Overtime in the history of humanity, innovations always opened the door to new financial opportunities. In the same way, the advent of cryptocurrency brought new avenues to make money.
With a total market cap of over $3 Trillion, the crypto market is rising as a competent competitor of the traditional financial market. The robust flow of assets in crypto is also enriching people.
At the moment, some whales in the crypto market include Emperor BTC, CZ, Sam Bankman-Fried, Chris Ani, Mary Cattywood, Elon Musk, a16z, and a few more others.
While many are already making millions of dollars in the crypto space, a lot of others don’t know how to get into the game. They don’t know the action steps to take and make money daily with cryptocurrency.
If you are part of these people who want to know practical ways to make generational wealth from crypto, then this piece of content is for you.
Subsequently in this piece, we would be going through what crypto is all about and several realistic ways to make bountiful revenues from it.
Before we proceed, this piece of content does not constitute financial advice. It is solely for education and enlightenment. Please, do your research.
What is Cryptocurrency?
Cryptocurrency is derived from two words, “crypto” and “currency.” Crypto is from a Greek word, “Krypto,” meaning secret. While currency, on the other hand, refers to any tradable and acceptable form of money – albeit virtual.
Therefore, cryptocurrency is a new financial ecosystem that is not controlled by any single entity. This is otherwise called Decentralized Finance, or DeFi for short.
Cryptocurrency is a derivative of blockchain technology. Therefore, a brief explanation of blockchain vis-a-vis cryptocurrency would be necessary to set the right pedestal for this discourse.
Briefly, blockchain technology is a better version of the usual Web2-based technology as it focuses more on the decentralization of power. Through the blockchain, people can make transactions and decisions through smart contracts of nodes.
In the year 2009, cryptocurrency came into the limelight when an anonymous author published the whitepaper of Bitcoin. The pseudo-name of that anonymous person was Satoshi Nakamoto.
He, and some other developers, explored blockchain technology to create Bitcoin as a store of value. Although Bitcoin didn’t have an impressive adoption at first, the story changed some years later when everyone was bagging it.
Nowadays, we have more tokens than just Bitcoin—even millions of them—as there were new use cases of blockchain technology.
How to Make Money Daily With Cryptocurrency (7 Easy Ways)
Other things being equal, crypto trading is one of the sure ways on how to make money daily with cryptocurrency. This trading is similar to the traditional form of it where you buy and sell.
In crypto trading, you’d buy a coin when it is low and sell it when it is high. The more you can hodl before exiting, the better for you.
If you are good at trading, you can make up to 100X of the money you invested in one project. You can also venture into futures trading which is by far more profitable – depending on how good you are and how well the market favors you.
But before you can be a profitable trader, you need to understand some basics of crypto to understand what coin or gem to buy.
Thus, you’d need to invest a lot of time and resources into learning. Some of the things you’d learn include Fundamental Analysis, Technical Analysis, and Sentimental Analysis.
Without having sound education about these analyses, it’s not yet safe for you to start trading, lest you blow your equity.
See Also: How to Start Forex Trading (Easy Steps)
As against what most people think, trading is not the only way to earn money daily with cryptocurrency. In fact, there are a couple of other ways to go about it.
Staking is a method that most people are not familiar with. Although it’s not as popular as trading, it remains one of the safest ways to make money with crypto.
You might want to ask, “What is staking?”
Staking, in this context, means a process whereby you deposit or lock your tokens to support a project. When you do this, the project will give you returns at regular intervals.
However, please note that you can only stake a project in its ecosystem. Meaning that you can only stake BNB in Binance, and a project like WINK in Tronlink Pro.
The digital gaming ecosystem gained more popularity some decades ago with the invention of gaming consoles like Sega and Mario.
With time, these games transcended into mobile are PC games that could be played more conveniently. The variants include FIFA, PES, Mission Impossible, Aliens, and a whole lot of others.
These games were based on Web2 technologies which have one defect: the players keep spending their money and time on it without any commensurate returns.
This is what Web3 came to change. Nowadays, you can play games and earn crypto.
Reports have it that a larger percentage of the youth in Venezuela and the Philippines are into play-to-earn games as what they do full-time.
4. Peer-to-Peer Trading
Due to the decentralized nature of the blockchain, it was designed to run on a people-to-people system. This is to ensure that traders bypass the traditional financial systems to engage in their transactions.
Peer-to-peer trading is similar to trade by barter. As an illustration, it’s like when A gives B a golden ring in exchange for a three-piece suit.
Put in context, peer-to-peer trading is when two traders who want to swap assets meet each other and exchange them seamlessly. For instance, you can trade $500 worth of USDT for #262,000 NGN.
You can do P2P trading on popular platforms like Binance P2P and Cryptolocally.
Following this, P2P trading is now more important because the government has banned crypto in some countries like India and Nigeria.
Traders are taking advantage of these regulatory backslashes to profit. Depending on your capital, there’s no limit to how much you can make as a P2P trader.
5. Crypto-Related Jobs
You don’t need to even have crypto to make money in crypto. One of the smartest ways to make money with crypto is to start doing crypto-related jobs.
The blockchain ecosystem has opened the floodgate of millions of job opportunities – even the ones that didn’t exist before.
There are a lot of crypto jobs, you can pick anyone that catches your fancy. Unlike what most people think, you don’t necessarily need an engineering background to do crypto jobs.
There are jobs that you can do well with just your intuition. This includes Telegram Moderator, Discord Moderator, Community Manager, Reddit Distributor, Virtual Assistance.
A lot of other crypto job roles are:
- Solidity developer
- Blockchain HR
- AML Investigator
- KYC Analyst
- UI/UX Designer
- Social Media Manager
- Rust and Native React developer, and a host of others.
See Also: 21 Best High Paying Remote Jobs ($100k+)
6. Affiliate Marketing
Affiliate marketing is simply referred to as a process where you get to share products with people who eventually buy; and when they do, you receive your commissions.
Put into crypto context, affiliate marketing simply refers to how well you can convince people to use a crypto exchange or protocol. Most times, they always have a pegged amount for anyone you refer and trades.
Sometimes, it may be $20 per affiliate depending on individual programs. This is one of the ways people are making a whopping sum of money with cryptocurrency in 2020.
Before you join the affiliate program of any crypto exchange or protocol, please ensure that you make thorough research to understand their competitive advantages.
We recommend joining the affiliate programs of OKEx, KuCoin, Binance, and Crypto.com. Of course, you can choose any exchange that you believe in.
7. Liquidity Providing
Liquidity providers contribute crypto assets to decentralized exchanges so their users can get to trade their pairs. The Liquidity providers contribute these crypto assets to what we call a Liquidity Pool.
As required, they always provide assets in pairs. For example, a liquidity provider might give $2k worth of SAND and $2k worth of USDT on Uniswap. With this, anyone who wants to trade these pairs can go ahead because these underlying assets are available.
It is important to clarify that Uniswap, or the decentralized exchange as it may be, is “borrowing” from whoever gave the $2k worth of SAND and $2k worth of USDT. As the DEX itself doesn’t have underlying assets and only facilitates trading.
As a result, Uniswap will remunerate the people who contributed to this liquidity pool. The higher your liquidity, the higher your earnings.
So far in this piece of content, we have taken a critical look at several smart ways on how you can make money daily with cryptocurrency. The methods we shared here are proven and tested.
However, you have to put in the work. The first thing to do is to get a crypto education. You can’t, other things being equal, make money from what you don’t understand.
Learn extensively about the crypto ecosystem. When you have that information, you’d be able to make money more easily with it.