Are you curious about how you can earn money with crypto? It’s not just you; many people are in the same boat, especially if they’re a crypto newbie.
Cryptocurrencies have taken over the finance space in a big way, and there are even people who dedicate their lives to understanding them better. But despite all the attention they’ve been getting, there’s still a lot of room for growth and more questions to be answered.
In this article, I’ll give you all the necessary info and share different ways to make money with cryptocurrency in 2023. Here are eight ways:
- Make Early Investments In Presales and New Cryptocurrencies
- Crypto Staking and Interest
- Play-to-Earn Games
- Crypto Day Trading
- Long-Term Investing & Holding
- Mining Cryptocurrency for Profit
- Cryptocurrency Acceptance As Payment For Goods And Services
- Cryptocurrency Lending
Ready for a more comprehensive look at each of these money-making techniques? Keep reading!
8 Ways To Earn Passive Income with Cryptocurrency In 2024
In addition to buying crypto and storing the tokens in digital wallets until they increase in value, there are various ways to earn money in the crypto space.
- Make Early Investments In Presales and New Cryptocurrencies
Some of the most successful investors in the world always factor in the “first-mover advantage” when making their investment decisions. This means that you can often get the best deal by investing early in a new and innovative crypto product or service.
For example, those who invested in Ethereum during its presale debut in 2014, priced at just $0.31 per coin, are now looking at over 1.6 million per cent gains. That’s right; they’re sitting on gains of over 6000%! And if they had invested in Binance Coin (BNB) when it first went on sale in late 2017 at $0.11, they could be looking at even higher gains.
Unfortunately, the first-mover advantage is no longer possible with established projects like Bitcoin, Ethereum, Binance Coin, or Cardano. But don’t worry; there are still plenty of opportunities out there. A wide variety of novel digital currencies is still available for you to invest in and potentially reap huge rewards.
In fact, by conducting research, it is possible to identify many low-cap crypto gems offering their token through a presale marketing campaign at a discount.
- Crypto Staking
There are many opportunities to consider for those wondering how they might earn passive income using cryptocurrency. Joining a superb crypto-staking platform is one of the great tips to remember in this regard. Using staking technology, an investor earns interest on digital assets that would otherwise remain inactive in a personal wallet.
Tokens may be kept in a blockchain protocol to maintain the security of the network and its functionality. The interest generated by the depositable tokens will eventually be sent directly to the investor at the end of the predetermined term.
Alternatively, some staking platforms offer flexible terms, allowing investors to reclaim their tokens whenever they want. This frequently depends on the cryptocurrency being staked and the length of the contract in terms of yields. The best profits are typically obtained by staking a smaller-cap token over a long lock-up period.
In contrast, betting on a large-cap coin like Ethereum over a flexible term will almost always result in a higher conservative hobby price. In either case, choosing the right platform is the first step in crypto staking. OKX is one of the excellent solutions available in this market.
- Play-to-earn Games
One well-known option for individuals on a budget when considering ways to make money with cryptocurrency is the play-to-earn game. The Bitcoin industry is growing quickly because of this concept’s many advantages over traditional game developers. For instance, the blockchain community is frequently used to build play-to-earn video games.
For the sake of equity and transparency, this method sponsors gaming results using smart contracts. Additionally, when players acquire in-game items like weapons or armour, this can be represented by a wholly original NFT that is stored on the blockchain. As a result, the player will legitimately be the owner of the in-game asset, making it possible for it to be exchanged on open markets.
Play-to-earn games also—and perhaps most importantly—allow players to receive prizes. The play-to-earn game’s local token, which powers this payment, is common.
- Crypto Day Trading
Day trading in cryptocurrencies demands the trader to actively buy and sell digital assets in order to profit from market volatility. The trader will probably enter and exit a number of positions during the day and avoid keeping an exchange open past the usual trading hours. The idea behind Bitcoin day trading is to make tiny returns frequently enough to generate an income.
- Long-Term Investing & Holding
This allows investors to experience short-term volatility and wild pricing swings. After all, traders sincerely need to buy their selected cryptocurrency and leave the tokens in a personal wallet.
More importantly, long-term investing and holding shield investors from market volatility.
- Mining Cryptocurrency for Profit
To safeguard and verify transactions on the blockchain, mining Bitcoin entails employing specialised computer gear to solve challenging mathematical equations. Miners receive modest sums of cryptocurrency as payment for their labour. This procedure also referred to as “proof of work,” is a crucial part of several cryptocurrencies.
