Cryptocurrencies aren’t the first choice that pops in people’s minds to earn a living, but they should. In recent times, cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have become lucrative investments among enthusiasts, traders, and institutional investors. Enthusiasts believe cryptocurrencies will replace fiat currencies in the near future, while institutional investors are looking for the diversification benefits. You should also be aware of scams as its pretty common in the crypto-space.
Said that there are legitimate ways you can make money with cryptocurrencies, and we can assure you that we have found some of them very impressive. So, without further ado, below are nine ways to make money with cryptocurrency.
Nine Ways To Earn Money From Cryptocurrencies
- Buying & HODLing
This is one of the easiest and safest ways to make money in crypto land. Buy good cryptocurrencies like Bitcoin, Litecoin, Ethereum, or Ripple with legitimate use cases, and wait until their market share grows and increases in value. Then sell them at a profit. HODLing, however, doesn’t earn you interest on your funds. For instance, as of writing this article, one Bitcoin price is more than $58,900.
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Staking refers to holding cryptocurrencies in a live wallet for a fixed period to earn interest on them. This is a great way of earning because of the dual benefit. The first benefit is the price of the cryptocurrencies appreciates for holding them, and the second benefit you get dividends for staking the coins. Many good cryptocurrencies allow you to make a decent gain with stalking. The best options are Tezos, Komodo, PIVX, WISE, PIVX, DASH, NAV Coin, etc. Tezos, for example, offers a 6% ROI year-on-year.
Did it occur to you that you can earn dividends by buying and holding cryptocurrencies? Yes, many cryptocurrencies offer dividends by holding them, especially in a wallet. Some cryptocurrencies provide dividends even without staking them. A few examples of cryptocurrencies that pay out dividends include BNB, XTZ, ATC, KAVA, NEXO, COSS, CEFF, NEO, and more. However, not all of these cryptos may be well-suited for your portfolio. So, analyze and only consider those that align with your investment objectives.
Another smart way of earning a passive income through cryptocurrencies is by running masternodes. A masternode refers to a computer wallet or a full crypto node that maintains a complete copy of the blockchain in real-time. A masternode performs certain tasks, so it is always up and running. Depending on the nature of these tasks and cryptocurrency networks, masternodes owners are paid a fee. The cryptocurrencies that have masternode functionality include PIVX and DASH.
Do you have some extra time, or looking for a side hustle to earn some extra money? Well, you can do some microtasks for a person, a company, or provide a service and earn in cryptocurrencies. These microtasks include watching videos, completing online forms or surveys, downloading apps for testing, etc. Services that provide microtasks are Bitcoins Rewards, Bituro, and Coinbucks.
- Work For Cryptocurrencies
This is a common way of earning in the crypto sphere. If you’re a writer, content creator, web designer, digital marketer— you can get paid in cryptocurrencies in exchange for offering your services to a cryptocurrency company. Several websites and platforms offer Bitcoins in exchange for your services, such as Coinality, bitWAGE, JobsforBitcoin, Coinworker, XBTFreelancer, and many more. This is lucrative because not only will you get your payments in cryptocurrencies; you’ll also benefit from the price appreciation of Bitcoins or other cryptocurrencies.
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- Day Trading
Cryptocurrency trading is synonymous with stock trading. The majority of cryptocurrency investors think day trading in cryptos is the best way to earn money. As the terms suggest, you buy and sell cryptocurrencies for profit. But, it does take proper analytical and technical skills to be a successful day trader. There are many exchanges where you can buy cryptocurrencies, such as Binance, BitMEX, etc. The process is simple. You buy some good cryptocurrencies, analyze them, hold them for a while, and sell immediately as the price appreciates. You can also make decent profits by selling and buying cryptos on the same day.
- Creating Content or Blogging On Cryptocurrency Websites
If you’ve got a new product or service, the most effective to reach your target audience is by creating useful content for them. You can write or start blogging for cryptocurrency websites that pay for your services in cryptocurrencies. Furthermore, if you can think your content is valuable, you can establish yourself as an authority for your content and monetize your content for cryptocurrencies. Some of the websites that pay content creators in cryptos are Steemit, Yours, and Y’alls.
Cryptocurrency mining is a surefire way to earning money in the crypto space. But this isn’t the best option for everyone yet, which is why we have kept this one at the bottom of the list. However, this should not be confused that this is a scam or doesn’t work. It works, alright—but unless you’ve got the resources to make the initial investments and technical know-how of mining hardware such ASIC and GPUs and other related equipment, you should stay out of this one. Said that you also need to have access to cheap electricity and be well-versed in operating the software and hardware of cryptocurrency mining to be successful.
There you have it—these are some of the best and proven ways to make money with cryptocurrency. You can try all or some of them that work for you and how it impacts you.
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