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Everyone’s heard of Bitcoin by now, but the crypto market is much bigger than just that one digital currency. New cryptocurrencies are being launched on an almost-daily basis, making it harder than ever to keep track of everything that’s out there and which ones are worth investing in. Here are the top five ways to make money with crypto.
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1) Claim your free tokens on airdrops
Airdrops are a great way for new projects to bootstrap their community. Airdrops help get tokens into your digital wallet, in many cases without any work on your part. To be eligible for most airdrops, you just need to hold a certain cryptocurrency (such as bitcoin or ethereum) in your wallet when they announce their airdrop. Check out Twitter and Reddit for announcements of upcoming giveaways; you can often earn large amounts of free tokens simply by holding some cryptocurrency in your wallet.
2) Start trading Bitcoin (or another cryptocurrency)
It’s easy enough, really. Just open an account at a cryptocurrency exchange like Coinbase, transfer some money over, and buy some Bitcoin. Then, learn how to use it wisely by exploring BTCGeek and other sites dedicated to helping you become a savvy Bitcoin user.
3) Start Mining Cryptocurrency
Mining cryptocurrency isn’t quite as straightforward as mining for gold. It requires advanced hardware and a lot of computer power, but it’s possible that you can make money doing it. The more popular currencies like Bitcoin and Ethereum are harder to mine than others, but offer higher value in exchange.
4) Staking Cryptocurrency
There are a number of ways to make money by staking cryptocurrency, including Proof-of-Stake (PoS), masternodes, and distributed staking. Learn more about each of these here: Staking Cryptocurrency & What is Proof-of-Stake?
5) Invest in ICOs
As mentioned above, investing in Initial Coin Offerings or ICOs is an incredibly risky and speculative way to invest money. If you’re looking for a safe bet, you’d be better off sticking your money in a savings account than putting it into a speculative cryptocurrency. That said, if you want to take a risk on one of these new coins, go right ahead — but know that they’re extremely high-risk investments!
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