How can you make money from Cryptocurrency | Step by Step Guide
The words Bitcoin and cryptocurrency goes hand in hand and people often correlate these with money. In 2020, if you have knowledge about it and you are passionate about sharing it, then it’s really easy to make money in today’s date.
Let me start from the very basics and clear it out what you should expect from this article. In this one, I won’t be suggesting you to invest in any ponzi scheme or guaranteed returns fund in cryptocurrency. These two are the major ways using which scammers try to rip off new investors. If you are reading this article, then you should probably read other articles too which we have written on blockchain and cryptocurrency which you can find here.
Let’s start discussing the ways of making money, as I mentioned above.
This is by far the most riskiest part of making money in cryptocurrency. I have seen people making $3000 a day just by trading in digital assets. It needs a lot of experience and knowledge to start. By far, what I have learnt is that you need to have a clear strategy before you start trading in digital tokens. Often emotions take over people and they loose money while trading.
Another trend most common among new traders is over trading. In order to cover up the previous losses, some people keep trading more in order to generate a profit but what happens is the entire opposite of what they expected.
If I talk about India, average people in 2020 consider Rs 30000/month as an average salary to live with and spend on their family. What if I told you that it’s easy to make that money by sitting at home and starting to trade with a capital of Rs 50,000 only. If you are able to successfully post a gain of Rs 1000/day, you will end up reaching that goal.
Again, that’s risky and without knowledge you can end up loosing your capital. Still, you should look at the positive side of it also, some people are actually living as full time traders and trust me in 2020, they make good money by just trading.
Long Term Investments
Also, another way of making long term money is to become an investor. This is the way which I personally follow as I can’t track the market daily. Investors like me, pick up the promising projects in crypto by reading the white-paper and looking at past trends to decide which coin to invest.
After choosing and short-listing the tokens, I personally diversify my portfolio with the maximum investment going towards the project with the biggest market capitalisation, eg Bitcoin, Ethereum and so on. Once, Investors buy these tokens, they keep holding them as assets and since their portfolio is widely diversified, the risk of loosing all the money is also minimised.
This is the safest way to make money by investing zero money !
Sounds interesting right ! Let me explain how you can also make money this way by selling information which you have gathered over the years.
If you are reading this article, what we are doing here is that we are selling shovels and others are mining gold. Let me elaborate this one. If you are good at article writing and have idea about Search Engine Optimisation, you can make good sum of money by writing educational articles on your blog or by making YouTube videos.
Education also pays off well if you are good at making people understand things which is not available easily in the market. If you know about Blockchain and you can explain it well through your articles or videos, start and make money. Big Exchanges and projects have reward programmes which pays social media folks money for sharing right knowledge about cryptocurrency.
How to trade Bitcoin in India.
- Download the WazirX app or visit the website. Then hit the Sign Up button
- Fill in your email address (one that you use frequently), and your desired password
- Click on the Terms of Service checkbox, but go through it once before checking
- Then press the Sign Up button
- You will be sent a verification email after hitting the sign-up button. If you have received it, click on Verify Email to complete the process.. If you haven’t, check your spam folder. Or hit Resend Here.
Lastly, if you want any more help regarding this, drop a comment and we will get back to you.
Thanks for Reading 🙌🏻