Earning Cryptocurrencies; What You Need To Know
With the advent
of cryptocurrency like Bitcoin, the blockchain, etc. earning a passive online
income has become relatively easier.
However, it has led many investors to fall
for scams as well. Therefore, it is necessary to be aware of the latest
revolutions and trends. We have shortlisted some legit ways to make money
through cryptocurrency, especially Bitcoin, at a high-level.
1. HODLing
This is the most
common and easy way to earn through cryptocurrency. HODLing refers to holding
your asset for a period of time. What you need to do is buy good coins, with
good fundaments and whose value is bound to raise over time.
Some of the
good coins with a better future and great fundamentals are Bitcoin, Monero, BNB
Coin, Ethereum, Komodo, Waves, LISK, etc. Hold the coins for about 6 months to
2 years and keep taking out your major profit ratio.
2. Trading
Trading is more
or less like the traditional trading where you buy a thing at cheap price and
sale it out when the market value increases. In the world of cryptocurrency,
trading is done by buying cheap coins and then selling them out when the prices
rise by 10-30%, or whatever target you have in mind.
If you have an analytical
mind and are good with technical and statistical analysis then this is the ideal
method for you. Seasonal trading or day trading has become one popular passive
income generating method for Bitcoin users.
3. Lending
Lending involves
the traditional method of lending and getting interest on the currency. When
you have a significant amount of cryptocurrency like Bitcoin, Ethereum, etc. you
may lend it to other people who need them.
These lenders will pay your currency
back with extra interest. This is an easy and risk-free way of earning passive
income through cryptocurrency because there is no risk of falling currency
value.
You decide the interest rate depending on the amount of currency you are
lending. Moreover, there are companies that help you to lend your coins through
proper and trusted resources, eliminating the fraud risk.
4. Cryptocurrency Dividends
This method is a
little like HODLing but is different in profit generating source. In this
passive earning method one has to buy cryptocurrency and them and get dividends
for just offline holding them in the wallet.
Though it is a convenient and easy
method but not all currencies are worth buying and holding to get dividends.
Some maor currencies involve NEO, KuCOin, Binance, BTMX, etc.
5. Blogging
Another way to
passive earning is through blogging and writing on the sites that pay you in
cryptocurrency. The websites pay you if your written content is liked by the
readers.
If you have some valuable content that you know is worth making money,
you can monetize it yourself, by restricting the full access only for those who
pay you in cryptocurrency. Few websites like WordPress, Yours, Y’alls, Steemit,
etc. allow you to work that way.
Conclusion
You can see that
making money through cryptocurrency is not very difficult. It depends on you
which method you choose according to your convenience. All you need to do is
some hard work and a comprehensive research to avoid frauds and scams.
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