Nowadays, cryptocurrency is renowned among entrepreneurs who are adopting it as a full-time gig or a side hustle. The credit goes to the massive growth of bitcoin and other cryptocurrencies, their popularity continues to increase in the digital economy giving tough competition to traditional money regarding value and efficiency. Still, cryptocurrency has just started, but people are making money with cryptocurrency.
A cryptocurrency is a decentralized method of payment that you can use while trading online with the help of smart contracts. Moreover, big businesses have started considering cryptocurrencies as a means of exchange and promotion. Presently, cryptocurrencies like Bitcoin, Ethereum, and Dogecoin can help you buy anything from a cup of coffee, burgers, jewelry, e-commerce products, card, and even insurance.
In this write-up, we will elaborate on 10 proven strategies to make money with cryptocurrencies in 2022.
1. Mining-Mine Cryptocurrency To Get Benefits
Mining is a method of tracking and processing new cryptocurrency transitions. Hence, to be a miner you need to contribute to the proof-of-work POW networks like bitcoin for the creation of new blocks. Moreover, you need to get your hands on application-specific integrated circuits (ASICs) the expensive mining equipment.
Due to the profit earned from mining, many companies like HIVE Blockchain, Bitfarms Limited, Computer North Bitfury, Hut 8 Mining Corp, Bitmain, TradeBlock, BTC.com, Stronghold Digital Mining, Syscoin, TeraWulf, and Genesis Mining have joined the approval of validation of cryptocurrency transactions train.
In case you do not have money to become an individual miner, there are several websites available that allow millions of people to contribute power to the validation of transactions. Furthermore, you can join mining pools on Binance pool, F2Pool, Slushpool, AntPool BitFury, ViaBTC, and others.
2. Airdrops-Do Free Cryptocurrency Deposits In Your Wallet
An airdrop, in the cryptocurrency business, is a kind of marketing stunt that includes sending coins or tokens to wallet addresses to increase awareness about a new virtual currency. If you want to gain more knowledge about airdrops, you should be up to speed with developments in the crypto finance space.
In addition to the regular WhatsApp, Facebook, Twitter, and Instagram accounts, you also need to have a Discord and a Telegram handle as Discord and Telegram have become the platforms where projects and the marketing of the airdrops are announced.
3. DAOs-Get A Share In A Decentralization Autonomous Organization(DAO)
Decentralization Autonomous Organization(DAOs) which are also known as decentralized autonomous corporation(DAC) has the motive of being an extremely open platform through which members can control their identities as well as personal data. DAOs think of playing a vital role in the future of blockchain technology and cryptocurrencies as a whole making them different from non-fungible tokens (NFTs) and the Metaverse. Since investors own DAOs and the community of a particular project, you can become an owner of a DAO simply by being a token holder.
4. Faucets-Get Free Cryptocurrency By Finishing Simple Tasks
Faucets in crypto are mobile apps or websites which give you the option to perform simple tasks or play some casual games to earn cryptocurrency. Furthermore, you have to solve quizzes, complete surveys, and watch ads (videos) in your leisure time while sitting at your home.
Amazing crypto faucets to earn free cryptocurrencies in 2022 are adBTC, CoinPayu, Bitcoinker, and Altcoins.PW, Faucetcrypto, FireFaucet, Cointiply, FreeBitcoin, SatoshiQuizz, and LuckyBlock.
5. Play-To-Earn Crypto Games-Get Prizes For Playing Crypto Games
The play-to-earn gaming industry is time-by-time letting to the introduction of billions of dollars in value to digital assets. A large part of the money earned like this is an additional source of income for players. Hence if you think about how to make money in cryptocurrency, you should know that you can do this by playing games. This is a billion-dollar industry, the play-to-earn crypto game marketplace is not going to slow down
6. Crypto Lending And Yield Farming-Get A Profitable Annual Percentage Yield (APY) On Your Cryptocurrencies
This centralized financial system trades in government bills and bonds. Though the interest rates are relatively lower in comparison with other high-risk investments. The crypto finance space with the help of decentralized finance (DEfi)has established areas like decentralized lending, yield, and aggregation exchange.
