Everyone who has heard about crypto thinks this atleast once:
- How can I make money from crypto?
Though this was not the primary purpose which crypto is meant to serve, but it’s a fact that cryptocurrencies like Bitcoin and Ethereum are serving this purpose for some.
Today’s agenda of ours is to tell you what these people are doing so that you can also try making some money from cryptocurrencies.
But before we jump into it let me tell you, there are many scammy traps in the cryptosphere which wants to lure innocent investors like you and rip them apart.
My humble request to such novice investors is to be cautious of these scams and never invest more than what you can afford to lose in any cryptocurrency. At TheMoneyMongers, we are just a mail away from you to resolve your confusion !!
Having said that let’s move to the meat and see the practical ways in which you can make money from Bitcoin and similar cryptocurrencies:
11 Ways To Make Money With Bitcoin & Other Cryptocurrencies
Note: It is highly likely if you have this question of making money from crypto, you must be having some crypto holdings. But even if you don’t have this guide will be helpful.
Often people ask me, ‘how to make money from cryptocurrency without buying them?
By doing online shopping…
So don’t get surprised when I say, the coolest way of making money with crypto is through shopping.
Everyone does online shopping these days — men, Women, and not to forget the children too. For them, there can’t be a better opportunity to make money with crypto.
Want to know what to do?
The quickest way for getting started is to shop online through Lolli app. Lolli is a reward paying app that pays you in bitcoins for shopping various things through their partner retailers.
Guess what? You get up to 30% off on purchases through Lolli which are refunded back in the form of bitcoins in your Lolli wallet.
Don’t forget to check our step by step guide on Lolli: Now Anyone Who Can Shop Online Can Earn Bitcoin !!
There is another service that gives you 15% or more discount when you shop online on Amazon through it. Its name is Purse.io, but this method works only when you pay in bitcoins. So, in short, you save 15% or more by paying for your purchases in bitcoins.
Not bad at all, after all, Bitcoin saved is Bitcoin gained !!
Check out Purse.io now
If you own Bitcoin, Ethereum or any other well-known cryptocurrency including the stablecoins, then there is no better way for you to make money in crypto.
This is crypto lending.
There is a DeFi movement going all around the world and cryptocurrency lending is one of its pieces. Many crypto lending services are mushrooming which take your cryptocurrencies to further lend it and pay you 5-7% annual interest on it.
However, lending crypto might look a bit counter-intuitive because it was meant for self-custody, but crypto lending is certainly turning out to be a new usecase for it.
Anyone who has extra crypto sitting ideal can lend it. And earn a percentage on it which is an age-old method of making your money work for you 24 x 7.
Companies that you can try out to lend you cryptocurrencies to make extra passive income are BlockFi, Nexo.io & Celsius Network.
#3. Crypto Trading [Day trading & Margin trading]
Crypto trading is another low barrier of entry but a high-risk technique to make money from Bitcoin and Ethereum like cryptocurrencies.
It is much easier to start trading than in traditional stock markets because in crypto you can begin with as low as $10 to $100 with no overheads.
Some crypto enthusiasts like to day trade and make money. The concept is simple; you buy low and sell high multiple times in a day to have the difference as your profit. So don’t forget to check some of the best day trading cryptocurrency exchanges, you can try right now to make money.
Another way of trading crypto is margin trading. In this, as a trader, you can leverage your existing funds to take more crypto as instant loan and then make a trade with those leveraged funds. But this is highly risky because your profits and losses both are magnified according to the leverage you have taken.
Want more details on margin trading, check this out: What is margin trading & best exchanges to margin trade crypto ??
#4. Investing (Buying & Holding)
This is the most simple yet underappreciated way of making money in crypto.
That’s because probably it is very hard to buy something and keep holding it. But with the right amount of education and conscious effort to build your HODL ability you can do so easily.
So the actional idea on this is to:
- Educate yourself on cryptocurrencies. Start from blog post #1 of TheMoneyMongers
- Forster your mind more through other sources.
- Buy cryptocurrencies from here & transfer them to these kinds of wallets.
- HODL it for some time.
- Sell it when everyone is buying !!
Note: You can make an extra $10 right now if you choose to buy any cryptocurrency worth of $100 or more from Coinbase. Go try now !!
#5. Cryptocurrency Staking
Cryptocurrency staking is native to proof of stake cryptocurrencies.
Proof of stake is another way of generating consensus in distributed systems and is believed to be more eco-friendly than the proof of work systems like Bitcoin.
In proof of stake currencies, one needs to keep their cryptocurrencies as a stake in the system in an online self-hosted wallet to participate in the consensus.
And as a reward of keeping your cryptocurrencies in stake, the staker is awarded new coins of the same system as per their contribution and the emission rate of that system, i.e. block reward.
For example, if you stake 100 NEBL coins in a Neblio wallet, you can expect to get ten new NEBL coins at the end of the year at 10% yearly rate.
#6. Crypto Dividends
Dividends are extra rewards that a holder gets to hold a cryptocurrency or stock in the traditional sense of the word. These are nothing but the earnings that the company or entity wants to share with you in proportion to the coins/tokens or stocks you are holding.
