There are far more ways to earn money from cryptocurrencies than just by hoarding them like a dragon on its pile of gold. Yes you can make money from crypto by HODLing it. But you can also earn money from crypto in several new and creative ways.
Cryptocurrencies are a new phenomenon that goes beyond most of our traditional concepts and ideas of earning money. That’s why it’s important to ask yourself and investigate “how do I make money from bitcoin?”
In this article, we’ll take a look at just three of them. Though, like the link to the article above points out … there are 10 ways to earn money from crypto.
DeFi: Decentralized Finance
If you have a savings account, how much money are you earning from it annually? Chances are you’re earning the average, which is 0.09% annually.
In the traditional world, we know and love and exist in, if you were to lend out your money you would need some sort of collateral from the person you were lending it to, something of equal or greater value to the amount you gave them to borrow.
Now, what if the person you let borrow the money then defaulted on the loan? If you had something of theirs for collateral, like a car, you’d have a tough time collecting and selling the car. You’d need to repossess it. After that’s a whole headache of things.
Introducing DeFi: Decentralized Finance
It’s all about crypto-based loans and it just might be a killer app. You can become a lender and be assured that your funds and everything is being run on smart contracts. Those smart contracts cannot be altered, counterfeited, or hacked.
You make money by buying cryptocurrencies and then putting them on the DeFi platform of your choice. The DeFi platform then uses smart contracts to manage your funds.
The DefI platform lends out your funds while keeping collateral cryptocurrency from the borrowers. If they default, the DeFi platform will liquidate the crypto from the borrower and pay you back the amount you lent out.
So if you have money sitting somewhere, why not consider converting it into cryptocurrency and then using a part of it to put on a reputable bitcoin loan platform?
You can earn anywhere from 5% to 12% annually, depending on the type of cryptocurrency you decide to lend out and the terms and conditions around it. But it’s certainly better than the measly 0.9% offered by your savings account!
You’ve probably heard all about Bitcoin mining. But you don’t want to buy the Bitcoin mining machines, set them up, maintain them if they break, and a thousand other headaches…do you?
An easier way to take advantage of mining bitcoin and other cryptocurrencies is to investigate and find a cloud mining platform that suits your interests and is reputable.
There are 10 Cloud Mining sites to start with and plenty more if those don’t scratch the itch.
The premise is simple: invest your fiat money into a company that mines cryptocurrencies. They use your money to purchase equipment, settle electricity and maintenance costs, and other operating expenses. In exchange, they split the profits of any cryptocurrency mined with you.
Surf the web with Brave browser
The easiest method by far is to simply surf the web!
The Brave browser is a web browser similar to Chrome and Firefox, except instead of selling your browsing data like Chrome and Firefox, Brave will help you keep your experience and data all yours.
Plus, if you opt-in for ads, then you’ll get ad notifications. You can choose to ignore them or, if you click on them, you’ll earn just a little bit of the Brave token BAT.
With enough browsing, the web, and viewing ads, your collection of BAT tokens will eventually add up and you’ll have enough to really spend on something.
You won’t earn as much as lending crypto or cloud mining, but it’ll sure be the easiest cryptocurrency you ever earned!
And with that, we end the article. Those are just three of the dozens of ways to earn money from crypto. It’s an exciting new transition in the world of finance. Keep up to date with all the ways crypto is giving people financial freedom by finding a few good crypto news and guide sites, and in a few years, you’ll be ahead!