Saturday, March 7, 2020

TOP 10 Future-Proof Ways to Make Money with Cryptocurrency in 2020 & Beyond

Making money with cryptocurrency sounds alluring, right? When you Google anything about cryptocurrency, you may be astonished by the number of individuals who’ve benefited from this relatively new industry. Be that as it may, your comprehension of how the crypto world works might be a bit fuzzy at the moment.


Well, let’s take some steps to change that here today. This guide may play a pivotal role in assisting you with getting up to speed on a portion of the more well-known methods for making money off cryptocurrency in your spare time.
Within this guide, I’ll give you 10 unique ways you can profit (or even make a living) with cryptocurrency. Every system will be reviewed independently based upon:
•How much income can be produced?
•How much work is required to create an income off of said method?
•How much risk is involved with the approach?
So let’s go ahead and get started ….

1. Day Trading



Day trading is one of the most satisfying approaches of profiting from the crypto space, however, it is one of the riskiest. Obviously, everyone wants to be a literal “Wolf of Wall Street” type character making millions of dollars off trading from the comfort of your own yacht. However, the reality is far from such. Don’t be tempted by the fantasy, stay rooted in the reality that day trading takes a lot of time and effort to master.
As opposed to investing, day trading involves the quick buying and selling of a crypto asset. This literally entails several small trades per day which in total accumulate to a rather hefty amount if you’re trading with a lot of capital. The timeframe day traders typically use can be anywhere from the one-minute charts on up to hourly.
To be a successful day trader, you’ll first need to build up your technical aptitudes and learn how to control your emotions under pressure, which many traders will tell you is half the battle.
If you’re a beginner in the crypto trading space, this strategy isn’t for you, unless you want to “paper trade”. I highly recommend beginners start off in this arena before trading with your actual hard-earned money. Once you feel comfortable paper trading, you can then proceed to spend a small amount of trading, without breaking the bank. This is where you’ll start to learn and master your emotions.
In any case, on the off chance that you start to become skillful with the lucrative art form of day trading, it could very well be worthwhile for you in the long run.
ALERT: If you’re searching for an easy make money scheme, day trading isn’t for you. If you don’t have any trading experience, you should really stay away from this venue, unless you want to learn how, in which my advice above still stands true.
Effort: HighIncome: HighRisk: High

2. Earn Crypto Dividends


crypto dividends

Do you realize that you can acquire passive income for holding onto a crypto asset?
There are certain crypto organizations that will give you a cut of the profit for holding their crypto token for a predetermined period of time. Instances of these types of coins are…
KUCoin
Neo
BTMX
COSS
Komodo
In contrast with the 1% — 2% that your bank may pay you each year, a significant number of these coins will deliver profits at a pace of 5% — 10% every quarter. All things being in relative, placing capital into such investments will most certainly put you in a better place financially when compared to the off chance that of you leaving your cash in the bank.
Be that as it may, take caution, and just get involved up with coins that you’ve thoroughly investigated and trust.
Effort: LowIncome: MediumRisk: Medium

3. Arbitrage



By definition, the principle behind arbitrage has always been to buy goods or services at a lower price and sell them at a higher price. So basically you’re a typical retail model. However, in relation to cryptocurrency, you’ll be buying a particular crypto token at one exchange and selling it at another exchange for a different rate.
Many cryptocurrency exchanges contain varying pricing, much like various retail stores located all over the world. You may be able to find a cryptocurrency exchange that’s based out of North Korea that sells a particular altcoin cheaper than another exchange based out of Australia. In essence, you can take advantage of these price fluctuations.
It seems simple enough right? Not really.
In order to spot these price fluctuations, which only occur at certain times and don’t last more than a few hours (if that), you’ll need its software in order to quickly take advantage of these differences.
Here are just a few…
even with the most sophisticated pieces of software, crypto arbitrage will produce a very nominal amount of income “unless” you have enough capital to make it worth your while. Typically it’ll take at least several thousands of dollars in order to produce a sizable income worthy of the arduous process.
Effort: Low-Moderate (depending on if you use the software)Income: Low-Moderate (depending on your capital)Risk: Medium

