March 21st, 2022 | Updated on June 25th, 2022
As the Cryptocurrency market is growing in popularity and is constantly evolving, millions of business-minded people are already investing in the field, while some are just a few steps away from starting their first cryptocurrency trade. Even though several people started their careers with the same goal – to earn money – not all were successful and ended up doing that.
While some were successful in their career, some either became victims of the increasing cases of cryptocurrency scams and lost all their investments or just failed to handle the fluctuating nature of the market.
Aside from simply trading, there are different techniques that you can try to earn legitimate money with Cryptocurrency. To give you an idea, we’ve compiled some of the proven and effective ways that you can try to earn money in this digital world!
HODL, or the buy-and-hold strategy, is one of the most basic ways of obtaining money from cryptocurrencies is through this strategy – buy and hold. Most investors purchase digital coins such as Bitcoin, Ripple, Ethereum, Litecoin or other coins and hold on to them for a specific amount of time, and wait until their worth grow before selling them in the market at a great profit.
The buy-and-hold strategy requires investors to recognise firm and volatile assets that increase value quickly, which results in consistent profits.
Assets including Bitcoin and Ethereum have been associated with maintaining regular price fluctuations, so these can be deemed a reliable investment in certain cases. However, you’re still free to exchange any asset if you feel their worth is going to increase anytime; and all you have to do is study each asset that you plan to buy in before trying out the buy-and-hold strategy.
2. Study Master Nodes
If you have not yet heard of master nodes, these refer to the full notes that alert investors of the different nodes that accomplish their tasks in administering a blockchain. It’s a whole cryptocurrency node or a network wallet that preserves a live record of the blockchain’s actions.
Different cryptocurrencies reward node operatives to secure a real-time record of their actions on their blockchains. Since this process is complicated and would need the number of coins within the master node, certain crypto platforms favour deploying the service to master node operators at a specific price.
3. Earn Dividends
If you’re new to the crypto world, here is the fact that you need to know: you can purchase cryptos and hold for the dividend! Several coins will pay you just for applying the buy-and-hold strategy with their digital assets. One major advantage of these coins giving a dividend to investors is you don’t have to own them or even store them in a wallet!
Some coins that utilise profit dividends include COSS, KUCOIN, CEFF, NEO and more! However, you must keep in mind that just like investing in traditional stocks, not all coins deserve to be a part of your portfolio, so you have to think and analyse which coins align with your goal. With various crypto trading platforms like Bitcoin Up, it’s wise to do some research on the different platforms and the available coins that each holds.
4. Day Trading
At least 80% of cryptocurrency traders assume that the only efficient way to earn money in their crypto career is through day trading.
However, what not everyone knows is that day trading is beyond following the buy-and-hold strategy to their assets. Being a day trader is not an easy task – it takes a lot, but the most important quality that you must possess has skills in the technical and analytical fields.
In addition, you would also need to examine and study business diagrams on the production of the listed assets, which makes it the most involving way of gaining from cryptos.
Another way of earning money from cryptocurrencies is by staking cryptocurrencies. This method allows a double earning potential through price recognition and dividend profit from chosen coins for staking their digital assets.
The process includes storing coins in a real-time wallet so you can have extra coins for acquiring a special crypto network. Coins that can be staked include Neblio, PIVX, NAC Coin and more.
6. Crypto Arbitrage
The Cryptocurrency field is massively unregulated, which caused a lot of modifications when it comes to pricing stocks, asset cost and many more.
Most transactions decide for themselves that their assets are listed, bringing varieties in volatile and liquidity of assets. If you get lucky, you can discover between 5% to 30$ in value expands over different markets.
7. Cryptocurrency Faucets
Even though Crypto Faucets are not popular, it is actually a very efficient method of profit-generating. These are the most effective premium method that operates in the manner of websites or applications that grant rewards to deserving investors through the smallest unit of Bitcoin Crypto – Satoshi.
Other tasks include entertainment segments such as watching videos, observing certain ads and participating in games. Every finished task grants you a small part of Bitcoin, so you would need to finish a part of an assignment in order to gain any substantial profit from the Cryptocurrency faucets.
8. Cryptocurrency Microtasks
If you have spare time, one way to earn money is through doing some short tasks for people or cryptocurrency programs. The tasks vary differently and include conducting surveys, viewing videos, apps testing, adverts observing and many more.
9. Cryptocurrency Companies
Working in Cryptocurrency companies is also a well-known method of earning from the field. Anyone can work for a Cryptocurrency firm and can be a content specialist, digital marketer, web designer, and other roles.
Your task includes recognising their needs, showing off your skills, and listing down various ways that can solve the problem.
One great thing about working for Cryptocurrency companies is that you can work remotely, which means you have flexible working hours, and you have the opportunity to work in your own comfort space.
10. Cryptocurrency Content
Throughout the years, content has become one of the most effective and efficient ways to connect and relay messages to your current or potential customers. It is undoubtedly the best way to try if you need to launch new ads or commodities.
Since the cryptocurrency field relies on content marketing because of digital schemes, it might be challenging to utilise traditional marketing methods to connect with the target viewers.
By coming up with crypto content, you have the opportunity to create infographics, recorded content or video content for different cryptocurrency names.
If you plan on starting a crypto career by trading with your chosen cryptocurrency, there are several ways to earn money in crypto! It’s important to do your research and practise the ones that ideally satisfy and work best for you, and notice its influence on your crypto career!