5 Easy Ways To Make Money With Cryptocurrency

The hype around cryptocurrencies and the success stories of people making millions from crypto has drawn many to the crypto world. The important question on several people’s minds remains, “How can I make money with cryptocurrency?”

The thought of making money with cryptocurrency can be intimidating at first glance, which is why we have outlined the easiest way to make money with cryptocurrency. This article will provide the necessary steps and tips to get you started making money with cryptocurrencies. 

The Top 5 Strategies To Make Money With Cryptocurrency: Beginner Friendly

You should note that these are not the only ways to make money with crypto, but these five are those that we believe are the easiest for anyone to implement without breaking the bank.

1. Invest: Buy and Hodl 

The simplest way to make money with cryptocurrency is by investing. That is simply buying and hodling. All you have to do is buy any crypto asset of your choice, hodl for some time, a few weeks, a month, or even a year and sell when the asset has increased in value. 

How to hodl

Usually, hodling involves buying a crypto asset regardless of its current price and keeping it. Hodling frees you from having to check your crypto asset or monitor its performance. If you’re a newbie in the crypto world with no vast knowledge of how the market operates, or you have a low-risk tolerance but still want to make money with crypto, hodling is an excellent way to start. 

You need a trusted crypto exchange like Yellow Card, so you can start making money with cryptocurrencies. You can also use dollar cost averaging to spread your investment over time to maximise your profit.

Read also: How to hodl crypto safely and still make a profit.

2. Crypto Trading

One of the popular ways to make money with cryptocurrency is Crypto trading. There are several crypto trading strategies like day trading, scalp trading, position trading and more. While holding is more long-term, crypto trading is short-term. Using crypto trading strategies, you can determine the best time to buy an asset and the best time to sell.

Additionally, you can also undertake crypto arbitrage to make money with cryptocurrency. Crypto arbitrage involves buying crypto cheaper from one exchange and selling it higher in another. This is one of the most lucrative ways to make money with crypto. 

Read also: Crypto trading tips you need to know

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3. Complete Tasks To Make Money With Crypto

Several blockchain-based platforms reward you for completing simple actions. It might be creating content and sharing social media posts for a reward. At the same time, you can earn airdrops or free tokens to create awareness about a crypto product. 

At the same time, you can earn for referring new users to a crypto exchange. When you sign up on a crypto exchange like Yellow Card, you can also refer your friends and colleagues to buy, sell, or trade their crypto on the platform. For every trade they complete, you earn a 20% commission on the trading fees.   At the same time, you can join Yellow Card’s Brand Ambassador program and get paid for educating people in your community about crypto. This is a great way to make money with crypto without any skill set. 

Read Also: How to invest in cryptocurrency as a beginner

4. Crypto Betting

E-sports is increasingly popular and one of the easiest ways to make money with cryptocurrency. Like other e-sports betting platforms, crypto betting platforms allow you to make money with cryptocurrency. All you need to do is sign up on a crypto betting site, place a bet based on odds, and you can earn a profit. There are numerous games available on crypto betting sites, but you need to have an affinity for sports betting to make money via crypto betting. 

At the same time, there are crypto gaming sites; you can earn money in crypto by playing games on the platform. You can earn crypto tokens or NFTs and sell at a profit.

5. Buy and Exchange NFTs

NFTs (Non-Fungible Tokens) are a great way to start earning in crypto. NFTs are digital collectables similar to traditional arts but are one of a kind: you can buy, sell, and trade NFTs on the blockchain.

NFTs, like crypto assets, can be bought and sold for a profit. At the same time, you can create your NFT for free and sell it to investors on the blockchain. 

Alternative Ways To Make Money With Cryptocurrency As A Pro

We have listed the simplest ways to make money with cryptocurrency for crypto newbies without expertise or breaking the bank. There are extensive ways to make money with cryptocurrencies. In this section, we highlight alternative ways to make money that require more technical skills but also offer an impressive way to make money with crypto. 

1. Mining
   Crypto mining is a popular way to make money with cryptocurrency, but it involves technical expertise and energy-consuming tools. Miners get paid to validate crypto transactions and earn massive rewards in crypto for their work on the blockchain.
   As a crypto miner, you may have to invest some money into crypto mining rigs, but if your risk tolerance is high, crypto mining can be a great way to make money with crypto. 
2. Crypto staking
   Staking is a process for participating in transaction validation on a cryptocurrency’s blockchain. Staking is done on the "proof of stake" blockchain. You can validate transactions and earn staking rewards on this blockchain if you have a minimum required balance of a specific cryptocurrency.
3. Crypto Lending 
   Crypto Lending is a way for investors to make money with crypto. Rather than holding your funds in a secure crypto wallet, you can have your crypto assets loaned to others. Crypto lending can be a lucrative way to make money with crypto, but it is not without risks.

Key Takeaways

These strategies provide an impressive way to make money with cryptocurrencies. However, doing your own research before committing any assets to a strategy is advisable. At the same time, gaining more knowledge will give you a better understanding of these strategies to help maximise profit and minimise losses. Yellow Card Academy offers a free detailed, easy-to-understand guide on all things crypto, blockchain, NFTs and other financial topics to help you attain your financial goals. 

Making money with cryptocurrencies isn’t rocket science. Depending on your flexibility and risk affinity, these strategies offer an easy way to make money with cryptocurrencies. It’s never too late to start with cryptocurrencies; you can get started with them today without breaking the bank. 

Take control of your finances and get started with crypto today.