If you haven’t already earned some extra cash from cryptocurrencies, we want to officially welcome you to the cyber-financial system of the 21st century. Don’t be afraid just because it’s not tangible, the money will still be on your account, and you can always cash in. In short, Cryptocurrency is digital money floating around in cyberspace, waiting for you to grab it if you know-how. So, without further ado, we represent you a list of ways to make some real dough in cyberspace.
1. Buy & Hodl
Yes, the infamous “hodl”, not hold. The term emerged back in 2013 when a Bitcoin went from $15 to $1100. In December of 2013, one user with a forum nickname GameKyuubi shared an incoherent message “I am hodling”, meaning holding, not selling Bitcoin from then on, and the term somehow stuck in the community. Anyways, back to the point. Buy and hold is the simplest way you can earn money from cryptocurrencies. You just need to pick stable currency, with more or less consistent growth, buy it and hold on to it until you decide to sell it at a higher price. Pay attention to the market’s ups and downs, it’s not always a good time to do either one. Speculators usually have some inside information, checking out their opinion would be wise.
Staking cryptocurrency means that you keep it in a “wallet”, that stays open to supporting operations of a blockchain. You don’t buy, sell or trade, just let it sit in your digital wallet, and it can bring you some extra coins in return. By securing the operation of the blockchain network, you are basically protecting your investment too. Easy money.
Cryptocurrencies also pay dividends, just like any other shares. It’s just another version of buy and hold, without the selling part. You hold your digital money. If you decide on this option, make sure to do your research since not all currencies pay dividends well, if they pay at all. Check out NEO, and it’s one of the legit ones that can put some money in your pocket.
4. A little bit of work goes a long way
Microtask. It’s exactly how it sounds. Do some micro-work, like testing new apps, doing surveys, or watch videos, and you can earn some different cryptocurrencies. This is not going to be a huge income, but you can make it your side-job, or a hobby that could also bring you some monetary gain. Rome wasn’t built in a day, right?
Good ol’ trading on a stock exchange. There is only one rule here – buy low, sell high. Easier said than done. To make some serious cash from stocks, you are going to need some serious experience and knowledge of the volatile market of digital money. Cryptocurrencies had shown some unpredictable plunges in the past years when stocks went into free fall by more than 25%. If you never traded stocks before, it would be much safer to pick some other ways of earning money.
6. Accept Cryptocurrencies as a form of payment
If you are a merchant, you can accept them in exchange for your products or services. Make use of Bitcoin payment processors to help you get started. E-commerce websites and online stores can accept this too. This is one easy way to get in touch with a crypto-world and start gathering some digital money in your wallet.
Cryptocurrencies are not regulated or controlled by any government in the world. It is a completely free market, open for everyone to trade, buy, or sell. This is why currency price varies by large, and the market itself sometimes shows erratic behavior. What exactly is arbitrage? Simply put, it buys low, sells high. A trader buys currency on one exchange, sell it on another at a higher price and put the difference in his wallet. Let’s say you buy couture shoes on a garage sale for $10, and you sold them on eBay for $80. This exchange technique is as old as time, and it always pays off.
8. Faucets and Satoshi
Bitcoin came up with “faucets,” which is essentially a reward system. Similar to microtask, except you get paid in satoshis. Satoshi is a hundredth of a millionth Bitcoin. It sounds like nothing, but remember, one Bitcoin is worth over $9700. Tasks you would have to do in this case are super-simple, namely clicking on ads or playing games.
Let your money work for you. If you are HODLing any cryptocurrency, you can lend it to others, at the fantastic rates of 3% all the way up to 8%. You would be basically something like payday loans. If you don’t know where to find people to lend it to, check out special platforms such as BlockFi.
Don’t worry, even here, you won’t be doing any actual work. Cryptocurrency mining is just another way of making real money in a crypto universe. First and foremost, for mining, you will need some equipment. Ax pick is not going to work here, and cyber tools are much more expensive. You would need to invest some to make some. Besides hardware, you need GPUs and ASIC. GPU is a graphic card, and ASIC is a chip, but they both do the same thing – solve complicated algorithms. That’s great, so how do you make money? Running this cyber business takes a lot of electricity, so make sure you have some cheap sources. You would also need to do a lot of maintenance work for your software and hardware, as well as for the equipment. You can find a detailed description at themerkle.com, where you can get all the necessary information about the process from start to finish.
Finally, a little word of advice. Do not just dive into the cryptocurrency market and hope for the best. You also need to do research and be ready for the worst. Currency Exchange is a very unstable environment, you need to know at any point what exactly is your goal, and always have back-up plans (yes, plural). Happy trading!