Cryptocurrency is far from dead and mining is only getting faster and more efficient.
However, for the average Joe or Jane, mining cryptocurrency is no longer profitable (for the most part... see my post Mining Monero).
Methods to make money with cryptocurrency
1. Buy and Hold 2. Proof of Staking Coins 3. Day Trading 4. Microtasks and Working for Crypto 5. Mining
If you've gotten this far then you are probably already aware of some of the ways cryptocurrency can be profitable. In fact, combining the methods listed above may be the best way to realize the full capacity of crypto's money making power.
1. Buy and Hold
Buy low, sell high. It's one of the simplest and most common ways of making money from any asset. Cryptocurrency is no different. The primary example, Bitcoin, had a value of approximately $13 in 2013 and peaked at almost $20,000 in 2018.
2. Proof of Staking (PoS)
Proof of Staking is essentially a process of checking the work done to verify transactions similiar to mining. Unlike mining, which now requires specialized equipment and efficient energy sources, staking can be done by anyone interested in investing in cryptocurrency on a long term basis and money to invest. In order to earn a return the crypto only needs to be held in a specific wallet for a certain amount of time.
3. Day Trading
Similar to day trading on the stock market, day trading cryptocurrency can be a full time job. The volatility of the cryptocurrency market often results in drastic price changes. Tracking these changes and finding patterns allows for trading coins for profit.
4. Microtasks and working for Cryptocurrency
Performing tasks online and getting rewarded in cryptocurrency is another way to earn cryptocurrency. There are also many freelancing jobs that are available online that offer payment in altcoin.
5. Mining
The name of this site is actually a lie! Mining for cryptocurrency is alive and well with an average of 1,800 bitcoins alone minded everyday.
“Crypto Mining is Dead.”
Of course cryptomining is far from dead! Actually, there are currently 144 blocks of bitcoin alone mined per day on average. With 12.5 bitcoins per block, 144 x 12.5 equals 1,800 bitcoins mined per day. However, there are alternatives to mining bitcoin. Some coins can still be mined with only a CPU or GPU. Check out my post on some of the options still available to mine cryptocurrency.
Next Step
Determine which methods are best suited to your lifestyle, commitment, and goals, setup a Cryptocurrency wallet to store your coins and start cashing in on cryptocurrency. Good luck!
Here are some links to get you started. These referral links will provide us both with a bonus when you sign up.
Coinbase is a great way to jump right in. The interface is wonderful whether on a phone, tablet, or PC. A little know secret is that your Coinbase login also works on the Coinbase Pro website when you're ready for an advanced trading view. Use my referral link and receive $10 with a $100 deposit. Not a bad immediate return on investment!
Coinbase also offer opportunites to earn free crypto just for watching some videos and answering some questions. Check out this lesson on EOS and earn some free crypto! Learning about another cool cryptocoin XLM by Stellar Lumens will earn you some more free crypto.
Comentários