6 Ways You Can Start Making Money Using Crypto
Making money using crypto is easier than you might think, here we bring you 6 ways to level up your income with cryptocurrency.
6 Ways You Can Make Money Using Crypto!
The pandemic in 2020 has taught us several lessons. However, the most important lesson that seems to have outshone all the others is the importance of being able to earn money flexibly, from anywhere.
In this article, we count down the 6 most powerful ways you can earn money effortlessly using the most contemporary form of currency: cryptocurrency.
1. Investing in Crypto Long-term
If you are a complete beginner, this can be your ticket to start earning money using cryptocurrencies. Rather than trade cryptocurrencies frequently and regularly, you can choose to save cryptos in your wallets for a long time, and then once the value of the cryptos skyrocket, you can sell them at a profit. Before embarking on this stage, it is critical that investors make sure they research the currency thoroughly, so they can confidently predict its value and be certain that this value will rise.
Just imagine! Investors who bought Bitcoin in 2011 can make almost $10,000 in profits should they choose to sell them now.
2. ICOs
Initial coin offerings (ICO) are a more cutting-edge way to crowdfund, allowing entrepreneurs to raise money by creating and selling their cryptocurrencies without risking their own capital. Whilst there are opportunities to earn money it is a sector that comes with several risks due to the market being saturated with several scams and fraudsters ready to pounce on innocent investors. TradeOr.com does not recommend our investors to dabble in this sector if they want to safeguard their funds.
3. Arbitrage
Ever heard this term being used for cryptos? No? Well, some investors find it a great way to earn money instantly. However, high risks associated with it may discourage traders from entering this market.
What is arbitrage? Arbitrage is buying a digital coin on a crypto exchange and then selling it on another exchange.
Due to the high risks of losing profits, we do not recommend doing this as there is high volatility in the crypto markets, making you more vulnerable to losses.
4. Bitcoin Mining
You might have heard this term but never really understood what it means. Up to 2019, it was relatively easy for traders to earn money by mining. However, in recent years, this practice has become much more complicated requiring traders to have specific software and advanced hardware apart from a basic crypto wallet. Due to this, mining is considered a skill reserved for the most advanced traders. We do not really recommend our users to mine and in fact, we do not offer this service as it can be quite difficult as well as expensive to start.
5. Become an Affiliate Marketer
Do you own a website or blog where you talk about crypto? Or maybe you form part of an online crypto community? Then why not exploit that and make some extra money on the side?
When you become an affiliate marketer you will be able to earn passive income, requiring no effort from yourself, once you are all set up! All you will need to do is just attract traders to a crypto broker. You will then start earning money according to how active your traders are. The more lots the traders you sign up trade the higher your income! Sounds easy, right? Well, it can be! You will need to work hard to market the platform to potential traders. Just make sure you gain credibility by being honest and transparent. Most of all, make sure you choose a platform that you trust and have used before.
6. Day Trading Cryptos
On the other end of the spectrum, you will find traders who choose the exhilarating ride that is day trading!
Any kind of day trading requires commitment, patience, and a considerable amount of time. It also requires a certain level of expertise. On the plus side, there will be more opportunities for you to win given there will be several chances for you to sell at a higher price due to the volatile nature of the market.
Still not an expert? Train yourself with TradeOr’s demo account and avoid risking your own capital.
Start earning money with cryptocurrencies now! Sign up with TradeOr today.