Contrary to the thinking of many, there are a handful of strategies you can leverage to make money with cryptocurrency other than normal trading.
As your number one source for information regarding digital earning methods, we have done thorough research and come up with a good list of impressive strategies that you can use to make money with cryptocurrencies today.
So, before we jump to the methods list, lets first discuss one basic topic.
How to get started with crypto
These are the most straightforward steps you can follow to get started dealing with crypto. Note that the steps here apply to any cryptocurrency.
- Pick a reputable and reliable exchange where you will buy your crypto from. A perfect example here is Binance.
- Connect your exchange to a payment option such as your bank account, debit or credit card. To be allowed to do this, though, the exchange must first verify your personal details, including phone number and income details.
- Place your order or set your recurrent purchases to buy the crypto of your price choice.
- Choose a safe wallet to store your funds. Here, it is recommended to use a wallet off the exchange as it is much safer and convenient.
- Pick a simple low risk and promising strategy to earn money from crypto (well discuss this in the next section)
- find an automation service that will monitor and run your strategy. Note that the crypto space is ever-changing and automation is the only way you to keep up.
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10 best ways to make money with cryptocurrencies
Buying & hodling of altcoins
HODL is an acronym for hold on for dear life. This earning method, therefore, involves buying bitcoin or any other cryptocurrency (altcoin) and safely holding the asset until a time when selling it will bring a good profit.
If your chart reading skills are not yet polished up, this is the earning strategy to go for. It is easy and less stressful to make money with cryptocurrency with this method.
Just make sure that you store your digital assets in a secured wallet where it will be hard to lose your invested money.
Staking is holding your digital coins in a live wallet and earning for securing the crypto network. The rewards here can also be in form of profits that come with price appreciation of the coins and dividends from some selected coins.
Trading is the most commonly used method by crypto investors to earn money from their digital assets. Here, it would help if you were equipped with skills to analyze skills using fundamental and technical methods.
With the right analysis, you just need to pick a good exchange, buy some assets and trade them in the most rewarding way.
Similar to trading, investing is buying digital assets, evaluating the crypto markets and selling them when the chance of making a good profit is high. Unlike trading, though, investing is long term and has the capability of bringing in significant returns.
Due to this, you must be very good at predicting what the future of your preferable digital assets will be like before putting your money on them.
Today, no digital platform can survive without a referral program. Most cryptocurrency networks need partners that can market their brand and bring in new customers.
If you have a blog or website where you can display referral links, this is a viable method to earn rewards in form of cryptocurrency from the crypto network running the program.
As long as your referrals buy, deposit and trade on the platform, you will earn even if you don’t trade or deal with the digital assets you have in any other way.
Face to face transactions
Today, many people have accepted cryptocurrencies as a mode of payment, even at physical stores. You can tap into this opportunity by exchanging the digital assets from your wallet with other persons with a profit margin for other cryptos or fiat currency physically.
This is very easy to do and you will not need to go through the technicalities of dealing with digital assets online.
The crypto space is highly unregulated and each exchange can price the assets on their platform the way they want. This leads to high volatility and liquidity of assets. The good thing is that with targeted research, you can still make a good income from this pricing mix. You can, for example, buy cryptos from cheap sources and sell them to highly-priced sources (arbitrage).
To be successful in this, you need to sign up on various platforms, compare asset prices and pick where to put your investment on and make a good profit.
Incorporate cryptocurrency as one of your payment methods
As mentioned above, cryptocurrency is today highly accepted as legal tender, meaning that people can pay for goods and services with these digital assets. If you own a business, you can accept cryptocurrency as one of your payment methods.
Here, you need to make sure that your payment system does the conversions right as digital assets change value very rapidly. You can use the cryptocurrency you get from your customers to reinvest in other earning methods in this post.
Here, you can use a point-of-sale (pos) system, a peer-2-peer payment system or a personal wallet to accept or collect the crypto payments from your customers.
Are you a fan of gambling and would want to use your skills to earn more money? There are gambling sites that offer gambling services and accept bitcoin and other cryptos as the payment method. You can focus on these websites to earn bitcoin or altcoins that you can use to make more money with the other strategies on this post.
Some great gambling websites that pay with bitcoin include 1xbet, crypto games and betkings.
Yes, scamming is an illegal way of earning, but cryptocurrencies are not left behind in this. Scam artist creates false platforms that look very authentic from the users end where they can either blackmail investors into paying them with cryptocurrencies or just take their digital assets without them realizing it.
If you can make your way in this and are ready to accept whatever karma will offer, you can make money illegally with cryptocurrency.
if you’ve been wondering how you can make money with cryptocurrency, you now have strategies you can give a try. The secret to making good money with cryptocurrency is keeping your funds safe at all times.
In addition to working with a secure wallet, you can even invest in VPNs to guard your crypto transactions. It will definitely look costly when getting started, but it will be worth the investment as the risk of losing your funds will be eliminated.
Lastly, don’t forget to use multiple strategies from the above list to spread your risk and widen your income horizons. The future of cryptocurrency is bright, so get started now!