What are the ways to make money with cryptocurrency in 2024?
The cryptocurrency market is a highly profitable and high-risk investment vehicle. When entering it, it is important for beginners to observe the most important rule, which is that you need to enter it only with money, the loss of which will not cause problems.
Trade in cryptocurrency
Today, many are interested in trading or investing. Trading exists in different markets, it is a universal way to make money. The bottom line, as usual, is simple – buy cheaper, sell more. You earn on the difference in the rate of cryptocurrencies.
It is very easy to make money on cryptocurrency with the help of trading. For this you need:
- buy a digital asset at the beginning of growth;
- sell the currency at the end of the growth;
- wait for the fall and buy assets again.
The scheme can be repeated in a circle an unlimited number of times. With the right approach, you can increase the amount of savings up to 20-30%. It happens that cryptocurrencies show price jumps of 100-200% within a few days. It is possible to double and even triple the capital in a month.
Experts advise engaging in trading only after a deep understanding of the risks and characteristics of the cryptocurrency market. Trading is not really about passive income. To earn money, you need to devote the maximum amount of time to this process, learn to analyze and form the necessary skills.
Mining
Mining is needed to buy and sell cryptocurrency. Miners use special powerful hardware and software to find the hash code. This method, in fact, is the basic earnings on cryptocurrencies, cryptocurrency mining. Computing, and therefore receiving rewards, requires a more powerful technique. Now you need to either combine several video cards into one whole or buy special equipment, sharpened for the extraction of a specific cryptocurrency.
The miner is paid a fee for ensuring the operation of the blockchain. The method is very attractive because the work is carried out by a technician, but computers or special equipment, and their owner gets the money.
INDEXes
A crypto index is a portfolio of cryptocurrencies that is designed to track the performance of the overall cryptocurrency market. Investing in a crypto index can be a way to gain exposure to the cryptocurrency market as a whole, rather than investing in individual cryptocurrencies.
Short-term trading can be stressful and emotional, but it’s important to remain disciplined and patient. Stick to your trading plan and avoid making impulsive decisions based on emotions or market hype. Be prepared to hold your positions for longer than expected if the market conditions change.
We offer you INDEXes that are a high-risk and short-term investment. You can register on the website and buy them after you make sure that it meets your investment goals.
Staking
Staking is a way to get passive income from cryptocurrencies using the PoS algorithm and its variations. What do you need to do to make money? First of all, keep your coins in your wallet. This will give you the right to participate in the mining of crypto assets. Stakers are rewarded by supporting the health of blockchains, which are based on Proof of Stake or any of its types.
PoS validators are selected based on the number of coins in the stake. The more coins you have, the more chances you have to become the next validator. If all this seems difficult for you, read the step-by-step instructions and you will understand where to start and how to move on. For this:
– Choose a suitable cryptocurrency.
– Read the instructions on how to set up your wallet.
– Buy currency using a crypto exchange.
In order not to lose connection with the blockchain, the computer must be turned on all the time, Internet access is active, and the cryptocurrency wallet is open. Cryptocurrency, which is mined by staking, appears with you simply if you keep a certain amount of this cryptocurrency with you.
The user who will receive the block reward is randomly determined. Stakers say that even a 5% income is incentive enough to keep the wallet open. In this case, depending on the coin, of course, you can count on a yield of around 10% per annum, and maybe much more, it all depends on the coin. This income is absolutely passive.
Deposit on a crypto exchange
It is very similar to a bank deposit account, only the interest is much higher (up to 3% per month). We transfer the cryptocurrency to a special account on the exchange. The exchange gives it to those who want to increase their capital for trading at interest and shares a part of the profits with you.
This method allows you to receive passive income above the bank deposit, the lowest interest for this market, and the risks of the stock exchange closing.
Airdrop Bounty
Airdrop is a free coin giveaway compared to the previous method. Sometimes projects don’t put coins up for pre-sale but give them away for free. In return for this, usually, some action is required that can popularize the project, for example, a post on social networks, or something that will advertise and scale the project.
Just on the site, the screenshot shows a site that collects potentially good giveaways. This method does not require any investments, except for temporary ones.
Earnings on the differences in the rates of cryptoexchanges
There are many crypto exchanges, and the difference in exchange rates on them can be quite significant. It is especially noticeable when sharp jumps in rates begin. At such moments, you can buy on one exchange, then transfer to another and sell there.
The main advantage of this way of earning is that a good profit can be obtained in a short period. But for this, there must be a sufficient amount for investment and a well-developed scheme for transferring funds from one exchange to another.
The advantage of this method is a simple algorithm and medium risks, and the disadvantage is that exchanges are constantly changing interest rates and input-output schemes. Recently, transfers between exchanges could get stuck for hours, and sometimes for days. Which dramatically increases the likelihood of losses.
Cloud mining
A hash is used to conduct a Bitcoin transaction. For this, the miner receives an award, but hardware mining is expensive and consumes a lot of electricity. Therefore, cloud mining of cryptocurrency appeared.
