Most cryptocurrency traders believe that the only way to generate income from cryptocurrencies is through trading. However, this is not the case. In this article we’ll explore the top 10 ways to generate income with cryptocurrencies.
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- HODLing cryptocurrencies – It is a popular and relatively safe way to earn income from cryptocurrencies. Altcoins and tokens that have a fundamental use case and fair market capitalization can give positive returns in the long run. Cryptocurrencies like Bitcoin, Ethereum, Monero, Litecoin and DASH are safe buys at most times. You can buy and hold them for a longer term because they are bound to appreciate against the fiat pairs of USD, EUR etc. We have compiled a list of top cryptocurrencies to HODL and you can find it here.
- Staking cryptocurrencies – This way of earning gives you the dual benefit of price appreciation and getting additional rewards as dividends for staking the coin. Staking is the process of HODLing the cryptocurrency 24*7 in a live wallet and earning new coins as a reward for staking and securing the blockchain network. Some noteworthy coins in this segment are Neblio, Komodo, PIVX, Decred and Bridge coin.
- Run a masternode – Running masternodes of cryptocurrencies to earn smart passive income is also a popular way of earning in the cryptosphere. A masternode is simply a cryptocurrency full node or computer wallet that keeps the full copy of the blockchain in real-time, just like your have Bitcoin full nodes, and is always up and running to perform certain tasks. For performing such tasks, different cryptocurrency networks pay the masternode owners. However, for running a masternode you must have a minimum number of coins to get started. The minimum amount to get started with a masternode is different for all the cryptocurrencies but it is usually in the range of 1,000 to 25,000 coins.
- Finish microtasks for earning cryptocurrencies – If you have some free time on your hands, you can do some microtasks for somebody or some service and earn cryptocurrencies in exchange. These microtasks can include downloading new apps for testing, watching videos, doing online surveys and popular services that provide you such microtasks are Coinbucks and Bituro. You can earn Bitcoin or Ethereum in exchange of the service.
- Day Trading – If you are good at technical analysis and identifying trends at various intervals in the day, this is a simple way to earn through cryptocurrencies. You can day trade different cryptocurrencies and earn through profit booking and arbitrage on exchanges like Binance, KuCoin, BitMEX and Kraken. The idea is simple – buy low and sell high, book profits when your target is reached. This method works very well for technically sound crypto traders in a volatile market.
- Accept cryptocurrencies at your merchant outlet – This is a great passive way of earning through cryptocurrencies. As a merchant, you have access to many cryptocurrencies and Bitcoin payment processors that can help you in accepting cryptocurrencies. Online businesses owners and e-commerce websites can adopt this method to accept payments, thereby getting the dual benefit of crypto price appreciation and also earning cryptos directly.
- Blogging on cryptocurrency websites – You can earn money by blogging and writing for websites and blogs that pay you in cryptocurrencies. You can monetize your content for cryptocurrencies by publishing it on your blog and monetizing it. Visit Steemit, Publish0x, Whaleshares, and Trybe, just to name a few.
- Cryptocurrency faucets – This is an easy way to start earning Bitcoin through cryptocurrency faucets. Bitcoin faucets are a reward system that dispenses rewards in the form of Satoshi, which is a hundredth of a millionth BTC, for visitors to claim in exchange for completing a captcha or task as described by the website. There are faucets that dispense alternative cryptocurrencies as well. This way of earning isn’t popular among people with a full-time job.
- Lending cryptocurrencies – Put your cryptocurrencies to work and earn by lending out the cryptocurrencies that you HODL. There are many P2P Bitcoin lending platforms that allow you to do this while giving you a decent 12%-18% return on your investment in the form of Bitcoins. Lending is highly unregulated, so choose the person who you lend your Bitcoin to wisely, and strictly adhere to the platform policies to make sure you get your returns.
- Mining cryptocurrencies – Cryptocurrency mining is another good way to make money in the cryptosphere. If you are ready to make initial investments for buying mining equipment like ASIC and GPUs plus the additional supporting hardware it is profitable in the long term. To successfully mine and earn from cryptocurrencies, you should have access to cheap electricity to run this mining equipment along with the technical know-how of how to take care of the software and hardware mining stuff. If you cannot afford the equipment, there are cloud mining opportunities.
Disclaimer
Content provided by CryptoTraderNews is for informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. All information is of a general nature. As always, there is risk with any investment. In exchange for using our products and services, you agree not to hold CryptoTraderNews Pro, its affiliates, or any third party service provider liable for any possible claim for damages arising from decisions you make based on information made available to you through our services.
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