When looking for the best ways to earn money online, cryptocurrency probably doesn’t even hit your mind. But, it should.
Cryptocurrency is one of the fastest-growing digital assets. Backed by the blockchain and enabled for trading, it effectively offers multiple means for anyone looking to make a good income online.
There are multiple ways in which you can make money with cryptocurrencies, some of which don’t even need you to invest anything but your time and efforts.
Today, we are going to talk about some of the best ways to make money, and even get rich, with cryptocurrencies.
Best Ways to Make Money with Cryptocurrencies
Staking refers to the process of investing or locking up your funds in a crypto-coin and earning new cryptocurrencies in the form of interest. In addition, you also get the benefit of price appreciation when you choose to hold your coins for a specific period.
There are a large number of proof-of-stake cryptocurrencies that will allow you to make a good income with staking. The best options include WISE, PIVX, Tezos, DASH, NAV Coin, etc.
For example, WISE is an ERC-20 token that lets you earn a handsome income through interest by locking up your funds in the WISE contract. With WISE you can earn up to 5% yearly interest on your stakes, in addition to regular bonus offers. WISE staking is secure, low-risk and highly flexible, as you can withdraw your interest or liquidate your stake at any time.
2. Buying & HODLing
HODLing is the process where you buy some powerful cryptocurrencies with great concepts and good use cases and then hold them for quite some time with the hope for their prices to go significantly up. Once the coin price is high enough for you to make good profits, you can sell them in the market. HODLing, however, doesn’t earn you any interest on your funds.
Cryptocurrencies like Bitcoin, ETH, BNB, etc. are good for long-term investment and HODLing.
Crypto trading is just like stock trading, where you buy and sell tokens/coins for profit margins. There are a number of exchanges where you can buy cryptocurrencies of your choice. Then, you can hold them for some time or sell immediately as soon as the price goes up.
There is also day-trading for those who wish to incur good enough profits by selling and buying cryptocurrencies on the same day. You buy a crypto-coin, wait for the price to increase, and sell for profits.
Investing is, of course, the easiest way to earn with cryptocurrencies. You can earn in a cryptocurrency in numerous ways, through exchanges, ICO (initial coin offering), or direct investment/partnership.
Crypto investment can earn you returns not only through price appreciation of the coin/token you purchase but also through your share in the project. Depending on the type of cryptocurrency you invest in, you can get access to the project/product or can use the coin for payments.
5. Bonus Coins/Tokens
Participating in bonus/airdrop offers is another nice way to earn with cryptocurrencies and doesn’t even require you to invest in anything. All you have to do in order to earn some free/bonus coins is join the airdrop or bounty program of a cryptocurrency and perform some easy tasks.
Also, you can earn bonus tokens by investing in a cryptocurrency during ICO or the token sale phase, as new projects often give bonus tokens to early investors.
A crypto referral program is a very common and really good way to earn cryptocurrencies. Most often, you’ll not even need to invest anything in order to refer and earn with a project. You can simply register on the website, get your unique referral link and start referring and earning.
WISE and many other cryptocurrencies offer you good profits for referrals. With WISE, both the referrer and referee get 10% bonus tokens for every successful staking through referral.
7. Sell for Cryptocurrencies
If you are a merchant and cryptocurrencies like Bitcoin and Ripple are allowed in your region, you can accept the same in exchange for your goods and services. Cryptocurrencies are digital money and can be easily transacted and used worldwide without the need to convert in other currencies. So, you can accept any of the top coins for easy, global transactions.
There are a number of Bitcoin payment processors that allow you to integrate crypto payment options in your offline/online shop.
Cryptocurrency dividends work more or less like stock dividends. You invest in a dividend cryptocurrency and earn fixed interest on your investment. You will need to buy and hold cryptocurrencies for the period you wish to earn interest.
The top dividend cryptocurrencies that you can invest in for interest are BNB, NEXO, among others. Most of these coins don't require you to stake in order to earn interest.
9. Work to Earn Cryptocurrencies
As the popularity and reach of cryptocurrencies are rising, more and more companies are now using these digital coins to pay their employees’ salaries, among other things. Crypto payments are secure, low-cost and transparent. Moreover, it’s easy and affordable to pay your remote/freelance workers in bitcoin rather than sending cash through other options.
Whether you’re a developer, a writer or a designer, you’ll find plenty of international companies willing to pay in cryptocurrencies for your work/services.
10. Develop Your Own Cryptocurrency
Last but not least, you can make profits with cryptocurrencies by creating one of your own. Yes, you can build your own cryptocurrency, and it’s not as scary as it may sound.
Creating and launching your cryptocurrency will, however, need you to be some kind of expert in blockchain. You must have the basic knowledge of how blockchain and cryptocurrencies work. Then, you need to evaluate various possibilities and come up with the type of coin you wish to build. You may alternatively hire a blockchain expert or team for the job.
Once your coin is developed, you can start selling it through ICO or exchanges. Of course, you’ll need to promote a lot in the beginning so that users know what your coin is all about and why they should invest in it.
To invest in cryptocurrencies is the right choice for 2020 and beyond. It may feel risky at first, but it’s much more profitable in the long-term. The risk of cryptocurrencies can be easily mitigated through research and by diversifying your portfolio. These 10 ways of making money with cryptocurrencies are time-tested and proven to yield solid returns for crypto investors. Do try them.