9 Strategies to Make It Big in Cryptocurrencies
2022 has almost ended, and crypto-based investors are prepared for another volatile year. Where is the bitcoin market headed now? That’s the question everyone’s asking while the crypto market slowly plummets below the $21,000 mark. You probably have read many online articles like this regarding the future of cryptocurrency – which mention that 16% of Americans invest in virtual money.
Now, we divert your attention to a recent survey by Pew Research. It states that over 50% of such American investors have obtained expected outcomes from cryptocurrency investments. Therefore, it’s your chance to try your fortune in this market. But learn some strategies before you make any decision.
Making it big in crypto
Glancing at any bitcoin-related graph from 2013 to 2021, one observes that September brings alarming news. Except for 2015 and 2016, every September causes bitcoin to plummet drastically. Experts are expecting the same to happen this year too. But – and here comes the interesting part – they also predict that the end of this year’s September will make bitcoin soar higher than expected again.
We have read that the cryptocurrency community believes bitcoin will cross the $29,000 mark before October. That’s why we believe that readers should learn some strategies to make it big in the digital world. Let’s see what the experts are saying now:
Trading
Remember that the crypto market remains volatile and shouldn’t be treated like any get-rich-quick scheme. However, some smart folks can exploit short-term openings by trading cryptocurrency and making it big overnight.
Interestingly, you can trade your virtual wealth into any other commodity. For instance, you can opt for Bitcoin as an investment option and compare its value against a particular currency like BTC to INR price online.
The Indian rupee is strong right now, so investors can avoid bitcoin’s volatility by turning it into fiat currency. That’s how you can trade smoothly.
Investing
Besides trading, cryptocurrency enthusiasts consider investing a trustworthy profitable opportunity. Unlike trading, investing involves buying virtual money and holding it for a long time. Besides, experts believe that bitcoin has the immense long-term potential to expand and become universal.
You can also consider investing in Ethereum and other stable crypto assets with reliable backing. Stay away from unstable coins that are just popular because of some Reddit-inspired memes online.
Staking
Besides trading/investing, people can make money simply by staking their virtual wealth. Here, individuals (aka stakers) must keep bitcoins in a live wallet for safekeeping. Stakers “lock up” a portion of their BTC wealth and contribute to a blockchain network. In return, stakers are rewarded for this contribution.
This reward means that you are successfully securing a certain crypto network. So, become a part of that network to attain profitability. Stake some coins in a wallet for a certain period.
Dividends
Another strategy involves you buying and holding bitcoins for dividends. Consider crypto dividends a reward for holding an organization’s cryptocurrency. They won’t ask you to stake the money. All you have to do is to hold these digital assets.
Remember that many companies are offering this option to people. However, you must do some research and find genuine platforms. Ensure that the digital asset you have pledged to hold aligns with your investment objectives before you invest in it.
Mining
How do people earn bitcoins in the first place? Well, disregard the notion of a bunch of nerds typing software programs on a computer. Bitcoins are “mined” when people solve difficult math problems and receive coins as a reward.
Now, you can purchase mining hardware and other necessities online to start earning BTC. Even though anyone with enough money can do this, you still need to hone some technical expertise. So, we recommend researching a bit more about mining.
Microtasks
In 2020 alone, American investors made more than $4 billion trading cryptocurrencies. Today, even a small-time investor can make some decent money by performing simple crypto-related tasks. We suggest people search for microtasks such as testing apps, watching videos, and answering survey questions.
Keep performing these tasks online; one day, you will own a large amount of virtual wealth. That’s how you make it big in crypto.
Airdrops
You may have heard of companies distributing free merch to promote their products. You can now get free coins from cryptocurrency exchanges called “crypto airdrops.” They use airdrops to make their projects more visible, and consumers can use these giveaways to buy stuff.
An individual can search for airdrops online and find several websites offering these coins or announcing when the next airdrop will happen. Leverage these tokens to start trading.
Arbitrage
People leverage cryptocurrency exchanges to trade virtual money. Today, the whole crypto market goes mostly unregulated. So, different exchanges offer different prices for the virtual wealth you possess. Investors compare these prices and then exploit the difference to make incredible profits.
Buy some BTC from low-priced sources and sell it to an overpriced exchange. That’s the way to make it big in the crypto market easily. Just be vigilant about shifting variations.
Lending/borrowing
Since cryptocurrency transactions involve no banks (this arrangement is decentralized), you can lend your virtual wealth to individuals and charge interest on it. Moreover, owning lots of bitcoins can enable you to become a bank of your own by letting people borrow your wealth digitally.
You must find a reliable platform to make the other party respect the borrowing agreement. But don’t blindly rely on any platform you discover online – do your research to ensure it’s a legitimate platform.
Conclusion
If you’re an investor interested in trying your luck in the crypto market, you have come to the right place. But you can’t make a profit in this industry without learning some necessary tricks. We have mentioned different ways other than trading/investing to make it big in the world of virtual money. For instance, try alternative money-making methods in cryptocurrencies. These methods include mining, lending, and staking your virtual wealth.
Moreover, you can try airdrops to purchase stuff or perform microtasks for companies in return for bitcoins. Compare the prices of two different exchanges so you may leverage the difference to make a profit. That’s how cryptocurrency enthusiasts can earn some decent bucks.
Cover Image by PixBay
About the Author
Bibhuranjan Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.
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