How to Make Money with Cryptocurrency – 6 Easy Ways
Everyone gets into the cryptocurrency field to make money, but not all end up doing that. A lot of people either simply give up along the way or fall into some sort trap with the rising cases of crypto scams.
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Truth be told, there are quite a handful of methods you can make legitimate money with cryptocurrencies other than the obvious way of trading. We, therefore, decided to explore some of the proven ways of how to make money with cryptocurrency; we found quite a few, but be assured that you’ll find them very impressive.
Without further ado, below are 10 ways to make money with cryptocurrency today.
Way#1. Buy and HODL
This is the most common way of earning money from cryptocurrencies. Most investors buy coins such as Bitcoin, Litecoin, Ethereum, Ripple, and more and wait until their value rise. Once their market prices rise, they sell at a profit.
This investing strategy requires one to identify more stable and volatile assets that can shift in value rapidly, resulting in regular profits. Assets such as Bitcoin and Ethereum have been known to maintain regular price fluctuations; they can, therefore, be considered a safe investment in this regard. However, you’re welcomed to trade any asset you feel is going to rise in value; all you need to do is to analyze each asset you invest in before committing to HODLing it.
Also, you don’t need to buy the most expensive assets for you to make profits. There are thousands of small altcoins that have decent price shifts; consider having a mix of all coins that have a promising future value and are not just popular in the exchanges.
Way#2. Earn Cryptocurrency Dividends
Did you know that you can buy cryptos and hold them for the dividend? Well, there are a number of coins that will get you paid for simply buying and holding their digital assets. The best thing about these coins paying a dividend to holders is you don’t even have to stake them, especially in a wallet.
A few examples of coins that pay out dividends include COSS, CEFF, NEO, KUCOIN, and more.
Just like the conventional stocks, not all of these coins, are suitable for your portfolio; you’ll need to analyze and pick out what seems to align with your investment objectives.
Way#3. Run Cryptocurrency Master Nodes
What is a crypto master node?
These are full nodes that motivate operators of the various nodes to execute their roles in operating a blockchain. In other words, a master node is a cryptocurrency full node or computer wallet that maintains a real-time record of a blockchain’s activities.
The idea behind master nodes is a bit technical in nature, but below is a simplified explanation:
Running crypto master nodes is one of the most popular ways of earning passive income in this space. But how exactly do you make money from this?
Allow me…
Many cryptocurrencies pay node operators to maintain a real-time record of their activities on their native blockchains. Since the process is complex and requires one to maintain a certain minimum number of coins under their master nodes, crypto platforms prefer outsourcing the service to master node operators at a fee.
Examples of proof of stake cryptos that have master nodes include DASH and PIVX.#
Way#4. Stake Cryptos
This is another method of earning money from cryptocurrencies; it offers a double earning potential through price appreciation and dividend payout from selected coins for staking (or proof-of-stake) their digital assets.
Staking involves holding coins in a live wallet, thus allowing you to earn additional coins for securing that particular crypto network.
Some examples of coins that can be staked include NAV Coin, PIVX, Neblio, Decred, and many more.
Way#5. Day Trading
More than 80% of cryptocurrency investors believe that the only effective way (if not the only way) to earn money in this space is through day trading.
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But what most of them don’t know is that day trading is more than just holding an asset until its value rises; it takes a lot to be a day trader, but most importantly, you need to have the proper analytical and technical skills.
You’ll need to analyze market charts on the performance of the listed assets; this is perhaps the most involving way of earning from cryptos but I believe one of the most rewarding.
You can start day trading on any exchange today; all you need to do is to sign up, buy some assets, analyze, and you’re all set.
You an also start trading through an automatic trading platform like bitcoin profit which allows users to decipher the signals emitted by the trends on bitcoin and other cryptocurrencies and start perform successful small trader.
Tip: If you’re going to be a day trader, consider mastering the art of analyzing stocks using the technical and fundamental methods; they are widely used to evaluate all traded assets.
Way#6. Help Out with Cryptocurrency Microtasks
If you have extra time, you can also do some small tasks for individuals or cryptocurrency platforms and get paid for it. The tasks can widely vary; it could be apps testing, adverts viewing, taking surveys, watching videos, and more.
You can get microtasks from sites such as Bitcoins Rewards, Coinbucks, or Bituro.