In cryptosphere also, we have dividends paying cryptocurrencies, and the holders of these currencies get monthly or weekly dividends according to the profit earnings of the company.
For example, NEXO token holders get dividends from Nexo.io which is a crypto lending platform. Similarly, KuCoin Shares (KCS) token holders get daily dividends from the fees which the KuCoin exchange earns through its users.
#7. Crypto Arbitrage
Arbitrage is another way of making money in any field and cryptocurrencies are no different.
For the unaware, when you buy something from a place with a lower price and sell that thing in another place, the difference is the profit margin you make, and this is called arbitrage.
So in cryptocurrencies when you buy a specific cryptocurrency from one exchange and sell it for a profit on another, you are doing crypto arbitrage.
It might sound like a simple thing to do. But believe me, it is not. That’s why there are specialized crypto abitrage trading bots to help you with it.
#8. Hosting Masternode
Making money through Masternode hosting is quite expensive.
For those of who don’t know, masternodes are special purpose cryptocurrency full nodes that do the extra work of validating and adding transactions to a crypto blockchain. For running this node, the network pays the owner of the masternode handsomely as an incentive for their service.
One can host a masternode only when one has procured a certain minimum amount of cryptocurrencies to host a full node. For example, for DASH masternode, one needs to have 1000 DASH coins and then only you can host it.
But 1000 DASH costs too much now so it might not be a viable option for many now.
But if you spot a masternode currency early and believe that it will be next big crypto. You can buy the minimum number of coins of that currency to be able to host a masternode and earn from it in the future.
#9. Crypto Education
I was baffled when I got to know this way of making money from crypto, and I am certain that you too would be.
Through Coinbase Earn, people can make money through cryptocurrencies by learning about different crypto assets. To get started, you need to sign-up to Coinbase using this link and follow this process:
- Watch educational videos related to various cryptocurrencies.
- After the video, take a quick quiz to test your knowledge.
- Receive that particular crypto in your Coinbase wallet for every quiz you complete.
That’s it. Sign-up now and start today.
PS: You can earn more than $60 in crypto within 20 minutes for using Coinbase Earn. And I was baffled to know this because this shows how early you are into cryptocurrencies that you are making money just by knowing about them !!
Some of you might be thinking, ‘how to make money from cryptocurrency without Investment?’
Well, the answer is simple, Airdrops.
Airdrop is the easiest way to make money in crypto !!
Cryptocurrency airdrops are events where new coins or tokens are distributed to masses for bringing new coins/tokens into circulation in a distributed and balanced way.
Nowadays, airdrops are also done for incentivizing people to do certain micro tasks like, retweeting, commenting or joining a Telegram group of a certain crypto or blockchain project.
So that’s why it important to be vigilant about such airdrop events. And if you find it challenging to do so, you can subscribe to TheMoneyMongers, and we will remind you about important airdrops.
#11. Claiming Forks
Another easy way of making money with cryptocurrencies without investment is through claiming hard forks.
For those of you who don’t know, cryptocurrencies keep forking away. Meaning, due to differences in opinion of the community members, sometimes certain blockchains fork away and make two blockchains.
The classic example of this is Ethereum and Ethereum classic.
The currency Ethereum has forked away from Ethereum classic in 2016, but the important thing to note here is that both the coins, i.e. ETH & ETC have a monetary value. Similarly, with BTC and BCH, where BCH is a fork of original BTC.
So if you are holding a coin that is forking away or has forked in the past, then you can easily claim your newly generated free coins/tokens which will have some market value.
That’s why claiming cryptocurrency forks is a lucrative way of making money without additional investment.
PS: You don’t have the time to follow-up for upcoming forks, you can take our help. Subscribe us and we will keep you posted about the important cryptocurrencies fork !!
Conclusion: Which Is The Best Way To Make Money With Bitcoin & Cryptocurrency?
It is natural to get confused when you have so many options for making money through cryptocurrencies. But if you are someone who has started in crypto recently then I would suggest you start shopping from Lolli. And see how it feels to make money from bitcoins.
Or else, you may try buying some cryptocurrencies from Coinbase and make an extra $10 for your $100 or more purchase value.
And if you are someone who has an average knowledge of crypto and can lend cryptocurrencies worth of $4000 !! Then I would suggest you try 6.2% interest-generating savings account of BlockFi (for US citizens only). Or can even try the option of crypto trading bots which will do arbitrage for your automatically.
Lastly, if you are a noob, you may start by investing in Bitcoin and holding it for some time to understand the dynamics of making money through cryptocurrencies !!
Now you tell us: Which method are you going to explore? Have you tried any other money making way through cryptocurrencies yet? Do tell us in the comments section below and we will give you credits for it on our blog.
And if you liked this post, don’t forget to share it with your crypto friends you might also enjoy this post !!
Hey there! I am Sudhir Khatwani, an IT bank professional turned into a cryptocurrency and blockchain proponent from Pune, India. Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about cryptonomics and eating if I am not doing anything else.
- 11 Ways To Make Money With Bitcoin & Other Cryptocurrencies
- Conclusion: Which Is The Best Way To Make Money With Bitcoin & Cryptocurrency?