There are so many different ways to make money with virtual currencies, some are simple, others not so – mainly these collective ‘secrets’ are held close to the investor/prospector/hoarders chest but not here right now, or generally on this website – cryptocurrencies should be taught to others whatever their simplicity or complexity then they can be embraced and the information passed on for further mass adoption.
Why bother with all this, you may be thinking?
Cryptocurrencies are decentralized meaning there is no central body, the blockchain is self-governed for the most part – many past cryptocurrency projects have been outright scams – in fact, this was how I got into this digital universe – I got scammed for £25,000 in a famous civil lawsuit that is still ongoing… I got some tee shirts and other swag, so it was not a total loss LOL let’s not think of Bitcoin :/
The old adage of “you need money to make money” is very true in whatever sector you choose but flat out lums of ca$h are not required to get a foothold on the cryptocurrency ladder, hopefully in time that ladder will reach the moon. The main thing is, if you don’t take part now, you will never know, surely?
It’s entirely up to you, this article should in no way be considered investment advice of any sort whatsoever and I the author will not take any responsibility for your monetary decisions or use of your own time. ¯\_(ツ)_/¯
I will, of course, be here to help 🙂
Read on for a list of possible money makers…
There are occasions where it is possible to get free coin in the form of Airdrops and Giveaways by following a project, being active in that particular community, sharing social media posts and other promotional tasks – this is more common than you might think and each project has its own set of rules and engagement – it is best to follow the projects Discord or Telegram group channels for info.
Some emerging projects have a set of bounties as rewards for many different tasks such as the aforementioned social media tasks as well as more complex jobs such as building services including digital on and offline, if you are a coder in the right language then there are some very real possibilities and avenues that are available to you.
Betting and gambling is one sure way of making or breaking your holdings. Wagerr (WGR) @ https://wagerr.com is a sports betting platform that covers not only mainstream sports of all sorts but esports too. There are many other betting platforms available on desktop PCs as well as mobile flat panel devices, make sure you understand how they work before placing any bet!
Cloud mining is the same as physically having a mining device of some sort right in from of you but the difference is that you rent virtual space that translates to physical machines – there have been many scams in this sector, at the end of the day you are potentially buying something on-screen that may not even exist (it could just be a picture and could turn out to be a pyramid scheme…) – such memories and losses, XPY huh, anyhoo I have used Genesis mining for years and never had a problem check them out at https://www.genesis-mining.com/a/2478385
When a coin is released there can be a pre-sale where investors can pick up super cheap coin, sometimes with a scaled release (getting MOAR expensive as the coin release rounds progress) which is why it is better to get in early on these coin offerings) – do make sure to research the particular project for legitimacy as well as seeing if a final product is even possible or that the whole thing is made up with a pretty website and technicality to draw people in. Many have lost near kings ransoms to these fake projects so be super wary you do not end up with a bag full of useless coins.
Digital media (Blogs and MOAR!)
If you are of a creative type you can easily make money writing blog posts, these can be about anything from recipes to news to even your favourite pastimes. Target word counts for these types of platforms are 350 words, check out my blog on https://blurt.buzz/@krumblez – you can easily sign up to the blogging platform using my referral link of https://register.blurt.buzz/?referral=krumblez and start blogging!
STEEM and the Steemit platform is the original blog cryptocurrency platform but the owner Justin Sun did something very naughty essentially stealing funds (locking up hundreds of legacy accounts) so it is best to stick to Blurt, Hive and others forked versions.
Very recently the D.tube platform was made live, it went out of the testnet stage to become the first decentralized video platform contending with the likes of YouTube, Vimeo and the other mainstream media streamers – it is awesome, check out my channel at https://d.tube/krumblez01 (random videos) & https://d.tube/m3l0dymaker (dance music) – follow the channels for regular updates 🙂
Faucets are just that, drips of coin which are available for menial tasks, some as simple as just proving you are a human with a CAPTCHA challenge, they are timed so that you can only get a reward at set intervals but doing this over and over can add up to a good amount. There are many faucets available to use on the interweb.
