5 Unconventional Ways to Make Money on Crypto You Didn't Know About
Cryptocurrency has been gaining popularity over the past few years and more and more people are being attracted to this new form of digital currency. The reason why people find cryptocurrencies so appealing is because they offer the ability to make money in multiple ways, unlike fiat currency that only allows you to make money through jobs and investments. However, not everyone fully understands how cryptocurrency works, which can result in them missing out on some of the best ways to make money with crypto. That’s why I’ve put together this list of 5 unconventional ways to make money on crypto that you didn’t know about!
1) Try cloud mining
If you are not tech-savvy, and don’t want to deal with a complicated rig or expensive hardware, you can opt for cloud mining. In short, you pay a company like Genesis Mining (or its competitor Hashflare) for each hash that your computer generates. So, if your mining rig generates 500 H/s (hashes per second), in just 30 days from now you will accumulate 500 * 20 = 10kH/s in hashing power.
2) Earn interest on your crypto
There are a few ways you can earn interest on your crypto. One way is by using Poloniex lending and borrowing feature. All your funds there would earn you daily dividends. The other way is by locking up your coins in a staking wallet. These will also earn you interests, although less than Poloniex, but that's okay since it's safer and more cost-effective to just leave them in staking for months or years instead of trading them all day long.
3) Exchange one crypto for another
Take advantage of high-value crypto pairs and trade them for coins or tokens with a lower value. This is a risky, but potentially rewarding move. The more you know about individual crypto coins, the better off you’ll be when deciding whether or not to exchange one type of cryptocurrency for another. Learning how each currency works will help you identify high-risk situations that may end up costing you money. The practice of exchanging crypto pairs is called shilling and is best left to experienced traders.
4) Invest in crypto startups
Cryptocurrency is a relatively new technology, so it comes as no surprise that we’re still learning how best to leverage it. One such way is through investing in startups working in cryptocurrency. Often called ICOs or initial coin offerings, crypto startups have raised hundreds of millions of dollars. If you can get in early enough and diversify your portfolio, you could see great returns—and maybe even find one of next big thing.
5) Mine crypto with your own computer
Many people have figured out that mining crypto isn’t nearly as lucrative as it used to be. That doesn’t mean there aren’t ways you can still make money with your computer. If you have a powerful rig, and you don’t mind doing some techy tweaking, you can set up a crypto-mining software and start earning coins.