Earning passive income online has never been easy, but thanks to the advent of blockchain, Bitcoin and other crypto-currencies, things have really changed. Many people out there are asking whether it’s actually possible to earn money from crypto, and the answer is a BIG YES!
However, many have been scammed simply by trying to seize this opportunity and the failure of educating oneself on the latest revolution.
The best way forward of understanding how to trade with crypto is by doing in-depth research on the current market. In fact, there’re several sites online with incredible insight on how to trade with crypto, but one should be careful not to follow them blindly because;
“A lie may travel halfway around the world while the truth is putting on its shoes, by Charles Spurgeon”.
Now, let’s discuss a few methods of earning from bitcoin and cryptocurrency.
1. Identify coins with good fundamentals and hold them.
Ensure that the value of the coins bought is bound to increase over a period of time. Examples of coins with better future and great fundamentals include,
- Bitcoin
- Komodo
- Ethereum
- Waves
- Lisk
- Civic, etc.
As a result, holding this coins for a period of anywhere between 6 months and 3 years will give back a substantive amount of profit generated on the go. Popularly, this is also known as HODL. However, don’t be in a hurry of buying the coin simply because it got shilled by someone, but do a research and be responsible.
Have access to information like the coins roadmap, whitepaper, check out the circulating supply, daily volume on popular exchanges, market cap and follow them on social media.
2. Masternodes
This is simply a computer wallet or a cryptocurrency full node which normally runs and performs certain tasks, just like having Bitcoin full nodes. In fact, this is one of the smart ways of earning passive income in the cryptosphere.
After performing such tasks, the master-node owners will get paid by different cryptocurrency networks. However, in order to get started, one must have a minimum number of coins for running a masternode.
Consequently, getting started with masternode tends to differ from other cryptocurrencies but it normally ranges between 1000 to 25000 coins.
The stake currencies that have been proven to have masternode functionality are:
- PIVX
- DASH
3. Microtasks for cryptocurrencies
It’s possible to get paid in cryptocurrency after completing a short task or assignment at microtask websites. This short task normally takes less amount of time and varies widely in nature.
For instant, there’re tasks ranging from editing, writing, transcription, taking surveys, watching video, online research, clicking ads and more. Though these sites pay pea nuts, it gives an overview of how to get used to the technology.
For example, one can familiarize him/herself with cryptocurrency by playing around with a low-risk way of setting up the wallet, interacting with blockchain and sending currency. Some microtasks that provides such services are:
- Coinbucks
- Earn.com
- BTC Clicks
- Bituro
- Bitverts.io
4. Day trading
This is the most profitable and a very popular way of earning in crypto but also very risky. It’s sell high buy low, buy low sell high!
Actually, anything profitable has its own risk, hence there’s really need to coach oneself and be a pro in order to succeed. The good news is that it’s pretty quick to learn it alone and in 8 months anyone will start getting the gist.
There are various exchanges to day trade with different cryptocurruncies such as:
- Cryptopia
- Binance
- Bittrex
- Kucoin
- Bitfinex
- HitBTC
5. Blogging
There are websites that pays in cryptocurrencies just by blogging and writing content that targets the interest of their readers. Moreover, if one owns a valuable content, then it can be monetized directly in cryptocurrencies by giving the respective reader full access of the content. Examples of these websites are:
- Yours
- Steemit
- Y’alls
Finally, that’s all I got for now but the list is long. There are several methods of making money with cryptocurrencies BUT one has to be very keen when trying out any method that comes across the way. Apparently, there are many illegal MLMs out there and a lot of scams that will promise high returns. Take caution by not getting involved with these schemes because they will only bring a person down from earning legally.