The evolution of blockchain technology has exposed us to new cryptocurrencies in the market. The cryptocurrency market has expanded rapidly, and now there are so many cryptocurrencies other than Bitcoin.
The cryptocurrency market boomed not only because of the increase in the number of cryptocurrencies but also because people began to use cryptocurrencies more frequently.
Since cryptocurrency became popular, a whole new market emerged around them, leading to newer exchanges and trading platforms.
Since the cryptocurrency network expands with the internet, there came about many opportunities for earning cryptocurrency online. Some ways to earn cryptocurrency are just simple ‘click and earn’, and some require a bit of investment.
People also began to look up ‘how to make money online,’ and with the popularity of cryptocurrency, people got curious about how to make money with cryptocurrency.
People don’t want to miss out on a cryptocurrency spike but are also afraid to lose their money because of the volatility of the cryptocurrency market. Many people who bought bitcoin in the early stages have made huge profits now.
The cryptocurrency market is very volatile due to various market conditions and cryptocurrency holders. But cryptocurrency has a strong future.
People are beginning to see the value of cryptocurrency and are starting to stack up on coins. There are various businesses around the world and they are beginning to accept payments in cryptocurrency. This is a good start for the mass adaption of crypto.
Cryptocurrency is generally decentralized, and no governmental body has control over it, so the market is quite volatile. This is one of the reasons why some people stay away from the cryptocurrency world.
However, there are some centralized cryptocurrencies as well, but they are not as popular as Bitcoin. Various cryptocurrencies have been launched and integrated with banking services and governments, but they will never be as valuable and popular as Bitcoin.
This article will focus on some of the best ways to earn cryptocurrency.
1) Direct Purchase
Most of the cryptocurrency can be directly purchased via various methods.
You can purchase Bitcoin from a Bitcoin ATM. Bitcoin ATM allows you to buy Bitcoin using cash or card. You can find Bitcoin ATMs here. However, other coins are not as accessible as Bitcoin. Although you can use a cryptocurrency exchange to buy any other cryptocurrency you want.
Some exchanges require bank verification, and that could take a long time.
You must look out for transaction fees. Each purchase online has a transaction fee, and these are updated frequently based on market fluctuations. However, the fee is generally quite low for online cryptocurrency exchanges.
There is no one reason as to why the cryptocurrency market fluctuates frequently, but there are some cryptocurrencies that are worth buying and storing. You never know which cryptocurrency comes out at the top and becomes the most valuable coin.
Bitcoin ATMs have a high transaction fee; therefore, it is advisable to purchase from an online exchange.
You might have bought thousands of coins for one dollar and might also get an opportunity to earn a thousand dollars for one cryptocurrency.
No coin has ever been successful as Bitcoin. Bitcoin was the first cryptocurrency and still holds the title for the most valued cryptocurrency. Its price also has been fluctuating a lot. It has already been through its best and worst times.
When Bitcoin was released, many enthusiasts started mining Bitcoin, and many acquired so many Bitcoin that they have become millionaires now.
Mining is an effective way to earn cryptocurrency, but not all cryptocurrencies can be mined.
Mining is generally done by a computer system that generates hashes to solve a mathematical problem. Miners are rewarded for finding the right hash to solve the mathematical problem.
Bitcoin requires Application Specific Integrated Circuit (ASIC) equipment for mining, whereas other coins such as Litecoin, Monero, and Dash can be mined with regular computers.
Mining Bitcoin has become unprofitable due to high investment and low reward. The mining equipment is expensive. It also requires a good cooling system. This setup consumes a significant amount of power.
Bitcoin also has an event called Bitcoin Halving that occurs every four years, and the rewards for mining a block is halved. Due to this event, there are hardly any Bitcoin miners left.
To mine bitcoin, you don’t need to set up your own hardware. You can just join any mining network where the rewards are split, or you can make use of cheap cloud services to do the mining for you.
These are some of the best cloud mining services:
Each cryptocurrency has only a limited amount of coins that can be mined or released to the public. Once the limit is reached, the cryptocurrency has a high potential to be in demand and the prices can soar.
