It is 2020 and cryptocurrencies, in spite of the major correction, are here to stay. Bitcoin’s price saw more fluctuations than any but the product development and adoption is just increasing. Same is the case with most cryptocurrency projects. There are a lot of ways to make money in this market even in 2020.
If you are experienced in financial markets or trading, you could trade crypto tokens on various exchanges. How to make money buying and selling cryptocurrencies is one the most talked about topics today.
Some of the biggest exchanges in the history of cryptocurrencies have been centralized exchanges. This means they are run on a company’s servers and the orderbook is controlled by them in a private database. This kind of order books are largely off-chain, which means users are trading with each other but no tokens are being moved on the actual blockchains.
Decentralized exchanges have just arrived on the scene and the technology is in a nascent stage. While they operate on the blockchain and their order book is transparent, most users avoid them because of their bad User interface and slow transactions. Also, since all transactions happen on the blockchain, fees tend to be higher.
How to earn from cryptocurrency if you are not a trader but you still want to participate? You could buy some Bitcoins or altcoins and hold them as an investor. This could be done for projects that you think will develop into valuable products in the near future. Since the crypto market is open to everyone, unlike the startup investment market, it is pretty easy to buy these tokens.
But be wary of the type of tokens that you are buying. They could be security tokens, in which case a whole lot of laws need to be complied with, or utility tokens, which means you can use the tokens for the product to function but do not have an ownership in the project/company.
ICOs became the most popular investment avenue in 2017 and are still popular in 2018. Initial Coin Offerings are a good way to make money with projects that are just launching.
Best way to make money in cryptocurrency and help other people is to spread the word about good projects and get rewarded in return. For example, CoinSwitch referral program provides $5 worth of Bitcoin (BTC) for each friend you refer. This way your friends benefit by knowing about an amazing product and you get paid for growing their user base. It is a win-win for everyone.
Airdrop is when free coins are distributed. Yes, the coins are really free. On one hand, it may look too good to be true but there is business sense even in giving away free coins. These coins are distributed in various ways and their distribution depends on various factors. But it is essentially free tokens.
Copy trading is where you select individual traders and copy their trades. First, you research individual traders on a copy trading platform, see their trading history, success rates, and their goals if they align with yours. Then you allocate a certain percentage of your portfolio to copy this particular trader. Now whenever this trader takes a position, you will immediately duplicate that trade too.
This revolution needs more people to spread the knowledge. We are still at an early stage and as space grows, we need knowledgeable people out there to educate the masses about Blockchain and cryptocurrencies in general. How does the crypto sector grow and how do cryptocurrencies make money? It is with adoption and a knowledge worker can drive that.
There are numerous Blockchain projects and you could join one if it excites you. A simple Google search will fetch you the coolest and most disruptive projects around you.
If you have an industry in mind that could benefit from this technology, you could start a project and change the world.
Cryptocurrencies are mined instead of minted. If you are a hardware geek, you could get yourself an ASIC and start mining your favorite coin. Mining allows you to make passive income in cryptocurrency.
More traditional businesses now accept cryptocurrencies every day. If you are an entrepreneur, you could start accepting Bitcoin as a method of payment or if you work in a company, you could recommend the same.
The easiest way to get your friends/family buying into the revolution is to get them acquainted to Bitcoin via a mode that they are already familiar with – an ATM. Host a Bitcoin ATM.
If you are a programmer, get on the Blockchain train. Learn solidity and you can develop on the most popular platform – Ethereum. Even if you do not want to learn a new language, there are platforms where you could code in C++ and other languages.
Whatever industry you are in, there is a high likeliness that it will be disrupted by Blockchain much like every industry was made more efficient by the advent of the internet. Identify areas in which you can improve efficiencies by implementing Blockchain and do it.
There are several games that let you earn crypto tokens as you progress. You can find these games on Ethereum and Tron platform. They range from action to adventure to gambling games. Most of these games have a reward that is paid in a crypto token when the user wins.
Cryptocurrency sector is just getting started. The bear market is the time when all good projects are focusing on developing their product and user base. While you help them do that, you can share their profits as well. With so many ways, it is difficult not to make money.
CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!
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