Cryptocurrency sounds fascinating to newbies. Often people think that it is all about trading to make money but apart from that, there are ways using which one can generate yields. Today I’m about to share some of those ways. One need not be a veteran or an expert to get started.
The rules are very simple and straightforward. With just some basic knowledge about markets, you are all good to go. Nowadays, people from all sectors & age groups are showing interest in Web 3.0. Even if I look back before the start of the 2021 bull run, there weren’t many to count upon.
There’s noise everywhere when everyone starts acting like a crypto expert. Being in the middle of all this could feel similar to being in a Gold Rush in the early 90s. Either you can mine gold or sell shovels. Trying your luck around it is more crucial.
The most obvious way to make money. People trading in Stock Markets might find it easier to get a hold of day trading in crypto but not everyone among us falls in the category. Day trading can be stressful especially if the markets remain open 24/7 every single day.
Apart from being open, Crypto is volatile and unregulated in most nations. That opens up a whole new game of insider trading, market manipulation & ICO’s every other day. Keeping a track of this entire board game isn’t possible by a single person unless you’re a multitasker.
Day trading can be very profitable if played right. But chances of being wrong in most cases can’t be ignored either. Markets will act differently according to the emotion of the investors. That being said, it is applicable for something that’s broader than $100 billion dollars. Smaller coins are even more prone to higher volatility and price swings every other day by activities of market movers.
If one is confused about whether to leave your existing job to be a day trader, I would discourage it personally. Unless you’ve mastered spot markets with a majority of successful trades, day trading with leverage should not be something on your checklist.
If one’s young and wants to put in their leisure weekends to work, they should start working to build communities. Communities are a tribe of people who have aligned thoughts and ideas. That being said, it is very new in Crypto if you’re working to make your own regional community.
What I’ve personally observed over the last 1 year, I’ll try to share it as a reference for some random reader. There’s a total of around 10 Crore people in India having some form of Cryptocurrency with them. Within that 10 Crore, not everyone is active on Social Platform and a reasonable number of people around 10-12 Million is watching out for content about crypto.
Out of those 10-12 Million people, hardly 1 Million could be looking out for educational content and the rest 9-10 Million are just in there to make quick money from signals or by following people who make price predictions.
Now these numbers could make you feel there’s already too much saturation and no more chances of growth are present but wait, let me complete my perception. In this race, I believe only the ones with patience and consistency will survive. Growth chances are good enough for anyone willing to put in 6-10 years in the space.
The best way to get driven is to be a part of a community where you can learn and grow at the same time. If you’re not learning then the way forward is quite obvious, quietly move around to another tribe and keep making content every week. One thing that I realized is, networks do matter in space. Get in touch with people, work for free and collaborate with others, engage in active conversations, follow people on Twitter. Everything will compound and with added patience, the odds are sure to turn in one’s favor.
Surely, this isn’t something that can give you quick bucks but in the long run, I’ve known people charging $500 for a single tweet and thousands of $$$ for a single review. That’s insane! All of them started way back in 2012 or 2013. Nothing to be disappointed if you’re not growing. As I said, if you’ve connections maybe you could land up a job in a crypto startup. The entire point is don’t let it be your identity, just put your leisure hours to work.
Staking & Lending
This isn’t an option that I will recommend to newbies unless you’ve made thousands of dollars from somewhere else. This is one of my favorite ways to make money in Crypto.
Assuming you’ve made around $10,000 by some or the other way. Platforms like Vauld, YIELD provide returns by as much as 20% on StableCoins. That means you have an additional $2000 every year to spend from your savings. Keep putting that money back and earn more money to top up your savings as you spend time in the industry.
But wait, this isn’t all a fairytale. Some platforms have more risk if they aren’t insured. Never chase high returns but check whether the platform is backed by genuine people or not. Whether funds are insured or not. Making 10% every year consistently is far better than making 20% in the first year and losing it all in the second one.
After all, that being said, this can be one of the best ways to be financially free without putting in the daily time to work. Definitely, something that I will recommend newbies to aim for.
No one hates free money. Airdrops can be considered as something very similar. Even I bought my first iPhone using Airdrop money. Being one of the first users to access a new DEX or by contributing to open-source funding opens a wide barrier of free money coming on your way.
Crypto companies airdrop their tokens to all the eligible wallets who supported the platform during the initial days as a token of appreciation or to gain followers. Twitter is a place where you can connect with folks who are airdrop hunters.
Giveaways also make a huge chunk of free money. Recently I did a giveaway on my channel where 5 random folks won $150 each just by creating an account on a platform. That being said, a lot of them can even be scams. Just be cautious if you think someone is asking for your Wallet Seed Phrase as eligibility criteria or trying to make you sign a shady contract using your wallet to compromise it.
Ending thoughts would be to keep exploring the space for opportunities. It is a new sector with a whole lot of possibilities. Tweaking your skills a bit to suit the Industry can turn out profitable for many.