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.
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.
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.
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.
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.
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.