Cryptocurrency: How To Earn Bitcoin And Other Digital Assets
On 31 October 2008, Satoshi Nakamoto created Bitcoin: A Peer-to-Peer Electronic Cash System. He implemented the bitcoin software as open-source code and released it in January 2009. Satoshi Nakamoto designed bitcoin to give financial control to ordinary people and take it from financial elites. He wanted to create a decentralized monetary system so that anyone, who wanted to, could participate in it.
The first cryptocurrency to be developed was Bitcoin, and since then, there have been over 9314 active cryptocurrencies. Many people have made money through trading and holding these digital assets. All crypto are available for an individual to buy and sell.
Following are the ways to earn from cryptocurrency:
- By investing in newly launched crypto at presale price:
Investors can buy any upcoming crypto at a discounted price. Then when the crypto gets launched, the price of the crypto may increase, and then the investors can earn a profit. Here the challenging part for the investor is finding such crypto and researching such events.
One of the most effective ways to earn from cryptocurrency is day trading. Once you know about the fluctuations of the crypto market, you can make daily trades and earn small but frequent profits. To trade daily, the investor must enter with sufficient money. Cryptomarket fluctuates significantly, and the investor can earn profit with proper research.
It is the original way the pioneers made a cryptocurrency. It is an expensive process requiring mining software, hardware, and a cryptocurrency wallet. To mine a single block or coin, a miner needs a lot of power, and the cost of mining one bitcoin in India is around $40,245, i.e., nearly 32 lakhs, and the price of 1 bitcoin is $17,019. But nowadays there are few apps that let you mine cryptocurrency on phone.
- Coin app:
As mining is an expensive process to earn crypto, various coin app are now becoming popular platforms for managing and trading cryptocurrencies. The app allows users to buy and sell a wide range of cryptocurrencies, making it a convenient way to manage a diverse portfolio of digital assets.
- Staking and Lending:
It is one of those concepts where you can earn coins as a passive income if you already have that coin. Here you have to lock your coins and act as a validator on a proof-of-stake blockchain network. And if you mine correctly, you will get cash as a reward, and the only risk in this process is that if the validator doesn’t mine correctly, he loses that locked coin. Here you can add 1 crypto coin or multiple cryptos through perfect mining in your portfolio.
- Holding Cryptos:
Using such coin apps, you can buy and hold a Crypto for a long time is also a way to profit. It is the exact opposite of day trading, where the investor has to buy and sell the crypto in a day. Here the investor has to hold that crypto for a sufficient amount of time to earn profit.
- Play Crypto games:
Many crypto games allow the player to earn. There are blockchain-based games that have a play to earn model.
- Crypto faucet:
As a beginner in the digital market, this is one of the easiest ways to earn cryptocurrency. Here you have to complete some basic tasks to earn a few cryptos. You can make money without any investment. This helps you to create your digital wallet and lets you know more about this digital finance system. The main aim of such faucets is to promote their app or website by giving basic tasks and minimal coins as a reward.
In conclusion, there are many ways to earn money from cryptocurrency, including investing in new coins at presale prices, trading, mining, using a coin app, HODLing, playing crypto games, using crypto faucets, and staking and Lending. Each method has its challenges and potential rewards, and investors should carefully research and consider their options before deciding how to earn from cryptocurrency.