Lately, as it seems, the world is tending to go a whole lot digital. Thus, the advent of making payments and transactions via cryptocurrency is becoming the new 'big thing'. There are a number of valid advantages of this; which of course, include security of transactions and flexibility of payments, etc.
It definitely would interest you to know that there are quite a number of cool ways to earn cryptocurrency right now. Check these out!
BUYING AND HOLDING
This is basically the easiest way to earn from crypto. It requires little to no stress or much expertise. You literally just use your fiat currency to purchase a coin of interest, store it in a secure wallet, and sell when it appreciates in value.
You can choose to either buy from an exchange or via peer-to-peer, from another individual who is willing to sell at an agreed rate without the need for an intermediary.
Depending on where you live, the exchanges available for you to purchase cryptocurrency might differ. Common exchanges include; Coinbase, Binance, Kucoin, etc.
All these said...However, a very important thing to note before buying any coin to hold is to ensure you do your research thoroughly!
CRYPTO MINING
Now, this is a method of earning crypto that is as old as crypto itself. And it can be traced to as far as back in the days of Bitcoin. In order to mine crypto, There are two ways mainly- you either mine personally using high and expensive mining equipment with huge processing power or you pay particular cloud mining services to help you mine based on agreement and at a particular price cost. These mining companies usually offer 'subscription plans' to cover a specific period of time.
CRYPTO TRADING
Trading cryptocurrencies is by far one of the most common and most widely used ways of earning crypto. This method basically leverages the high volatility in the nature of cryptocurrencies and as their price changes drastically with respect to time, you can either earn a profit or incur a loss. Depending on your techniques and how knowledgeable you are about a particular market. Buy and sell, that's how it works!
STAKING TO EARN
Staking to earn crypto is one of the newest ways to earn more in cryptocurrency. Staking in crypto involves validators who lock up their coins so they can be randomly selected by the protocol at specific intervals to create a block. In simpler terms, this means that you keep your coins securely locked on a staking platform to earn rewards in form of more crypto. While your coins are staked, they are inaccessible to you for transactions until you decide to unstake them.
Staking is a really cool way to earn passive income as it also requires a low amount of stress or expertise to set up most times.
CRYPTO REWARD WEBSITES
Of course, I just can't but remember to add this one last one. These days, as the use of cryptocurrencies is going far and wide, certain sites allow users to earn crypto by performing some tasks. Ranging from taking simple paid surveys to clicking ads, spinning faucets, installing apps, playing games and even writing articles! Just like we have read.cash as a good example that allows users to earn in Bitcoin Cash by writing articles.
@FOODMENT. wrote a very helpful list of some of these sites that actually allow you to earn crypto. Check it out here: https://read.cash/@FOODMENT./the-top-10-high-paying-crypto-sites-in-2021-updated-79b3a610 (PS: This is not a promotion, It is just a personal recommendation. I've read it too! :)
THE DISADVANTAGES?
While all these seem really interesting to try out, here are just some odds you might wanna watch out for
Buying crypto to hold requires good research in order to know which coin to buy and when to buy it. Also, when you're holding, do note that while holding to later sell for profit could bring gain, coins could also fall below the actual value at which you bought due to volatility.
Crypto mining these days, is turning out to be out of fashion as time progresses. This is due to the fact that it is very expensive to acquire mining equipment and software. Not to mention, as crypto keeps getting more adopted and coins rise more in value, it'll be really hard to mine profitably.
PS: not all coins can be mined!
Trading cryptocurrencies requires a good level of expertise and knowledge as if not properly learned, you could run into huge losses as a noob.
A major disadvantage of staking to earn more crypto is that you can only earn more and better when you stake high amounts of coins. But I guess it makes sense, 'high risk=high rewards!'
Crypto earning websites do not really have many disadvantages except for the fact that sometimes, depending on the task required, some websites could pay very little amounts.
Which other ways come to your mind when you think of earning from cryptocurrency?
Hey! Thanks for your recommendation!