Cryptocurrency is rapidly becoming the most popular way to earn money online. Following the rise in Bitcoin, Ethereum, and other cryptocurrencies, many people are seeking ways to leverage this new digital asset. In this article, I will walk you through how to make money on crypto investments.
Key Points
- Cryptocurrency makes use of cryptography to secure transactions. It refers to a digital payment method that does not require banks to validate the transactions. Bitcoin was the first cryptocurrency, and it was created in 2009.
- Cryptocurrency is a peer-to-peer system that assists people anywhere in sending and receiving payments. In this case, sending or receiving money is easier than paying with physical money.
- The proven ways to make money in crypto include mining, staking, trading, investing, lending, earning interest, Affiliate programs, and ICOs. This type of investment, called initial coin offerings(ICOs), involves buying a company’s token issued in exchange for crypto.
- To make money on crypto without investing, you need to sign up for an exchange, participate in an Airdrop, get a few cryptos by taking surveys, and get free NFTs.
How to Make Money in Crypto
Crypto, which stands for “cryptocurrency,” is a type of digital or virtual currency. If you want to make crypto money, you will first have to do your research. Cryptocurrency makes use of cryptography to secure transactions. It refers to a digital payment method that does not require banks to validate the transactions. Also, it is a peer-to-peer system that assists people anywhere in sending and receiving payments. In this case, sending or receiving money is easier than paying with physical money. When you make transactions with cryptocurrency funds, they record the transactions in a public ledger. The name cryptocurrency is because it uses encryption to verify transactions. Bitcoin was the first cryptocurrency, and it was created in 2009. So, if you are interested in making money with crypto, it is best to understand the different kinds of crypto and their advantages and disadvantages.
I am not just a writer but a long-time beneficiary of crypto who has seen how life-changing it can be. In my early days of investing in cryptocurrency, I was driven by curiosity and the possibility of financial growth. I started with Bitcoin, but Ethereum opened my eyes to the possibilities. My experience in crypto has taught me lessons, including the importance of having the necessary information and thorough research. Also, writing about cryptocurrency lets me share all my insights to help you find your way to cryptocurrency more easily. So, as I share my experiences, I aim to guide you on the right path to making crypto money. Below, I have listed and explained some proven ways to make money in crypto.
Proven Ways to Make Money in Crypto
The following are ways to make money in crypto in 2024.
#1. Mining
One common way to earn money with crypto is through mining. It verifies blockchain transactions and updates the chain with new data blocks. By doing so, miners are rewarded with cryptocurrency for their efforts. Also, you can mine using specialized hardware or cloud mining services. You don’t need to buy or maintain hardware with cloud mining. However, the rewards are typically lower than those of hardware mining. The first time I tried cloud mining, it was an early entry point, and it was without a big upfront investment. But, I learned immediately that mining requires a lot of electricity, which made it complex for me. So, I suggest that anyone considering mining do proper research to understand the cost, potential rewards, and risks involved. But for me, it was a learning and rewarding process because I earned fractions of bitcoin.
#2. Staking
This is another way to make money in crypto. Staking means investing in cryptocurrency with a certain amount of coin in your wallet for a certain period. When you do this, you will be rewarded with a small interest in your investment. I remember when I introduced my friend George to crypto. He was excited to go into staking to earn money without actively trading. I observed him choose coins to stake, but he noticed the difference in the interest rate. The interest rate difference depends on the cryptocurrency and the number of coins he holds. After doing some digging, George saw that some cryptocurrencies offer higher rewards than others. So, if you are considering staking, do some research, like George, and find the best options you need.
#3. Trading
This is another popular technique for generating money with cryptocurrency. Trading is buying or selling cryptocurrencies through a cryptocurrency exchange. With this method, you can take advantage of price fluctuations to make a profit. The potential for quick gains is captivating, and the thrills to buy low and sell high kept me glued to my screen when I started trading methods. I always analyze market trends and study charts. In this process, I learned that trading is not for the faint of heart. Market instability also means many opportunities for gains and losses. So, I recommend starting with the basics and understanding how markets work. Moreover, stay updated, equip yourself with market trends knowledge, and be ready for the unexpected.
#4. Investing
This is another great way to make money in crypto. In investing, one can invest in individual coins such as Bitcoin and Ethereum, or you can as well invest in a cryptocurrency fund. The first time I tried investing in crypto, I was drawn to the possibility of meaningful returns. I did some research on coins and white papers, and I analyzed market trends before making my decisions. I was excited when my portfolio grew as the market evolved. But I also understood the importance of knowing the risks involved. Investing in crypto is a rewarding venture, but I suggest that you be cautious by understanding the risks and only invest what you can afford to lose.
#5. Lending
Crypto lending is another way to monetize your crypto holdings. It means lending your crypto to someone else in exchange for interest. The interest rate is determined by the type and amount of cryptocurrency you are lending. My colleague, David, who told me about crypto the first time, was into lending his cryptocurrency. He explained to me how lending allows you to earn interest on crypto without actively trading. So I understood from his experience that lending can be a profitable addition to investment strategy, and it provides a steady dream of passive income in crypto.
