The crypto industry is still young and evolving, only recently erupting into mainstream view. People are eager to learn how to make money with cryptocurrency as soon as possible.
While many are still suspicious of the whole crypto sphere in general, more people are seeing the potential wealth they could amass if they do their research and have patience.
Firstly, you must open your wallet app, create your account, and fund your wallet from a bank account or other means. And only after finalizing this process will you be ready to start on your crypto journey.
After those steps are taken, you can start exploring how to make money with cryptocurrency and engaging in its decentralized world.
Here are the five proven ways to increase your crypto earnings.
A rule of thumb, helping others make money.
Suppose you are a person with a knack for writing well-put and easy-to-digest messages. In that case, you can start a social media channel dedicated to teaching and informing others about how to make money with cryptocurrency. News, updates, indexes, advice – not financial, of course – it is an opportunity worth considering while the hype is high.
So-called “Internet Gurus” often make most of their fortunes from selling courses to other people rather than from the thing they are teaching.
Except better, to bring actual value to the table.
Blockchain social media platforms will also reward you for sharing their content with their native token, which could hopefully increase in value. The larger your following is, the more you can help that blockchain grow.
This is the slightest “passive” way of earning crypto profits as it requires you to have good technical and analytical skills. You will need to study the market around your chosen assets and make accurate predations about the market fluctuations.
This is a very volatile and risky way of making crypto profits, but if you love looking at charts and making incremental short-term gains, it is a credible way to go.
Over time, you will learn all the tips and tricks and get better but prepare for a few disappointments in the short term.
Unlike trading, investing is a much more long-term strategy of making money with cryptocurrency. Find yourself a promising long-term project and put in a small amount of money every now and then. Large projects like Bitcoin and Ethereum can be volatile in the short term but are projected to continue growing for decades.
The promise of a purely passive income is enticing to many, and it doesn’t get any more passive than mining.
Joining a proof of work network involves setting up a powerful rig, stable and affordable electricity, and installing the hash code to start mining. Then you can start mining your own coins with every successful transaction done across the network. The more rigs you have, the more likely you are to score.
Staking and Lending
Staking and lending your crypto is one of the most common ways to multiply your profits, this time as part of a proof of stake network. If you stake the crypto, you essentially lock them into the wallet for a certain period, and the network uses them to validate transactions, earning you rewards in return.
This is a much more energy-efficient transaction validation method, with less of an entry barrier.
Lending your tokens is another way to generate income as you earn interest by putting your coins into a lending network.