Updated: 2 days ago
We're going to view two familiar ways and two super cool secret ways to make money with cryptocurrency.
Let's lay the foundation first. Cryptocurrency is a digitalized and decentralized currency that has been gaining popularity for secure transactions 24/7 throughout the world.
Any crypto currency's value is calculated against USDT (Tether) and USD. USDT and USD have almost similar values but not the same. You can compare their values against each other here.
One has to convert their national currency to USDT (which is basically a stable coin whose value is pegged to the US dollar) to buy or sell any crypto.
Okay! Enough is enough!
Let's get off these definitions and explanations and jump to the climax. These are the four ways we're going to make our bank account fat:
As you can see that the first two points are very traditional methods but efficient. The next two methods are not well-known. We are going to discuss everything briefly.
Holding assets for a long time in hope of an increase in their value is known as investment. Some bored people back in 2011 who invested in Bitcoin which was not a big deal back then are now millionaires. But it's not advisable to invest in assets just like that.
You have to have a firm understanding and skill to execute it in the right way to be profitable. You can start learning from 'The four stages of Stock Market'.
You may hear people like Warren Buffet are afraid to invest in cryptocurrencies because they have no fundamentals. Warren Buffet is a fundamental analyst so it scares him away. But it is not that it's worthless in long term.
Technical Analysts who are well versed in price action can have a very good day investing in cryptos.
The above topic says that the decentralized cryptocurrency has no fundamentals which makes it a little dangerous in a sense to invest in the long-term. But this opens a way to Trading. Buying and selling shares in a short-term period is called trading.
Cryptocurrencies are more volatile compared to the stock market. This volatility is a friend for skillful traders. It doesn't matter whether you go 'long' or you go 'short'. You can make a higher percentage of profit in cryptocurrencies.
If you're new to trading, I have made a blog that explains the trading strategy called 'Inertia'.
And another strategy is called 'Gap Up Trading' is suggested for intermediate traders.
The above two techniques need quite skills to be profitable. It can lead to potential losses if not handled with care. So we are now going to see the other two techniques which doesn't need much skill to be profitable.
What if I tell you you can make money while you're asleep through mining?
Since cryptocurrencies are decentralized assets that don't get any support from any national government, they need servers for the means of their transaction. So mining provides the blockchain for transactions. It's quite a complex process which you don't have to worry about.
You can assemble mining rigs and start mining in no time. The best part is that it consumes low space and it doesn't need any input or output devices. You can increase the number of your rigs in no time without any modifications. You can also make your gaming computer into a crypto miner. Don't worry you can run it in the background.
You can check your profitability with your mining rig or gaming pc in through this website.
You can install renewable energy sources like solar panels to reduce the cost of electricity.
So, what's stopping you from making bitcoins while you sleep? We'll cover this part in detail in another blog.
Trading tether is one of the most profitable ways with minimum downfall. Unfortunately, no one talks about it because of the unawareness. We're going to discuss only one way for trading tether.
P2P transfer or Person to Person transfer in Binance where one can exchange currency like USD, AUD, or INR to receive USDT tokens. Since one can't trade cryptocurrency with normal currency, conversion to USDT or any other cryptocurrency is necessary.
Follow these simple steps:
Convert your Currency into USDT tokens with any cheap broker of your choice
Transfer them into Binance
Open a request that you're selling your USDT tokens
Sell for a higher price
Boom! That's it. There are plenty of people who are willing to invest in cryptocurrencies. They will exchange their currency for USDT tokens. Only fewer people know that they can convert it at a far lower price.
Let's say you have exchanged your 1000 USD to get USDT (tether) worth 0.9 USD after the commissions. You lost 0.1 USD in commission. You can sell it for 1.6 USD. What is the math here?
1000 - ( 0.9 x 1000) = 900
1000 USD is your initial investment with a loss of 100 dollars. That leaves you with 900 USD.
Selling it for 1.6 USD gives you:
( 1.6 x 1000 ) - 900
= 1600 - 900
= 700 USD.
You're making a return of 1600 USD revenue and 700 USD profits with 1000USD. It doesn't need any sharp skills or much of your time. You can start just with 10 USD and make at least 10% profit for every trade as long as there are people to buy it you'll make profits.
To learn the absolute procedure of learning trading Tether (USDT) in Binance, they have a dedicated section for it. Go check it out.
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