Elon Musk made a huge announcement about a month ago. He revealed that consumers would be able to purchase a Tesla with bitcoin. That was coming on the back of Tesla’s $1.5 billion investment in Bitcoin. The cryptocurrency market has grown to the point where millions of dollars have been made as proved by bitcoin’s bullish run in the past few years. As a result of that, a lot of people are beginning to see how big the digital assets market is and they’re now more than ready to go all in. Bitcoin reached an all-time high of over $60,000 a little over one week ago and although those figures have dropped over the last couple of days, a lot of people still believe it’s setting another record sooner or later. Despite people’s fears that bitcoin has now overextended its run and the ‘dip’ it’s going through now could go on for a while, people still engage in trades involving bitcoin and other cryptocurrencies daily.
Moving to the crypto world will involve a lot of mixed feelings. Some people have failed and lost a lot of money while many have also made a fortune out of it. It’s always a two-way thing; win or lose. There are even crypto Ponzi schemes many have fallen into, losing a lot of money in the process.
All these downsides are enough to discourage one from even trying crypto out but the truth is, there’s always enough room for everyone to thrive as long as the right patterns are followed. The truth is that there are still ways to make money with cryptocurrency. You can always do your research to know more about these digital assets but to ease you up on some of the stress, we’ve compiled a great piece on how to make money with cryptocurrency.
Here is our list of the 10 smartest ways to make money with cryptocurrency;
1. HODLING (Buying and Holding Crypto)
HODL is a crypto term that means keeping your cryptocurrencies hoping that they would grow in value so they can be sold at higher prices than they were bought. This method is long-term and a lot of people prefer this because they can make more than 1000% of their initial investments.
If you’re a beginner and you’re looking to earn with this method, you’ll need to carefully analyze the market to know which coins have promising return values. One mistake people make is to invest big in coins that are on a bullish run, hoping that the run would continue and they would be able to make money. The truth is that it doesn’t always work this way. Investing in more stable and volatile assets gives you more chances of making profits. Also, there are so many other coins with decent prices you can invest in. All you need to do is proper research to know which of these coins have more future return values. Crypto experts will always tell you to do your own research (DYOR) before deciding to invest in any coin. Some of the coins that are worth looking at are Litecoin, Ripple, Ethereum, BNB, and Freecoin.
Trading is quite more difficult when compared with Hodling but it is perhaps the most profitable way to get money out of crypto. Records have it that those who make the most money out of crypto are those who trade daily. What they do is that they study the trend and buy when there’s a dip. They sell when these currencies begin to rise and that fetches them some money, depending on how much they invest per trade. As a trader, knowing losing is part of the process will help you overcome fears that would discourage you from making life-changing moves. Embracing the wins and losses of the game makes you an experienced trader, most of which will be clearer to you as you get used to the crypto space.
Knowing that trading takes time to master, you might want to start off slowly and give yourself the time you need to get hold of this method.
3. Participating in Airdrops
When a new crypto company is just starting out, the best form of promotion they can do is to pay people to create awareness for their new entry coin. What they do is to launch an airdrop campaign that allows users to earn rewards of their coins by performing simple tasks. All you might need to do is to follow them on social media and share some of their posts as requested. You will then be asked to submit your wallet after which you will receive a certain amount of their coins.
Staking is done to stabilize a particular cryptocurrency network and in return, people who participate in this exercise will be duly rewarded. Popular trading platforms like Binance gives their traders the chance to stake some of their cryptocurrencies. You hold your coin in a live wallet and while this is done to strengthen the stability of that particular crypto network, it also increases the value of the coin(s) you staked.
5. Finding Bitcoin Faucets
Bitcoin faucets may not be as known as they were some years ago but it’s no doubt you can still earn small units of bitcoin from them. You will be asked to perform simple tasks like completing surveys, sharing blog posts, or watch short videos. After you must have completed these tasks, you will be rewarded with small units of bitcoin which they refer to as ‘satoshis’ in the crypto world. Finding the right platforms that offer legit faucets will earn you little, yet valuable units of bitcoin daily.
6. Monetizing Your Crypto Knowledge
The more time you spend acquiring knowledge in the crypto world, the more valuable you become. Because of the things you’ve learned through experience, a lot of people will always look forward to having a tip or two from you to become a successful crypto person on their own. You can start out by giving free tips but as soon as you realize how much people are into your craft, then you can start monetizing. You can create a YouTube channel where you can earn on PPV (pay per view) and also through donations as a way for your audience to support the valuable content you give them.
7. Working within the Industry
Another smart way to make money with crypto is by working in the industry itself. This is when you have enough value in you to trade in exchange for money and the good thing is that some of these companies pay their employees with cryptocurrencies. People with digital skills like web designing, coding, copywriting, and many more are valuable sets of people to the crypto industry. If you have any of these skills, you can work with a crypto brand and earn yourself some cryptocurrencies. The good thing about this method is that you will not only yourself cryptos, but the knowledge you will get from working with these brands will always be valuable.
8. Affiliate Marketing
This is an effective method almost in every industry and the cryptocurrency industry is not an exception. Affiliate marketing is when you earn commissions by referring customers to a particular brand. This even works better when you have a huge platform with a lot of followers. You can make this happen by optimizing your social media profiles and constantly promote cryptocurrencies from different brands on your platform. Make your research and find out which companies have the best affiliate programs and join up.
9. Posting Valuable Content on Crypto Forums
One of the best things that could happen to you as a crypto veteran is that you’ll never run out of options to make money. Being a crypto veteran means you have enough valuable information and content about cryptocurrencies and blockchain technology. You can post your crypto ideas, tips and information on different cryptocurrencies forums where you’ll turn your ideas into crypto rewards. Some of these forums are premium crypto communities and are only available only to subscribers who pay certain amounts to be part of the community due to the valuable information they provide.
10. Yield Farming
This is a more complicated alternative to Lending and Staking. With yield farming, exchanges and liquidity protocols are decentralized by distributing your crypto assets to a token swapper who trades them. What do you stand to gain on all that? By giving out your crypto assets, you’ll get them back alongside the trader’s fees which means you’re earning more than you’re giving out. This method is often used by experts who are used to the state of the industry. As a beginner, you might find this method too complicated and that’s why only recommend it for those who understand the risks that come with it. Sticking with staking is the best recommendation for beginners. However, if it’s an adventure you’re willing to get on, do proper research before you get started.