Many countries are lifting Covid-19 lockdowns, but a lot of people haven’t resumed working yet. In this situation, it’s good to grab any legit opportunity to make extra money from home. In this article, we will share 5 ways to earn crypto online.
Sure, we are not talking about getting rich in a week. Rather, we suggest investing your free time in some meaningful activities — and get rewarded for it.
TABLE OF CONTENTS
Method 1: Crypto Trading
When you have a lot of free time and an uncertain future, it’s time to consider trading. If your pre-pandemic job was connected with charts, research, and data analysis, you can apply these skills on a crypto exchange and make good profits.
For some people, this activity may turn into a full-time job. Potentially, it can be enough to ensure your survival. To start trading crypto, you need to:
- Learn the basics of cryptocurrency and blockchain to be aware of how digital money and the technology behind it works. Many users who skipped this part lost their funds — just because they didn’t understand the difference between the centralized and the decentralized. We break this topic down in our guides.
- Get yourself a crypto wallet by a respectable developer. Make sure it supports the coins you are going to deal with. To get familiar with different types of crypto wallets, read this article. For a start, you will need a hot wallet (desktop or mobile). This task completed, you can begin trading.
- Register on a secure exchange that operates in your country. Here are a few useful tips to help you make the right choice. Some popular platforms with high liquidity are Binance, Coinbase, Poloniex, Bittrex.
- Make research to understand what crypto assets are worth dealing with right now. Currently, there are over 3,000 altcoins good and bad. The goal of your research is to distinguish the potentially profitable assets from “shit coins”. Create a list of the best performers, based on the industry experts’ opinions and ratings.
Finally, it would be good to practice with a test version of a crypto exchange. It will allow you to acquire and sharpen all the necessary skills without risking real money.
Method 2: Mining
Crypto mining can be a good way to ensure additional income, especially if you live in an area with low electricity prices. For most people, BTC and ETH are the first options that come to mind, but the kings of crypto are not the only mineable coins. Besides, dealing with popular cryptos that have been around for a while means a higher barrier to entry. Beginners will have to invest in rather expensive and powerful hardware and face massive competition. Unless they choose to join a big mining pool where the reward for solving a block is split between all the participants, in proportion with the volume of the work done.
Apart from BTC and ETH, there are many other nice coins that don’t play hard to get. Here are some cryptos a beginner should consider for mining in 2020:
- Monero (XRM)
- Electroneum (ETN)
- Zcash (ZEC)
- Grin (GRIN)
- RavenCoin (RVN)
Before starting, estimate the profitability of your mining using an online calculator like CryproCompare or WhatToMine.
Method 3: Staking
If you deal with the coins based on the Proof-of-Stake protocol, make your funds work using staking. This method consists in holding some of your coins in the network to support its operation. The volume of your holdings is your “hash power”. The more coins you have locked in the system, the more likely you are to be selected as a next block validator and get a reward. (If you want to know more about the staking mechanism and its variations, we deal with the topic in more detail in this article).
So, if you already have some PoS (Proof-of-Stake) coins, it might be a good idea to put them to good use. The process is rather simple.
First, you have to evaluate your potential earnings using a special staking calculator. Just select your coin and a reward option and then enter the amount you have to stake.
How to Stake Your Cryptos
One of the most convenient ways to do it is to join a secure exchange offering staking feature. For instance, Binance provides its clients with such an opportunity. Other platforms that are ready to help are Kraken, Coinbase, Huobi, and Poloniex. Deposit your PoS coins in the exchange you prefer and start earning rewards.
Also, crypto investors can stake their funds using crypto wallets, as some of them offer this option, too. The popular wallets that make staking possible are Ledger, Exodus, Atomic Wallet. The principles of their work are similar: a user installs a wallet on their device and then migrates the coins to the staking address provided. While choosing a wallet, pay attention to the list of coins it supports.
Finally, you can participate in a staking pool. There, many stakeholders pool their funds to reach the required minimum staking amount and then split rewards. When you join a pool, you send your coins to the staking address it provides. The whole process is managed by a smart contract, so you can see it as safe.
In 2020, some of the most profitable coins for staking are Tezos, DASH, TRON, and Cosmos, but there are many others.
Method 4: Doing Some Work For Crypto
Don’t have enough coins to generate passive income? You can always earn some crypto the same way you earn regular money — by doing some freelance work, creating quality content, and so on.
Try Cryptocurrency Jobs (“the leading job board for blockchain and cryptocurrency”) or Freelance For Coins platforms. The list of job categories includes programming, creative writing, blogging, design, social media managing, translating, image editing, etc. All the payments are done in crypto (BTC, BCH, ETH, depending on your preference).
Also, visit websites like Read.cash. It’s a platform where people can publish their articles and get rewarded with Bitcoin Cash for it. If a reader finds your content useful, they can thank you by sending some crypto to your wallet. This wallet is created automatically when you get registered.
Method 5: Accepting Crypto As Payment
If you have an online shop or just offer some products or services online, It might be useful to add BTC, BCH, or ETH payment options to your list. Normally, it’s not really hard to set up the process. There are many guides to help a merchant harness crypto power.
Why would you do it in the first place? Being ok with crypto gives you several benefits:
- You expand your customer base;
- The customers who don’t want to share their credit card info get a privacy-focused solution to their problem;
- You enjoy low transaction costs compared to other payment methods;
- It gives you a competitive advantage as not all the businesses accept crypto.
It was our version of the list of Top 5 Ways to Earn Crypto Online. Hopefully, it will help you earn some additional crypto — in an active or passive way.