The cryptocurrency world is growing, and many people are entering the space. Most investors are looking for ways to ensure that they make more money daily or weekly once they enter the space. But many newbies do not know how to go about it, so they lose their money buying shitcoins and other scammy ones.
Before you enter the crypto space, you need to be familiar with the space, like when you want to bet. For instance, you should understand the sport and the different tournaments if you want to engage in NASCAR betting. You can do this through research and various sports news sites.
This is also applicable to cryptocurrency. There are many helpful tips on the internet; you just have to filter out the noise. Fortunately, you’re here, and we will give you five ways to earn more money with your cryptocurrency. Sit tight as we take you through these different methods.
If you plan to keep your cryptocurrency for a long time, rather than simply leave it in your wallet, you can engage in staking, where you will earn a passive income on your coins. Fortunately, many exchange sites offer different access to staking, so it is easy for even the most beginner to learn and get started with this concept.
For instance, if you start with Binance, you can always go on to stake your USDT for different platforms like Cardano, Tron, etc. You continue to receive interest as long as the platform is alive and your coin is locked away. Some platforms give you a specific minimum time to lock your coins, while a few allow you to withdraw easily.
Farming and Lending
With yield farming and lending, you can make money with your cryptocurrency, and it is beginner-friendly. Even though both of these concepts let you earn passively, they refer to different methods. First, Farming is the process of lending your idle coins or tokens to a liquidity pool. With these, you’re providing the required liquidity to decentralized exchanges.
Once you send funds into the liquidity pool of any market, such as Pancakeswap and Uniswap, your deposit is usually locked away for some time. So long the coins remain in the liquidity pool, you’ll receive interest on your crypto. For crypto lending, it is a similar concept to yielding in that you’ll deposit your digital assets into a savings account, whereby they lend your coins to others that want to borrow.
Play to Earn
Do you enjoy playing video games? If yes, something exciting is available for you in the crypto space. You can play interesting video games and earn real money. With the play-to-earn marketplace becoming huge, you can also get a slice of the big pie. Fortunately, there are many options to choose from when you want to get started.
In that case, you can find one that fits your preference to get started in the space. One prominent example is Decentraland, which offers a metaverse enabling players everywhere to create virtual avatars, socialize, and even buy plots of land. After buying the land to build your real estate project, it becomes an NFT that you can sell in the open market for real money.
Different platforms offer saving features whereby you can keep your crypto to earn money on the network. Depending on the platform you decide to join, the saving interest you’ll get vary, and you can always earn more based on how long you decide to save your coin or token. Saving will help push liquidity to the network, enabling easy transactions.
You can check your preferred exchange site to see which savings features they offer to pick the one that will fit your investment plans. You can always continue to earn more if you go for the locked option, where you won’t be able to access your crypto for a specific amount of time.
This is the most common earning concept where you keep your cryptocurrency for a long time, hoping that it increases in value. The good thing is that it works in the long run, as most cryptocurrency’s values have gone up over the years. For instance, if you bought Ethereum in 2015 and you HODL it, you’ll have a return of over 2000%.
But before you decide on this, you should ensure that you know how long you want to keep the coin so that you’re not tempted to sell before time or stay beyond that. That way, you can make proper plans before you jump into investing in cryptocurrency.
When it comes to cryptocurrency, you need to understand that there are many exciting areas in the industry. You just need the right information, and you’re done. Get started with crypto today, and you can start earning a little extra on your coins daily.