18 Ways to Make Money With Cryptocurrency

18 Ways to Make Money With Cryptocurrency

This article is thanks to The Crypto Degree. A free app to learn about bitcoin and cryptocurrencies.
The crypto industry is growing worldwide and there are no signs of it slowing down. A fast growing industry like this is creating many opportunities for investors, businesses and employees.
We made this article to help you find ways to earn money with cryptocurrency no matter what your experience or circumstances. Keep reading for 18 ways to make money with cryptocurrency. 

1. Invest in Bitcoin and Altcoins

  • Effort: Low 
  • Risk: Medium/High 
  • Reward: Low to High 

The most obvious way to try making money is to invest in cryptocurrencies. You can research different projects then buy and hold coins you think will increase in value. Many believe the blockchain industry will explode in the future and with it the value of digital currencies like bitcoin. 
No one knows for certain what will happen, which coins will make it and on top of that the industry is extremely volatile. For these reasons a good rule of thumb is to only invest money you are willing to lose. But if you do your research and take your time to find quality projects there is big potential. 

  • If you want to invest then Coinbase is the easiest place to buy Bitcoin and popular altcoins 
  • Binance is the best and cheapest place to buy altocins 
  • For investing advice read the 4 rules of investing which is in the Crypto Degree app

2. Invest in Small Altcoins

  • Effort: Medium 
  • Risk: High 
  • Reward: Very High 

What if you could invest in bitcoin or ethereum when they were just a few dollars? You can essentially do that by finding altcoins with a small market cap and that look promising. 
Investing in projects that are small right now can get returns of 200x, 300x and possibly higher. You’re unlikely to ever see that type of return on the top cryptocurrencies now. 
This method requires more know-how and research than investing in the top coins. You also have to remember that higher rewards means higher risk. However the rewards can be very high so it’s worth doing if the risk-reward ratio makes sense to you. 

3. Learn to Day Trade Crypto and Altcoins

  • Effort: High 
  • Risk: High 
  • Reward: High 

The first two options above were about investing which is the opposite of day trading. Day trading is where you buy cryptocurrencies (or stocks) and sell them the same day to make profit. 
Day trading involves learning patterns and charts, doing lots of research, controlling your emotions, making quick decisions and more. Here is how day trading compares to investing: 

  • Traders buy and sell quickly. Investors buy and hold long term. 
  • Once you get past the learning curve day trading can make money quickly. Investing makes you money long term. 
  • Day trading takes constant work and attention. Investing is more passive and involves less time. 
  • Good traders make money in any market. Investors usually lose or don’t make money when the market is bad. 

If this stuff interests you look more into day trading! 

4. Invest in Crypto ETFs

  • Effort: Low
  • Risk: Low/Medium
  • Reward: Medium

Investing in ETFs is recommended by Warren Buffett himself. It makes sense because ETFs are an easy way to have a diversified investment. 
ETFs and Index Funds are a collection of assets you can buy. For example, the CMC200 is an index of the top 200 cryptocurrencies. If you buy one share you own a fraction of ALL 200 cryptocurrencies. 
You can search online for some choices. Solactive has partnered with Coinmarketcap to create the CMC200, which is listed on NASDAQ. Another option is The Bit10 by Abra, which lets you buy a balanced index of the top 10 cryptocurrencies. As crypto keeps establishing itself there will be more and more choices over time. 

5. Cryptocurrency Mining

  • Effort: High
  • Risk: Medium
  • Reward: Medium/High

With the right equipment you can start mining Bitcoin or many other cryptocurrencies. Miners are the machines that keep blockchains running by securing the network and validating transactions. By doing this you are paid in the cryptocurrency that you are mining. 
Cryptocurrency mining is a multi-billion dollar business and when done correctly it can become a good source of passive income. But to mine profitably there is a lot of things to learn. It also requires special equipment, a cheap energy supply and some upfront investment. Inefficient setups requiring too much electricity quickly burn away any profits. 
Naturally, a big industry like this brings in a lot of competition. But if you enjoy working with computers and equipment then mining is something to look into. 

