Smart ways of making money with cryptocurrency in 2020

Smart ways of making money with cryptocurrency in 2020

November 23, 2020 0 By carolc

The future could be hazy and unpredictable, but one clear thing is, it’s got a big space for cryptocurrency. Thanks to technology, the world is changing every single day. It’s never the same way it was yesterday if examined today. That’s the dynamic nature of the technologically advanced world.

Cryptocurrency is the digital money wave rockin around the globe. And there’s a lot of reasons for that. It is safe, secure and most importantly, profiting. Yeah. Profiting! A great deal of people have realized a financially buoyant life owing to their investment in cryptocurrency.

If you’ve ever picked up a liking for cryptocurrency trading before, several questions must have probed your mind. Questions like “how can I make money with cryptocurrency?” “How can I make cryptocurrency invest?” “What are the top ways of investing in cryptocurrency?”, and many other related questions would definitely have popped up in your mind.

There are several ways of making money in cryptocurrency, but not all of them are safe. In this article, we’ll be giving you workable ways of making money with cryptocurrency investment.

We will be checking out some smart ways of investing in cryptocurrency to make money in 2020. Are you set? Let’s roll!

1. Long Term Investing

If you ever thought of making your money work for you while you sleep, investing in cryptocurrency might be the best option for you. Investment is the easiest card to play in earning in the cryptocurrency world. And a lot of people do this.

What cryptocurrency investment entails is the buying of a certain number of coins, keeping them in your wallet and wait for the market to skyrocket the price. When the price goes up, they then sell off their coins and make profit. Quite, easy and fun, right?

You must however note that investing in cryptocurrency isn’t an easy ride all through. You must have done some important research. Before you invest in a particular cryptocurrency you must have done your homework and have an encouraging level of confidence in the cryptocurrency. You must be sure to a reasonable and feasible degree that the price for the cryptocurrency coins you’re investing in will rise after some time. Your profit lies in the rising of price, not the other way round.

There are lots of coins now to buy. But it’s advisable to buy secure and safe currency like Bitcoin, LTC and XRP. These coins have been around in the market for quite a number of years now. You can count on them to play along with your market analysis before making your investment.

Investing in new cryptocurrencies has some good to it. The top of the good is most probably because their coins will be cheap. However, the bad side of it is they can disappear after some trials in the market.

In other words, they may not be safe. And some could be. Just make sure you make a thorough research before taking the investment leap.

Pros

  • It’s very easy to start.
  • Doesn’t require much expertise.
  • It is beginner-friendly.

Cons

  • Not suitable for an impatient individual.
  • It takes a long time for profit to be made.

2. Day Trading

Many people often think cryptocurrency is all about buying coins, investing them and selling them off later when their price shoots up. There’s actually so much more to what cryptocurrency has in stock. There are faster and more efficient ways of making money in cryptocurrency.

If you want to make money with cryptocurrency in a fast way, then you should consider crypto day trading. Day trading is a smart trading strategy that allows for the buying and selling of multiple orders by investors in a day.

Cryptocurrency is very volatile. The volatility is a good plus for day trading. As a day trader, you can make good profits in a day if you know your way around the ups and downs of the cryptocurrency.

Basically, in day trading, what you do is look out for a low-priced opportunity window to buy coins at low price. When you’ve done that, then you can sell them off at a higher price. Although, the profit may not be a big one, but if you sum them up together, you’d be surprised by how much profit you’ve made. It’s all about patience!

Day trading is a skill. If you become good at it, you can venture into it full-time. Although you may not win a trade everything, you can be sure you’ll have a good number of wins in a day, if you know how to play your game.

To hone your trading skill, you can practice daily with a demo crypto trading account. When you’ve established your footing well and have upgraded your trading skill, then you can trade in a real account.

Pros

  • Relatively low cost.

Cons

  • It requires more trading skills.
  • It needs much time, energy and dedication.

3. Arbitrage

Arbitrage method is another way investors make money with cryptocurrency. The method is an easy one. It basically involves buying a digital coin in a one cryptocurrency exchange and selling it in another cryptocurrency exchange. Of course, the end result is to make profit.

Although arbitrage trading is somewhat rare, there are investors actively engaged in it. You should note it’s nkta fast means of making money in cryptocurrency. It takes a considerable amount of time before you can make huge profits with this method. Nevertheless, it’s worth your trial!

Pros

  • You get your profit instantly.
  • The requirements for entry are low.

Cons

  • It’s not always the case that you get good opportunities. They’re quite rare in arbitrage method.
  • There’s a high chance of losing profits due to the volatility of cryptocurrency.

4. By advertising crypto with affiliate marketing

This is another cool and efficient way of earning a secondary income. If you own a website or blog, you can advertise cryptocurrency on them.

Undoubtedly, cryptocurrency is growing rapidly everyday. Bitcoin in particular is growing on a daily basis. However, there isn’t much content about Bitcoin on the internet. That implies that only few bloggers and website owners are into the publishing of bitcoin-related contents.

You can make use of this factor to your advantage. All you need do is create a website and publish contents based on tips, strategies, instructions and other useful stuffs about bitcoin trading.

Pros

  • You get to have a steady secondary income.
  • The working schedule is flexible.
  • The investment cost is low.

Cons

  • You must have a website.
  • It is a freelance job. It may or may not be suitable for you to run.
  • You don’t have the power to control the affiliate program.

Conclusion

Poverty has no place in your barn when you have cryptocurrency with you. Step up your financial life with cryptocurrency trading. Remember, the future of digital currencies lie in cryptocurrency. Why not earn and prepare for the future now?

Try out the useful tips we’ve given in this article. You can also try out other ones you’ll come across as you make research. We wish you good luck in the crypto world!