a survey to one participant. Also, you can send surveys across the globe and create questionnaires in a variety of languages.
6) Flexibility: Online surveys provide more flexibility in the design. Organizations can quickly develop a variety of customized surveys, tailored to the target audience. Even complex evaluations, such as 360-degree feedback reviews, can be easily administered through an online feedback system. There is also great flexibility regarding the questions that can be asked. A web-based system allows for skip navigation whereby respondents can jump over questions where they do not have an opinion.
7) Anonymity: Another important advantage of using online surveys is that they provide respondent anonymity. Once confidentiality is assured, participants feel more comfortable providing open and honest feedback. This positively impacts response and completion rates, which are key to survey success.
8) Objectivity: Online surveys add objectivity to the feedback. This is achieved by eliminating any influence on responses that may be present in telephone or in-person surveys. In some cases, the interviewer can affect the responses that a respondent gives. This is eliminated through online questionnaires making the responses more valid.
9) More Accurate: The data collected through online surveys is more accurate. There have been some studies on this subject, which indicate that there is a much smaller margin-of-error in online surveys. This is attributed to the fact that the responses go directly to the online database rather than being manually entered by a person.
10) Quick Results: A major benefit of using online surveys is that you receive real-time results. As soon as participants have completed the questionnaire, you can view and analyze the responses. This allows an organization to analyze the feedback and quickly address any issues or concerns.
How you can earn money by completing a survey and paying online survey sites.
They are so many online paying sites, but we have to discuss a few extensively first is the….
· Opinion Outpost
Who are they? Opinion Outpost has shot up in popularity due to fast payouts and fun surveys.
Rewards: Cash and Amazon Vouchers.
Amount per survey: 50p
Min. reward threshold: £2.50
Our review: You only need to complete five surveys to be due to a payout, and they take around 10-15 minutes each.
· Valued Opinions
£10 voucher per hour.
Who are they? Valued Opinions are part of a larger market research group. They send out online surveys to members whose profiles match broad demographics and requirements.
Rewards: Vouchers (inc. Amazon, M&S, Sainsbury’s, John Lewis).
Amount per survey: £1 – £5.
Min. reward threshold: £10.
Our review: First off, signing up with Valued Opinions automatically enters you into a prize draw for an iPad. From there, they use your profile to send you relevant surveys to complete.
The surveys are usually quite interesting and can take anything from 10-30 minutes each, so within just one hour you could bag yourself a £10 voucher.
· Prolific Academic
Good money if you give quality answers.
Who are they? They provide data for academics and researchers at many top universities and companies.
Amount per survey: £1-£10.
Min. reward threshold: £20 with no fee.
Our review: Prolific Academic is a high-end survey site which means that you have to focus on giving good answers to keep a high score. If you drop below a certain level, you’ll be screened out of a lot of surveys.
However, with big effort comes big rewards. Surveys tend to take around 45 minutes and can payout as much as £10. If you can hit the sweet spot with this survey site, you could make some good money.
Regarding pay per hour, it’s potentially one of the highest so we’d recommend giving it a go.