There are special programs that use some of the power of your computer in the background. So your gadget mines cryptocurrency on the platform, and you pay it a commission for using it.
Earnings on freelance exchanges with payment
This way of earning Bitcoins seems to be the most logical. It is suitable for copywriters, IT developers, marketers, and other professionals who can work remotely.
There are many freelance exchanges for this purpose. On freelance platforms, you can sell your services or find a job with payment in cryptocurrency. Mostly one-time orders are placed here. You can also earn money by reading and viewing other people’s content, and with the help of some wallets, you can get paid from sites such as Upwork and others.
Cashback in Bitcoin
This is a relatively new way to earn Bitcoins online. The platforms return part of the purchase amount in the form of Bitcoins. To do this, you need to download the application or install the extension in the browser. However, this method is not available in all countries and stores.
The most famous cashback apps are Lolli, Pei, and CoinCorner. Lolli supports over 500 brands including Udemy, GAP, CheapOair, PureVPN, and BestBuy. To use Lolli, you need to download a browser extension. Pei works through an Android or iOS app. CoinCorner supports the brands Booking.com, O2, Europecar, and Vodafone.
Cryptocurrency lending
This method is suitable for those who already have a cryptocurrency and a desire to invest in startups, for example. Lenders and borrowers find each other on dedicated platforms. Usually, the rates for crypto loans are high.
To apply for a loan, you need to register on special exchanges, for example, BTCPOP, Bitbond, and the like. When registering, they indicate passport data, address, income level, links to social networks, etc. After that, the exchange employees check the information.
If the borrower has passed the check, then he can form an application for a loan. You need to attach a business plan to it. Investors will evaluate it and give the applicant a rating. After that, the borrower will receive offers with the conditions on which they are ready to give a loan.
If the loan is repaid on time, then the payer rises in the rating and next time can count on a larger loan amount. When he does not pay the debt, he first receives two letters in the mail with a payment reminder. If it is still not there, the platform discloses the personal data to the lender with which he can go to court. But you should understand that it will be difficult to sue in this case in many countries because the cryptocurrency has no legal status there. In addition, the borrower may be from another country. This way of earning Bitcoins is quite risky when it comes to unsecured loans.
Trust management
It is clear that in this case, the money will have to be entrusted to the management of a crypto broker or a crypto fund. They will decide what to buy and what to sell, when and how. Their earnings are a portion of the profits generated from managing your money. Interest is negotiated by each fund individually. Most often, the profit is divided in half.
The advantage is that you don’t have to think about what to invest in, but the big disadvantage is that there is usually a high entry threshold. In addition, for cryptocurrency funds, great risks are associated with the lack of a legislative framework and a short period for developing the reputation of managers.
Publications about Bitcoin
By publishing You can earn on different platforms, such as Steemit.com, Medium, and others the like. This can be done in several ways:
- Write articles about blockchain, cryptocurrency, and other related topics;
- Comment on articles of other authors;
- Vote in communities.
Hype projects
Hype projects are high-risk investment projects that carry only a beautiful legend about any profitable activity, but in fact, such projects work on the principle of a pyramid, that is, old participants earn on new users. The essence of making money is just to assess the potential of the project’s work time and go as early as possible, ideally at the very beginning, in order to have time to earn money before the project closes. The yield here can be up to 100% per month.
Now the trend has gone to hype projects, made for crypto-themes and on the blockchain of popular coins. This is a high-risk investment and you need to act here with great care because, in the event of a project error, you will lose money.
Faucets
Faucets are online platforms that make money from pay-per-click advertising. They pay users satoshi to view ads, perform simple tasks, or enter verification codes. Faucets are considered to be an easy way to earn Bitcoin on the internet. The amounts there are very small, but you can dive into the cryptocurrency ecosystem and understand it deeper.
Here are some faucets from the recommendations of the profile publication. Of course, this kind of earnings will not make you a Bitcoin millionaire.
Bitcoinker. To earn money, you need to watch ads and enter verification codes. To register, you must specify the address of the Bitcoin wallet. You can withdraw money once a month if your account has at least 20,000 Satoshi. The site says that you can earn 100,000 satoshis every five minutes. You can do 120 tasks per day. On the downside, there is no support service on the site.
FreeBitcoin. There are more than 490 thousand users on the platform. Every hour you can win the equivalent of $ 300 in Bitcoins. The withdrawal threshold is $ 1, you can withdraw money at any time. The site works according to the principles of network marketing. If you attract users to the site, then the platform pays you 50% of what they earn.
Cointiply. On the site, you need to watch videos, play games, install applications, visit sites, and the like. By completing tasks, users receive points. Almost 1.8 million people are registered on the site. If you do not withdraw money from your account on the platform, then the faucet pays a commission: 5% for 350,000 satoshis. You can withdraw an amount starting from 100,000 satoshis.