You’ll need the appropriate hardware and software to start mining. A strong graphics processing unit (GPU) or application-specific integrated circuit (ASIC), as well as specialised mining software, may be used in this.
A mining pool allows you to pool your mining efforts with those of other miners, increasing your odds of finding a block and receiving a reward. Joining one is crucial.
The profitability of mining may vary significantly depending on the cryptocurrency you’re mining and the price of electricity in your area. Since mining some cryptocurrencies, like Bitcoin, requires more work than mining other cryptocurrencies, they may be less rewarding. It’s important to do your research and consider the costs and potential returns before deciding to start mining.
- Cryptocurrency Acceptance As Payment For Goods And Services
Another option to earn money in 2023 with cryptocurrencies is to accept them as payment for goods or services. Businesses trying to distinguish apart from the competition and draw in new customers may find this to be a wise move.
The use of cryptocurrencies as payment has many advantages. One benefit is that it can aid in lowering transaction fees, which are frequently associated with traditional payment systems. Payments made using cryptocurrencies can be faster and more secure than credit cards since they are not as vulnerable to chargebacks and fraud.
You must select a digital wallet supporting the cryptocurrency you want to accept to set up your business to take cryptocurrency payments. Additionally, you’ll need a mechanism to exchange the cryptocurrency for local cash, as it’s generally not a good idea to keep a lot of digital money on hand for very long. For this, the Breet App is the ideal solution.
- Cryptocurrency Lending
The purpose of cryptocurrency lending is to make passive income by borrowing and lending digital currencies. For those who want to profit from cryptocurrencies without actively trading or engaging in the market, it may be a suitable choice.
Finding a platform or marketplace where you may lend your digital currencies to borrowers is necessary before you can start lending cryptocurrencies. It’s crucial to thoroughly investigate and assess potential lending possibilities to make sure you’re happy with the risk and loan terms. Take into account the borrower’s creditworthiness, the term of the loan, and the interest rate given.
Lending crypto can be a successful business, but it’s crucial to understand the hazards. You could lose money or make it if the value of the cryptocurrency you’re lending fluctuates considerably. To reduce the danger of default, it’s crucial to carefully analyse the loan’s terms and the borrower’s reputation.
Diversifying your portfolio and lending to a range of borrowers will help you maximise your cryptocurrency lending profits. To make sure that you are maximising your returns, it is also crucial to constantly analyse your loans and modify your approach as necessary.
Frequently Asked Questions (FAQs) About 8 Ways to Make Money With Cryptocurrency in 2024
What is the fastest way to earn cryptocurrency?
Earning crypto fast is highly dependent on your skillset and interests. Some options that offer immediate rewards are:
- Play-to-earn games
- Completing crypto microtasks
- Day trading
- Crypto staking
Please note that each of these comes with its risks, and you have to educate yourself on them and ensure that you can manage these risks. For instance, your play-to-earn games may become addictive, and day trading — although a high-reward venture — is high-risk.
If you’re not very experienced, it’s wise to start with low-risk methods like crypto microtasks, even though the rewards are not very high. With more experience, you’ll be more equipped and confident to venture into more risky and rewarding options.
What is the best crypto to earn?
The best crypto to earn depends on your goals and risk tolerance. Bitcoin and Ethereum are the top two cryptocurrencies, but serve different purposes. They both have high market capitalisation and are more stable than other coins with lower market capitalisation.
So, it is important to research the crypto coins and their liquidity before choosing a crypto to earn.
How do you make money in crypto without money?
There are a number of ways to make money without investing in crypto. Some of the most popular ways are:
- Play-to-earn games
- Microtasks
- Airdrops
- Crypto mining
Can you earn crypto on your phone?
Yes! You can earn crypto on your phone in a number of ways. Some are:
- Crypto games
- Participate in airdrops
- Complete tasks for crypto rewards
How much Bitcoin should a beginner buy?
A general rule of thumb is to invest an amount you can afford to lose. But then, this is highly dependent on your financial situation, risk tolerance and investment goals. You have to start out small to give you enough room to learn more about Bitcoin before you continue to commit more investment capital.
Conclusion
In conclusion, there are several ways to make money with cryptocurrency in 2023. Some strategies work well for passive income, while others emphasise long-term appreciation.
Investing in amazing crypto projects that are still in the early stages is one of the best strategies for traders to keep in mind. You have to do your research and see what works best for you.
