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 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. We, therefore, decided to explore some of the proven ways of how to make money with cryptocurrency; we found quite a few, but be assured that you’ll find them very impressive.
Without further ado, below are 10 ways to make money with cryptocurrency today.
Way#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.
This investing strategy 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.
Way#2. Earn Cryptocurrency Dividends
Did you know that you can buy cryptos and hold them for the dividend? Well, there are a number of coins that will get you paid for simply buying and holding their digital assets. The best thing about these coins paying a dividend to holders is you don’t even have to stake them, especially in a wallet.
A few examples of coins that pay out dividends include COSS, CEFF, NEO, KUCOIN, and more.
Just like the conventional stocks, not all of these coins, are suitable for your portfolio; you’ll need to analyze and pick out what seems to align with your investment objectives.
Way#3. Run Cryptocurrency Master Nodes
What is a crypto master node?
These are full nodes that motivate operators of the various nodes to execute their roles in operating a blockchain. In other words, a master node is a cryptocurrency full node or computer wallet that maintains a real-time record of a blockchain’s activities.
The idea behind master nodes is a bit technical in nature, but below is a simplified explanation:
Running crypto master nodes is one of the most popular ways of earning passive income in this space. But how exactly do you make money from this?
Allow me…
Many cryptocurrencies pay node operators to maintain a real-time record of their activities on their native blockchains. Since the process is complex and requires one to maintain a certain minimum number of coins under their master nodes, crypto platforms prefer outsourcing the service to master node operators at a fee.
Examples of proof of stake cryptos that have master nodes include DASH and PIVX.
Way#4. Stake Cryptos
This is another method of earning money from cryptocurrencies; it offers a double earning potential through price appreciation and dividend payout from selected coins for staking (or proof-of-stake) their digital assets.
Staking involves holding coins in a live wallet, thus allowing you to earn additional coins for securing that particular crypto network.
Some examples of coins that can be staked include NAV Coin, PIVX, Neblio, Decred, and many more.
Way#5. Day Trading
More than 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.
But what most of them 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’ll need to analyze market charts on the performance of the listed assets; this is perhaps the most involving way of earning from cryptos but I believe one of the most rewarding.
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.
You an also start trading through an automatic trading platform like bitcoin profit which allows users to decipher the signals emitted by the trends on bitcoin and other cryptocurrencies and start perform successful small trader.
Tip: 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.
Way#6. Help Out with Cryptocurrency Microtasks
If you have extra time, you can also do some small tasks for individuals or cryptocurrency platforms and get paid for it. The tasks can widely vary; it could be apps testing, adverts viewing, taking surveys, watching videos, and more.
You can get microtasks from sites such as Bitcoins Rewards, Coinbucks, or Bituro.
Way#7. Work for Cryptocurrency Companies
This is a common way of earning from the sector. Anyone can work for a cryptocurrency company at any capacity; you can be a digital marketer, content creator, web designer, among other things. All you have to do is to identify their needs and show them how your skills can help solve a problem.
The best thing about working for crypto platforms is that you’re likely to work remotely, allowing you to benefit from the flexibility of working from your own space.
Other than that, most crypto firms offer very competitive packages, and if you happen to come by a chance to work with any legit ones, don’t hesitate to take up the opportunity.
Below are a few examples of platforms that pay in digital assets for services rendered:
Coinality
bitWAGE
JobsforBitcoin
Angle.co
XBTFreelancer
Coinworker
21.co
These companies offer their compensation in terms of cryptos; this, therefore, means that the value of your earnings can more than double in value within days if not hours.
Way#8. Crypto Arbitrage
The cryptocurrency sector is largely unregulated; this has resulted in a lot of variations in terms of assets valuation, pricing of products, and so on. Most exchanges decide for themselves the prices their assets at are listed, and this has brought avoid the difference in the volatility and liquidity of assets. If well researched, one can make a kill from these price variations through buying from cheap sources and selling on overpriced exchanges. This is pretty much what describes arbitrage.
If you get your act together, you can find anything between 5% – 30% in price spreads across various exchanges. Consider signing up on various platforms and compare asset prices to find any meaningful variations to capitalize on.
Way#9. Cryptocurrency Faucets
Crypto faucets are not that popular, but a very viable mean of income generating. Bitcoin faucets are the most popular ones and they are basically a reward system that runs in the form of a website or application that offers rewards to qualified users in form of a Satoshi. A Satoshi is a hundredth of a millionth BTC; a reward awarded for completing a task such as a capture or any other as may be required by the application or website.
The tasks may also be in form of fun activities such as playing games, watching videos, viewing certain ads. Each task that’s accomplished earns you a small portion of Bitcoin. You may need to complete quite a number of tasks to be able to make any tangible income from cryptocurrency faucets.
You can check out some faucets right here.
Way#10. Create Cryptocurrency Content
Over the last decade, content has become one of the most effective ways of communicating any message to your existing or potential clients. If you need to launch a new product or services, content is the best way to do that.
The crypto sector, especially, relies on content marketing a lot due to the fact that most projects are virtual. It may, therefore, not be possible to use conventional marketing ways to reach the target audience. And this is where the opportunity lies; you can create video content, infographics, or written content for various cryptocurrency brands.
Some of the websites that offer regular gigs for content creators in the cryptocurrency space include Yours, Y’alls, and Steemit.