4. Crypto Mining



The early days of the crypto mining was a small-time entrepreneur's wet dream. However today, mining is a business that has become very competitive as many miners with deep pockets purchase massive powerful computers in bulk while scaling their operations in order to remain profitable.
In the past, the risk was fairly low as the original Bitcoin price was relatively low, accounting for falling prices, which makes it a lot easier for many miners to maintain a consistent profit.
Unfortunately, the Bitcoin crash came and severely limited the ability of crypto miners to make a profit. Inefficiencies in the mining algorithm, along with market pressure on the transaction speed and fees which were supposed to compensate miners for their efforts, have now led to the inability to mine at least the top three cryptocurrencies for a profit unless you have “so-called” deep pockets.
My best recommendation for this would be, start off small and mine crypto coins that are a bit more obscure. A great place to start is Crypto Compare. This incredible website will let you know how much power you’ll need in order to mine a certain cryptocurrency and how much you’ll receive in net profit.
Mining can still be profitable for any budding entrepreneur, but you have to be really picky about which ones you’re going to mine these days.
Effort: HighIncome: MediumRisk: Medium

5. Staking


crypto staking how to make money with cryptocurrency

Proof of Stake (PoS), otherwise called staking, is a great approach to semi-passive crypto revenue.
With mining costs increasing as well as the expenses that continually eat away at the profit, many have turned to stake.
So what is staking?
First introduced in 2012 by Sunny King, staking is another method for approving and recording blockchain exchanges. In a Proof of Stake framework, coin holders place the cryptocurrency and a particular wallet which is then used to validate numerous transactions as well as create new blocks. Essentially it’s another way of mining without all the expensive overhead costs involved.
Earning revenue from staking
Cryptocurrency staking can be summed up as a way of holding interest over a fixed amount of money in your bank account. In this scenario, your cryptocurrency is locked in a wallet for a certain period of time. Your reward for locking up your crypto is that you’ll receive more coins added to your wallet after this timeframe has expired.
The more coins that are being staked, the more coins you receive. Simple enough right? This is a very similar concept to investing your money in a savings account in acquiring interest over time.
A few reasons for staking would be…
1. No overhead expenses
2. A less risky alternative to mining
3. Staking consumes less energy which means there’s less consumption of electricity and heat.
The disadvantages of this method would be…
1. Your coins are locked in a wallet for a certain time frame until this period elapses.
2. The market value of the cryptocurrency being staked can rise or drop. while your coins are being held which will either increase or decrease the value which are able to withdrawal them.
In any case, staking is just accessible in coins that have a Proof of Stake framework. Instances of these coins include:
Neo
Decred (DCR)
Komodo
Navcoin
With staking, you don’t need to stress over the expensive costs of the mining as your simply earning passive income by holding proof of stake cryptocurrencies. It’s a very simple and rather effortless process.
Effort: LowIncome: MediumRisk: Low

6. Micro Earnings (Microtasks, Faucets)



Micro earnings are undoubtedly the easiest method to earn cryptocurrency today. It’s also the most time-consuming of all methods discussed within this guide.
Your typical “micro earning” website will pay you a fraction of a crypto coin for completing a small task. Some of the more popular forms of earning cryptocurrency through micro-tasks are…
1. Paid to click websites — as you might’ve guessed, these are websites that will pay you in Bitcoin for visiting, viewing, and clicking on certain advertisements. One such website is BTC Clicks.
You’ll find that some of these PTC sites pay more than others so I would definitely recommend shopping around for some of the ones that pay a little more on the higher-end of the scale.
2. BTC Faucets — these types of websites will give you a small amount of Bitcoin by taking numerous surveys or running a random number generator which will earn you a few Satoshis while playing. Faucets don’t really allow you to earn a great deal of income for the time spent, however, they are by far the easiest and quickest way to make a little crypto income. Even with the best Bitcoin faucets, the typical user is only able to make around $1-$5 per day, so if you can automate this process, it may be a waste of your time.
3. Micro jobs — these are small tasks that can be completed relatively quick for small amounts of cryptocurrency. Coinworker is one such website that offers a wide variety of these microtasks. They typically involve testing a plugin, testing the sea if a website is compatible with a certain browser, re-tweeting a post, along with a host of other trivial tasks.
Much like the Bitcoin faucets, the amount of income that you can earn from this is small but still can produce a decent profit if you ensure the task to complete doesn’t take up a lot of your time.
Effort: LowIncome: LowRisk: Low

