There is no denying that cryptocurrencies are here to stay. These digital units of value have created a new financial landscape on the Internet. They currently facilitate currency trade and investment. They are also being adopted at a very fast rate in the real world through compatible payment systems. As a result, cryptocurrencies have become media through which we can earn a living and even make a fortune. Here is how you can get rich in 2019 with cryptocurrencies!
Using the Buy and Hold investment technique
Buy and Hold investment technique
One of the most reliable ways of profiting from cryptocurrencies is buying and holding them. This strategy involves buying cryptocurrencies that have a stable use-case. A use-case is a reason for existence. After that, you can hold them until their price rises.
Once the value of the cryptocurrency rises, you can sell your holdings and gain a handsome profit. When investing in cryptocurrencies using this strategy, some excellent choices to use include Ethereum, Bitcoin and Litecoin. They have exhibited a positive curve and are bound to keep creeping upwards over time.
Run a Masternode
Masternode
A masternode is a wallet or computer that keeps and maintains a complete copy of the Blockchain in real time. It is always up and available to perform Blockchain-related tasks. Running a masternode is one of the ways through which you can earn a return from cryptocurrencies. This is because the cryptocurrency network pays the masternode owner some compensation.
To run a masternode, you need to have a minimum number of digital coins. For most cryptocurrencies, the minimum is between 1,000 and 25,000 coins. Some examples of digital coins that compensate masternode owners include DASH and PIVX among others.
Executing cryptocurrency microtasks
There are plenty of people on the Internet who are willing to pay you cryptocurrencies to complete microtasks. Examples of these are completing online surveys, downloading and testing new applications and watching videos too. There are cryptocurrency systems which provide this service. Examples of these include Coinbucks, Bituro and Bitcoin Rewards among others.
Arbitrage with cryptocurrencies
The cryptocurrency market is free, open and beyond government control. Hence, there is volatility and differences in price from one exchange to the next. This means that you can buy a particular cryptocurrency in one exchange at a low cost and sell it for a profit in another one. This is known as arbitrage. If you know how to implement this strategy, you can earn between 5% and 40% spread on each sale. Some exchanges such as Poloniex and Bittrex offer exceptional arbitrage opportunities.
Blog on cryptocurrency sites
There are websites that will pay you in cryptocurrencies to blog about these digital currencies. If your content is loved by the readers, these sites will pay you in cryptocurrency. Moreover, you can even give a particular reader full access to your content for direct monetization. Some examples of websites where this can be done include Steemit, Y’alls and Yours.
Trade cryptocurrencies
Cryptocurrency Trading
One of the ways to earn an active income from cryptocurrencies is to trade them. Essentially, you need to perform technical charting at various times of the day. The objective is to buy low and sell high. You can even trade digital currencies for fiat ones at a profit.
There are platforms which are specially designed for day trading. They include KuCoin, Binance and Cryptopia. Seeing as the crypto market can rise or fall between 20% and 50%, charting becomes necessary for profitable trading.
Work and get paid in cryptocurrency
Today, it is possible to work and get paid in cryptocurrency. If you are a web designer, software tester or even a content writer, it is possible to start getting paid in cryptocurrency today. There are many platforms where you can earn digital coins in exchange for your services. Examples of these are Coinality, Jobs4Bitcoins, 21.co and bitWAGE among others.
Not only can you earn cryptocurrencies from these platforms, you can also gain ample benefits from the price appreciation delivered by the digital coins. Some good digital coins through which you can accept payment include Monero, Litecoin, Bitcoin and Ethereum.
Stake your cryptocurrency
Staking cryptocurrency is where you hold a collection of digital currencies in a live wallet 24/7. This secures the Blockchain network and helps to control volatility. You get to earn a reward for staking the cryptocurrencies. Furthermore, you can earn profits if these coins appreciate in price. Some examples of cryptocurrencies which you can stake include Decred, Neblio, PIVX, BirdgeCoin and many more.
Begin accepting cryptocurrencies if you are an online merchant
Cryptocurrency Wallet
If you sell goods or services on the Internet, an efficient way to get some digital coins is by accepting payments made in cryptocurrency. There are many digital currency payment processors on the Internet that you can incorporate into your e-commerce platform. They can help you to receive and process payments made directly from cryptocurrency wallets. This method helps you to receive cryptocurrencies and also gain benefits when they increase in value.
Reap from cryptocurrency faucets
This is the quickest way to earn some cryptocurrency. It is mainly used to earn Bitcoin. A Bitcoin faucet is a system where you are rewarded with cryptocurrencies after completing some task. Examples of these tasks include playing games, solving captchas and watching videos. For every task which you complete successfully, you get to earn a satoshi. This is a hundredth of a millionth of a Bitcoin. There are also faucets which dispense other types of cryptocurrencies.
Lending other people cryptocurrencies
If you already have substantial holdings of cryptocurrency, it is possible to earn from it by lending your digital coins out at a fair interest rate. There are cryptocurrency lending platforms which enable you to receive an interest rate of between 12% and 18% on your investment. Each lending platform has specific policies to curb defaulting. However, cryptocurrency lending is still new and yet to receive official regulation.
Mine cryptocurrencies
Mining cryptocurrency
This is the most straightforward way to get cryptocurrencies. Mining digital coins is essentially using your computing power to solve complicated algorithms for the purpose of generating digital coins.
In the early stages of cryptocurrency mining, it was possible to mine cryptocurrencies using your computer’s CPU. However, new technologies and equipment have been developed to assist with this. They include GPUs and ASIC miners. Therefore, mining cryptocurrency requires substantial investment in equipment and electricity before you can get a return.
Earn dividends on the cryptocurrencies that you hold
There are some types of cryptocurrencies which pay you dividends for simply holding them. You don’t even have to spend them to receive your share of the underlying tech company’s profits. Examples of these are CEFS, COSS, NEO and KuCoin. They can be a great addition to your digital portfolio.
There are many ways to get rich using cryptocurrencies today. Some of the most popular ones are indicated above. You can try them out and seek your fortune in the digital frontier!