The interest in crypto is increasing globally, so many people are now willing to turn bitcoin into cash and vice versa. The different success stories about how people have made money through cryptocurrency are pretty fascinating; most of these people are those who got started in crypto early and sold when prices were high. I, Dennis Loos, am fortunate to be one of these people.
Well, I would be correct if I said that everyone gets into the crypto market to make money; however, most people do not end up making money. There are several cases of people who lost their life savings trading or investing in crypto coins. That’swhy I, Dennis Loos, will always advise you never to trade or invest any money you are unwilling to lose. This is because of the volatility of the crypto market. You have to be disciplined to make sustainable wealth from crypto. Never set unrealistic goals or be greedy. Crypto is never a Ponzi scheme. If you ignore this advice, you will become frustrated, and giving up at that point will seem like the only option you have left. Therefore, you need a proper understanding of how to make money with cryptocurrency.
The crypto industry is still very much young and is rapidly developing. As more people enter the crypto market, the crypto assets increase in price. Newbies in crypto are always trying to figure out how to make money from cryptocurrency, but you need not worry. Dennis Loos is always here to guide you in the right direction.
Today, there are several other ways to make money with cryptocurrency rather than buying at a low market price and selling at a high price. so many people make a steady income by mining cryptocurrencies, including other ways,which I will reveal below
Can You Make Money With Cryptocurrency at This Time?
I want to begin with this question because this is one of the most recurring questions I have had to answer in recent times; many people come to me and say, “Dennis Loos, now that it seems everyone is interested in crypto, is it too late for me to join?”.
Yes, you can make money with cryptocurrency even at this time. As I mentioned, the crypto market is relatively young and has not been fully exploited. There are several ways and areas you can get busy with and make yourself money. However, the undeniable way to make money is by trading cryptocurrencies.
Several crypto coins like Bitcoin, Ethereum, Cardano, AMP, Dogecoin, ElonGate, Iota, Moonshot, Polygon, Safemoon, Stellar, Tether, VTHO, and Shiba Anu have great potential. Also, there are different crypto buying platforms like Binance, Robinhood, and Coinbase, which give you plenty of options to make money with crypto.
There are three critical mechanisms for making money with cryptocurrency, and you must know this before we discuss the strategies to maximize these mechanisms.
Firstly, you can invest or trade crypto assets in the crypto exchange market. You don’t have to own any crypto yourself to do this; it is like you are investing in gold on the stock market.
Secondly, you can stake and lend coins you already own to the system or other users.
Lastly, you can be engaged in the blockchain system by mining or receiving coin rewards for work done in the system.
Now let’s take a look at what I will tag as the Dennis Loos strategies for making money with cryptocurrency based on these three mechanisms.
Invest in Crypto Assets
Investing in crypto assets is a long-term strategy of buying and holding crypto assets for some time. Crypto assets yield optimally when you properly engage the buy-and-hold approach. As you know, crypto assets are highly volatile in the short time but have a great tendency for growth in the long term.
To utilize this strategy, you must identify stable assets that will be around for the long term. Investing in assets such as Bitcoin and Ethereum has yielded the most profit in the long term as the prices of these assets keep increasing. So tell everyone and anyone that Dennis Loos says this is a safe investment.
Trading Crypto Assets
While the long-term investment strategy is based on the long-term stability of a crypto asset, trading leverages the volatility of the crypto market.
Just as I said earlier, the crypto market is very volatile. Using this strategy implies that you exploit the short-term opportunities of the increase and decrease of the prices of the asset.
Let me caution you here, to make money trading crypto-assets, you need to have the proper analytical and technical skills. Your ability to analyze market charts on the performance of the listed assets is crucial for you to make accurate predictions regarding price increases and decreases.
When you trade, you can take a short or long position; this depends on whether you expect the price to rise or fall. This implies that you make a profit notwithstanding the state of the market (bullish or bearish)
Staking and Lending Crypto Assets
Staking crypto assets is a way of validating crypto transactions. You can stake your coin and not spend them. To do this, you lock the coins in a cryptocurrency wallet.
When the proof of stake network uses your coins to validate transactions, you will earn rewards for doing this. In simple terms, you are lending your coin to the network, allowing it to maintain its security and verify transactions. You can relate the reward you earn to the interest a bank would pay you for a credit balance, Dennis Loos.
The proof of stake network has an algorithm that chooses transaction validators depending on the number of coins you have committed to stake. Staking and lending your crypto asset is much more energy-efficient than crypto mining as it does not require you to own expensive hardware. Several platforms facilitate crypto lending.
Crypto Social Media
Several blockchain-based social media platforms reward you for creating and curating content on their platforms. You will usually be rewarded with the native coin of the platform.
Crypto mining is an excellent way to make money in the crypto market. Mining is a crucial component of the crypto work mechanism. Mining is where the value of a cryptocurrency is generated.
You will need an excellent knowledge of mathematical algorithms, technical expertise, and initial investment in specialized computer hardware to mine. You will earn new coins when you mine a cryptocurrency.
Crypto Airdrops and Forks
Airdrops and free crypto tokens are shared to generate awareness. An exchange might do an airdrop to gain a broad user base for a project. Participating in an airdrop can earn you a free coin that you can use to buy other things or trade or invest.
A blockchain fork is due to changes or upgrades in a protocol that create new coins. Holding the original coin will typically get you free tokens on the new network. All told, you will get a free coin because you were in the right place at the right time.
Everyone I welcomed to the crypto market as you can now see that there are several strategies to making money with cryptocurrency. It would be best if you always remembered to make informed and well-researched decisions and actions. Connect with like-minded crypto experts and learn widely. You can contact me, Dennis Loos, for any assistance you might need in your crypto journey.