Some like me collect coins of all sorts from many different projects, blockchain technologies as well as emerging new ways of doing things, this is risky but worth doing as those worthless coins could moon in an instant, just beware you don’t end up as a bagholder with ever more coins that lose more and more value in the ongoing hope they will eventually go up in value. This is a common affliction, welcome to the club ;P
Mining cryptocurrencies began with Bitcoin, it was possible to mine many hundreds of Bitcoin per day using just a computer processing unit (CPU), then graphics cards and now with warehouses full of power-hungry ASIC miners, their only just is to mine a certain algorithm, I have used BTC as an example which utilises SHA-256 encryption but there are many different algos.
You do not need power-hungry rooms full of graphics cards or ASICS, you can mine cryptocurrencies with your normal computer CPU, in fact, many new coins are CPU minable these days – this saves the world’s energy, many of these CPU mined coins are PoW (Proof of Work) to initially mint then change to PoS (Proof of Stake) once on the blockchain, this means if they are held in an online wallet and have an adequate ‘coin weight’, they create more coin from the same balance proving transactions. win-win. Both PoW and PoS can be considered a form of ‘cryptocurrency mining’.
There are many services available to part you with your hard owned cryptocurrency, lending platforms are prevalent but be wary of these as there is no real guarantee what you put in you can get back. A more guaranteed route would be with EFI ETH ERC20 platforms such as Uniswap/Sushiswap and others where you can connect your Ethereum wallet in order to prop up a market with some returns possible, but it can go the other way – you can lose out just as easily whilst actively chasing potential gains – if taking part in ETH smart contracts, be sure you are swapping or placing collateral to the correct contract address, anyone can make a token and purport is as a legitimate branded one but they could very well be fake tokens and have nothing to do with a legitimate project.
Trading is very simple > buy low sell high, rinse and repeat. There are many factors you need to take into account and you must also be stalwart and strong in your decisions. Cryptocurrency is very volatile and so good gains, as well as big losses, are very possible, in the blink of an eye. Trading can be short or long term, even futures if you are confident of longevity, bear in mind that balances you might deposit could be locked up for a long time, if the markets dump you can easily watch your money go right down the drain – but if you don’t try you will never know – just be careful 🙂
Masternodes are special always online wallet nodes that help secure cryptocurrency networks that support them, they offer extra layers of security as well as voting and governance – for their support Masternodes receive rewards from transactions as well as the network they help secure in the form of Masternode rewards, these are awarded randomly across the nodes on the network and their owners – the more masternodes on the network the less rewards there are to go around so it is best practice to get in on these projects early if they have a viable and real use.
Not all cryptocurrency coins need or support Masternodes but there are many that do including Dash that cost many thousands of dollars for the collateral, there are lots of cheaper entry Masternodes to choose from but again, do your research to see if the particular project is even real, viable and has any sort of future before investing.
Sharenodes (partial Masternode shares)
It is possible to take part in Masternodes but in partial share broken down versions, if you do not have the collateral to invest 1,000 DASH costing $70+ for each DASH coin you can partially invest what you can afford or have to hand, as well still getting rewards, check out the Sharenodes market at https://ionomy.com/en/aff/d75418aac341ab279f4eff3271a6ddea
for a good choice of Sharenodes – at any point you can easily cashout (with some market fees) but these are super ways to get into Masternodes, eventually, through taking part in these you may have the full collateral to run a Masternode on your own, hosting it on a secure server and gleaning the rewards all to yourself.
Much the same as mining with a regular computer processor or using complicated specialist ASIC hardware miners it is very easy to run a desktop wallet with a good coin weight (amount) that acts to secure transactions across the particular coin network, just by holding cryptocurrency coin in a wallet and leaving it online – after some time and luck, PoS (Proof of Stake) rewards are possible.
Staking can be considered mining but with the main difference in that power-hungry miners are swapped from simple desktop or advanced daemon wallets, as long as the coin is kept untouched and online, rewards can be sought. Each PoS coin and its staking requirements are different so you should check the projects as well as GitHub pages. I stake a number of cryptocurrency coins on low power machines with resource-light wallets – there are online (remote) staking options available but these are risky as the coins and private keys are not in your control.
Do you know of any other legit ways to make cryptocurrency, if you do add your comments below, thanks for reading:)