5 Ways to Make Money with Cryptocurrency in 2022
This decade, millions of people are going to make money with cryptocurrencies. If you want to be one of them, you’ll want to read the 5 methods below.
16:09 29 August 2022
Cryptocurrencies are becoming a global force – and there are plenty of reasons to be excited about this.
People have grown tired of the traditional fiat currencies that have existed for hundreds of years. These currencies – like the US dollar - are regulated by governments and are under a great amount of control, so it’s understandable why people want a different type of currency that offers them more freedom. This is where cryptocurrencies like Bitcoin, Ethereum, and XRP have stepped into the equation.
Cryptocurrencies provide so many benefits to their owners that it’s almost impossible to count. For example, they allow for faster transfers and great privacy levels. However, this is barely scratching the surface.
The cryptocurrency universe also allows people to make money – which is the best benefit of all. Here are 5 ways you can do this:
1. Buy Low, Sell High
‘Buy low, sell high’ is the classic way to make money with crypto in 2022.
The concept is simple: buy stocks when they’ve hit a low price and then sell them when the price increases (or peaks). This will enable you to make a substantial amount of money when done right.
Of course, this strategy isn’t always so easy due to the volatility of modern crypto markets. However, through time and experience, you can master it; knowing when exactly you need to make moves.
Plus, many people are now using crypto bots (automated software) to do this for them, which makes life easier.
Before investing in any crypto, you firstly need to check the current price index of your target.
Let’s say that you’re planning to invest in Ethereum – if so, you should check the Ethereum current price index at OKX before going ahead. The current price of Ethereum, as well as any other type of crypto, is largely affected by:
- Market demand
- Market performance of other cryptocurrencies
- Public discourse
- Endorsement (for example, if someone like Elon Musk endorses a particular cryptocurrency, its value will skyrocket)
Make sense? Great – let’s move on to the next method.
2. Invest Early
When it comes to making money with cryptocurrency, the best thing you can do is invest early in a cryptocurrency that seems like it has the potential to succeed.
For example, if you had invested $1,000 in Bitcoin in 2010, this would be worth $286.5 million today. Yes, really.
This is why you need to keep your eyes closely fixed on today’s crypto market to see when exciting investment options become available.
Crypto mining is the process that helps verify Bitcoin transactions and create new Bitcoin for the market.
If you successfully mine Bitcoin, for example, you will receive Bitcoin without having to put any money down for it.
However, crypto mining is now a very competitive industry, which means it’s now harder to make money than before.
Crypto lending is when users lend crypto out and receive a fee (or interest) during the lending period. Plenty of platforms (as well as individuals) have started to lend crypto, as it’s a great method for making money.
Finally, you can make money by being a crypto consultant.
To be a consultant, you generally need 5-8 years of experience in the field of crypto. After becoming one, you can expect a very good salary.