While the value of Bitcoin, Ethereum and other cryptocurrencies has declined in recent months, trading these types of assets can still be a good way to make money, but it can be challenging for newcomers as trading cryptocurrencies is complex and also risky.
Recently, Google searches on "how to buy cryptocurrencies" have soared, not least because the so-called crypto winter of cryptocurrencies is ongoing and maybe people want to use the moment to accumulate.
However, there are many ways to get involved with cryptocurrencies beyond just buying or trading.
Manage a node
One of the most important functions of blockchains is the process of creating new cryptocurrencies. Anyone can run a node, helping this process by validating new transaction blocks and creating new cryptocurrencies. To manage a node it is necessary to have a certain amount of cryptocurrencies, but in exchange you receive a part of the new tokens created.
One of the best known examples is precisely Bitcoin, where anyone can manage a node and earn new coins by helping process transactions.
This operation is called mining, even if the amount of computing power required to obtain a reward is far beyond what a home computer can do, so you need to be equipped with suitable hardware and software for the purpose, or use so-called mining services. cloud mining (yes, there are also reliable ones).
Staking with cryptocurrencies
Another way to earn cryptocurrencies is through a process called staking. This is what happens when a certain number of tokens are locked up as collateral, and the network rewards you with new tokens. This is a sort of interest payment for token lending. Staking is common in decentralized networks that use a consensus mechanism known as Proof of Stake (PoS).
On cryptocurrency exchanges it is easy to stake with cryptocurrencies and receive commissions in return, even daily. For example, Bitget, with its native token BGB, offers Bitget Earn, a program for earning up to 6% APR. The daily interest payment is calculated on the subscription amount and the block time. Calculations for the interest payments then begin the following day.
Earning by playing: the so-called Play to Earn
It may surprise you to know that one of the most popular ways to earn cryptocurrency is to play games. For example, you can earn rewards by playing blockchain and NFT-based games like the popular CryptoKitties. CryptoKitties is a game where virtual cats are bred, collected and traded. A few years ago, the game was so popular that it accounted for nearly 25% of all Ethereum transactions. You can also earn money by playing Axie Infinity, a game similar to Pokémon Go.
Earn by reviewing and recommending products
One of the most common ways to earn in cryptocurrencies is to review and recommend products. This includes everything from cryptocurrencies to blockchain-based products and services. Obviously to do this you need to have an excellent knowledge of the sector and know how to use social networks well. You can review products on platforms like Steemit, where you can also make money by posting original content.
You can do this by signing up with a platform that connects investors and entrepreneurs, such as ICOExpert. Another option is to sign up with services that help blockchain projects hire consultants.
Conclusion
Digital marketing expert, she started working in the fintech sector in 2014 after graduating on Bitcoin technology. She is the author of Cointelegraph and CMO of Eidoo, today she is the co-founder and director of The Cryptonomist magazine and was included in the 30 under 30 of Forbes 2021.
