In this article,we will be highlighting and exploring different methods on How To Make Money With Cryptocurrency.The cryptocurrency market is highly risky ,volatile but fun and many are drawn to it as returns may be absurdly high.
Cryptocurrency is a new concept for many and between all the FUD, FOMO, fake exchanges and investment schemes (yes there are plenty of cryptocurrency scams) you’ll find legitimate ways to make money.
We all want to earn that ever elusive passive income. If we didn’t then the promise of easy money you can live off of every Ponzi and get rich schemes pitches would never be successful.
Is it possible to make money from cryptocurrency?
Of course you can make money with cryptocurrency. What people don’t tell you is that its a slow painful process just like any other industry and you have to really commit to it. Depending on the route you take it will cost you time, money and plenty of hard graft to get your passive income stream running.
How to make money with cryptocurrency
1) Faucet earning
It requires the least amount of effort needed but it does take time and for you to be dedicated and constant in completing mundane tasks like captchas or clicking the claim button every hour. Faucets require no investment from you, they make money from serving you ads and allow you to claim back a portion of that for your efforts.
A list of free cryptocurrency faucets;
1. Free Bitcoin
2. Free Dogecoin
3. Cointiply – Free Bitcoin or
5. Free Dash
6. Free Ethereum
7. Free Cardano
There are plenty of sites on the web that lets you collect a micro amount of bitcoin every couple of minutes from a faucet and eventually accumulate enough to cash out and get a small of amount of bitcoin to your wallet.
When a new currency is introduced or a new batch of currency is released in order to gain momentum and interest many companies try Airdrops. An Airdrop is when the cryptocurrency development team distributes their coin to the community for free or in exchange for small tasks like downloading their software, native wallet or signing up for an ICO.
If you want to know when airdrops are happening you can sign up for sites like Earn.com as well as Aidropalert.com.
3) Network support
There are a few promising projects in this space looking to create a decentralised marketplace for resources. Projects like Golem, Sia, Presearch and Storaj which allow you to rent out hard drive space or CPU power and get paid in their network based currency.
4) Performing micro-tasks
Microtask websites allow users to get paid in cryptocurrency for completing tasks. A short task is any job or assignment that can be completed in a short amount of time. The tasks can vary widely in nature, from writing, editing, taking surveys, transcription, watching a video, clicking ads, online research and more.
You won’t make a fortune from this but it is a nice introduction to the technology. It provides you with a with a low-risk way to play around with setting up the wallet, sending currency, interacting with the blockchain and familiarising yourself with cryptocurrency.
If you’re a digital freelancer you should be familiar with the concept. Freelance websites have been running for some time now acting as a marketplace for people to find skilful individuals to complete tasks for them. This can range from coding, digital marketing, content writing, image design, graphic design and more
Some popular sites that can fit this need include:
2. Subreddit Jobs4Bitcoins
6) Day trading
If you’ve spoken to an avid crypto trader you’ll quickly pick up the genius behind their strategy. It’s Buy low sell high! Sell high buy low!
This is the most popular way to earn in crypto and can be very profitable but its also a quick way to lose your money too. You really need to be a pro here to succeed but the good news is, you can learn it alone pretty quick, I’d say in 6 months you will start to get the gist. Get ready to take some loss but you’ll almost never lose it all.
7) Invest in a good ICO
These are essentially new cryptocurrencies trying to enter the market before they can be exchanged on the popular exchanges. Usually, they introduce coins with special new features that can be helpful to the community in some way. These ICO’s will usually offer you a discounted price and additional free coins for getting in early and taking the risk.
Investing in an ICO can be risky because you can’t really know for sure if they are scamming or legit only a good research and experience will reveal that. You will have to wait and see if they make it to a public exchange and once that happens there’s some good news.
It’s your job to do the research and decide which one is good to be invested in. Most Ico’s has a countdown of a certain amount of days. Use this site to monitor all the current ICO today and their countdown.
9) Affiliate marketing
Affiliate marketing is nothing new, plenty of bloggers, social media influencers and vloggers make use of these platforms.
You can sign up for affiliate programs with popular exchanges like Coinbase, Binance, Luno or Kucoin and spam your link across various digital channels.You will get paid for every user that signs up and makes a purchase.
Bounties are similar to airdrops in that companies look to offer incentives in order to increase the popularity of their coin. Companies will provide users with marketing tasks like sharing on Facebook or Twitter, blogging or vlogging and rewarding those who do with cryptocurrency.
There are two popular schools of thought when it comes to Cryptocurrencies, proof of work which is where mining comes in and proof of stake. Proof of stake allows hodlers of a certain coin to earn interest for supporting the network.
