As of recently, cryptocurrencies have been in the limelight due to the increasing interest of the generation Z. People around the world are getting the gist of how powerful cryptocurrency is, as a tool to earn money and build wealth.
But, due to it being a new trend among the masses; people are not aware of the different ways one can utilise cryptocurrencies. You might not know but there are numerous other ways to make money off of cryptocurrency, which do not include selling. These methods are equally profitable, if not more than the mundane way of selling cryptocurrencies.
Keep reading to find out more ways to earn money through cryptocurrency:
Cryptocurrency mining
This term may sound intimidating but mining was one of the first ways of acquiring Bitcoins, in order to make money. There are no heavy tools involved – such as axes or hammers, all you need is a powerful set of computers that will be used to resolve problems that will eventually reward the miners with Bitcoins.
However, this method is cumbersome, especially now that the industry is highly saturated but, with the required skills – one can still make a bank by solving hard mathematical problems – keeping in mind that very few people opt for this method now due to its complexity.
Trading Cryptocurrency
The good old way of bartering goods is still relevant in this era of digital currencies. Due to the volatility of cryptocurrencies, people with exceptional trading skills can get by with huge profits. Despite trading being a traditional method, there are numerous ways to do it; day trading, swing trading, and Arbitrage.
The returns are fast but trading requires a lot of practice and expertise; things can go south too which will result in huge losses. New traders can use platforms like Bitcoin Fortress to get access to a safe trading environment induced with AI algorithms.
Writing about Cryptocurrency
This method might seem unconventional, but as a relatively new niche – the industry is not saturated which leaves ground for new writers to occupy the space. Since there are so many people out there that want to get hold of any information regarding this new trend? Therefore starting out as a cryptocurrency writer has scope but it may take time to set up a blog, but once it is set – there will be a constant flow of money.
Lending
Since Bitcoin and other cryptocurrencies are not centralised, it is feasible to make the transaction as you won’t have banks and agencies having a check on you. Taking the advantage of this situation, people often lend their coins to other traders on interest rates so that they make money without the hassle of selling and trading.
However, this method is slow – bit once you get hold of people who are interested to work with you – it’s like making money while you sleep.
Faucets
In the list of these tricky ways to earn money through cryptocurrency, there is an easy way. Watching ads and answering questions from surveys is a stressless task that you can do while multitasking and earn money with a few clicks.
After answering questions, people get rewarded with a fraction of a coin, which is not bad considering it does not require any work. This is a great way to make some bucks for those people who are students or just started exploring the world of digital currency.
Conclusion
Selling of bitcoins and other cryptocurrencies is hard and requires a lot of practice. New hodlers can get lost in these convoluted methods hence using any auto-trading platform can help newbies with trading in a safer environment, to minimise losses.
Other than trading there are some fairly easy methods like lending digital currencies and using faucets for easy access to bitcoin but more profitable ways include crypto currency mining and lending.
The above information does not constitute any form of advice or recommendation by London Loves Business and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Appropriate independent advice should be obtained before making any such decision.
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