Make money from cryptocurrency

Cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Here are a few ways to make money using this Buy (or trade in) cyptocurrency Your first option is to just buy coins. There are different exchanges that will allow you to buy or trade coins to keep. Once you’ve created your account on whichever one you choose, you pay the market rate for the coin, then hold onto it until you’re ready to sell. The hope is that the price goes up. However, like any investment, you need to be careful. Cryptocurrency prices fluctuate. You need to make sure you go through a reputable exchange, and that you back up your digital wallet. Then, you need to pay attention so that you can sell your coins when you feel like your profit has been reached. Accept payment in cryptocurrency Another way to make money with cryptocurrencies is to accept them for payment. If you have a business where you sell products or services, you can accept payment in the cryptocurrency of your choice. However, you would need a digital wallet, and to work with people who are willing to pay in cryptocurrency. With a little research, you can find clients or customers that use cryptocurrencies and are willing to pay you by transferring the coin through the blockchain. You will have to be able to calculate a rough estimate of what a service might cost, though, based on the value of the coin. The idea is to have a feel for how your products and services translate into the cryptocurrency of your choice. After you receive the payment, you could either use it to pay others for something or hold onto it until it rises in value. If the value of the coin goes up, you could see a solid profit by selling later. Mine your own cryptocurrency coins It is possible to mine your own cryptocurrency coins. However, we aren’t in the days where you could just use your home computer to work on mining coins. Today, with so many miners working with their rigs, it can be difficult if you want to make money with cryptocurrencies through mining. You need to invest in graphics cards and the right setup for the best chance. You need to know how to build a computer. Once you get it set up, you will be using more electricity. Some coins might be faster to mine than others. There might not be enough demand for you to sell all your coins if you mine something less popular. Earn free cryptocurrency and convert it to naira Many cryptocurrency exchanges and peer-to-peer marketplaces have created a free source of earning cryptocurrency; otherwise known as an ‘Affiliate Programme’. By joining an affiliate programme with a cryptocurrency exchange and promoting its listed products, you can make quick money in commission. Generally, after signing up, affiliates will receive a link with a unique tracking ID attached to it. The crypto exchange will use the tracking ID to identify when someone uses their platform through the affiliate’s unique link. In return, the affiliate will receive a percentage commission. If the commission is in cryptocurrency, the affiliate can still make money by converting it to naira. Exchange for digital currency trading Cryptocurrency adoption is soaring in Nigeria and the best way to make money in cryptocurrency is by trading digital currencies. For traders already familiar with forex, it will be little to no adjustment migrating to cryptocurrency trading. Traditionally, trading requires a broker to execute your trade; and a broker that adds commission fees for the execution. The best part of cryptocurrency is that it is decentralized; thus, requiring no middleman to handle your trade whether you’re a newbie or seasoned trader. In addition to this, you have unlimited access to making money as you can buy and sell cryptocurrency without hitting a day trader limit. Buy and hold cryptocurrency for dividends Another smart way of earning through cryptocurrencies is to buy and hold cryptocurrencies that pay dividends. There are many great cryptocurrencies that pay you a fair share just for holding them and you are not even required to stake them, especially in a wallet. No matter what method you use to make money with cryptocurrencies, though, you have to be aware of market conditions. If a coin drops in value, you might have to wait until it rises again to sell — or it might be a coin that doesn’t pan out, then your losses are permanent. Make sure you understand the risks before you start. Culled from Punch]]>