Looking to make some extra cash? Tap into the incredible world of cryptocurrencies and do it from your couch! Forget about watching markets, investing long hours or ample effort, these 5 best ways to earn cryptocurrency online are going to have you sorted in no time. Ready to change your life (and your finances)? Let’s get started!
What Are Cryptocurrencies?
Before we dive in, let’s cover the basics. Cryptocurrencies refer to any digital currencies that can be traded online. If you’re unsure about one, check out CoinMarketCap to get the low down on everything from the company’s overview, to price history, to valuable links. Cryptocurrencies first emerged in 2009 when the anonymous entity Satoshi Nakamoto mined the genesis block of Bitcoin. Since then cryptocurrencies have been popping up left right and centre, with over 8,000 in circulation today. A crazy number considering that Bitcoin holds 65% of the entire market’s share.
As cryptocurrencies have become more mainstream, with the incredible gains made last year and the increased corporate investments, more people are looking to make money from them. Understandably, who doesn’t want a profitable side hustle that requires little attention?
5 Best Ways To Earn Cryptocurrency Online:
All you are going to need is a crypto wallet. Once you’ve established which cryptocurrency you’re after (or go after them all), you’ll need to open or download a wallet for that specific one. Remember, cryptocurrencies cannot be sent across networks, i.e. you cannot send Bitcoin to an Ethereum address, or Litecoin to a Bitcoin Cash address. Some wallets accept multiple currencies, so if that’s what you’re after be sure to find one of those.
Perhaps the most profitable, but also requires the most effort, is mining. Mining cryptocurrencies is the act of solving complex cryptographic problems through computer equipment to win the race to mine the next block. Each network operates slightly differently, but the mining concept is relatively simple. For every block mined, the miner receives a predetermined amount of the respective crypto.
Bitcoin mining has become a huge operation so we’d recommend you stay clear of that. However, there are plenty of other networks that everyday computers can engage in, and miners can still make a decent amount of money. Remember, the miner not only receives the block reward from the network, but the transaction fees of all the transactions verified and added to that block.
Some mining rigs require ASICs and GPUs, which would require the miner to have access to inexpensive or free electricity and the capital to buy these. For other coins, CPUs can conduct the mining process, which would require a certain amount of computer cores and may make your computer slower.
There are two options here: tap into a cryptocurrency that supports staking or enter into the trending world of DeFi and yield farming. Staking requires the user to put their coins into a liquidity pool, and earn “interest” for the number of coins and time it stays there. Like a lottery, staking works that the more coins you hold, the more you can make.
You’ll want to find a PoS (proof of stake) coin and check out its per annum staking yields. The higher, the better. There are plenty of options for staking, one could do it through an exchange, a wallet or by leveraging a platform like Uniswap. Popular coins to stake include Neo, Lisk, Qtum, OMG, and Stratis.
Crypto casinos are popping up all over the place, and if you’ve got a knack for poker or a lucky streak that never lets you down – this might be for you. It is one of the best ways to earn cryptocurrency currently! It wasn’t until the mid-2010s that online casinos started accepting cryptocurrencies, but since then it’s weird to find one that doesn’t. The best kind, though, are the ones built on blockchain technology that only accept crypto.
Crypto gambling will require you to deposit funds into the wallet they create for you and then soaking up all the fun with the wide range of games. For instance, BC Game has an excellent range of top crypto games for you to try your hand at. Better yet, the platform also offers a wide range of bonuses as well as an incredibly lucrative chat room (watch out for the rain and coin drops here!).
BC Game will also welcome you with a free spin wheel where you can earn varying amounts of crypto before even making a deposit, every single day.
Airdrops are the cryptocurrency market’s biggest marketing tool. This is when a project will hand out free tokens in exchange for some subtle marketing ploys. Sometimes they don’t require the user to do a thing, simply provide a wallet address where they can receive them.
Usually, to receive airdrop tokens, a user would need to download a protocol, register, and follow or retweet a company post on social media. Not complex. The tokens then can be kept to hopefully increase in value or can be traded once the project is up and running.
Perhaps the simplest option of them all: micro-tasking. Micro-tasking could be anything from writing a video review, writing a testimonial, watching a video, clicking links, taking surveys or even distributing a promotional video. Microtasks are simple, easy, and an incredibly low-risk way of obtaining cryptocurrency, albeit in small amounts. Here are some websites to check out: BitVerts.io, BTC Clicks, and Earn.com.
Start Earning Today!
With this list of relatively simple options on the 5 best ways to earn cryptocurrency online, you should be well on your way to building up the crypto portfolio of your dreams. Tap into any of these options and start earning your way to the top today.