The cryptocurrency space is filled with lots of opportunities one can easily grab only if you know your way around it. The dream of many in the cryptocurrency space is to earn money with Crypto.
Of course, that’s why I am in the market, that’s why you are in the market BUT there is always the big question.
“Do you know your way around it”
The crypto world is like farming, you can’t have a great harvest if you don’t know how to plant properly and this involves understanding when to plant, what to plant and how to plant.
Is it that easy? Not, but it isn’t the hardest thing to do, so why not.
In this quick guide, we will walk you through, the various “PROVEN” ways to earn money with cryptocurrency.
What you need to earn money with crypto
Before we share the various way to earn money with crypto, you must understand what you may need to survive in the cryptocurrency space.
Ideally, one can invest money with any financial institution at the fixed interest rate, and at the end of the agreed period, you get your capital and the interest (usually a few percentages), Such can be crypto but here, there is “NO” financial institution.
You are in charge, so the onus rest on your to make the right call else, you lose. Cryptocurrency demands a good understanding of how space works.
- Knowledge: This is the most important equipment you need to earn money with cryptocurrency, you need to understand how the crypto space works.
- Information: The theory of information is power is rooted in the crypto space, the highly informed earn better, the more informed you are, the better you earn.
- Research: Depending on your target, you need to always engage in research, information sourcing. Constant research will lead you to ever-green information.
- Emotional intelligence: If you are easily swayed by emotions, the crypto space will be a hard knock for you to crack. Your decisions should be based on statistics, available information, not emotions.
We can say a few more but these are the basics, you will get to grow and learn others as you get deep into the cryptocurrency space.
5 Methods to earn money with cryptocurrency
1. Holding bitcoin: There are several cryptocurrencies in the world but You must be aware that bitcoin is the best and most valued cryptocurrency, even as a big name in the crypto space, its price fluctuates over time just like every other cryptocurrency.
Even though Bitcoin’s price is often unpredictable, it has become the best-performing asset of any kind.
Investing in Bitcoin is an excellent method of making money in cryptocurrency, but this must be for a long-term purpose.
Short-term investment (trading) may be favorable but from the price movement over the years, long-term investment is quite great.
You have to keep it for a good period and you have to sell to make a profit. If you buy when the price is $64,600, it is right you sell when the price is way over $64,600.
If you keep for a short period (trading), the returns may not be great, you need to keep it for an extended period to expect returns.
2. Trading: Probably the most popular way to earn money from cryptocurrency, trading involves buying coins at a reduced price and selling when the price goes up.
It is that simple.
The price of coins fluctuates over some time, this fluctuation can be caused by numerous financial trends and events.
To perform greatly as a trader, you need to learn how the market works, what causes price reduction and rise in the price of coins.
You need to understand how to analyze the market, learn how to source for figures that are capable of influencing the market, make decisions based on facts and not emotion.
3. Taking and lending: Taking and lending cryptocurrency has become increasingly common in recent years.
This requires you to keep currency in your wallet. “Taking is a way of confirming your transaction.”
By authenticating your transaction, a proof of stake network is created, and you will be rewarded for it.
4. Crypto social media: If you have got no money to spend in the market but can create amazing content, you can also earn money with cryptocurrency.
You can also make money out of cryptocurrencies through social media working as a creator for companies or platforms.
Companies will ask you to generate content for their pages, and they will pay you for it.
You can also receive your return in the form of a native coin, which you can use to make additional investments or purchases.
5. Promotions: Kind of new but has become a huge source of income for many, if you have got the skills, the social influence, or following (examples, social media influencers), you can earn from cryptocurrency promoting crypto projects.
You can charge a certain amount of cryptocurrencies or cash which you can use to buy cryptocurrencies of your choice.
If you have taken note so far, you will find out one general demand of the various listed methods of earning money with cryptocurrency.
“They all demand you know how your chosen means of earning money with cryptocurrency works.
“Here is what Bunky told a reporter
“It’s so easy to get into the Cryptocurrency space but knowledge keeps you in the space” You can easily join the crypto space, the same way you can easily be thrown out if you lack the prerequisites needed to keep you performing greatly in the crypto space.
The advent of cryptocurrencies has added more to the already flooded digital opportunities around the globe.
But as funny and crazy as the theory of cryptocurrencies sounds, you can earn money with cryptocurrency but you must know your way around the crypto space.
Your winning key in the crypto space is how knowledgeable you are about cryptocurrencies, there is no short way around it.
Understanding the various methods to earn with crypto is essential but, studying the market and learning what action you need to take is more essential.