6. Cloud Mining

  • Effort: Low 
  • Risk: Medium 
  • Reward: Low/Medium 

If you want to mine crypto without any technical knowledge or equipment then look into cloud mining. There are companies that already have mining equipment set up and will sell it to you as a service. 
You invest money to rent computer power and in turn these companies take care of the complexities. Hashflare and Genesis Mining are the biggest names in the cloud mining industry. 
The biggest drawback is you can only mine the more established coins with these services. However, if it’s right for you this can be a cool way to diversify your portfolio or try making some money long term. 

7. Free Money with Airdrops

  • Effort: Low 
  • Risk: Low 
  • Reward: Low/Medium 

Airdrops provide one of the few ways where you can earn free money. Airdrops are cryptocurrency giveaways aiming to encourage the adoption of a particular coin. For example, in 2018 Stellar XLM airdropped $25 to users who signed up for a Blockchain wallet. Try the Airdrop King app to find new opportunities. 

8. Crypto Money Making Apps

  • Effort: Low 
  • Risk: Low 
  • Reward: Low

 If you want to start earning cryptocurrency in seconds there are various smartphone apps offering micropayments. It won’t make you rich but you can take advantage in your free time, even if it just on the bus or sitting in the dentist’s waiting room. Some reward you for playing games, watching adverts or performing tasks. Here are some examples: 

  • Lolli.com – earn free bitcoin and crypto for shopping online 
  • Earn.com – earn crypto for replying to emails 
  • Bitcoin Aliens – earn crypto for playing the game 
  • Sweatcoin – earn coins by walking

9. Organize Events

  • Effort: Low/Medium 
  • Risk: Low 
  • Reward: Low/Medium 

People want to be around like-minded individuals and in an exciting cryptocurrency industry, people are desperate to connect. Running local events is an ideal way to build a network of opportunities or turn into a side hustle. The best part is it doesn’t have to be on a giant scale. It can be as simple as getting 10 people to talk crypto at a coffee shop once a month. 
Meetup.com is a simple and quick way to promote your first event. Popular reasons to organize events include: 

  • To become a local influencer or crypto authority 
  • Sell tickets and make money 
  • Find a new employer 
  • Use connections to collaborate 
  • Build a business network for everyone’s benefit 
  • Educate people about cryptocurrency 
  • Sell your products to a captive audience 

Join Meetup, the fast and easy way to build your network. 

10. Affiliate Marketing

  • Effort: Medium/High 
  • Risk: Low 
  • Reward: Medium 

Affiliate marketing is where you earn commission by getting people to sign up for or buy certain products. For example, companies like BinanceCoinbaseTrezor and Ledger will pay you for every referral you send them and there are many more companies like this. 
You can do affiliate marketing part time by referring friends to sign up for companies you like. You can also do it full time if you learn some type of digital marketing. Examples include building an email list, buying ads from blogs, using influencers or growing your own audience to send traffic to products.

11. Cryptocurrency and Blockchain Jobs

  • Effort: Medium 
  • Risk: Low 
  • Reward: Medium 

Such a growing industry is craving great talent and skills. New startups constantly spring up and many mainstream companies are adopting blockchain into their business somehow. 
If you have the right skills in the crypto-sphere job opportunites are on the rise. Take a look at job boards like Ethlance that offer cryptocurrency paid opportunities. Whether you want to learn new skills or switch careers here’s an idea of what jobs are available: 

  • Blockchain developer 
  • Blockchain engineer 
  • Data scientist 
  • Research analyst 
  • Quality engineer 
  • Consulting opportunities 
  • Technical writer 
  • Graphic Design or Web Design 
  • Legal consultant or attorney 
  • And many more… 

12. Sell Your Old Stuff for Crypto

  • Effort: Low 
  • Risk: Low 
  • Reward: Low 

You could sell stuff you already own for crypto (or cash). If you want to sell your stuff for crypto then Bitify is a bitcoin and litecoin auction site already in operation. Craigslist is another option as they offer a cryptocurrency payment choice when listing your second-hand goods. And it won’t be long until eBay has some serious blockchain competition. What have you got sitting around that you can sell?

