10 Ways to Earn Cryptocurrencies and Make a Killing has been inspired by a reader who contacted my blog. The discussion went something like: how do I earn cryptocurrencies? How do I monetise my time effectively? I thought that the topics covered in the discussion would make a great blog post. This is especially true considering that any cryptocurrency earned now will be worth multiples in the future. Mass adoption is coming. So start earning now and get ahead of the game. I know all these strategies work as I have tried them all. What are you waiting for? Read this post and start earning today! Here are my best 10 Ways to Earn Cryptocurrencies and Make a Killing.
1. Invest and don’t sell
This in my number one way to earning big in crypto. Look at the price growth of Bitcoin and Ethereum over the last 5 years. It’s been meteoric on any measure. My strategy is to accumulate BTC and ETH and also a range of the strongest altcoin opportunities. In this way, you hedge your bets and don’t have all you eggs in one basket.
Like any asset class, diversity is key to managing risk. If you continue to buy and hodl over the next 5 years, your wealth growth potential will be huge. And that’s why I’m in crypto!
2. Blogging, Vlogging and Curating Content
I’m a big believer in bringing value to the crypto-space. And by bringing value you also create value – as an outcome you earn cryptocurrency. As I’m a blog owner, I favour blogging – and hey, I’m a writer at heart so I go with my strengths.
From this, I earn from press releases, promotional posts, advertisements and other forms of blog monetisation. Yes it’s hard and requires dedication, but it’s worth it for bringing value to the community – and what’s not to like about getting paid to do this. A cryptocurrency blog is a great way to monetize.
Likewise with Vlogging, all these forms of blog monetisation exist there too.
Crypto has even brought out its own form of crypto monetisation for the modern blogger with platforms like Steemit. Steemit has introduced a way for bloggers to earn money every day by doing what they do best, blogging. Steemit users can make money by blogging, commenting and curating content for other platform users.
Once you’ve signed up for Steemit you will also have access to sister sites Dtube (a decentralised version of Youtube) and Busy.org (a decentralised version of Twitter). Here you have the same opportunity to earn Steemcoins (the native token on the platform).
As cryptocurrencies grow, then new platforms emerge onto the market. The secret is finding out which one suits you best, and hit it hard.
Back in 2015, I was happily mining crypto on my laptop, but unfortunately these days have passed. Today, mining is a series business with serious initial start up costs. Earnings can be slow, but once you have made the initial purchase of a high-end PC and other mining items such as a GPU or graphics cards, then you can earn passively over the longer term.
To stay competitive you may need to join a mining pool. There’s a great post on my blog about things you need to consider before joining a mining pool which is well worth a read. Want to find out more about mining? Then check out this helpful website for a steer https://www.bitcoinmining.com/
4. Cloud Mining
Leading on from mining, another way to earn cryptocurrencies is through cloud mining. Don’t want to turn your garage into a climate akin to the Bahamas? Then this could be the solution for you. Let cloud mining take the strain for you.
With this method you are effectively renting out mining equipment and earning money through the cloud. The initial cost of the contract can be high, but once a number of months have passed you can be generating a good income direct into your cryptocurrency wallet.
If the crypto you are mining, whether it be Bitcoin or an altcoin, appreciates over that timeframe then you can potentially earn even more. Popular cloud mining platforms include Genesis Mining and Hashflare.
5. Faucet Farming
This one is an easy way to make cryptocurrencies albeit very slow. Normally, you create an account on a faucet website and complete mundane tasks like captchas or clicking a claim button every hour. This requires no investment, but the returns can be low.
A good example of such a faucet that may be worth checking out would be Cryptotab. This one allows you to mine bitcoin in your Google Chrome Browser.
I’m not usually into browser based mining, but I thought this one was worth a mention as it has a slick interface and is one of the better ones out there.
I’ve been running it in the background while I’ve been blogging, and although it runs the fan kind of high, it’s happily mining bitcoins for me. It’s also one of those referral deals as well so check it out if you want a bit of a go at mining some bitcoins.
Where the best opportunity is to monetise a faucet like Cryptotab is by signing up new users who will earn for you as an affiliate. If this is something that you’re good at, then this could be a tidy earner.
