During the current age of entrepreneurship, many people are turning to cryptocurrency as a source of making money. However, is this truly worth your time, or is it simply a short-lived trend?
The simple answer is yes, you can make a decent income with cryptocurrency – contrary to the opinion of many critics.
The crypto industry is growing every day. New cryptocurrencies are growing and evolving, whilst already established ones (such as Bitcoin) continue to thrive. Essentially, there’s a lot to be excited about.
However, it’s not simply a case of clapping your hands and making millions of dollars from cryptocurrencies right away. Instead, you need to be patient, follow different strategies, and ultimately keep your eyes closely fixed on the market.
What Are the Most Popular Cryptocurrencies Today?
So far, in 2022, the three most popular cryptocurrencies are:
- Bitcoin
- Ethereum
- Tether
Bitcoin has long since established itself as the most valuable Bitcoin around, which is why so many people continue to invest in it.
Interestingly, Ethereum (the second most popular type of cryptocurrency) is predicted to surpass Bitcoin soon. This is because the Ethereum 2.0 update is coming soon, which will revolutionize the blockchain and make the investment even more appealing than it already was. If Ethereum 2.0 turns out to be a success, then it will dramatically change the crypto industry. If you like, you can visit okx.com for ethereum live price index. This will give you a run-down on the current price that Ethereum is trading at as well as lots of other helpful information.
So, How Can You Make Money with Cryptocurrency?
With that covered, let’s now look at some of the best ways you can make money with cryptocurrency. Remember, it’s a case of testing out the different methods to see which ones work best for you.
Day Trading
One of the most common and popular ways that people make money with cryptocurrency is day trading.
In simple terms, day trading is a short-term strategy where you buy crypto assets at a particular price and then sell them when they increase in price so that you make a profit. Often, this can be done in seconds. In other cases, it can take hours. Sometimes, your investment will flop, and you will see a price decrease. Don’t let this deter you, though, as it’s part and parcel of day trading. Over time, as you gain more experience, you’ll become better and will start to make some serious profit.
To start day trading, you’ll need to use a crypto trading platform. This way, you can make all the trades you want 24/7.
Crypto Bots
Do you want to make day trading easier for yourself? Use crypto bots.
A crypto bot is part of automated software that does the trading for you – cool, right?
The main advantage of this is that the bots can react quicker to market activity much faster than any human can.
The downside is that bots remove the human element of trading, which means they can’t make surprise predictions that pull off huge profits. Instead, everything is done ‘by the rule book’.
Affiliate Programs
Across the internet, there are lots of crypto affiliate programs where (if you refer a friend to join) you can make money for both you and someone else. Some programs pay higher than others, which is important to bear in mind.
If you need some suggestions, try:
- CoinLedger
- HaasOnline
- SimpleSwap
The more friends you refer, the more money you can make – it’s simple. Have fun on your crypto journey and remember to trade responsibly.