Bitcoin will reach its maximum limit in 2140, and experts are already predicting the rise in its market value.
Airdrops are held by newer cryptocurrency startups to reach out to crypto enthusiasts. They provide free coins for signing up, downloading their application, or completing simple tasks.
Most newer projects use airdrops as a tactic to build their community and to reward users for the tasks completed. Once the coin is released to the market, people can sell their coins or trade them.
Newer cryptocurrencies conduct an airdrop in Initial Coin Offerings (ICO), and many cryptocurrency enthusiasts participate in it. This is also a good way to earn cryptocurrency but requires waiting for a market release.
Newer cryptocurrencies give away free coins to bloggers and influencers so that they help spread the word about the coin.
Airdrops also work closely with referral programs. People who have already participated in the airdrop can refer to their contacts and earn more coins.
A popular blockchain EOS had set up an airdrop in its initial stages and when they changed their blockchain, the users then had to go through token exchange and were given more tokens.
Along with many cryptocurrency exchanges, there was a rise in demand for cryptocurrency trading platforms. Cryptocurrency trading platforms can be used to trade coins for a profit. You can also exchange existing cryptocurrency to another.
People who have good knowledge of trading can earn a good amount of profit trading cryptocurrency.
Since there are many newbies trying their hand at trading, it is advisable that you first trade paper money and then transit over to free cryptocurrency trading platforms to understand the trading techniques and terminology.
Once you have a good grip on trading, you can start trading on popular cryptocurrency trading platforms.
The most difficult part of trading is to decide when to buy or sell as you don’t know when the price will go up or down. You need to predict and just hope for the best. You have to do technical analysis to predict where the prices are going to head to.
You can do the technical analysis yourself or hire analysts and advisers. It is very important that you create a stop loss to minimize losses.
5) Micro Tasks
Completing micro-tasks is a great way to earn some cryptocurrency. There are people who live off of micro tasks and are referred to as bounty hunters. There are so many companies that are looking for hunters to do their marketing work in exchange for some cryptocurrency.
Companies outsource their tasks to the crowd. Tasks such as article writing, social media marketing, and much more. High quality work is rewarded handsomely and this is a career path for many people.
People make full-time incomes completing bounties and there are various platforms that help host bounties and hunters.
Bounty0x is a platform dedicated to the micro tasks industry. Companies can post their bounties and hunters can take it. They also have users referred to as Sheriffs that quality checks the submitted work. This platform also has its own cryptocurrency BNTY to pay the hunters.
Online casinos have become quite popular ever since the internet expanded and there are some casinos that provide rewards in cryptocurrency.
If you have the patience and gambling skill, you can head over to any popular cryptocurrency casino, sign up and start playing.
Cryptocurrency casinos are more private and secure because they do not require any user verification or personal information. However, this industry is unregulated and you need to be cautious before signing up.
There are multiple platforms that allow freelancers to earn in cryptocurrency. This is a step ahead of micro-tasks.
People who are not interested in working in one company may want to look for freelance work. This gives more flexibility in career options and you get to be your own boss. Freelancing is quite popular among college students as well as graduates.
Cryptocurrency freelance platforms charge no transaction fee, so you receive exactly what the employer pays you. As a freelancer accepting cryptocurrency as payment, it can be quite risky due to the volatility of the market, but you have the freedom to choose which cryptocurrency you want to get paid in.
This way, you can ensure that your earnings are safe from the volatile market.
8) Crypto Payments
If you are a proud owner of a website, you can start earning cryptocurrencies. There are various platforms that enable you to accept cryptocurrency payments. If your website gets good traffic, you can join an advertising network that pays in cryptocurrency.
A-Ads is one of the most popular cryptocurrency advertising networks.
Alternatively, you can place affiliate links on your website. There are many cryptocurrency services that pay a commission for referring a customer. This can be a good source of passive income. Check out the list of cryptocurrency affiliate programs here.
There is an algorithm called Proof-of-Stake in the cryptocurrency world. Here a user has to stake coins to validate transactions and create new blocks. You are given a reward for doing that. The more coins you stake, the better the reward.
