How to Make Profit With Crypto
Are you interested in getting into the crypto space and make profits? Have you heard of the success stories people making millions from crypto getting into it early and selling it when the prices are high? Or perhaps you have friends who are making passive income through crypto.
Everyone gets into the crypto field in a hope of making money but not all end up doing that.
Some just give up or lose money along the way because they do not understand how crypto works or how to make money with it.
The crypto industry is still in its early stages of development. As crypto prices go up, more people join in. These new comers try to figure out how to make money from cryptocurrency.
The good news is that there are multiple ways of making money with cryptocurrency. Even though the crypto market is relatively small at the moment but there is a great potential for growth.
Strategies for Making Money
There are multiple strategies for making money with cryptocurrency:
Investing
Trading
Staking
Mining
Airdrops
Crypto Social Media
Investing
Investing is a strategy that is about buying crypto assets and holding it for a longer term.
Crypto assets are generally well suited to a buy and hold strategy.
They are very volatile in a shorter term but may have a great potential for long term growth.
This strategy requires one to look for more stable and promising cryptos that may stay there for a longer term.
Trading
While investing is something that is more of a long term strategy, trading is something taking advantage of the short term price fluctuations.
The crypto market is very volatile and the prices go up and down over a short period of time.
Being a successful trader you need to have proper analytical and technical skills.
You will need to analyze the market charts on the performance of listed assets.
Staking
Staking means locking your crypto assets and get paid for it. Staking is a way of validating crypto transactions.
When you stake, it means you own your crypto assets but you don't spend them. Instead it's locked in a crypto wallet.
Mining
Mining is a crucial component of the proof of work mechanism. The value of crypto is believed to be generated through mining.
If you are mining a crypto, you are paid with the new coins.
Airdrops
Airdrops are free tokens distributed in order to generate awareness. It's more of a project promotion.
Airdrops are done to create a large user base for a project.
Crypto Social Media
Multiple blockchain based social media platforms reward users for creating and curating content.
Users are oftenly rewarded with the native token of the platform.
Among multiple other crypto social media platforms, Hive is what I am als a part of. In a span of more than 2 years time, Hive has shown that it has got a good potential in terms of growth.