Are you wondering whether you can make money from cryptocurrency and, if yes, how to go about it? This article is dedicated to answering that and more.Cryptocurrency trading is one of the fastest-growing digital asset investments, especially during this decade.
As this digital asset investment is maturing, so are the opportunities to make money. Some methods are easy and straightforward, and others dont need funds but only time and effort to earn.
This article will discuss 9 best ways to make money with cryptocurrency. The methods here are tested and time-proven and if done right, they will surely be your favorite strategies to earn an income without so much hustle.Before we dive into the strategies, let’s discuss how you can join the crypto space.
How to get started with Cryptocurrency
- choose an exchange- research to get reputable brands in the market that provide exchange services, such as Binance.com.
Binance is the world’s best wallet and crypto trading platform
- Download a Binance wallet app- download a wallet app for the currency you are looking to hold.
- Sign-up for an account- here, you will be required to select your state, verify your identity, account and lastly, your phone.
- Add your bank account- link your account with bank detail and add your bank account to withdraw and deposit funds.
- Buy cryptocurrencies- check current prices and buy your preferred cryptocurrency using the buy icon.
- You are now a cryptocurrency owner and you can buy more coins or sell when prices are high.
Buying & HODLing of Altcoins
This is where you buy then hold altcoins and sell them later when prices are high, to make good profits. Buying & holding is one of the safest methods of earning money with cryptocurrencies, especially due to altcoins’ regular fluctuating prices. If you are a beginner and dont know quite much about cryptocurrencies, this is the easiest method to earn money and the perfect solution for you.
Staking
Here, you are required to lock coins in a cryptocurrency wallet and anytime you validate transactions on a proof of stake (pos) network, you receive rewards. You also stand a chance of earning from price appreciation when you choose to hold your coins for a specific period. Wise, dash, pivx, nav and tezos are among the proof-of-stake cryptocurrencies that allow you to make a good income with staking. This technique is secure, highly flexible and has low risks.
Trading
This is the most common method that investors rely on to make money from cryptocurrencies. With this method, you need to hold your assets until their value rises, then sell them. At least for this strategy, it would help if you had good analytical and technical skills as one is required to read charts and understand technical indicators to make accurate predictions. This exploits short-term opportunities to make money by understanding the price action in a historical context and predicting future prices. This is the most challenging yet the most rewarding method to earn from cryptocurrencies.
Referral
This is one of the easiest methods you can use to make money from cryptocurrencies and even in some cases; it is possible to start earning without having funds. A unique referral link is given and you receive a bonus when anyone joins using your link or after any successful staking from the referee.
Accept cryptocurrencies
You can earn from cryptocurrencies by accepting them as a payment mode for goods and services. This digital money can be transferred anywhere worldwide without the need to convert it. The cryptocurrencies are likely to rise even within a single day and you will be able to make profits from them or sell them in high-priced exchanges.
Crypto arbitrage
in this form of crypto-trading, you make money by buying cryptocurrencies from one exchange and selling them at a higher price in another exchange for profits. Essentially, it involves using different platforms and comparing the assets prices variations for profits. The cryptocurrency sector is unregulated and most exchanges determine the price of their assets. You can therefore buy from those selling at low prices and sell on the overpriced exchanges.
Gambling online
You stand a chance to earn from cryptocurrencies by using gambling sites that pay using cryptocurrencies such as bitcoin. If you are good at gambling, you should try this out and easily earn from websites such as betkings, starcoin, crypto games
Create cryptocurrency content
Most cryptocurrency websites rely on online marketers to find their potential clients. You can reach out to such websites and request to be one of their content creators to market them through video content, infographics and written content. In return, you can get paid using cryptocurrencies such as bitcoin that you can make money with, using any of the above strategies.
Scamming (unethical)
you can make money by scamming funds from unsuspecting investors using their lapses. This is not advisable, but if you choose this route, it is up to you. You can use several modes to scam potential investors. Examples include fake bitcoin investment websites where you can attract many investors by promising high commissions and use false evidence from successful investments to gain their trust. You can pretend to be a pro-bitcoin trader and look for investors, invest for them and finally blackmail them to be paid with bitcoins.
Conclusion
Cryptocurrency has been proved to be among the best ways to invest in 2021 and the future. For sure, this kind of investment is risky and complex due to price fluctuations, but you can easily mitigate this through research and diversifying your portfolio. Dont waste time; use one of the above methods to earn with cryptocurrency and you will smile all the way to the bank. Please keep checking our site for more educational material and advice on cryptocurrency trading. All the best!
