How To Earn Cryptocurrency
The crypto economy has evolved significantly since Satoshi first introduced the world to Bitcoin. Just ten years ago, it seemed that the only way to earn some Bitcoin was to mine, mine, mine. While mining remains a popular option today and will be featured in this article, there is now an abundance of methods available to anybody that wants to earn tokens for nearly all digital currencies. Unfortunately, you can no longer earn ten thousand Bitcoin for delivering a pizza, but there are alternatives that may prove just as successful in ten years’ time. This article will detail how to earn Bitcoin online, as well as how to earn cryptocurrency online in general.
Trading can be one of the most lucrative ways to earn cryptocurrency. If you select the right digital currencies to trade and get in and out at the right times, there is no limit to how much money you can make. Many crypto traders have become millionaires by simply playing the market. However, in the options available for earning crypto, trading carries the most risk. There are countless stories of inexperienced traders making poorly thought out trades and losing their life savings. One way to minimize the risks presented by trading is to employ a strategy known as scalping. Scalpers buy a token and then quickly sell in order to realize a small profit (typically 1%-2%). Scalping is not for everybody, as it requires patience, dedication, and continuous monitoring of the market.
One other aspect to consider when trading crypto is fees. Platforms like Binance and Coinbase Pro offer minimal fees (between .1% and .5% depending on your trade volume). However, these platforms offer advanced tools that may overwhelm a new trader. Other exchanges, such as Coinbase’s standard platform, offer a seamless user interface and make trading easy. But such ease comes at a price, as fees are typically in the 1%-2% range, 10x greater than other options in the market. If you do opt to trade on a platform such as Coinbase, be sure to switch to a more advanced platform quickly or you may rack up too many fees to engage in profitable trading. ChangeNOW is another exchange you should consider for trading, as it boasts some of the lowest fees on the market and an easy-to-use interface with no registration information required. Overall, trading is a great option for those who can tolerate risk, but for the more risk-averse, the alternatives below may be most appropriate.
Mining cryptocurrency for a profit can be tricky, because, as with trading, if you don’t do your homework, you may end up losing money. Mining requires an investment in the form of mining equipment and electrical power, not to mention the lifestyle costs of consistent noise and storage space. Mining equipment, such as the new AntMiner S9 13.5T, can cost thousands of dollars, so if you decide to mine Bitcoin, for example, you have to really commit to the enterprise. In addition, mining equipment works by constantly using computing power to try and solve complex mathematical problems, which will increase your electricity costs considerably.
Finally, even if you set up and operate mining equipment correctly, your chances of actually solving the mathematical problem before all other miners and earning Bitcoin is very small. One way around this problem is mining in pools, where you contribute your computing power to a pool of miners and receive a portion of the reward in proportion to your contribution. Unless you have done thorough research into mining equipment, mining pools are the safest way to go.
Do you know a lot about crypto? Do you want to share that knowledge with the world? Do you want to get paid for publishing your crypto opinions? There are a handful of websites, such as Publish0x and Read.cash, that enable authors to be paid for their writing. If you can build a small following, it is not out of the question to make a few dollars for every article you submit (and remember, a few dollars in crypto today can be worth thousands tomorrow). Publish0x even allows readers to make anywhere from $.05-$.15 per day for simply reading articles. While blogging may not be as lucrative as mining or trading, it is a great way to earn some crypto by writing about your passion.
Websites like Earncrypto and Bitcoinget allow users to earn digital currency in exchange for doing small tasks, such as taking surveys, signing up for newsletters, and downloading apps for your smartphone. You can even get paid in crypto just for clicking on a link. Like blogging, crypto faucets are a sure way to add a steady stream of crypto income to your portfolio, but the daily profits are small (up to a few dollars a day). However, on sites such as Bitcoinget you can decide which currency you would like to be paid in, so you can earn Bitcoin or any altcoin you believe in. So if you get paid a few dollars in a currency worth $.10, for example, and that currency’s price increases to $1,000, you could be sitting on a goldmine.
Altcoins are constantly looking for ways to raise awareness of their projects. One way they try to catch your attention is by offering “airdrops” of free tokens in exchange for simply posting your wallet address, or re-tweeting their original tweet about the giveaway. Some airdrops work as a lottery, awarding ten, fifty, or even one hundred dollars to a lucky few. Others dole out a few cents of their crypto to all participants. Whatever the method, airdrops are a great way to earn crypto just by staying engaged in the community. Airdrops are most often announced on Twitter, though articles about airdrops are frequently posted on sites like Publish0x. To participate in airdrops, simply follow the main Twitter account of a variety of altcoins and keep your eyes and ears peeled for any announcements.
If you have a lot of friends that are looking to get into the crypto space, referrals are an excellent way to cash in on their interest. Most exchanges offer a referral program where you get paid a flat fee per referral or a percentage of the fees that the platform collects from your friend’s trades. Referrals generally operate through what is known as a referral link. The platform provides you with a special link that your friends should click on to join, and you are automatically awarded in crypto. So if you have hundreds of followers on Twitter, Instagram, or Youtube, simply informing them of crypto opportunities and providing them with your link could be a lucrative way to monetize that following. But be forewarned, many people are turned off by requests to click on referral links, as it can often cheapen friendships (whether virtual or real).
The crypto space has developed a robust economy with a wide range of ways to earn tokens. Each comes with its pros and cons, and there is usually a tradeoff — opportunities for large gains are generally coupled with undue risks and high thresholds for an initial investment. In my opinion, for newbies, the best way to earn crypto is to utilize a variety of methods promising small rewards for minimal efforts, such as faucets, airdrops, and blogging. While each method yields small returns, those returns can add up quickly when all used together for a consistent period of time. Good luck, and happy earning!