The cryptocurrency market is on a downward slide, bitcoin mining has been banned in China, and the latest season of Peaky Blinders has yet to air…. In short, chaos reigns and no one knows where to turn.
Regardless of the status of the market, in this article I will explore different ways to make money with cryptocurrencies!
Some are completely passive, while others will require specialized work and talents; however, there are enough options for you to choose the one (or ones) that best suit your needs.
However, the benefits for each of them are proportional to the time or money they bring.
1- BUYING AND HODL
Investing in cryptocurrencies and holding them for a long time is the most typical strategy to make money with them. This is known as « HODL » in cryptocurrency language.
You can invest in certain cryptocurrencies and hold them until the price exceeds your initial purchase price, and then sell them for a profit, as many stock market investors do.
However, be careful with the cryptocurrencies you buy. Before you buy a currency, thoroughly research whether it is feasible and what long-term impact it will have on the market. Before investing in a cryptocurrency, consider the following:
- Has this digital currency been around for some time?
- Can you tell me about its applications (payment methods, store of value, smart contracts)?
- Significance in history and resilience of the market?
Stick to cryptos that have real world applications and have been around for some time.
However, you are not obligated to use only the most popular cryptos. There are thousands of altcoins with medium or low market capitalization that have huge price fluctuations and can help you make a fortune.
You don’t have to rely on a single source for your web venture, as I recommend. Investing in multiple cryptos at the same time will help you diversify your risk.