Top 5 Ways To Make Money With Cryptocurrency
Cryptocurrency has proved to be a way of earning huge money quickly with less stress. Crypto coins such as Bitcoin, Ethereum, Dogecoin, Litecoin, and others have made many rich and wealthy.
As you can make millions via these digital assets, you are also not guaranteed returns if care is not taken. Investing in cryptocurrency is the riskiest form of investment today.
If you really want to make money with cryptocurrency, there are several means of doing this. In this article, we’ll look at the top ways to make money with crypto.
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What is Cryptocurrency?
A cryptocurrency is a decentralized payment method that can be used to trade online. It operates on a blockchain which is the digital ledger of crypto transactions.
Transactions are processed on a blockchain network made up of thousands of machines, and in return for the efforts of these machines, owners can earn cryptos.
Some of the most popular cryptocurrencies today include Bitcoin, Ethereum, USDT, Dogecoin, Shiba Inu, Litecoin, and so on.
People have interest in crypto because of the ease of buying, selling and trading online.
5 Ways of Making Money With Cryptocurrency
Here are 5 strategies you can employ to make money with crypto. They are listed below;
1. Traditional Buy & Hold
This is the most popular way of making money with crypto. It is the method for risk-takers who could earn big with their investment. ‘Buy & hold’ means getting crypto assets of your choice from a crypto exchange and purchasing more when prices drop. This is known as ”Buying the dip”. After holding for a while, profits can be made from the token when it is sold when price surges.
This is done if you are interested in making money via short-term opportunities. The prices of these digital assets can rise or fall in price dramatically over a short span. If you’re making money via crypto trading, you’ll need proper technical and analytical skills. This helps to make an accurate prediction of the price rise and fall. While trading crypto, you can buy or sell, depending on whether you expect the asset’s price to rise or fall. Either way, you can make profit.
This is one of the means of getting free crypto even though it offers the highest risk. Developers of token performs airdrop when they want support for new tokens. You can get free crypto when you are current with the crypto market. This can be done by checking on the internet when the airdrop project is in progress. They are often promoted by users on the company’s website, social media and other platforms. You can earn a free Ethereum or Bitcoin via this means to make money.
This is one of the oldest means of making money with crypto. Mining of cryptocurrency involves adding new blocks to the blockchain to earn that same token. You can mine yourself (very difficult) or join a pool (reward will be shared with other miners) to get free tokens. Mining is very expensive today as specialized mini hardware is required as well as difficulty in the ‘handfork’ process. You can however earn 12.5 BTC with a Bitcoin mine or 10,000 of DOGE when you mine successfully. With this, you can make money.
This is another means of making money with your crypto assets. You’ll need to do some research to see which cryptocurrencies are paying dividends and whether the dividends are worth it. Some cryptocurrencies that pay dividends in more coins include VeChain, NEO, Reddcoin, NAVcoin, and Decred.
If you’re interesting in making money with cryptocurrency buy trading, you’ll need a crypto exchange or a peer-to-peer platform.
Also Read: 5 Things To Know Before Investing In Cryptocurrency
Prestmit is one of the best peer-to-peer platforms for crypto-trading. Cryptocurrencies such as Bitcoin, Dogecoin, Litecoin, and USDT are available at good rates on its platform.
If you ever find yourself in a position to buy or sell crypto coins in Nigeria or Ghana, Visit Prestmit, it’s the best platform for you.