Cryptocurrency is a virtual asset which works as a medium of exchange and is used for investment purposes. It is a risky yet beneficial investment in the current era. Everyone is giving a try to investment in cryptocurrencies. Whether they are expert traders or amateur investors, a lot of investors have made a huge profit by trading and investing in this alternative investment market.
People, in general, are not aware of the concept behind digital currencies and thus are apprehensive to do investments. You don’t need to be a genius to gain profits from investing in digital assets. Learning about the basics and different ways of gaining profits will go a long way in your financial gains. You will learn about various methods by which you can make money other than trading in this blog.
Ways to Make Money with Cryptocurrency
Cryptocurrency offers a variation to your financial investment portfolio. To earn profits from the crypto market, there are numerous methods that can prove advantageous. Some of these methods to earn profits are as follows:
Buy and HODL
Buying and HODLing is a very popular way of earning profit from cryptocurrencies. Here, investors buy cryptos such as Bitcoin, Ethereum, Litecoin, Ripple, etc. and wait until the value of these currencies rises. Once market prices of coins rise, investors sell them at a profit. Digital currencies such as Ethereum and Bitcoin maintain regular price fluctuations and are therefore considered a safe investment.
Although you can trade any coin you want to, do a basic analysis of the asset before investing and HODLing it.
Earn Dividends
You can buy digital coins and hold them for dividends. There are some virtual currencies that will pay you for buying and holding their virtual assets. The best thing about these currencies paying a dividend to holders is that you don’t have to stake them even in a wallet.
A few examples of currencies that pay out dividends are CEFF, COSS, KUCOIN, NEO and more. As per your investment portfolio, you need to analyse and then invest in such currencies.
Run Crypto Master Nodes
A Master Node is a cryptocurrency full node or computer wallet which maintains the record of blockchain’s activities in real-time. This is one of the most common ways of earning profits with cryptos.
Let us understand how master nodes help you earn profits in the crypto sphere.
Many virtual currencies pay node operators a fee to keep a record of real-time activities on their original blockchains. As this process is complicated and requires maintaining a fixed minimum number of coins under their master nodes, most crypto platforms choose to outsource service to master node operators at a fee.
Staking Cryptos
Staking offers a potential of double earning by price appreciation and dividend payout staking digital assets of selected cryptocurrencies. Staking cryptos involve holding assets in a live wallet and hence, enabling you to earn extra coins for securing that particular crypto network.
Examples of currencies that can be staked are PIVX, NAV Coin, Decred, etc.
Day Trading
Many cryptocurrency investors believe that an effective way to earn money in this world is by day trading. In day trading you hold the asset until its value rises. You can do that when you have proper technical and analytical skills. Awareness about different ways to analyse price trends can help day traders in the long run.
Did you know more than 80% of investors believe Day Trading is the most effective way of earning profits?
You can perform day trading on any exchange such as pcex.io. All you need to do is sign up, buy assets, analyze and start trading.
Cryptocurrency Microtasks
Microtasks are a little different from other ways of earning profits with cryptocurrency. Here, you perform some small tasks for cryptocurrency platforms or individuals and get paid for it. Tasks can vary widely from app testing to taking surveys and many more.
You can perform microtasks on sites such as Bitcoins Rewards or Bituro.
Work for Crypto Companies
Anyone can work for a cryptocurrency company. You can be a content creator, digital marketer, web designer or from other professions, you can still work for the crypto sector. You simply need to identify their needs and showcase how your skills help them.
A few platforms that pay in virtual assets for services are:
- Coinality
- JobsforBitcoin
- 21.co
- Coinworker
Creating Cryptocurrency Content
In this digital era, the content has proven to be one of the most powerful ways of communicating messages to clients. If you are launching a new product or service, content is the most beneficial way to advertise and make people aware of it.
Crypto world mainly relies on content marketing, because of the fact that most projects are digital. Therefore, it may not be possible to make use of conventional marketing to reach a target audience. So, this is where an opportunity for content curators appears. You can create infographics, video content or written content for multiple cryptocurrency platforms.
Some crypto websites which offer regular content for content creators in the cryptocurrency world are Steemit, PCEX, Yours.
We learned about the numerous ways you can earn profits with cryptocurrencies. But before starting, you need to keep some important points in mind such as:
- Limit your investment- invest only what you can afford to lose,
- Do Research- always do your additional research
- Analyse Risk Tolerance- invest according to your risk tolerance.
So now you are all ready to make money from cryptocurrencies.
