Cryptocurrency also known as crypto is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Because it doesn't have a central issuing or regulating authority, people don't believe in it nor do they believe it's the biggest money-making machine, many don't know it has the power to make them wealthy.
Cryptocurrencies are based on blockchain technology, which helps to keep transactions in check. Crypto helps to create a sustainable financial independence life. Cryptocurrencies have many benefits which make money-making easier such as transaction speed, transaction costs, accessibility, security, privacy, transparency, diversification, inflation protection.
Cryptocurrencies are growing phenomenally and there is so much money to be made. People (investors) are earning profits regularly by trading, investing, and exploiting opportunities brought about by cryptocurrencies. The crypto market is extremely lucrative, top cryptocurrencies like bitcoin, ethereum, and litecoin are making waves in the market and are good to invest in.
There are ways to make money with cryptocurrencies which will help one live in financial freedom all the days of ones life. In my journey into crypto world, I realised ten (10) ways by which cryptocurrencies can make you wealthy.
10 ways to make money with cryptocurrency
Investing :- this is an excellent way to make profit in cryptocurrency. Buying of individual coins like bitcoin and ethereum, this ia an excellent method for diversifying your portfolio and spreading risk. It is a long term endeavor based on a buy -and- hold strategy.
Lending :- this is also a great way to monetize cryptocurrency. It entails lending your cryptocurrency to another person in exchange for interest. The interest received depends on the lending platforms such as decentralised lending platforms (DLP) , centralised, and peer - to - peer (P2P) lending.
Trading :- trading takes advantage of short -term opportunities, thereby proper monitoring of the rise and fall in the asset prices will make one a successful trader.
Mining :- this is the most common way to make money with crypto. This is exertion which slowly makes new units, this is a process by which transactions are validated digitally on the crypto network and added to the blockchain ledger.
Staking :- this is a method of investing in cryptocurrency that entails keeping a set number of coins in your wallet for a set period of time. Your crypto investments can generate passive imcome and your intetest is determined by the cryptocurrency and the number of coins you stake.
Traditional buy and hold :- you can get rich in crypto by getting crypto of your choice from a crypto exchange and purchase more when prices drop traditionally. This may be sold months or years later at a significant overall profit compared to the purchase prices.
Earning interest :- cryptocurrency can help you earn interest on your investment and this is by lending your cryptocurrency to a platform in exchange for interest, this is called yield farming process which can be a great source of passive income.
Affliate programs :- this is an excellent way to profit from cryptocurrency and this is by participating in programs that allow you to earn commissions on customers you refer.
Dividends :- these are paid in form of transaction fees, and are a low risk, low effort way to earn passive income for those who invested in cryptocurrency dividend.
Airdrops :- this is obtaining free tokens without investing any money.
Making money with crypto is the most easiest and stress free, it is real and it has every power to create a sustainable wealth for anyone that believe and invested in it.
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