How can I make money using Crypto?

The Crypto market is offering the best ROI (Return on Investment) so far. Everyone here comes to make money here but not all people succeed in this effort. One thing you must remember is that if you are earning money then someone in this world is losing. So before jumping into this highly volatile and speculative market, a thorough understanding of the crypto market is a must. We are going to discuss various ways through which you can make money.

If you’re new to all of this then worry not, we will guide you through all of the steps which can be helpful in this journey.

• The first thing which you can do is invest or trade in the crypto exchange market. Like investing in gold on the stock market, you don’t need to own crypto yourself.
• If someone has any digital coins, then these can be used to stake and lend. Users can lend these assets to other users or the system.
• People can also start the mining of any specific currency and receive awards in the form of digital currency.

These are three main mechanisms that allow users to participate in the crypto market and earn. We will discuss further 6 strategies based on these 3 mechanisms that provide a way to earn money in the crypto market.

Investing:

Investing is for the people with long-term goals who tend to buy and hold crypto assets. Crypto is extremely volatile in short term but has phenomenal benefits in long term. For example, the DOGE token has added 5,851% to its value in 2021.

Trading:

In contrast to investing, trading is a short-term plan to generate profits. The volatility of the crypto market becomes a major part but you should have great technical and analytical skills to avail this.

The other strategies are:

• Staking and Holding: Staking is a way of validating crypto transactions. If you are staking, you own coins but you don’t spend them. Instead, you lock the coins in a cryptocurrency wallet. A Proof of Stake network then uses your coins to validate transactions. You receive rewards for doing so.
• Mining: Technical skills and upfront investment in specialized hardware is needed for crypto mining. You will get rewarded for providing processing power aka Hasrate to the network.
• Crypto social media: Blockchain-based social media platforms reward the users for creating the content.
• Airdrops:  Airdrops and free tokens are distributed to generate awareness. An exchange might do an airdrop to create a large user base for a project. Being part of an airdrop can get you a free coin that you can then use to buy things or to invest or trade.