Although the value of Bitcoin, Ethereum and other cryptocurrencies has decreased in recent months, trading this type of asset can still be a good way to make money, but it can be challenging for newcomers as cryptocurrency trading is complex and even risky.
Recently, Google searches on “how to buy cryptocurrencies” have increased dramatically, also because the so-called crypto winter of cryptocurrencies is in progress and perhaps people want to take advantage of the moment to accumulate.
However, there are many ways to get in touch with cryptocurrencies beyond just buying or trading.
Manage a node
One of the most important functions of blockchains is the process of creating new cryptocurrencies. Anyone can manage a node, helping this process by validating new blocks of transactions and creating new cryptocurrencies. To manage a node it is necessary to have a certain amount of cryptocurrencies, but in return you receive a part of the new tokens created.
One of the best known examples is precisely Bitcoinwhere anyone can manage a node and earn new coins by helping to process transactions.
This operation is called mining, even if the amount of computing power required to obtain a reward is far beyond what a home computer can do, so you must be equipped with hardware and software suitable for the purpose, or use the so-called services of cloud mining (yes, there are also reliable ones).
Staking with cryptocurrencies
Another way to earn cryptocurrencies is through a process called staking. This is what happens when a certain number of tokens are blocked as collateral, and the network rewards with new tokens. It is a kind of interest payment for the token loan. Staking is common in decentralized networks that use a consensus mechanism known as Proof of Stake (PoS).
On cryptocurrency exchanges, it is easy to staking cryptocurrencies and receive commissions in exchange even on a daily basis. For example, Bitget, with its native BGB token, offers Bitget Earn, a program to earn up to 6% APR. The daily interest payment is calculated on the subscription amount and the blocking time. The interest payment calculations then begin the next day.
The advantage is that in this case users can redeem the funds at any time starting from the second day, although of course, if the funds are redeemed early, no interest payments will be generated after that day.
Earning by playing: the so-called Play to Earn
You may be surprised to learn that one of the most popular ways to earn cryptocurrencies is to play. For example, you can earn rewards by playing blockchain and NFT based games such as the popular CryptoKitties. CryptoKitties is a game where you breed, collect and trade virtual cats. A few years ago, the game was so popular that it accounted for nearly 25% of all Ethereum transactions. You can also earn money by playing Axie Infinity, a game similar to Pokémon Go.
Earn money by reviewing and recommending products
One of the most common ways to make money in cryptocurrencies is to review and recommend products. This includes everything from cryptocurrencies to blockchain-based products and services. Obviously, to do this you need to have an excellent knowledge of the sector and know how to use social media. You can review products on platforms like Steemit, where you can also make money by posting original content.
You can do this by signing up for a platform that connects investors and entrepreneurs, such as ICOExpert. Another option is to sign up for services that help blockchain projects hire consultants.
Conclusion
For those who have bought Bitcoin or other tokens in recent years, the benefits have been enormous, as with ongoing inflation many people decide to take advantage of cryptocurrencies to protect themselves. While this is great news for investors, it is also an opportunity for others to earn cryptocurrencies. Whether you want to run a node, stake tokens, play games, review products or recommend blockchain projects, there are many ways to earn crypto without exposing yourself too much by trading.