7. Airdrops


crypto airdrop how to explained

These airdrops tend to be free coins that are given to explicit clients that hold a specific cryptocurrency. However, many cryptocurrency businesses also utilize them to advertise by rewarding individuals with a certain amount of free coins for taking polls, sharing social media posts, sharing feedback, etc. Airdrops can also include a wide variety of all the tasks mentioned above along with holding cryptocurrency.
It’s important to stay away from suspicious airdrop websites promoting fake or suspicious coins. A good place to start is Airdrop Alert, which automatically verifies each crypto airdrop for you. This way you won’t have to worry about being scammed by an unknown crypto company as Airdrop Alert does all the research for you.
Effort: LowIncome: Low-MediumRisk: Low

8. Crypto Writing



If you’re knowledgeable about cryptocurrency or share a passion for the industry, then you can earn a great income for writing about the industry while earning Bitcoin at the same time.
The amount of cryptocurrency that you can earn can vary greatly however it can also be very lucrative depending on the level of expertise you have within the industry. There are many blockchain companies, cryptocurrency projects, and crypto coin companies that will pay you $100s worth of cryptocurrency for one single article if you prove yourself to be a worthwhile writer.
A few such places where you can get started are:
2. Steemit
4. Lunyr
Effort: Medium
Income: Medium
Risk: Low

9. Affiliate Marketing


affiliate marketing in cryptocurrency crypto

Affiliate marketing is a great way to earn passive income no matter what industry you’re in. If you’ve been hiding under a rock for the last 20 years, affiliate marketing is simply a way to earn income from advertising other people’s products or services.
For doing just that, you’ll be rewarded with a commission of their profit. Amazon was one of the first to incorporate this type of program on a much larger scale. Today many companies will pay their affiliates in cryptocurrency, especially why the niche is still in its infancy.
Each company will offer a different referral program. Some offer a one-time referral bonus while others will give you a commission from the lifetime sales of each individual customer. While one-time payments are initially larger than lifetime commissions, as you can imagine, the residual income you can earn from lifetime commissions is a lot more than your typical one-off payment system in the long run.
You’ll find that most cryptocurrency exchanges, trading platforms, trading bots, crypto accounting software, all have affiliate programs.
A few of the more widely recognized are:
And the list goes on and on. These links are affiliate-based, so I will receive a commission for your signup, which is at no cost to you.
Effort: HighIncome: Low-High (dependent upon your traffic)Risk: Low

10. HODL



This time-tested strategy has created more millionaires than you can count. From cryptocurrency to stocks, investing in a fundamentally sound project and writing it out through all the ups and downs, statistically speaking, is your best bet (if you have no trade experience).
Never FOMO (fear of missing out) and always purchase towards the bottom of a chart under the daily timeframe. You also want to make sure that your dollar-cost averaging your way down if the price action goes any lower.
If you can follow these fundamentally successful strategies and not get wrapped up in the temporary hype type of negative press that tends to pop up almost every other week, then you’re on your way to becoming a successful investor.

FINAL THOUGHTS



Thanks for taking the time to read over this rather extensive guide.
If you decide to invest some of your money into cryptocurrency, just make sure that you’re not investing any more money than you’re willing to lose. I realize that you probably heard this 1000 times already but it does bear repeating.
There’s more than enough somber stories of people out there putting all their hard-earned money into one particular asset or market. Then before you know it, they’re losing it all. Even after trading for over 3 years, I still make the same mistakes from time to time.
However, if you’re broke, I recommend trying out some of the more task-based methods of earning. Once you’ve accumulated $50 — $100 or so, place it on a trade or crypto investment (but not without your due diligence) and see where it takes you. Even if you make a few mistakes, you’re bound to come out ahead sooner or later. This is what entrepreneurship is all about right?
If you have any questions or feedback, let me know in the comments below.
Prashant Rawal
Prashant Rawal

I’m a freelance full-stack web developer having over 8 years of experience in WordPress development. I am also Blogger and Affiliate Manager to help people starting their money making blogs using largest affiliate networks.

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