Everyone enters the cryptocurrency market with the goal of making money, but only a few succeed. With the rise in crypto scams, many people are either giving up or falling into a trap.
To be honest, there are a lot of less obvious ways to make legitimate money with cryptocurrencies than trading. As a result, we decided to investigate some of the tried-and-true methods of making money with cryptocurrency; we found quite a few, and we’re confident you’ll find them to be quite impressive.
Here are ten ways to profit from cryptocurrency right now, without further ado.
Purchase and HODL is the first option.
This is by far the most popular way to make money with cryptocurrencies. The majority of investors buy Bitcoin, Litecoin, Ethereum, Ripple, and other cryptocurrencies with the expectation that their value will rise. Once market prices rise, they can sell at a profit.
This investing strategy necessitates the identification of more stable and volatile assets with the ability to rapidly shift in value and produce consistent profits. Bitcoin and Ethereum, for example, are known for having regular price fluctuations and can thus be considered safe investments in this regard. You are, however, free to trade any asset you believe will increase in value; all you have to do is research each asset before committing to HODLing it.
To make money, you don’t have to buy the most expensive assets. Consider a mix of all coins with a promising future value that aren’t just popular on exchanges; there are thousands of small altcoins with decent price changes.
Dividends in Cryptocurrency (Way #2)
You might be surprised to learn that you can invest in cryptocurrency and earn a dividend. A few coins will compensate you simply for purchasing and holding their digital assets. The best part about these dividend-paying coins is that they don’t require you to stake them, which is especially convenient in a wallet.
These are examples of some of the dividend paying coins: COSS, CEFF, NEO, KUCOIN.
Not all of these coins, like traditional stocks, are appropriate for your portfolio; you’ll need to evaluate and choose what appears to align with your investment objectives.
Run Master Nodes for Cryptocurrency (Way #3)
What is the purpose of a crypto master node, and how does it function?
These are full nodes that encourage node operators to fulfil their roles in the blockchain’s operation. To put it another way, a master node is a full node or computer wallet that monitors the activities of a blockchain in real time.
The concept of master nodes is a bit complicated, but here’s a quick rundown:
Crypto master nodes are one of the most popular ways to earn passive income in this space. However, how are you going to profit from this?
Many cryptocurrencies pay node operators for maintaining a live blockchain record of their transactions. Crypto platforms prefer to hire master node operators for a fee because the process is complicated and requires master node operators to maintain a certain minimum number of coins.
DASH and PIVX are two examples of master-node proof-of-stake cryptos.
Invest in Cryptocurrencies (Way #4).
Staking (or proof-of-stake) digital assets is another way to make money with cryptocurrencies. Through price appreciation and dividend payout from selected coins for staking (or proof-of-stake) their digital assets, this method offers a double earning potential.
Staking is the practise of keeping coins in a live wallet and earning extra coins in exchange for securing a specific crypto network.
Stakeable coins include BNB, NAV Coin, PIVX, Neblio, Decred, and a variety of others.
The fifth option is: day trading.
Over 80% of cryptocurrency investors believe day trading is the most effective (if not the only) way to profit in the industry.
But what most of them don’t realise is that day trading is more than just holding an asset until it appreciates in value; it takes a lot to be a day trader, but the most important requirement is that you have the necessary analytical and technical skills.
You’ll need to look at market charts to see how the listed assets are performing; this is perhaps the most time-consuming, but also one of the most rewarding ways to profit from cryptos in my opinion.
You can begin day trading right now on any exchange; all you have to do is sign up, purchase some assets, and analyse.
You can also start trading as a small trader by using an automated trading platform like bitcoin profit, which allows users to decipher the signals emitted by trends on bitcoin and other cryptocurrencies.
Tip: If you want to be a day trader, learn how to analyze stocks using technical and fundamental analysis; these approaches are widely used to access all traded assets.
Participate in Cryptocurrency Microtasks (Way #6)
You can also make money by performing small tasks for individuals or cryptocurrency platforms if you have spare time. App testing, ad viewing, survey participation, video viewing, and other activities are just a few examples.
Sites like Bitcoins Rewards, Coinbucks, and Bituro offer microtasks.
Option #7: Work for a cryptocurrency company
This is a common way for people in the industry to make money. A cryptocurrency company can employ anyone in any capacity; for example, you could be a digital marketer, a content creator, or a web designer. All you have to do is figure out what they need and show them how your skills can help them solve a problem.
Working for crypto platforms is the best because you’ll almost certainly be able to work remotely, giving you the flexibility to work from wherever you want.
Apart from that, most crypto firms offer very attractive packages, so if you have the opportunity to work with a legitimate one, take it.
The following are a few platforms that pay in digital assets for services rendered:
Coinality
XBTFreelancer
Coinworker
These businesses pay in cryptocurrency, which means your earnings could double in value in a matter of days, if not hours.
(Way #8) Crypto Arbitrage
Because the cryptocurrency industry is largely unregulated, asset valuations, product pricing, and other factors vary widely. Most exchanges set their own prices for listing their assets, removing differences in asset volatility and liquidity. These price variations can be exploited if well-researched, by purchasing from low-cost sources and selling on overpriced exchanges. Essentially, this is how arbitrage is defined.
Price spreads ranging from 5% to 30% and can be found across a variety of exchanges if you do your research properly. Consider signing up for a few different platforms and comparing asset prices to see if there are any significant differences that can be exploited.
Way #9: Cryptocurrency Faucets
Crypto faucets aren’t widely used, but they’re an excellent way to earn money. Bitcoin faucets, which are essentially a reward system that runs as a website or application and rewards qualified users in the form of a Satoshi, are the most popular. A Satoshi is one hundredth of a millionth Bitcoin; it is a reward for completing a task, such as a capture or any other that the app or website may require.
The tasks could also be fun activities like playing games, watching videos, or watching specific advertisements. Each task you complete earns you a small amount of Bitcoin. You may need to complete a large number of tasks to make any real money from cryptocurrency faucets.
Right now, you can take a look at a few faucets.
(Way #10) Create Cryptocurrency Content
Over the last decade, content has become one of the most effective ways to communicate any message to your existing or potential clients. The most effective way to introduce a new product or service is through content.
The crypto industry relies heavily on content marketing because most crypto projects are virtual. As a result, traditional marketing strategies may fail to reach the intended audience. And this is where the opportunity lies: you can make videos, infographics, or written content for a variety of cryptocurrency companies.
In the cryptocurrency space, Yours, Y’alls, and Steemit are some of the websites that hire content creators on a regular basis.
Way#11 comes as a bonus.
Make cryptocurrency a payment option for you.
Accepting cryptocurrency payments as a merchant could pay off handsomely. While the market value of some cryptos has increased by 1000s of percent in a single day, statistics show that only a small percentage of investments reach 100 percent in years.
All that’s left to do now is figure out which channel is best for accepting cryptocurrency payments; here are a few ideas to get you started:
…as well as a lot more.
Conclusion
Is it possible to make money with cryptocurrency? you now have your answer.
You now have 11 different ways to make money with cryptocurrency; experiment with them to see which ones work best for you.