This has made the yields assessable through the possibilities of smart contracts via blockchain technologies like Ethereum, Chain, Binance, Solana, TRON, Polygon, Cronos, Fantom, Avalanche, and Waves among others. Additionally, millions of crypto lovers prefer this because of the consistent passive income it brings to their portfolios. Invest your time in going through a list of high-yielding cryptocurrencies.
7. HODLing-Put Money Into Digital Assets And HODL Long Term
The crypto market has never left long-term investors empty-handed. If you hold onto a cryptocurrency for a long time that is referred to as HODLing. With the drop in the prices of coins, you can purchase various tokens from different projects, and hold them for a minimum of two years.
Get knowledge of the pros and cons of the protocols that back these cryptocurrencies. Once you are done, execute an extensive fundamental and technical analysis so you can make predictions about the potential future price patterns of the coins. However, you know that the crypto market is highly volatile. Therefore, refrain from investing your rent, tuition, or money for personal expenses into the digital currency market.
8. Staking And Interest-Earn Profitable Income From Idle Cryptocurrencies
While staking you need to lock a few of your coins for a given period to support proof-of-stake networks. Some of the famous PoS networks to which you can contribute your holdings are Cardano, Solana, TRON, and Ethereum 2.0 which will be released soon.
Take a stake in one of these cryptocurrencies and sit back to enjoy rewards in the form of interest that you can withdraw or reinvest into other digital assets.
9. Day Trading-Earn Money By Trading Cryptocurrency Pairs
Day traders are those individuals who take advantage of changes in the price of cryptocurrencies to make a profit. There are several techniques day traders employ to capitalize on the unreliability of the market.
If you want to be a great day trader, you need to be an avid reader of technical analysis charts. Some of the intraday strategies which you can utilize include scalping, range trading, high-frequency trading (HFT), and news-based trading.
10. Investing In Promising New Coins Early-Mainly Best Way To Make Money With Cryptocurrency
The last proven strategy to make money with cryptocurrency is to invest in the best Altcoins as soon as they are released in the market. Some of the highest-price coins are LuxTTO (LXTO), Legacy ICHI (ICHI), TDEX Token (TT), xcDOT (XCDOT), and LYO Credit (LYO), and BlockAura (TBAC). Their minimum price is $1.
What you need is to follow the market and throw money behind coins that have the support of amazing innovative projects.
Amazing Platforms For Trading And Investing In Cryptocurrency
Some of the amazing platforms for trading and investing in cryptocurrency are as follows:
1. eToro-Amazing Trading Platform For Crypto
eToro is considered the most suitable platform to invest in and trade cryptocurrencies. Regardless of whether you are planning for short-term trading or if you are looking to HODL cryptocurrency. First and foremost, this platform is deeply structured so anyone who is interested in trading cryptocurrency can engage with the desired market safely. eToro provides an opportunity to its 25 million users to get benefits from 60 leading cryptocurrencies, so the traders can easily diversify.
2. Binance-Amazing Platform For Crypto Staking Interest, And Lending
If you really want to enjoy fruitful results of0q9y passive income generated from high yields, then this platform is best for crypto lending, interest, and staking. After becoming a registered user you will get an opportunity to enjoy staking cryptocurrencies for high yields of around 50 different coins. It is a secured platform that provides a 24/7 customer support system and offers minimum trading fees in the market.
3. Coinbase- Amazing Place For Trading And Investing Crypto In The USA
Coinbase is the easiest and most user-friendly platform which allows minimum deposits as low as $2. It provides multiple payment methods including bank cards, e-wallets, bank transfers, and PayPal. It is the most convenient platform for everyone who needs to enjoy trading in cryptocurrency.
Once you know the pros and cons of the issuing authorities of the discussed methods to make money, you can invest more in these low-priced cryptocurrencies, and gain big rewards in the future.
Read more: How to buy bitcoin