13. Crypto Influencer

  • Effort: Medium/High 
  • Risk: Low 
  • Reward: Medium 

Many people are able to make money because they built a loyal following and monetized their audience. If you like marketing and creativity you can become an “influencer” in the crypto space. You can present yourself as an industry expert, thought leader, curate content, make entertainment and so on. 
Popular platforms in this field include starting a: 

  • Blog 
  • Instagram, Twitter, Facebook or other social media page 
  • YouTube Channel which can be many different styles 
  • Online course, ebooks or educational resources 
  • Podcast 
  • Keynote speaker 
  • Writer/Journalist 

If you can build an audience there is a career in it. And you can be an influencer in many forms whether it’s video, written or audio. You just need to create content that people want to consume and take the time to build a following.

14. Make Apps

  • Effort: High 
  • Risk: Medium 
  • Reward: High 

Decentralized Apps (DApps) is a potential route to earning passive income. DApps enable the automation of cryptocurrency and blockchain based processes. They are built upon specific blockchains like Ethereum, Tron and NEO that allow smart contracts underpinning the DApps. 
Well-designed DApps require no 3rd party/human interference once up and running. Perhaps there is an asset in your life you could monetize or simply sell DApps to others. While it is still innovative technology there are some successful examples on the market already: 

  • Golem allows you to rent out your unused computing power kind of like an Airbnb of computers. 
  • Cryptokitties is a decentralized game where users collect and breed digital cats. Simple but loved. 
  • Ethlance is a decentralized job board, it’s automation allows 0% fees. Pretty attractive compared to traditional models like Upwork which run 20% fees.

15. Start an ICO

  • Effort: High 
  • Risk: High 
  • Reward: High 

If you want to start a company then an Initial Coin Offering (ICO) might be one path for you. During an ICO a company sells tokens or coins that will be used to run the application or network you are creating. Platforms like Tezos and Bancor made hundreds of millions from ICOs. You can think of it as a mix of crowdfunding and traditional stock IPOs.

16. Create a Crypto-Related Product

  • Effort: High 
  • Risk: Medium/High 
  • Reward: Depends on the idea 

If you’re entrepreneurial you can create a physical or digital product related to crypto. It comes down to what problem can you solve in this space?
Obviously, this is harder than most of the options but there is a ton of opportunity in this space. If this is intriguing to you can you think of a better software wallet? A hardware wallet with new functions? Or some type of innovative product to help move the market forward?

17. Dropshipping / Ecommerce Store

  • Effort: Medium 
  • Risk: Low 
  • Reward: Medium/High 

If you don’t have time to create your own product, dropshipping lets you build an online store and start selling stuff without having to see or touch the products. For example, you can find millions of products in china and create your own store to sell those products. When a customer places an order your supplier handles the inventory and shipping. Your products can be crypto shirts, mugs, posters, merchandise and so much more. 
The main thing to learn with dropshipping is how to get traffic to your store. Right now the popular method is to learn facebook ads but there are other choices as well. 
Dropshipping has become super popular because it takes very little investment to get started and all you need is a laptop to get started. Read this post for more info on dropshipping.

18. Free Money from Hard-Forks

  • Effort: Low
  • Risk: Low/Medium
  • Reward: Low/Medium

If you’ve owned cryptocurrency for a while there is a good chance you have some coins to claim from a hard-fork. A hard-fork is when a 3rd party duplicates a blockchain, usually altering the protocols. Anyone holding coins on the original chain automatically owns the same amount of coins on the new fork. Sometimes they are worthless other times it can be very valuable. For example, users owning bitcoin when bitcoin cash was forked were sitting on a nice stack of free cash.

Published by Balwant

Special on 8th April

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