Cryptocurrencies are proving their worth and value, every day now. As there are already many specialists in the crypto market, there are still some newbies doing their best to become a part of this exciting new financial world.
Of course, the main goal for everyone is to make profits with various digital assets, but not everyone manages to do that. Many people give up, and some of them fail along the way. As we always say, investing in cryptocurrencies has some risks, so you should always be prepared to just lose everything.
Besides that, there are also some legal and profitable methods to make money with cryptocurrencies. Of course, trading is one of them, but it is not the only way. So, let us explore the other proven methods of making money with cryptocurrencies.
Buy and hold
This is perhaps one of the most popular ways to make money with cryptocurrencies. The secret here is to buy a coin like Bitcoin, Litecoin, Ethereum, or any other and simply wait for the value to rise. After that, you can sell and make a profit from the price difference.
Of course, in order to use this strategy, you need to identify stable and volatile assets that have a trend of changing value so that you can make regular profits. Bitcoin and Ethereum, for example, are considered safe assets, but that does not mean they are risk-free, so keep that in mind when you invest in crypto.
Earn dividends
It's actually possible to make money with cryptocurrencies without having to do anything to earn it. Again, the only requirement is that you buy and hold the cryptocurrency. Now, not every coin will earn you compensation just because you own it. There are a number of digital assets that can do that.
COSS, CEFF, NEO and KUCOIN are examples of such cryptocurrencies.
However, you should be aware that not every one of them is suitable for your cryptocurrency portfolio. So, do not forget to analyze them and choose the most suitable ones for your goals.
Set crypto
This is another way to make money with cryptocurrencies. It offers a double income potential - firstly, through the price increase and secondly, through the dividend payout of selected coins for the use of their digital assets.
Deploying cryptocurrencies is the process of using your crypto assets to support the network and confirm transactions. You receive additional coins for backing the crypto network.
This is possible with cryptocurrencies that use the proof-of-stake protocol, such as NAV Coin, PIVX, DECRED, and many others.
Day trading
A large part of crypto investors (80% and more) believe that day trading is the best and even the only way to make money with cryptocurrencies.
There is something that most day traders overlook - it is actually more than just holding an asset and waiting for its value to rise. The most important thing to becoming a day trader is having analytical and technical skills.
To make day trading an easy task, you can use an automated platform like Cryptoarbi.com that will do the hard work for you.
Cryptocurrency Arbitrage
As we know, it is possible to find around 5 to 30 percent in price spreads between different exchanges. If you try hard enough, you can always find meaningful divergences that you can earn from. Of course, platforms like Cryptoarbi.com are made to automate the entire arbitrage process, so you can always consider using them.
Cryptocurrency microtasks
If you have the time, you can always find some small tasks on the internet for individuals or cryptocurrency platforms, such as app testing, viewing ads, taking surveys, and others, and get a crypto reward.
Cryptocurrency as a method of payment
Last but not least, you can add cryptocurrencies as a payment method if you are a merchant.
As we know, the value of cryptocurrencies can increase within a day, so you have a good chance to make a big profit by accepting crypto payments.
So, these are 7 proven methods to make money with cryptocurrencies. Try the ones that work best for you and see what comes out.