Everybody likes to make money.. The invention of Cryptocurrency has opened investment and job opportunities for millions, and soon billions over the world. Maybe your friends have also told you how they have made so much money from crypto.
So how can you too make money from cryptocurrency? We will consider some ways now.
How To Make Money From Crypto
1: Mining
No, we’re not talking about heading into a cave with a pickaxe and a hardhat—we’re talking about Bitcoin mining, one of the first ways to ever obtain BTC. This is the process in which miners use powerful computers to solve complex mathematical problems
When they crack the code, they’re rewarded with newly-minted BTC. It’s basically a race to see who can solve the block the fastest and those lucky enough to do so reap the rewards.
Mining is quite complicated these days.
Back in the day, mining wasn’t as complicated.
Some of the earliest miners were able to mine thousands of BTC using just their home computers. Now, it’s a very different scenario.
To mine in today’s BTC scene, you’ll need top-tier equipment—which can set you back thousands of dollars on. Also, since Bitcoin has made a name for itself now, you’ll have a lot of competition.
To give yourself a fighting chance, you can join Bitcoin mining pools or mining clouds.
A Bitcoin mining pool is a collaborative group of miners who combine their computing power to solve complex mathematical problems faster. A Bitcoin mining cloud is similar, but instead, they use the cloud to connect their computing power. That way, they won’t have to install and run the hardware and related software directly. In either case, the miners’ fees paid from transactions and the newly-minted coin are split among the people in the group.
As the competition gets fiercer, the better equipment you’ll need to profit. And as you spend more on equipment, your profit margin decreases.
As a result, Bitcoin mining isn’t as profitable as it used to be.
Do plenty of research before getting into mining because there are plenty of easier ways to earn money with Bitcoin.
2: Buying and holding
Buying and holding Bitcoin is the answer to the age-old question of “How to invest in Bitcoin and make money?”.
HODLing, the other term for buying and holding, is one of the most straightforward and most beginner-friendly trading strategies out there
First, get a Bitcoin wallet, buy BTC, and then hope that the price spikes in the future—no matter how long that may take.
It could be weeks, months, or even years before you decide to sell. This is one of the easiest way to earn from cryptocurrency
3: Trading
If HODLing is long-term investing, trading Bitcoin or other cryptocurrencies is its fast-paced equivalent.
Essentially, crypto trading means taking advantage of crypto’s highly volatile nature.
This method requires practice and knowledge of the market, so be sure to do your homework before you even think about giving it a shot.
Your next house rent can be lost in an hour
4: Affiliate marketing
A lot of companies use affiliate marketing to bring in new customers. This type of marketing incentivizes existing users to bring their friends and family to the business as well.
You’ll see these types of incentives all over the market, but they differ from one another—so carefully study each one and choose which program you want to invest your time in.
5: Blogging about Cryptocurrency
In general, cryptocurrency is a new niche, and only a handful of writers genuinely know this niche. This means the market is flooded with newbie copywriters who rehash the content over and over again.
You can start a free blog using Blogger.com, WordPress.com or even wix.com, among others.
Since it’s a relatively new niche, it won’t take long before you gather a substantial number of readers.
Over time, you may get accepted (if you apply) into the Adsense program for you to monetize your contents. You can try out other native or advertising services too
6: YouTube vlogging
Yes, you can talk about Cryptocurrency on YouTube.
The challenge with this however is that you need wide range of knowledge in this space for you to be able to dish out useful and up to date information.
The crypto is ever advancing. You can’t keep up with Bitcoin updates alone. And there are thousands of Cryptocurrencies out there! And millions need to be educated in this niche.
From the 6 ways that has been outlined, you can see which category fits you best.
Whichever the case, you need knowledge.
You can’t give what you don’t have
What do you think about this article? Do you have other suggestions? Please let us know in the comment section below.
