Since the first boom, more and more people are turning to crypto markets. They want the elusive passive income. Others see it as a way to make money from home and escape the 9-5 jobs cycle. The thinking is further fueled by stories of people. They became overnight millionaires through Cryptocurrency being littered on the internet.
While making some cool cash is possible, you need knowledge and dedication. Understanding the cryptocurrency industry can be intimidating for beginners. In this guide, we lay bare different ways to make money with cryptocurrency.
Buy and Hodl
Buying and Hodling is the most popular method in the cryptosphere. With the investing strategy, investors buy digital money such. Hold them for an extended period until their market value/price rises or appreciates, and then sell.
It involves a straightforward process that any beginner can grab quickly. Getting at the right time and investing in the right coin increase your chance of making money with Buy and Hodl. Although it is imperative to note that there is a higher risk the more you invest. So, you must research and analyze before committing yourself to any investment.
Earn Money by Playing Games
You already spend much time playing games on your smartphone or computer. Instead of playing for fun, why not make extra income on the cryptosphere? Paying blockchain and NFT games is one of the easiest ways to earn free cryptos. In other words, spend your time playing play-to-earn games built on blockchain networks. These games include Calvaria, Decentraland Metaverse, Axie Infinity, and Sandbox Metaverse.
When a player earns in-game assets in these games, they are stored by a unique NFT on the blockchain. The next step is to trade these assets in the open market of each game. Rewards are paid in tokens, which you can sell on the open market.
The games played on the blockchain are similar to casino games. So if casino entertainment gives you the thrill, crypto casinos are there. When considering a casino that pays with crypto, always look for the ones that let you play for free. Those can offer no deposit free spins for online pokies.
Staking Crypto
After the Buy and Hodl, crypto staking is very popular. Like the Buy and Hodl method, staking is a long-term process for experienced crypto investors to make money. You lend your unused token to a network in exchange for rewards or interests. You are simply supporting the web to get additional units regularly and later.
Staking means locking your idle tokens in a cryptocurrency wallet for a specific period. This helps blockchain networks run efficiently, and then you receive interest. Staking is similar to locking up your assets in a bank to earn interest. So, here is the list of cryptocurrency exchanges to make money with Cryptocurrency:
- Kraken: best for security;
- Coinbase: best for beginners;
- Bitstamp: best for low fees;
- Gemini: best for bitcoin and Ethereum traders;
- eToro: best for all types of traders;
- OKX: best for beginners.
Day Trading
Experienced crypto traders will tell you that day trading is the most lucrative way of earning in crypto. That’s primarily because of its short-term benefit and market volatility. Crypto traders make money through day trading by buying and selling tokens or crypto assets on the same day.
Trading crypto usually involves taking high risks as the market can be unpredictable. The prices can appreciate and depreciate within a minute interval. For this reason, you need innovative tools and technical, market, and analytical skills, which is especially important with NSW plans to turn all poker machines cashless.
Alternatively, use a cryptocurrency trade bot to trade for you. The bot monitors the market and gathers enough data about the market pattern. Later, it automates trading based on the set parameter. For crypto traders, a platform that supports low fees and plenty of markets is usually the go-to for trading.
Airdrop
Many people are skeptical of actively engaging in Cryptocurrency due to the financial risk involved. However, there are several options to money with crypto without risking any. In other words, you do not need to deposit before trading or investing.
Crypto projects employ a marketing strategy where free coins are rolled out to encourage new users to join and use their platforms. These tokens can either be completely free or earned after completing some tasks. These steps are simple: find the latest and ongoing airdrop, follow some instructions outlined, complete the tasks, and make money.
This marketing campaign is mainly from crypto startups making their debut in the market and needing awareness. The tasks include sharing information about a project on social media platforms to create awareness. After successful completion, you get rewards/ tokens.
Mining
Mining is the most traditional way to make money with cryptocurrency. That is where the value of a coin is generated initially. Though mining may have a low risk, it requires a certain level of expertise and investment. But if you scale through that, it can generate an enormous profit with minimal risks.
The process involved setting up mining rigs or nodes and connecting specialized hardware to a desktop device. It must run programs that mine cryptocurrency on the blockchain network that validates transactions. After the transactions are validated on the blockchain network, a miner receives a reward in the form of crypto tokens. This can be useful with the ever-growing mobile gambling industry.
There are two essential things to note as a beginner miner. First, you can only mine on blockchain networks that use a proof of work consensus algorithm. Second, you can either mine alone or join a crypto mining pool/organization with the necessary hardware and software tools.
Conclusion
There are plenty of old and new ways to make money with crypto and no deposit free spins for online pokies. However, most start with buying and/or selling crypto at the right price. You need a trusted and efficient crypto exchange to begin your crypto journey. Always look beyond just the fees when choosing a crypto exchange. Consider security, liquidity, regulation compliance, insurance, and the supported assets.
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