Bitcoin, the world’s most popular cryptocurrency, has been enjoying its time in the limelight for the past year with investor interest like never before. However, it wasn’t always like this. At the time Bitcoin laid the foundation for some 4,000 cryptocurrencies that exist today, it was merely worth a couple of cents.
Upon inception and recognition, the digital asset was initially stamped as being the currency of criminals and labeled as a hoax by several skeptics and cynics within the financial industry. But despite the initial blows and harsh criticism, Bitcoin slowly but surely rose through the ranks. Today, it is worth around $62,000 per coin, a record growth for any asset that has been around for only 12 years.
As a result of this flaming Bitcoin frenzy that has engulfed even the most hardcore skeptics, several other cryptocurrencies have managed to take off as well, registering all-time highs in its wake. But Bitcoin, no doubt, continues to be the headliner of this crypto show.
This virtual currency had an underground following of intrigued investors for quite some time but the cryptocurrency, as well as its investors, have come out of the shadows as Bitcoin takes major steps towards mainstream acceptance.
Over the space of twelve years, the cryptocurrency market has seen significant changes and has matured a lot. However, it is no secret that the crypto space is a highly volatile playground and may not always be suitable for those that come to play unprepared. Many investors enter the market with dreams of being surrounded by riches.
In order to earn in the crypto space, an effective strategy for earning needs to be implemented. Here are four ways you could earn money in the crypto space for a lucrative crypto future:
HODling
No, you’re not reading it wrong and this isn’t a typo either. The term “HODl” first came about in 2013 in a Bitcoin chat forum by an investor who was watching the digital currency plummet and decided it was better to hold onto it instead of selling it off. But he mistakenly misspelled HOLDing in a post that he shared and soon after the misspell caught on.
This method essentially involves buying Bitcoin and then holding on to it for the longer term rather than selling it for short-term gains. Holding requires a lot of patience but has very profitable results as those that adopted early would now be millionaires.
Day Trading
Trading is perhaps one of the most popular ways of earning money by means of crypto. While there are different strategies to trading Bitcoin, day trading is the one that is weirdly adopted by crypto holders. This method involves conducting multiple trades throughout a single day as the price fluctuates. It focuses on making profits from short-term movements in the price of the cryptocurrency.
However, day trading is not as easy as it may sound and you will need to keep an eye on the opening and closing balances and dedicate sufficient time to it if you’re hoping for fruitful results. But there is an easier way of trading Bitcoin without having your eyes glued to the computer screen for any slight movements that may end up in your favor.
Trading platforms and tools have emerged as a safe haven for many crypto investors, especially novice investors and traders that are still learning the ropes on how to tame the crypto beast. Platforms, such as Bitqz, make use of advanced technologies like Artificial Intelligence (AI) to generate powerful and intelligent algorithms that, in turn, take in market data and generate appropriate trading signals. These help to capitalize on short-term booms in Bitcoin’s value. Many of these allow for auto-trading which proves highly beneficial for seasoned and novice traders alike.
Crypto Micro Earnings
If you find you have some additional time on your hands, you can do small tasks for individuals or some cryptocurrency platforms and get paid for it in return. These tasks may vary widely and could include actions like app testing, viewing adverts, watching videos, taking surveys, and much more.
The only downside to this method is that you get paid in very small amounts and sometimes what you get paid may not even be worth the task you’ve accomplished.
Crypto Arbitrage
One of the many perks of the crypto market is that it is largely unregulated. This has resulted in wide variations in terms of asset valuation, pricing, etc. Many times, exchanges decide the prices for their listed assets themselves. This has led to differences in the liquidity and volatility of assets.
However, one may be able to exploit such conditions by buying Bitcoin from cheaper sources and upselling to overpriced exchanges. However, you will need to be well prepared and updated in terms of recent movements on respective exchanges.
