7 ways to make money on cryptocurrency

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

Earning opportunities for those who are not afraid of risk and are ready to understand the features of digital currencies.

Everyone around is talking about cryptocurrency, and surely many are jealous of those who once bought Bitcoin for $ 10 and are now in chocolate. There are people who think that they will have time to jump on the last carriage of the Cryptocurrency - Cloudless Pension train. Below I will tell you about the most interesting and popular ways to make money on cryptocurrency, but not the fact that you will be able to increase your money.

1. Mining

Meaning: in simple terms, this is the mining of cryptocurrency for a fee. You need to build a farm (a computer consisting of a dozen powerful video cards with special software) for the cryptocurrency you want to mine.

Pros: no.

Minuses:

• Very high entry price.
• Very long payback periods for equipment.
• You need to be well versed in technology and software.
• Constant investment in farm upgrades.

Outcome: pleasure is not cheap. You will need at least 1.5 million rubles to organize a more or less working farm that will bring you income.

2. Cloud mining

Meaning: you buy power from other miners, while you yourself do not have the equipment. Affordable mining for everyone.

Pros:

• Low entry price.
• Payback on invested money in 4-6 months on some cryptocurrencies.
• You don't have to be tech-savvy.
• A variety of tariff plans for mining different cryptocurrencies.
• You can mine several cryptocurrencies at the same time.

Minuses:

• Additional electricity costs (in some tariff plans).
• Cryptocurrency withdrawal fees.
• Withdrawal only in cryptocurrency.
• The money invested is frozen for a year.
• The likelihood of failure of the data center.
• Risk of being hacked by hackers.

Websites:

• hashflare.io;
• www.genesis-mining.com;
• hashing24.com;
• xviata.com.

Outcome: suitable for those who want to take part in the race for cryptocurrency and trump the newfangled profession of "miner". Cloud mining allows you to mine different types of currencies at the expense of other miners, while you do not need to have a lot of money to enter this business.

3. Buying cryptocurrency on the exchange

Meaning: open your account on the exchange, transfer money to it, buy or sell cryptocurrency.

Pros:

• You determine the price of the entrance yourself.
• Variety of cryptocurrencies.
• Buying cheaper and selling more expensive, you can double your capital per day on some operations.
• Good growth of popular cryptocurrencies in the future (bitcoin, ether).

Minuses:

• Different exchanges have different cryptocurrencies, but they all have bitcoin.
• Very complex schemes for replenishing an account and withdrawing money.
• Due to large chains of withdrawal and replenishment, you lose money on commissions.
• This is an exchange - you can lose a lot if you buy currency at its peak.
• The method is not suitable for those who are not ready to devote a lot of time to this.

Websites:

• poloniex.com;
• exmo.me;
• bittrex.com;
• bitfinex.com.

Outcome: quite an interesting way for diligent people who are ready to monitor currency quotes, fluctuations in their exchange rates 24/7 and respond instantly. To make good money, you have to invest a lot.

4. Purchase and storage of cryptocurrency in an electronic wallet

Meaning: start an electronic wallet or register with one of the payment systems that allow you to store cryptocurrency. You buy cryptocurrency, forget about it for a long time, and it may rise in price.

Pros:

• Low entry price.
• Analogue of a bank deposit with a higher yield.
• The ability to store multiple cryptocurrencies.

Minuses:

• The wallet can be hacked.
• For at least a year, you cannot touch the currency, no matter how the exchange rate jumps.

Websites:

• ru.cryptonator.com;
• holytransaction.com;
• coinomi.com;
• coinsbank.com.

Outcome: an option for those who do not want to monitor currency quotes every day. It is imperative to have an electronic wallet: online - for transactions, offline - for storage (it is almost impossible to hack it).

5. Buying cryptocurrency on one exchange and selling on another

Meaning: there are many cryptocurrency exchanges where you can often see a significant difference in the value of bitcoin. It can go up to $ 100-200 for 1 bitcoin. Buy on one and sell on another, earnings on the difference in exchange rates.

Pros: you can earn enough money per day, it all depends on the amount of investment and the number of transactions.

Minuses:

• Makes sense if you can buy at least 1 bitcoin.
• Initial difficulties in registration and verification on different exchanges.
• At first, it will be quite difficult to understand how to deposit and withdraw money promptly. Then it will be easier.
• Permanent sitting at the computer and monitoring stock exchanges.
• You can buy at the maximum, and at the time of transfer from one exchange to another, the quotes may go down, and you will remain in the red.

Websites:

• poloniex.com;
• exmo.me;
• bittrex.com;
• bitfinex.com.

Outcome: you need to be persistent and work quickly so that the cryptocurrency rate does not fall while you buy it in one place and transfer it to another. It is worth starting with bitcoin, as it is the most interesting in terms of the rate difference on the exchanges.

6. Analogues of mutual funds

Meaning: you choose a manager in your personal account on the website who will invest your funds in cryptocurrency. You can see the volume of the manager's money portfolio and how much profit it brings to investors.

Pros:

• Guaranteed income from 18 to 40% per month, depending on the manager.
• Low entry threshold - from $ 10.
• Possibility to withdraw interest weekly.

Minuses:

• There is a minimum period (on average two months) when the invested money cannot be withdrawn.
• Large fine in case of early exit from the manager's portfolio.
• Profitability on the verge of reasonable.

Site: mip.capital.

Outcome: a rather risky instrument with high profitability.

7. Analogue of trust management

Meaning: investing your money in a community of crypto brokers who use your funds to play on the exchange and share income with you every day.

Pros:

• Low entry price - $ 10.
• Crazy profitability - 3.33% per day, or 100% per month.
• The ability to withdraw interest in cryptocurrency or cash every day.
• Daily interest accrual.

Minuses:

• Personal account and all operations - only through Telegram.
• Information about the project (its founders and so on) is not disclosed.
• You can only withdraw interest. The deposited funds cannot be withdrawn.
• No verification, except for binding Telegram to a phone number.
• Perhaps this is a new financial pyramid like "MMM", only in the cryptocurrency market.

Telegram bot: @ trinity3me_bot.

Outcome: a very risky tool, as there are signs of a pyramid.

Now there are many opportunities to make money on cryptocurrency, but all the ways are not as easy and safe as they seem. Assess the risks and your opportunities. And remember: the safest thing, as one famous character said, is to keep money in a savings bank!