In the crypto world the validation of blocks can be done by two main methods: Proof of Work and Proof of Stake. Proof of Work is a consensus such as that found in Bitcoin where computation power is used to verify blocks. To make money from this method the costs of set up and electricity are high.
In the Proof of Stake method or ‘staking’, you purchase a certain amount of a coin which are then staked. A wallet and node is created and then finally send your currency to the newly created node which can be used to verify transactions on the blockchain. This is a passive form of income and if you can build a large position in a certain token, it can be a great way to kick back and earn.
Popular currencies you can stake are Neo, Lisk, Ark,Qtum, OMG, Cardano, NavCoin and Stratis.
When a new cryptocurrency is developed or a development team mint their coins, they sometimes airdrop coins to people free of charge. Airdrops work for a token developer as it is great marketing and can create liquidity for that token/coin. Free airdrops are a great way to earn money for nothing, but not all tokens are going to be worth a lot of money. In the past, I’ve been airdropped tokens ranging from a few dollars to a few hundred dollars so there is money to be made in this area of crypto.
Want to get involved in free airdrops? Then check out https://airdropalert.com/ as a good starting point.
If you want to take airdrops to a whole other level, then what I have found to be a great earner is to invest in a cryptocurrency platform that rewards token holders with free airdrops. Consider this to be the platinum package! Although there are many platforms that offer this deal, one that I have found great success with is Trade.io.
Once you own 2500 TIO tokens you then qualify for free airdrops of ICOs released on their platform. You don’t even have to do anything, they snap shot your wallet whether it be Metamask or MEW and bam – you get 1000s of tokens for free. Your initial investment is then a seed fund for all ongoing earnings. This is the type of earning I like!
8. Gig economy
Gig economy websites allow users to get paid in cryptocurrency for completing jobs or tasks. These tasks are jobs or assignments that can be completed in a short amount of time by the user through activities such as: writing, editing, signing up to a service, taking surveys, transcription, watching a video, clicking ads, online research. There are a number of gig economy websites out there such as Coinbucks and Bituro.
This space is evolving all the time with new players emerging – helping us earn more and do more. One platform that I have massive success with is Latium.
What exactly does Latium do? It is the first micro-tasking platform that works on a one to many task structure. The user of the platform can create a task which they can hire one person, or many thousands, to complete. These tasks can be either ‘digital’ or ‘in-person’ tasks. At the same time, you can go on the platform complete tasks and earn LATX for doing small, easy to complete tasks. This token can then be exchanged for BTC or ETH on exchanges.
What’s more is, that you don’t even need to leave the platform to exchange to BTC or Eth as Latium has its own inbuilt exchange. You never have to leave the site to make money! If you want to read more, I’ve written a detailed post on what Latium has to offer.
A bounty is a simple task or job created by a coin developer that you carry out to earn free coins usually before an Initial Coin Offering (ICO).
Yes, that’s right you get FREE COINS. Well, free in the sense that the only payment you make is the time invested in completing the task.
Tasks to earn coins in the project are often very easy. The main areas are tweeting about the project, posting on Facebook, creating blog posts, designing a logo for the coin, or participating in a forum with the logo signature. These jobs are essential jobs for the coin developer to promote their coin during ICO stage to fund their ambitions.
Effectively, you can earn coins in a project without the need to be buying them with fiat. For me this is risk free!
When the coin gets released on an exchange (which can be a couple of months down the line so expect to be patient), you can sell them for profit. Or Hodl depending on where you see the coin going. Bounties can be found at Bitcointalk.org
10. Day trading
If you find that blogging, bounty hunting, staking or one of the other ways of earning cryptocurrency is too mundane and you like the thrill of the high stakes then day trading is for you. This method of earning cryptocurrency is a way to earn big, but it’s not for the faint of heart. Losses can be big too.
This is one form of accumulating cryptocurrency that I would take slowly and gain as much knowledge as possible. I know that before I started day trading I tried and tested many of the methods of earning crypto as seen above.
It’s fine losing crypto that you have earnt for free, but loosing hard earned crypto or money you have invested is tough. If you want to give this one a whirl then popular sites are Binance and Bitrrex
And that’s my round up 10 Ways to Earn Cryptocurrencies and Make a Killing. There are many more ways not covered in this article but these are the ones that have worked well for me. I’m sure some of them will work well for you too. And when you make your first $10’000 dollars feel free to buy me a beer !