Can You Still Make Money With Crypto?

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Cryptocurrency has been the word on the lips of millions of people who love investing and dabbling in new technology. When cryptocurrency became so accessible to people, it changed how people looked at it. It was no longer some invisible money but a viable way to make cash – just like most other investments, it depends on how you do it. 

Photo by M. on Unsplash

So, can you make money on crypto? Do you need to mine it? How do you calculate your returns on your efforts if you do mine? 

The Classic

The classic way to make money in crypto is to invest in crypto. Find a broker you like the look of, get the wallet they recommend, and buy some. And just like every other type of investment, you will be holding on to it for a while – until you either don’t want the investment anymore or you can see it has made some money. 

The classic way of investing is a classic for a reason: it is straightforward, and most people have a general grasp. 

Mining 

Getting in on the action from the ground is kind of cool, and it is certainly one way to make some money. You’ll need to invest in a high-powered computer, one that has the capacity to solve the complex mathematical problems that will give you crypto. Ming can work for people who have some cash to spend on the initial start-up (hardware) and don’t mind the electrical costs, but a mining pool can be a better solution if you want a cheaper option. 

Crypto Products

There are many opportunities within the crypto market to start a business that has a cryptocurrency focus but doesn’t directly involve mining or investing. You could get a team together that has the ability to create applications that use blockchain or create a content or marketing company that specializes in crypto. 

Staking 

Staking hasn’t been around for long when it comes to crypto, so there is some room for exploration and innovation here. Staking is a way to generate passive income through your cryptocurrency. Basically, you will ‘lock up’ your cryptocurrency, and during that period it contributes to security validation of the blockchain networks. What you get in return is more cryptocurrency. 

Trading

If watching things like The Big Short and The Wolf of Wall Street give you a thrill, and you are pretty sure that in a high-pressure situation, you’ll make swift (and good) decisions then trading crypto could be for you. You’ll need to have a deep knowledge of the value of cryptocurrencies, and some of the regular markets too. Much of being good at trading comes down to being able to spot trends ahead, look for patterns, and preempt things that will make an impact on what you buy and sell. 

While NFTs seem to have tanked in the last few months, cryptocurrency is still a thriving market – now more than it ever has been. 

Another way that you can make money from cryptocurrency is to accept it as a form of payment for goods and services: Foolproof Ways To Sell More This Year. 

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Like Minds is a global thought leadership platform delivering world class events on business development, knowledge and insight aimed at entrepreneurs and business leaders to engage, stimulate and empower them to become global businesses of the future. We also offer a bespoke service for corporate clients and training programmes under the Like Minds U brand. For more information please email bespoke@wearelikeminds.com

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