All a user has to do is place his cryptocurrency in a wallet and stake it. This works only if the user has a lot of coins. It is almost like a lottery where you have to be lucky enough to be selected for validation.
Tezos is the most popular cryptocurrency that rewards its users for staking.
Masternodes can be used to earn cryptocurrency. You are essentially dedicating your system to the blockchain. All you need to do is set up your system as a masternode for a cryptocurrency and you will be paid for it.
To set up a masternode, you need to be a holder of some amount of the coin, and this number is between 1000 to 25000 coins.
Cryptocurrencies such as DASH reward their masternodes well.
11) Online Games and Websites
There are many online platforms that reward users for their time spent on the website. Some platforms have games that users can play and others have various ads posted on them.
All you need to do is visit their website, maybe fill up surveys or click on ads, and you will be rewarded in cryptocurrency.
Holding on for Dear Life (HODL) is one of the most common techniques to earn cryptocurrency. This is where you buy cryptocurrencies that seem promising and then you store these coins on a digital wallet.
Over the course of time, their prices will fluctuate, and you might be able to sell them for profit or trade them for another coin. You can also store them for proof of stake. You will earn more coins this way.
13) Affiliate Marketing
There are so many cryptocurrency services that are open to rewarding affiliate marketers for every new user that signs up using their affiliate link.
All you need to do is set up a blog or place links on your social media and have posts that direct traffic to cryptocurrency platforms and inspire users to sign up. You will be rewarded for visits or sign-ups or purchases. Check out the list of all major cryptocurrency affiliate programs here.
14) Invest in ICO
If you have some savings that you would like to invest, then you can check out newer cryptocurrencies that hit the market. You can participate in their initial coin offering (ICO) and make an investment.
You will be paid with their cryptocurrency, and once it hit the market, you can sell it for profit or trade for another cryptocurrency. You can also hold on to those coins in anticipation that they will be even more valuable in the future.
Cryptocurrencies don’t become popular or valuable overnight; it takes years.
Before you invest in any cryptocurrency, always do your research. There are many fraudulent ICOs that look legit, but only to find out they were scams. They run away with your money. You need to be wary of such ICOs.
Due to this reason, investing in a new cryptocurrency is risky and you are better off just trading existing cryptocurrency. But, you can participate in airdrops and earn some free coins. You may even be able to trade these coins later or sell them for a huge profit.
15) Come up with your cryptocurrency
There are so many cryptocurrencies in the market today, and every one of them is trying to be unique. Creating your own cryptocurrency from scratch can be time-consuming, expensive, and prone to issues. But, nevertheless, this can be done. Alternatively, you can use the Ethereum platform to create your own cryptocurrency relatively easily. Ethereum already has the foundation and infrastructure required by all cryptocurrency.
Blockchain is an open-source technology that has various features. Cryptocurrency works on the blockchain. If you have the talent and dedication, you can come up with your own cryptocurrency and stand out from other cryptocurrencies. You can look for investors or come up with your own initial coin offering (ICO).
All methods mentioned above can be utilized to earn cryptocurrency. Some methods require you to put in some effort but others are quite simple.
Decentralized currency is not endorsed or preferred by any government in the world because there is no government that can control or oversee it. China banned ICOs a few years ago due to many ICOs being fraudulent. But recently, China opened its arms to the crypto world.
Since Bitcoin, many cryptocurrencies today are based on blockchain and have been labeled ‘altcoin’.
Bitcoin is worth $8.8K at the time of writing this article. You need not have to buy Bitcoin directly, instead, you can earn Bitcoin or any cryptocurrency using the methods mentioned in this article.
There are other cryptocurrencies such as Ethereum, Cardano, GRIN and many more that show a promising future. You can buy your favorite coins and build a portfolio.
To hold cryptocurrencies, you need a digital wallet. You can store your coins in Coinbase or any other wallet.
In the coming years, the cryptocurrency market will only become more stable and popular. Everyone will own cryptocurrency and use them for transactions.