The effects of the coronavirus have damaged much of the world’s economy and left many out of work. Many questions remain regarding the viability of industries that have been forced to shift strategies in the wake of extended lockdowns and quarantines.
As a result, many people, despite government intervention, are struggling to pay bills and remain financially stable in a shaky economy.
Cryptocurrency has long been a popular investment among those seeking an alternative to store their money amid global economic uncertainty.
Many people understand you’re able to buy, sell, and trade cryptocurrencies. But few realize there’s a wide variety of ways to safely earn cryptocurrency, whether in the face of a pandemic or more ‘normal’ times.
These strategies take a little initiative, but can reap big rewards and net a nice alternative income for those out of work or who are looking to supplement income.
Trading is still a tried-and-true way to earn cryptocurrency. Like with traditional stocks, understanding the mechanics behind charts and being smart with your investments can net a nice return on investment. Popular exchanges to trade cryptocurrency include Coinbase, Binance, Kraken, and Bitcoin.com.
If you’re looking to trade to make a little extra money, you’ll want to keep up with the latest cryptocurrency news. Unlike the stock market – crypto trading never stops, so there’s always a chance to make or lose money.
Some traders take advantage of automated trading bots to execute trades and hedge against price swings that might take place while a person is asleep.
Understanding what types of news make cryptocurrency prices move is a smart way to get a feel for good trade opportunities. Usually, a launch, a big development, listing on a new exchange, or a hard fork is going to drive up the price of a cryptocurrency. More people will be discussing the asset on platforms like Telegram, Reddit, and on crypto-focused news sites like CoinTelegraph or Bitcoinist.
Those who are more industrious might consider margin or spot trading, or even look into futures. Make sure you understand the mechanics of these types of trades before engaging, as they can get pretty complex.
Airdrops are a fantastic way to get cryptocurrency in exchange for simple tasks. If the project is particularly good, then you’re setting yourself up for the future by investing in an emerging industry player.
Many cryptocurrency projects use the airdrop to cultivate interest in a project by giving out tokens. Tokens are then able to be sold or traded once the project actually hits the market.
Common airdrop tasks in exchange for tokens include asking people to share specific posts on social media, downloading a project’s app, following social media channels, or signing up on a platform’s website. Participating in an airdrop also helps a project get attention, so it’s a great way to support an idea or concept you believe in.
Bounties are similar to airdrops and are another strategy to earn crypto online. Microtasks are usually a bit more involved than airdrops. Some might ask a person to create a video review for a project, write a press release, or submit a testimonial in exchange for crypto coins. Like the airdrop, bounties are a relatively simple way to earn coins.
Staking & Mining
Mining cryptocurrencies used to be much more popular in past years, but it’s still possible to earn some cryptocurrency if you happen to have enough computer hardware (and electricity to spare). Those interested in ASIC or GPU mining are probably best served to find a pool of fellow miners to maximize profits.
It’s also possible to mine cryptocurrencies through cloud contracts. These give opportunities for people to earn without having any computer hardware or the technical know-how to mine in more traditional manners.
Staking is another strategy to earn cryptocurrencies by taking advantage of Proof-of-Stake coins that don’t need computer power to maintain security over the network. People who deposit money in staking accounts and become qualified as node earn small amounts of cryptocurrency after approving transactions.
While you do need to hold cryptocurrency in order to stake, it’s a sound way to earn money through interest while serving as a benefit to a coin’s network and other users.
Shop Online & Earn Crypto Rewards
While you’re shopping for necessities and items for your family online, don’t forget it’s possible to use cryptocurrency cash-back services like Lolli to earn rewards. Lolli partners with well-known retailers like Macy’s, CVS, Office Depot, and Walmart to dole out Bitcoin rewards if a user makes a purchase while having Lolli’s browser extension installed.
A similar company is Pei, which functions largely the same as Lolli but through a smartphone. Pei Points earned through digital shopping are able to be converted to Bitcoin. One advantage of Pei is that users are able to claim Bitcoin cash-back rewards on purchases where you’d also be eligible for general credit card rewards, and even Lolli rewards.
Accept Cryptocurrency As Payment
Do you have an e-commerce store through a platform like Shopify? If so, earn cryptocurrency by expanding your payment options through your digital store. Weeks of quarantine and lockdowns have led to a boost in online sales and e-commerce activity that has continued in early summer.
Accepting cryptocurrencies like Bitcoin and Ethereum is often pretty easy using established platforms like Shopify. All you have to do is activate an alternative payment method on your account.
Accepting crypto is a great promotional tool to show customers you value privacy when shopping online. Plus, if the cryptocurrency rises in value, you’ve made even more money besides the profit on your original sale.
Start Earning Cryptocurrencies Today Online
The above represents just a few ways industrious people can earn cryptocurrency online and supplement their income. As the world of blockchain and digital currency expands, it’s clear the variety of earning options will only increase.