You will need to invest by purchasing a certain amount of a certain currency, creating a wallet and node and then finally sending your currency to the newly created node which can be used to verify transactions on the blockchain.
12) Cloud mining
If you’re not keen on turning one of the rooms in your house into a sauna then this method may be more up your alley. Cloud mine services offer users the ability to rent out mining equipment and have proven to be profitable without scamming and can yield a decent amount of earning which can be paid most of the time every day straight to your wallet.
13) Buy and hodl
Relatively speaking this is the “safest way” to earn crypto. All you need to do is buy an amount you feel comfortable with investing in a certain coin and just hold it for a year. If the coin is one of the more promising cryptocurrencies it will most likely to increase in value from the price you bought it in at.
Be responsible and do your research, don’t simply buy a coin because someone shilled it to you. Have a look at information like the coins whitepaper, roadmap, follow them on social media, check out the circulating supply, market cap and daily volume on popular exchanges.
14) Take advantage of Hard forks
When one blockchain split in two, a hard fork happens. That’s what happened to bitcoin many times. When Bitcoin Cash was created, every one who was owning one bitcoin before the hard fork in a wallet with the private keys would get automatically one bitcoin cash.
15) Build a decentralized app (DApp)
A Dapp is like an App that runs in a decentralized way, for example, if a Dapp runs in Ethereum it runs through a smart contract (a piece of code) that is executed by one node when it is triggered.
There are many DApps already made and you can find some in this store.
16) Setup a Business and Accept Payment in Cryptocurrency.
When you hear the word “business” the first thing you might think is that you’re going to need to hire employees, get a building, the possibility of your business failing and losing all your money that you’ve worked so hard to save up and so on.
But it’s not. That’s just your brain trying to automatically write off the possibility that it requires a little extra effort.
You can start an online business, and instead of accepting payments in USD, GBP, or any other form of the common currency you can choose to accept payments in Bitcoins, Ethers (Ethereum), Litecoin and so on.
17) Hosting crypto events
Now we’re moving onto the more complicated methods of making money with cryptocurrency. Hosting crypto events has become a very important part of the blockchain community.
Some of these events reportedly cost thousands of dollars to attend. If you are able to organize such events, get great speakers and market it correctly, it could be a fulltime business on its own.
It does not even have to be an international based event (one where you target a worldwide audience). It can be specific to your own city.
18) Become a developer
If you know how to code or have an aptitude for learning how to do so, this could be an amazing job opportunity. Developers often can work remotely as well which widens your pool of potential employers to a worldwide net.
A blockchain project will never be successful without skilled developers writing the code. In fact, developers are essential to cryptocurrency projects. Apparently, there are tons of developers needed and very little supply right now.
Sponsorships go hand in hand with content creation and I personally believe that many crypto guru’s and celebrities that are active on the internet utilize it.
It basically includes being approached or approaching brands/businesses and creating content for them for some kind of fee. They can sponsor a blog post where you write a review about their token or create a YouTube video.
In order to make money with the sponsorship model, you will need some kind of following, a blog with traffic or a YouTube channel with tons of subscribers.
20) Create a coin
Why not building a coin that solves a real problem, and reserve a part for paying the team members. It’s more like a bounty for the work done. But that’s one way to make money! Indeed it requires a lot of work: creating a team, solving a problem, creating the communication materials etc.
21) Be a speculator
There are many alt coins that have huge potentials in the future.As a speculator what do you do with this kind of coin. simple, you buy them as there are cheap now and wait 3, 6, 9 or even 12 months before you sell. trust me you wont regret it. There are some alt coins that show a lot of potentials too.
Some trading platform accepts margin trading which is simply borrowing money from someone to make a more important position, and then give back the money. This means that you can also offer loans and give interests.
23) Work in a cryptocurrency related company
Another way is to find a job in a cryptocurrency related company. Many companies are doing ICOs so they raised a lot of funds and are hiring people to succeed in following the roadmap they committed to.
24) Display ads
This one is very simple. If you have website traffic you can join ad networks that can help you monetize your content by placing their display ads on your website.
Google and Facebook have previously banned crypto related ads, but if I’m not mistaken, that ban has been lifted. I say this because Google AdSense is one of the most popular and simplest ad networks to use.
Generating passive income is an important strategy to consider when setting up your cryptocurrency portfolio.
If there are any new ways to earn an income with cryptocurrency drop me a mention or a link in the comments section I will be happy to check it out. If it checks out I’ll add it to the list.