It is no news that cryptocurrency has transformed many people’s lives in recent times, literally making them millionaires. At the same time, they sit and cross their legs. We may not be correct when cryptocurrency was first introduced into mainstream media. Still, many investors think Bitcoin was the first cryptocurrency to usher in the new era of blockchain technology in 2009. One question people keep asking is, ‘now that we have missed the big bull run of Bitcoin, how then can we make money off crypto?’
There are several ways to make money off cryptocurrencies. In this article, we will be looking at a few methods. Though, there are multiple ways of doing this.
Buy Bitcoin, buy as much as you can, and don’t stop buying. The predictions from top financial analysts say that Bitcoin may hit as high as $200,000 in the coming years, and this price might increase as time goes by.
There is a popular term for this called HODLing. It is simply explained as holding a cryptocurrency for future profits rather than selling.
Take HODLing as a long-term investment plan. The prediction for Bitcoin hitting $200,000 may take years but not as long as it took reaching its previous ATH (All time high) of $60,000 from 2009 till 2020.
Suppose you want a faster way of making money without HODLing and keeping your funds stuck in a coin. In that case, you can make your money work for you daily by investing with The News Spy, multiplying your investment using state-of-the-art artificial intelligence technology.
Also, Trading Bitcoin means you can make money off market fluctuations. For example, the sudden crash of Bitcoin prices from over $50,000 to less than $35,000 would have profited you if you had been in the’ sell’ position of Bitcoin. DYOR.
Buy Newly Listed Coins
Another way of making money from cryptocurrency is making money from newly listed coins. Before the sudden crash of the crypto market, newly listed coins (Alt. coins) like ShibaInu, amidst other coins, made thousands of percentage in profits within a few days, literally making people millionaires overnight. As much as this sounds very juicy and attractive, it is also essential to have an exit plan when buying these coins. Like experts would say, DYOR (Do your own Research). Some of these coins rose to as much as 10,000% of their initial value in one day. Still, because they do not have real-life applications and are just bloated coins, there was no application. They crashed not too long after they mooned (a term used to describe a cryptocurrency under a definite upward market trend).
The Peer to peer trading method has been available for years in the crypto space. It is simply selling cryptocurrencies to people that require them for a fee. Trading large volumes of any cryptocurrency can turn over some thousands of dollars in a few days, which is not so shabby for a job that does not require anything more than your phone and an internet connection.
Platforms in the Defi (Decentralized Finance) space like Binance, Kdex, amongst others, are straightforward to set up.
Making a lot of money like other businesses takes time. If you are starting with capital under $1000, you may want to focus on running a peer-to-peer business and use its proceeds to HODL. The prospects of making money in the crypto space are still as potent as when itstarted and maybe even better now.
P.S This is not financial advice. Always contact your financial advisor before investing your money in any company or business.
Follow Technoroll for more!
Editorial Staff of the TechnoRoll, are a bunch of Tech Writers, who are writing on the trending topics related to technology news and gadgets reviews.