It is possible to make money with cryptocurrencies; in fact, many people have made good money from Cryptocurrency, and if you are looking for how to earn from crypto, then you are in the right place.
For the uninitiated, Cryptocurrencies are digital currencies that use blockchain technology. Like Fiat currencies, crypto can be stored and used for transactions like the Dollar and the rest. However, the difference lies in the fact that cryptocurrencies are digital currencies.
Bitcoin was the first cryptocurrency launched back in 2008, and up till now, it still ranks among the biggest and most popular forms of digital currency. For more explanation of how cryptocurrency works, check our previous article: What is cryptocurrency?
This article will focus on how you can make money from Cryptocurrency, and we will share with you seven good ways you can make money with crypto.
Is it really possible to make money from crypto?
The answer is yes. It’s possible to make money from crypto, although it involves hard work, expertise, time, and often at times, money.
It’s also very important to note that investing in cryptocurrency has its risks, as the market is very dynamic and often, at times, unpredictable. Prices here often fluctuate, which can be an advantage or a disadvantage.
Due to this, it’s always a good idea to do your research and, if possible, consult with a financial advisor before making any investment decisions.
How can I make money from crypto?
There are many ways to make money with cryptocurrency. However, we shall focus on these 7 Best Options.
- Buy and HODL Cryptocurrencies
- Trading crypto
- Mining crypto
- Accepting payments in cryptocurrency
- Earning crypto through affiliate marketing
- Earning through cryptocurrency faucets and Airdrops
- Crypto Savings and Staking
Contrary to popular belief, it’s not that easy to make money from crypto. I don’t mean to scare you, but making money through crypto is just like getting any regular legal tender.
If you want to make money through crypto, you must put in the time, energy, money, and patience. Earning crypto is just like earning a buck. If you can’t put in the time and work, then don’t bother expecting any useful results.
With all that said, let’s dive right in.
1. Buy and HOLD
The first on the list is Buying and HODLing crypto, which is one of the most popular ways to make money from crypto. It involves buying a cryptocurrency and holding onto it long-term, hoping it will increase in value over time.
This is a good option for investors who believe in the potential of a particular cryptocurrency and are willing to hold onto it for the long term.
2. Day Trading
The second on the list is trading. Trading simply involves buying and selling cryptos on Crypto Exchange Platforms, hoping to profit from price changes. Trading can be risky as prices can fluctuate, but it can also be a good way to make money if you have a good understanding of market algorithms and can make good decisions about when to buy and sell.
3. Make money with Crypto Mining
The third on the list is mining. This is how cryptos in the world are made. They are made by solving complex algorithms, and then they are mined. This process is usually done through the use of really powerful computers, which can be very expensive.
Though these computers can be quite expensive, you don’t need to buy them as there are cloud mining platforms out there where you can mine crypto through your phone or laptop.
These platforms need your phone or laptop’s computing power, so you will get a certain percentage of the coins mined when you contribute a certain sum of computing power. Some of these platforms are free, and some are paid, whichever works for you.
4. Accepting payment in cryptocurrency
If you are a business owner or a freelancer, you can accept payments in crypto from your customers. This can be a good way to earn with cryptocurrency, as you can easily convert the cryptocurrency you receive into fiat currency (such as Naira) if you want or hold onto the coin.
Besides, crypto coins increase in value with time, and this can also be an even better way to make with crypto if you decide to HODL it.
5. Make money with crypto through affiliate marketing:
This is another way to make money through crypto and the amazing thing about this method is that it is purely passive income. This feature to refer someone and make a percentage of whatever they transact is often available on most crypto exchange platforms.
If you’ve got a YouTube channel, blog, or social media page with a large following, you can simply refer people there to sign up on a crypto exchange platform with your referral link or code, and in return, you will get some crypto for referring them.
6. Make money Through Cryptocurrency Faucets And Airdrops
Faucets And Airdrop is a cool way to make through crypto as some websites and apps will pay you small amounts of cryptocurrency for completing tasks or engaging with the platform. This is often called a ‘faucet.’
Apart from faucets, you can also make them through Airdrops. This simply means that crypto platforms give out coins to crypto users in the form of a contest. Users will receive a certain amount of crypto if they win the contest. Usually, terms and conditions apply.
Besides, it’s a good way to earn some crypto which might do well in the future for free. Also, it’s not that risky because you are not investing any money.
7. Make money from Cryptocurrencies Savings & Staking
Another good way to make money from cryptocurrencies is by saving or staking your crypto assets. Crypto savings involves holding a particular amount of a coin or token and locking into a savings plan to earn rewards, usually daily percentage rewards.
Staking, on the other hand, involves holding a good amount of a coin and locking it to validate transactions on its blockchain in exchange for a reward.
There are so many platforms out there that support crypto savings, but we recommend you try out the Lopeer savings feature by downloading the Lopeer App. Unlike other platforms, Looper’s top priority is the security of the user’s assets, and you can be sure that your assets are in safe hands.
The world of crypto is full of diverse opportunities to make money. In this article, we have looked at various way to make money from crypto which includes Buying and holding Cryptocurrencies, Trading, Mining, Accepting payments in cryptocurrency, crypto affiliate marketing, faucets and Airdrops, and Crypto Savings and Staking.
All these are good ways to make money off crypto; You only have to do your research properly, work hard, invest your time and money, and be patient for the results to show. You also need to avoid greed so that you won’t fall victim to scams and hackers.