EASY WAYS ON HOW TO MAKE MONEY WITH CRYPTOCURRENCY-The Digital Coin Revolution: Crypto Currency
If you are looking for the best ways to earn money online and you're yet to consider Cryptocurrency as one of the ways of doing that, then you have to rethink again. Cryptocurrency is one of the fastest-growing digital assets. Backed by the blockchain and enabled for trading, it effectively offers multiple means for anyone looking to make a good income online.
There are multiple ways in which you can make money with
cryptocurrencies, some of which don’t even need you to invest anything but your
time and efforts. 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 of trap with the rising cases of crypto scams.
Truth be told, there are quite a handful of methods you can
make legitimate money with cryptocurrencies other than the obvious way of
trading.
You can earn money with Cryptocurrency in the following ways:
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.
Investing in Bitcoins is holding BTC until the iron becomes hot. HODL (Hold On for Dear Life) is the crypto lingo for long-term investments. If you believe in the positive future of Bitcoin and are sure of its price surge, you must opt for investing. However, HODL investment must not be tied with fancy expectations. You must know when is the right time to sell. If you are eyeing for long-term investments, you must keep your Bitcoins in a hardware wallet.
One investing strategy in Cryptocurrency 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.
2. TRADING
Over 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. Trading Bitcoin for banking profits is one of the most popular answers to – how do you make money with Bitcoin? Day-trading for those who wish to incur good enough profits by selling and buying cryptocurrencies on the same day. You buy a crypto-coin, wait for the price to increase, and sell for profits.
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. You can leverage on trading tools to gain more clarity about your trades. Your profit margins in Bitcoin trading completely depend upon your dexterity of analyzing charts and reading market situations.
Trading can even be a full-time job, which provides enough income for an individual to survive, but the profession can also be risky. For instance, in order for anyone to start profiting from crypto trading, individuals simply have to purchase some digital assets and play the highs and lows correctly by knowing the right times to trade.
What most of the people 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 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.
3. INVESTING
Investing is, of course, the easiest way to earn with cryptocurrencies.
You can earn in a cryptocurrency in numerous ways, through exchanges, ICO (initial
coin offering), or direct investment/partnership. Yes, you can also make money with
Bitcoin by investing in startups, companies, blockchain development, etc.
Crypto investment can earn you returns not only through price appreciation of the coin/token you purchase but also through your share in the project.
Depending on the type of cryptocurrency you invest in, you can get access to the project/product or can use the coin for payments. However, if you get this investment right, you will not just make some dollars with BTC; instead, you might hit a treasure chest.
4. MINING
Bitcoin mining is the process of adding new blocks to the Bitcoin blockchain network by solving cryptographic puzzles. Many people that start out with Bitcoin are instantly drawn to the concept of Bitcoin mining. Bitcoin miners earned huge fortunes in the initial stages of this crypto revolution. However, today individual miners can hardly compensate for their electricity bills by mining Bitcoins. If you have the technical know-how of mining and the luxury of high computing power, then mining is worth your effort.
Another option is cloud mining – paying someone else to handle the mining equipment for you while sharing the profits.
5. STAKING
Certain cryptocurrencies allow you to lock up a portion of your holdings in order to participate with transaction validation on their network. This is known as staking and it’s the energy-efficient alternative to cryptocurrency mining. The more coins you stake the higher your chances of being chosen as a validator and earning rewards.
With staking, people can acquire some proof-of-stake (PoS) coins
and make money by simply holding the assets over a period of time. Most PoS coins
have a network that finds blocks deterministically and the more assets someone holds,
the more they can earn.
