So, you are wondering how to make money from cryptocurrency, and if you are too late to board the money-making train that it spawned? Luckily, the time is better than ever and investing in crytocurrency is the best decision of investing in a commodity that has the highest growth potential than any other asset in the world. Here we take a closer look at how to make money with cryptocurrency.
Cryptocurrency is decentralized digital money that is based on blockchain technology and secured by cryptography. To understand cryptocurrency, one needs to first understand three terminologies – blockchain, decentralization, and cryptography.
Blockchain is a digital ledger whose access is distributed among authorized users. This ledger records transactions related to a range of assets, like money, house, or even intellectual property. The access is shared between its users and any information shared is transparent, immediate, and immutable. The underlying blockchain technology is today used in banking, insurance, and other business sectors.
Cryptocurrencies are not controlled by the government or central regulatory authorities. As a concept, cryptocurrency works outside of the banking system using different brands or types of coins like Bitcoin, Altcoins or NFTs. There are three major processes involved in cryptocurrencies:
Users today can buy cryptocurrencies from central exchanges, brokers, and individual currency owners or sell it to them. Exchanges or platforms like Binance, CoinDcx, WazirX are the easiest ways to buy or sell cryptocurrencies. Once bought, cryptocurrencies can be stored in digital wallets.
Cryptocurrencies like Bitcoins can be easily transferred from one digital wallet to another, using only a smartphone. Once you own them, your choices are to:
a) use them to buy goods or services
b) exchange them for cash
When Bitcoin was first introduced, no one expected it to blow up to the heights it is soaring in today in terms of value and popularity along with other cryptocurrencies such as Ethereum, BNB etc.
Everyone gets into the cryptocurrency field to make money, but not all end up doing that. A lot of people either simply give up along the way, or lose money because they do not properly understand how to make money with cryptocurrency.
There are many ways of making money with cryptocurrency. The popular ones are:
While investing and trading are the most common ways, the later two require more technical knowledge and setup cost. 90% of people fear to invest in the crypto market for fear of losing money due to its high volatility and risk factor.
There are 18000+ cryptocurrencies in the world. It is very difficult to have knowledge about each one.
Crypto market is open 24x7 & 365 days a year, which makes it next to impossible for a human to always be online in the market without taking rest.
As a human being we're always influenced by emotions like greed & fear, which effects our patience in taking the right decision at the right time.
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Digital Marketer & Crypto Coach
Founder, DIGITAL NETWORKERS CLUB
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Originally published May 2, 2019