Cryptocurrencies have been a boon to many people for a very long time. This virtual currency has created many millionaires and even some billionaires. The ever-increasing market value of cryptocurrencies has been attracting more people towards this trend.
As more people hop onto this trend, the opportunity to make more money goes on decreasing. However, this does not mean that it’s very difficult to make money from this market. In this article, we will have a look at the various methods that you can use and still earn a lot of money from cryptocurrency.
Ways to Make Money From Cryptocurrency
The cryptocurrency space provides users with endless opportunities to earn money. As time goes on, more ways to earn money from the crypto space is found out. Here are some of the methods that you can use to earn more cryptocurrencies.
1- Buy and HODL Cryptocurrency
This has been one of the most trusted methods to earn money by using cryptocurrencies. Ever since the beginning, people who have bought and held onto their cryptocurrencies for a longer duration of time have benefitted more than the ones who indulge in cryptocurrency trading.
The main reason for this is because the value of cryptocurrencies has increased exponentially since its inception. You can buy and later convert cryptocurrencyto cash. If you had invested around $100 dollars in Bitcoin back in 2010, you would have been a millionaire right now. This is the main reason why many people in the crypto community urge people to HODL onto their cryptocurrencies.
2- Reap the Benefits of a Hard Fork
You can actually end up doubling the number of cryptocurrencies in your portfolio by investing in cryptocurrency right before a hard fork of that particular cryptocurrency. In this case, you will end up with two different cryptocurrencies that can be accessible after the hard fork is completed.
You will be able to sell both the original coin as well as the forked coin after some exchange supports that particular coin. Thus, you end up with more money than what you invested.
3- Trading Cryptocurrencies
Buying cryptocurrencies during the bear market and seeing its value go down can be heartbreaking at times. Many people often can’t bear to see the value of their portfolio decrease and end up selling cryptocurrency at a loss. However, you can also indulge in cryptocurrency trading.
As the cryptocurrency market is highly volatile, trading cryptocurrency can turn out to be very fruitful, especially if you hit the sweet spot multiple times. One way to do this is by using technical analysis while trading cryptocurrencies. The new age exchanges like DigitalTicks provide beginners friendly features which assist first time users to make better investment decisions.
Another highly promising methods are by using cryptocurrency trading bots. By running these bots all day long, you will never miss out on an opportunity to capitalize on the current market conditions. Thus, you can make money trading cryptocurrency even during a bear market
4- Writing blogs
In this new age, you can earn passive cryptocurrency income by writing blogs as well. There are several people who are willing to pay in cryptocurrency for writing blogs for them.
Alternatively, you can also use some of the popular services such as Steemit to write blogs and earn cryptocurrency. You can then transfer the cryptocurrency that you earn onto an exchange and use it for buying and selling cryptocurrency.
5- Earn passive income using your own PC
Another method that you can use to earn cryptocurrency is by using the resources of your own computer. You can download mining tools such as nice hash and start mining cryptocurrency on your own desktop. While this might not yield a lot of cryptocurrencies, it won’t disappoint you either. As time goes on, your passive income adds on and ends up being a substantial amount of cryptocurrency.
You can also use the excessive storage on the hard disk of your PC to earn more passive income. Cryptocurrency projects such as Filecoin, Storj, etc provide an amazing platform that you can use to rent out the unused storage and earn cryptocurrency in return. As you stack up more cryptocurrency during the bear market, you will profit a lot during the next crypto bull run.
6- Staking Cryptocurrency
Another technique that you can use to earn money from cryptocurrency is by staking certain cryptocurrencies. Crypto projects that use the PoS consensus mechanism rewards its users who hold a certain amount of cryptocurrency in their wallet for a certain period of time.
One of the most popular examples for this is the Neo Coin. Everyone who stakes Neo on the official Neo wallet is rewarded in the form of Neo Gas which is another tradable cryptocurrency that you can earn by simply holding the coin for a certain period of time.
Trading and investing in cryptocurrency has been a very good way to make some money in today’s world. By using at least some of the methods discussed above, you will be able to make a considerable amount of money from the crypto space.