How To Make Money With Cryptocurrency in 2024

The cryptocurrency bubble burst but it’s not too late to put the work in, choose the right coins, and make money. Sure, the next bull run is far away, but the best investors can make money whether bears or bulls are running the game. You can do the same if you follow these 8 ways to make money with cryptocurrency in 2024.

1. Hold And Go Long – Very Long

How To Make Money With Cryptocurrency (Blockchain)

A tried-and-tested way of making money with crypto is to HODL. Buy one of the top 2 projects (Bitcoin or Ethereum) and go long.

The best way to earn money is to buy bitcoin and forget about it for a long time. We’re talking about holding for years, perhaps a decade. The longer you hold, the more money you’ll make.

Going down that route is not as exciting or fast-paced as making money during a bull run is. Then again, the bull run is long gone.

So, do you want a foolproof way of making money with crypto? Buy a solid coin and hold.

2. Start Swing Trading (But Only If You Have What It Takes)

This option is the complete opposite of going long. In fact, it’s all about buying and selling cryptocurrencies as fast as possible while making a profit.

It sounds like an amazing idea, right? Well, it’s not for the faint of heart. You can lose a lot of money doing so, and most people don’t have what it takes to make it this way.

Also Read: Binance vs. Coinbase: Which Crypto Trading Platform is Best in 2024?

Those who have what it takes (knowledge, grit, and patience) can make a lot of money swing trading. If you haven’t noticed, beginners are not suited to swing trade. It’s better to have solid fundamentals and several months’ worth of trading crypto before you quit your day job and start trading every day.

3. Mine Coins To Make Money

Mining coins is still profitable if you can keep the costs down. You’ll encounter two issues mining crypto: the barrier to entry and energy expenses.

First, let’s talk about the barrier to entry. You need to buy GPUs to mine crypto, and these pieces of hardware are more expensive than ever (due to increased demand and shortages). If the price is too high, you’ll never recoup your investment.

Second, we have to talk about energy expenses. Your bills may be too high to mine crypto, thus making it a terrible investment idea.

Also Read: What is Bitcoin Mining and How Does it Work ?

If you can overcome both obstacles, mining is still very profitable and a great way to make money with cryptocurrency. You can also look to invest in cloud mining, which might be profitable no matter where you live.

4. Deep Your Toes In Decentralized Finance

Although trading crypto is far from profitable at the time being, you can take your time to learn how to make money in decentralized finance. There are countless ways you can take advantage of DeFi, such as staking (we’ll talk about it down below) or decentralized real estate (yes, it’s a thing).

More often than not, DeFi goes hand in hand with Ethereum, so you’ll have to familiarize yourself with smart contracts and (if you feel like it) Solidity, the programming language used for smart contracts.

There are no limits to decentralized finance: you’ll find auctions, derivatives, and countless other options. DeFi is all about cutting off the middlemen, so the opportunities are boundless.

5. Look For New Coins

Early investing is the best way to pull a 10x or 100x in profit – but it’s also an easy way to lose your money. Nevertheless, looking for new cryptocurrencies is the best way to make money today.

It’s not difficult to find new projects around the web. You can look for several crypto-related forums and social media accounts to see who’s starting something new. Don’t jump at the first coin with a dog logo, though. Take your time to research, read whitepapers, and remember the fundamentals.

Most importantly, diversify and don’t invest everything you have in one project, no matter how solid it seems.

6. Ask Around For Airdrops

Speaking of looking for new projects, you could try your luck asking, hoping, and waiting for airdrops.

Airdrops are a great marketing stunt and pretty profitable for those who pay attention to current crypto-related events. Then again, they come few and far between – but when they do, they feel like free money (because they are!)

Keep in mind airdrops are not as usual as they once were (everyone becomes a little less liberal with their coins during a bear market) but they continue to happen. You’ll stumble across an airdrop or two if you’re actively looking and buying new coins.

7. Try Your Luck With NFTs

Before you look away in disgust, hear us out. NFTs are still a thing, no matter what the naysayers think. Sure, it’s not something that’ll make you rich – but you can use it to make a quick buck here and there.

Artists and celebrities are still putting effort and releasing NFTs, and choosing the right one early on could land you a nice payday.

Also Read: What Are Non-Fungible Tokens (NFTs) and How Do They Work?

Does that mean you should go all-in on NFTs? Absolutely not! In fact, we encourage you to stay far away if you have nothing else going on. You should take investing in NFTs as a side-hustle at best, but know it could be a profitable one if things go right.

8. Lend, Stake, And Yield (But Be Careful!)

Yes, we have talked about decentralized finance already, but it’s always a good idea to freshen up certain concepts. Staking and lending cryptocurrencies is a nice way to make money, even in a bear market.

Be careful to do it the right way, though. Countless exchanges and crypto sites are crumbling nowadays, and people are losing their life savings because they got too greedy or failed to see the writing on the wall.

So, stay away from return rates that sound too good to be true (because they are) and, once again, remember to diversify: don’t stake your entire savings at once!

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