Every day, people are constantly trying to find new ways to make money. New opportunities are presenting themselves, while others are long rendered obsolete. Some industries that were rife a decade ago are no longer in existence today, and that is a testament to the change that is, ultimately, inevitable. Looking at how things are operating today, digital currency is the future. While it might seem technical and overly complicated, you can rest assured that there is a way that you can still benefit from the change that is happening and make money from it.
In this article, we will walk you through four ways that you can use to start your own cryptocurrency business and make decent money from it. We will walk you through some of the tools that you can use, what you might require, and a general idea of how you can go about it and, possibly make a career out of it. Kindly keep in mind that for all these ideas, you need to have, at the very least, an understanding of cryptocurrency, the different cryptocurrencies available, how cryptocurrencies work, and how the industry operates in terms of the value of the currency.
I. Blogging and Freelancing
Starting off with something relatively easy. In today’s world, knowledge and information have never been more important. People are constantly seeking to know more about anything, and everything, cryptocurrency included. You can take it upon yourself to enlighten people about how things work. Simple articles that are well researched and properly written could be of value to someone. You could create a following that you can later monetize in the form of a digital course on cryptocurrency or even an eBook that you can sell on platforms such as Amazon.
Starting your blog does not have to be complicated. With SpoonFeed, you can get to a professional website built in seconds with meticulously-developed, industry-leading templates that would fit all your needs. On top of that, with SpoonFeed, you will be in a position to gauge your website’s performance data and updates. You will also enjoy the peace of mind of knowing that your site is safe, with 24hr dedicated customer support should you ever need assistance with your blog. All you need to do is write your blog posts.
This is a relatively easy way to get into starting a cryptocurrency or cryptocurrency-related business, but it would be important to have the requisite knowledge.
Just like trading currencies, one can also trade cryptocurrencies. Compared to blogging, trading requires a bit more skill, time, and effort. You can also rely on SpoonFeeds services for your trading online presence, so that you can fully focus the time and effort mentioned on your business. SpoonFeed offers completely customizable templates to bring your trading company to the digital table.
Trading cryptocurrencies mainly involves swapping digital assets regularly. It capitalizes on closely monitoring the industry and the currency, coupled with a bit of speculation, to know when to purchase a given currency or to sell it. You will need to have an understanding of crypto trading tools and software that include, but are not limited to, 3Commas, CoinGecko, Stacked, and Binance. We would recommend having an understanding of how trading works and working on a dummy account before venturing into trading since the risks involved are huge. On the upside, this can be a full-time job, and you could, potentially, make a lot of money from it.
You can also offer services where you receive cryptocurrencies, helping owners to offload them for fiat currency. It is also a great way to make some good money out of trading cryptocurrencies, but it also demands closely monitoring the industry, and having an understanding of how things work. You will also require a cryptocurrency wallet to which you’ll store the currency you bought from your clients. Some of these wallets include Exodus, Coinbase Wallet, and Bitcoin Core Client, among others.
The name might appear a bit technical, but the concept is relatively simple. This involves locking your cryptocurrency coins in a wallet and then receiving rewards to validate transactions, mainly on a Proof of Stake (PoS) network. In short, you would be actively participating in transaction validation and then earn stacking rewards. This can be an excellent source of passive income, but also a gateway into the crypto business since it would give you an understanding of how the industry works, along with how you can make money therein. Just like trading, you will need a wallet, along with a minimum required balance of a specific cryptocurrency that you prefer, to verify the transactions.
IV. Airdrops and Forks
This often borders on luck and being at the right place at the right time. In business, however, you create your luck. In this case, creating your luck calls for you to be actively involved in cryptocurrency in one way or the other. Airdrops are usually free tokens that are distributed by an exchange, in a bid to generate awareness and even create a large user base for a specific project. Forks, on the other hand, can be described as either upgrades or changes in a specific protocol that creates new coins. To get some more context on the topic, when a blockchain forks, holders of the coin on the original chain usually get free tokens on the new network. As you can see, it is all about being at the right place at the right time, and being involved in crypto in one way or the other. You can use the coins you get to start, and even grow your crypto business going forward.
There are other ways that you can start a crypto business. One main one that seems popular today is mining. We did not include it to this list, firstly because the cost-to-benefit ratio is relatively small. The initial start-up cost is high, with you having to purchase graphics cards and set up dedicated systems for mining. These systems draw power, and you can expect a hefty electricity bill at the end of the month. Still, there is money to be made and it is up to you to gauge whether it is all worth it or not. Other ways include simply accepting digital currencies for goods and services within your already-existing, or soon-to-exist business, completing freelance tasks for crypto, or even starting your cryptocurrency should you know how to go about it. With SpoonFeeds optimized templates it is easy to set up a webpage for your ICO. We will implement your Smart Contract and Whitelist integrations, manage your token distribution and keep an eye on your website performance. If you can come up with your own currency, this free market is largely unregulated and open to your ideas!
These are but a few ways to start a crypto business today. Of course, things are changing and some of these methods might be rendered long obsolete in the not-so-distant future. As such, we encourage you to always keep your ear on the ground. Stay informed, and always be willing to adjust to the changes that will come.