#6. Earning Interest
You can earn interest in crypto on your investment through the yield farming process. It means lending your cryptocurrency to a platform in exchange for interest. During a recent seminar, I attended that educated and shared experiences about crypto, I had the opportunity to get more insights from attendees who are actively involved in yield farming. One attendee, Mavis, shared her experience in yield farming. She explained how she carefully selected reputable platforms and diversified his investments to increase his profits. I learned that yield farming can be profitable, but I advise that you choose platforms wisely and be informed about market trends.
#7. Affiliate Programs
Some cryptocurrency exchanges offer affiliate programs that allow you to earn a commission by referring customers. If you refer a customer to an exchange, you can earn a percentage of the transaction fee he pays. With my experience in crypto, research done in writing, and education about crypto, I find affiliate programs to be a great way to monetize my knowledge and reach. After discovering affiliate programs, I focused on creating quality content that educates my audience about many aspects of crypto. I partnered with reputable exchanges and provided them with useful insight. So, you can see that affiliate programs are profitable and do not require much effort to earn money in crypto. You can generate income by creating valuable content, researching the best programs, and engaging with your audience.
#8. ICOs
This type of investment called initial coin offerings(ICOs) involved buying a company’s token issued in exchange for crypto. They offer high profits, but they come with big risks. From my experience, I have seen the pros and cons of ICOs. I heard an investor share his story in a seminar I attended. He shared how he researched and analyzed ICO projects, leading to big profits. However, I suggest that you do a thorough investigation before investing to ensure the legitimacy of the ICO because many ICOs may be scams, which will lead to loss.
How to Make Money in Crypto Without Money
If you are into crypto, you need to read this to learn how to get it for free. There are many websites that offer free crypto, but you have to do simple tasks like watching videos and completing surveys. With the way crypto prices fluctuate, it may be opportune for you to get what you expect. Some sites give cash or NFTs that you can convert to crypto. I have a friend, Marilyn. She started crypto with no money, and with my help, she discovered many websites offering free crypto by watching videos and completing surveys. She was initially doubting until she gave it a shot and got herself a small amount of crypto; this taught her not to look down on the potential of these opportunities. Furthermore, I will walk you through how to make crypto money for free.
#1. Sign up With an Exchange
Some of the cryptocurrency exchanges give out free crypto when you sign up as their client. You can pick the best option as long as it is worth your time. So, if you want to get free coins, this is a safe option for you. However, you may need to deposit some crypto.
Some of this exchange that offers crypto include
- Coinbase
- Gemini
- Crypto.com
Some other sites may present promotions or bonuses that are time-sensitive. So I suggest you always look out for these opportunities
#2. Free NFTs
This is known as a non-fungible token, a digital-like asset you can trade for cryptocurrency. If you want free NFTs, you can participate in giveaways. Some crypto projects offer NFTs as an invite bonus” to their top supporters. I suggest you follow a new crypto on its discord channel to participate in an invite bonus pool for people who drive the most traffic to the channel. Moreover, there are other ways, including monitoring Twitter for NFT giveaways, which can be given for retweeting and promoting the projects. This way, you may be lucky to get a chance to win an NTF. However, I will advise you to be careful because NFT giveaways can create tax issues
#3. Participate in an Airdrop
In this case, the developers of a new cryptocurrency may do an airdrop, which generally means a giveaway of their new coin to promote and generate more interest and excitement around it. It may require that you perform a few tasks to be able to receive new coins; these tasks may be following the crypto project on social media, tracking it in a Discord channel, or otherwise supporting the project. However, I suggest that you be careful because many airdrops are scams, and even if they deliver some coins, the coins may be worthless.
#4. Take Surveys
This may sound like an old game on the internet, but it has a new trick. Initially, it was “take a survey and get some cash.” However, cryptocurrency is now used as cash. Some sites now, like Free Cash, allow you to do it. Free cash offers surveys, games, or other paid offers every day. Regardless, you can receive crypto rewards through money or gift cards.
Checklist on How to Make Money on Crypto Without Investing Money
Which Crypto is Best for Daily Earning?
- Bitcoin
- Ethereum
- Binance coin
- Ripple (XRP)
- Solana
How Do I Get Money on Crypto?
To get money from crypto, you have to deposit your cryptocurrency into a crypto exchange/broker of your choice. After that, you request a withdrawal in one of the available fiat currencies. This is a simple and easy process, but it takes around 4-6 days to get the money in your bank account.
How to Earn Free Bitcoins?
If you want to earn free bitcoins, you will have to participate in bitcoin faucets. These are websites that offer a small amount of free bitcoins for completing simple tasks, like solving captcha or playing games. Despite the rewards are relatively small, they can add up with time, also they provide a steady stream of free bitcoins
How Does Crypto Make Money for Beginners?
Some cryptocurrencies offer their owners the opportunity to earn passive income through staking. This involves using your crypto to help verify transactions on a blockchain protocol. Although risky, staking allows you to grow your crypto holdings without buying more.
References
