Making money with cryptocurrency may sound scary at first, however, there are some convenient ways in which one can profit from the cryptocurrency boom.
The cryptocurrency market is hitting a new high, more and more people want to invest in it and make the most of the price movement. That said, not everyone successfully ends up doing that. From overnight millionaires’ success stories to painful tales of the ridiculously high amount of tax owed, this market is a place where fortunes can be made and lost in just half a second.
Making money with cryptocurrency sounds daunting and scary at first- especially now that more and more governments and entire industries are getting involved in this market. However, there are some convenient ways in which one can profit from the cryptocurrency boom.
While on paper it may seem to be overly complicated, making money with cryptocurrencies can be much simpler than one would have ever thought possible.
#1. Trading Cryptocurrency Directly
Trading cryptocurrencies is indeed a sure-fire way to make a substantial amount of money with minimum efforts. However, with high income comes a significant risk – yes, trading is notoriously risky and not for the faint of heart. That’s mostly because of the extreme volatility of the cryptocurrency market.
But, the key is to buy cryptocurrencies when prices have hit low and sell it when the prices are at its peak. This is why it’s crucial to spend a considerable amount of time and energy learning how to trade and digging some important information to come up with a winning cryptocurrency trading strategy. You need to know when and how to trade smartly to avoid or mitigate all the risks associated with this process.
#2. Become a Bitcoin Miner
Most investors see mining as pennies rain from heaven, just like the California gold rush in 1849. Becoming a cryptocurrency miner means that you solve a complex series of math equations that are then added to a blockchain. If the transaction is successful, then you’ll be rewarded with Bitcoins.
So, it’s safe to say that Bitcoin mining has a magnetic appeal for many investors as they have a reward for their job with crypto tokens.
One thing to be mindful of is that the competition in Bitcoin mining is getting fiercer every halving. Professional, serious miners have now built massive arrays to execute the mining process successfully. It makes it distinct now that smaller miners have to fight tooth and nail to compete- but you don’t have to be one of them.
You can still join the Bitcoin mining pools to maximize your Bitcoin mining efforts for its money-making potential.
#3. Accept Cryptocurrency as Payment (if You’re a Merchant)
Cryptocurrencies, after all, are a type of virtual currency. So, using it as a payment never hurts. If you’re a merchant, you can sell products or services in exchange for crypto coins. Some industries, such as e-commerce or even small business owners, can adopt this way.
Accepting crypto coins as payment requires payment gateways, which facilitate the whole transaction process. It also transfers the crypto coins into the digital wallet of the merchants automatically. Bitpay is one of the biggest crypto payment providers that allows its users to send and receive global payments, manage digital assets with the BitPay Wallet, and turn digital assets into dollars.
Using cryptocurrencies as a means of payment also reduced significant transaction fees (compared to debit and credit cards) and cross-border transfers in real-time.
#4. Running a Master Node
Being a master node is another chance of earning money handsomely from the cryptocurrency craze. Hence, the idea of the master node itself is quite techy in nature. To put it in a simple way, it’s servers that add unique features to blockchain networks (such as privacy, voting, governance, and instantaneous transaction).
You can serve as a master node operator for several other cryptocurrencies and reap the reward for your service. They pay you a certain number of coins depending on the cryptocurrency network you host a master node for. These payouts could be a trove in the long-haul as long as price remains trending upward in the long-term.
However, there’s a coin minimum number before you can host a master node. You need at least 1,000 – 25,000 coins on your crypto wallet, depending on the type of your cryptocurrency of choice.
#5. Work for Cryptocurrency Companies
It might seem like a no-brainer, but working for cryptocurrency companies is such an effective way of collecting money from the crypto sphere. You can exchange your service at any capacity; you can be a content creator, digital marketer, web designer, social outreach, and many more. For references, Coinbase and Binance are some of the most popular global cryptocurrency companies that continuously offer opportunities to start a career in the crypto industry.
Working for cryptocurrencies companies often allows you to work remotely, making it easier for you to work in your space. Also, most companies are more likely to offer compensation in terms of cryptos. So, the income you get can double in value just within days or even hours.
#6. Write About Cryptocurrency Content
Being a cryptocurrency content writer allows you to get some extra bucks from the hype in the industry. Due to the ever-growing craze in cryptocurrencies, the need for writers who can produce astounding content in no time is also significantly increasing.
In some freelance marketplaces, such as Upwork, you can write about cryptocurrencies, review different services, or post updates about the latest news in the industry.
Hence, you need to have a piece of solid knowledge and a knack for words. If you have decent writing skills, then it must be easier for you to find well-paid and long-term gigs.
Today, the methods of taking advantage of the cryptocurrency market are now practically limitless. Even without dabbling in cryptocurrency, you can still get some bucks from it. And what’s more interesting is that earning money from the cryptocurrency industry isn’t as tough as you think. But still, there are many aspects you need to be mindful of: are you a risk-taker, or do you like to stay away from risks, how much you can afford to lose, what things you’re really good at, and many more.
Andre Oentoro is the founder of Breadnbeyond, an award-winning explainer video company. He helps businesses increase conversion rates, close more sales, and get positive ROI from explainer videos (in that order).