3 Ways to earn Money with Crypto!
With the introduction of Bitcoin (BTC) to the world on 3rd Jan 2009, the world has seen a lot of changes and the different wealth generating vehicles that are available. Fast-forward 8 years, BTC has started out at only US$0.08 on July 2010 has risen to US$5,800 at its peak that’s a 72,500% increment in 8 years.
Which means, if you had 10 BTC in 2010, you would have roughly US$58,000 with an initial investment of US$0.80!
But gone were the days where we get to see US$0.08 BTC or even US$80 BTC.
HOWEVER! It’s not the END! There are still avenues and ways to earn a good sum of money from CryptoCurrencies!
Here are the 3 ways, you can earn money from the Crypto-Universe!
Mining of coins is one of the easiest ways to start owning cryptocurrencies. With this, it comes with high initial investment but low time-requirement. What mining does is using your electricity and computing power to solve mathematical puzzles of transaction that’s done on the blockchain.
The first computer that solves the puzzle gets an amount of cryptocurrency as a reward. Some of the popular coins that people are mining now include Etherum (Eth), ZCash (Zec), ZCoin (XZC), LiteCoin (LTC) and many more! There are many places to see which coins are the most profitable right now all you need to do is some homework!
Like traditional stocks, buying coins at a low rate and selling them higher is a good way to flip you BTC. However, a mistake that many traders face is doing trades based on the US dollar value of the coin. What we should be doing is to trade base on BTC Value or Satoshi Value. The end goal is to get as much Bitcoin as possible rather than looking at the USD value of the coin. Some popular platforms includes: BITTREX, KuCoin, BINANCE, Cryptopia. Personally, I like KuCoin and Binance as their trading fee is as low as 0.1%. And if you hold their coins, you get a “Rebate” daily!
Joining ICOs is also one way people flip their money in the Crypto-Universe. However, investing in ICOs is very similiar to investing in Penny Stocks. Some ICOs work and some ICOs don’t. Thus, always do your due diligence before investing in ICOs.
Take a look at the team, the concept or proof of work if any, then evaluate if this is something you believe will work for your world!
3) Proof of Stake (POS)
Proof of Stake (PoS) concept states that a person can mine or validate block transactions according to how many coins he or she holds. This means that the more Bitcoin or altcoin owned by a miner, the more mining power he or she has. What this means is that it is similar to mining, except you do not own the rigs, but you own the coins. In addition, you will receive a “Dividend” for every transaction that is done. Some of the POS Coins includes ARK, NEO, RISE, PEERCoin and many more!
Crypto isn’t a rich man’s game, there are many whom start with a minimal capital and slowly earn their way to their richest. It is not the hardest way nor the easiest way to money, you have to see which method suits you better!
UPDATE: Currently, I’m staking $LUX and $MONK. For $LUX, rewards are given approx. every 3 days based on 100LUX, rewards was 1.2 Lux for POS and 0.8 Lux for MasterNodes (Masternodes requires 16,210 Lux)till block 100,000 after which, rewards drops to 0.6 Lux for POS and 0.4 Lux for MasterNodes.
For $MONK, I got 0.54 Monk after 24hrs of depositing my coins into StakeUnited.com I started with 99.9 Monk and how have 100.5 Monk
So what is your way of earning money from the Crypto-Universe?
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Jorden is an aspiring motivation/inspirational speaker. I write articles about recruitment and employer branding, hoping to help companies in Singapore understand the need for such branding. My day job allows me to meet and speak to many employers and understand their challenges, their needs, and their goals. Feel free to drop me an InMail to have a chat about any topic relating to advertising, online media and out of the box ideas. I’m always keeping an open mind!