It is certain that everyone in the modern age knows and has heard about cryptocurrency. The top crypto coin, Bitcoin, will turn 12 years old in 2021, and there is obviously a lot of profit to be made in the world of cryptocurrency. However, some people are still trying to figure out how to make money with cryptocurrency. It can be tough to keep up, but it provides money-making opportunities that may sometimes be difficult to spot. Here is a detailed guide to help you make more money from cryptocurrency in 2021.
1. Learn about cryptocurrency
Learning about cryptocurrency requires time and patience. You can make more money on cryptocurrency by understanding how they work, how they are bought, how the price is determined, and what platform to buy the coin. Tons of currencies are available to make money, coins like Bitcoin, Ethereum, USDT, Litecoin, Tron, and Doge. Binance is one of the most popular cryptocurrency apps used for exchange in the world. Binance gives you opportunities to learn about cryptocurrency and also earn money from it. YouTube is also available for people to learn and watch tutorial videos about cryptocurrency. The videos are precise and informative as you can decide to monitor a particular video about a coin and earn up to $50-$100 in the currency you just learned. You can earn from the cash and decide to sell or trade it through a recipient or fiat. The moment you know about the basis of cryptocurrency, you are well on your way to making money from it.
Trading coin means taking advantage of currency when it is high. Using this strategy requires practice, knowing the market, and being particular about the prediction before you decide to start trading. HODL is a long-term investment, and it takes a long period before profit can be made. Therefore, it is advisable to sell your coin as you earn faster than keeping it. However, there is a different strategy that can be used in trading a currency.
- Swing trading– Day trading is short-term, and HODL is long-term, while swing trading is sort of in the middle. Unlike those who keep their coin, swing traders will buy it low and wait patiently for the currency to increase in price and then sell it when it is high.
- Day trading– Day coin trading is swift and short, and it gives you access to fast profits. You can carefully analyze the market, profit from it, and have more access to money opportunities. In the end, they have a significant profit.
Trading requires a lot of practice and risk, and you might not get it right on your first try. You should also look out for trading platforms like swyftx as swyftx fees are low, and you can maximize your profit. So take tutorials, buy courses and figure out the trading strategies that are best for you.
3. Buying and Holding
HODL means buying and holding, and it is one of the most straightforward strategies for trading successfully in crypto. HODL began as a typo on a forum before it became a full-time trading strategy. Most people seek knowledge on how to invest or make money from cryptocurrency. Firstly, open the coin wallet you choose to invest in, buy the coin you prefer and then patiently wait for the coin’s price to spike in the future no matter how long you keep the currency. The whole meaning of HODL is Hold On for dear life. You can keep for weeks, months, or even years before you decide to sell your coin after making your profit from it.
4. Affiliate Programs
Affiliate programs are websites that pay you a commission for referring customers to them. For example, there are cryptocurrency affiliate programs that will offer to pay you in coins. It is pretty essential to know the kind of affiliate program to invest in. Afterward, you can join such a program if you have a YouTube channel, blog, or other social media that can assist you in sharing your links. If you cannot refer customers faster, share the link with your family and friends and post them on your social media platform. You can teach them about cryptocurrency from this program and show them that they can also learn how to make money from it. Affiliate program like Paxful allows you to make money from cryptocurrency.
5. Cryptocurrency as payment
Many businesses nowadays accept cryptocurrency as a means of payment for their products and services. It is easy to decide on using currency as a means of exchange. If you are running a business, you should consider taking cryptocurrency as a means of payment as it gives you more profits. It makes your transaction to be faster and secures your payment process. If you run a physical business, you can put up a banner in front of your store. If your business is online, you can create a graphic design or use an intermediary like pay with Paxful to integrate into your website. At this point, customers can swiftly transfer to your crypto wallet, and you can use the funds for investment that might grow in the future.
6. Writing about cryptocurrency
A professional content writer should communicate with the cryptocurrency market using the appropriate blog post and web copy content. It is easy to learn about it when you write about it, and you are being paid to keep up with recent trends. Cryptocurrency is a new niche, newbie copywriters rehash content repeatedly, and only skilled writers genuinely know about this niche. If you are decent with your writing skills and know very well about the space, you should educate the masses with your handiwork. You can use websites like freelancer and Upwork to earn money for writing about cryptocurrency.
7. Binary trading
Binary trading has been in existence for a long time. It took a while before it found its way into the crypto world. However, binary, as its name implies, is your purchase option and your deadline. The trade is either out of the money or in the capital. This is because you are betting on where the price hits. For instance, the price of a coin can be $2000 around 6 pm. You can place a bet around midnight that the price will be high or less. If you bet that the price will be increased, and it hits, you get to profit from your investment, and if you bet that the price will be low, and you don’t get it right, you lose your investment.
8. Trading Fees
The trading fee can’t be avoided as it is charged on every transaction made. Apart from the price of the coins, cryptocurrency exchange comes with a trading fee when people purchase or sell their coins. Most times, costs often decrease with an increase in the amount and frequency of trades. However, in some situations, cryptocurrency traders can incur trading fees if the limit order is present in the order book. Cryptocurrency exchanges calculate costs in two ways: as a percentage or as a flat fee per trade. The trading fee differs, but most cryptocurrency charges between 0.1% to 1% and more per trade. For instance, if you decide to invest $1000, you are likely to pay a fee of around $100 or less, while some exchanges charge no fee for trades worth $100,000,000 above.
Withdrawal is another way you can make more money on cryptocurrency. If you deposit your money in crypto for investment when it is low, your expectations of getting big profits are certain. It is advisable to sell your coin after getting enormous earnings, as you can lose the gain of your investment. To make a withdrawal after getting the yield of your investment, there are crypto apps capable of transferring from one wallet to another as a means of exchange. Withdrawals are sent from one address to another recipient’s address. You can find significant withdrawal fees in the fees and sections in your crypto app. Withdrawals crypto are automated when users’ deposits are held in storage for security reasons. Sometimes withdrawal is swift, and at times, it can take a few hours.
Some individuals do not like to keep their money in the bank. However, cryptocurrency is a digital currency that’s great for saving your money. It guarantees you total security and protection against inflation. However, depositing cash in crypto doesn’t mean you are transferring to anyone, but it is in your ownership, and you can access it anytime. When you deposit your money in crypto, you are fully entrusting them to keep it safe. Whenever a coin increases, you can get a big profit if you are consistent with checking your investment in your crypto wallet. It can’t be predicted, as it fluctuates in price.
Cryptocurrency develops constantly, and this urges people to find a way to make money from the currency. You can follow these guidelines to start making money from cryptocurrency in 2021. All you need is the knowledge, what to know about it and how to stick to the principles. Know when to stick to a trade, and investing in a cryptocurrency will get you big profits in no time.