Cryptocurrency has taken the financial world by storm over the past decade, with major currencies like Bitcoin and Ethereum now reaching multi-billion dollar valuations. But how do you actually get started with cryptocurrencies? Here are 5 secret ways to make money with cryptocurrency that even most experienced crypto-traders don’t know about!
1) Become an affiliate
Becoming an affiliate is one of most popular ways to earn money online. One good way to start is by promoting a crypto-currency like Bitcoin, which you can do through a service like Coinbase. Affiliate marketing allows you not only make money from your own sales, but also from that of other people's as well. You just need someone selling products for some kind of commission percentage—and if it's digital products (like ebooks or software), even better! Most affiliates work with bloggers who promote content via posts, ads on their site and social media platforms.
2) Start a blog
It’s easier than ever these days to create a personal website and monetize it. Consider creating a niche site on blogging or cryptocurrency, especially if you already have an established readership. You could earn anywhere from a few hundred dollars per month to several thousand depending on your topic, audience, skill and effort put in. If you’re willing to step into some advanced territory, set up a bitcoin tip jar for people who like your content but don’t want to commit financially; it’s also not unheard of for publishers to allow paid memberships for premium content or access. And if all else fails, remember that crypto is here for life – so dig in and enjoy learning about it!
3) Trade crypto
This is more hands-on than most online activities, but there are lots of ways to make money through cryptocurrency trading. While we’re by no means cryptocurrency experts, Investopedia states that crypto trading is as simple as purchasing a stock or any other kind of tradable instrument. The only difference is that you are dealing in currency pairs rather than stocks and ethereum rather than government fiat (i.e., dollar or euro). By signing up for an account on a crypto exchange such as Coinbase, users can begin trading crypto pairs like bitcoin/dollar or litecoin/dollar using real money from their bank accounts.
4) Mine cryptocurrency
One of the fastest growing methods of making money with cryptocurrency is mining. Mining isn’t a way to earn a living, though; it’s simply a means of acquiring new coins in your personal crypto-wallet. However, you can turn your existing coin into cash via an exchange or take part in trading pools where you earn rewards for making successful trades—all without technically selling your coin. But if you decide to go mining yourself, here are five things you need to know before starting: Mining Hardware Pricing: Like any other type of technology-based product, prices can fluctuate wildly depending on demand and technology advancements. Typically, however, hardware tends toward more expensive than you think it should be as larger miners are able to negotiate better deals through volume purchasing.
5) Run an ICO (Initial Coin Offering)
What is an ICO? An Initial Coin Offering (ICO) is a fundraising tool that trades future crypto-tokens for cryptocurrencies which have an immediate, liquid value. The tokens are usually pre-sold to raise money for technical development before being offered in exchange for other cryptocurrencies like Bitcoin or Ethereum. This year alone, ICOs have raised over $2 billion. When a company chooses to raise money via an ICO, they sell their underlying crypto tokens in exchange for Bitcoins or other cryptocurrency options.
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