Many people claim to make money with cryptocurrency. How true is this? <\/p>\n\n\n\n
In the past year, there\u2019s been so much noise around cryptocurrencies like Bitcoin, Ethereum, and DogeCoin. If you use the internet, you probably have come across some of these coins on your timeline.<\/p>\n\n\n\n
Cryptocurrency adoption is increasing, and it may seem like you\u2019re the only one not making money with Bitcoin. This is where we come in. <\/p>\n\n\n\n
As your dedicated crypto buddy, we can show you how to make money with cryptocurrency in 2021. We can help you take advantage of opportunities like mining and trading.<\/p>\n\n\n\n
The first step to making money with crypto is knowledge. You need to understand where cryptocurrency is coming from and what it entails. Secondly, you also need to understand the various ways in which you can maximise crypto for profit. In this guide to make money with crypto, you\u2019ll find all you need to start.<\/p>\n\n\n\n
As popular as cryptocurrencies are in today\u2019s world, they aren\u2019t legal tenders. A legal tender is an entity you can exchange for goods and services. Governments issue legal tenders like Pound Sterling.<\/p>\n\n\n\n
Cryptocurrencies are digital forms of money you can exchange for services and goods online. As of now, private entities primarily own cryptocurrencies. Cryptocurrency came into existence to replace ‘money.’ However, it\u2019s yet to achieve that goal. <\/p>\n\n\n\n
The idea of having a digital form of cash first hit the mainstream in 1995. However, it wasn’t until 2009 that the world’s first cryptocurrency came to being \u2013 Bitcoin. Bitcoin premises on a decentralised network called Blockchain designed by an anonymous entity named Satoshi Nakamoto.<\/p>\n\n\n\n
As a decentralised currency, Bitcoin (and subsequent coins) is devoid of governmental control and influence. The creation of decentralised currencies leads to the hope of a future in which money has nothing to do with the government. <\/p>\n\n\n\n
Irrespective of the current debates and future projections for crypto, there is one certainty \u2014 it\u2019s possible to make money with cryptocurrency. Many people do it, and you too can join this exclusive group. <\/p>\n\n\n\n
Currently, there are more than 6000 crypto coins in the world. However, they divide into two primary forms: Bitcoin and Altcoins. Both crypto forms offer different ways to make money.<\/p>\n\n\n\n
Altcoins means ‘Alternative coins.’ As the first cryptocurrency, Bitcoin is the standard to which other currencies measure. Hence, the name ‘altcoins’ refers to other cryptos, which are alternatives to Bitcoin.<\/p>\n\n\n\n
A few examples of altcoins are:<\/p>\n\n\n\n
Altcoins are still at measly valuations when you compare them to Bitcoin. However, they have made millionaires out of those that bet big on them early.<\/p>\n\n\n\n
Cryptocurrencies have different values and projections for growth. Based on these characteristics, some cryptocurrencies offer a more reliable route to making money. The investment-worthiness of a coin depends on its value. The value of cryptocurrencies depends on: <\/p>\n\n\n\n
Beyond being the first cryptocurrency in existence, it is the most widely accepted one. You’ll probably notice the frequent interchangeable use of Bitcoin and cryptocurrency. Bitcoin is more like the ambassador \u2014 the forerunner of cryptocurrencies. <\/p>\n\n\n\n
The electronic system that premises Bitcoin is self-regulating and validating. After every transaction on the blockchain network, the system automatically updates every computer on the network. Hence, it’s impossible to forge transactions.<\/p>\n\n\n\n
The ambition of Bitcoin is to replace money. Currently, some large companies accept Bitcoin as a mode of payment for goods and services. In the community, several vendors are willing to accept payment via Bitcoin.<\/p>\n\n\n\n
But, there is still a long way to go regarding cryptocurrency\u2019s global acceptance. The current realities of it mimic money \u2013 purchase of goods and services. Also, taking a look at money\u2019s ancient form \u2013 gold, there is evidence of similarity. Gold is a store of value, and so is Bitcoin (and altcoins).<\/p>\n\n\n\n
Bitcoin combines the concept of fiat currency like the dollar and stores of values like gold. Bitcoin is accepted in the purchase of goods and services while being a store of value. <\/p>\n\n\n\n
Owing to these functionalities, cryptocurrencies function effectively as assets. You can exchange cryptos for goods and services. Also, you can leverage and earn profits with cryptocurrency as an asset.<\/p>\n\n\n\n
If you’ve ever followed the financial or real estate markets, you’ll probably have a vague understanding of what a bubble is. <\/p>\n\n\n\n
Bubbles refer to situations where the values of certain asset classes rise fast. As a result, investors before bubble periods make significant \u2014 sometimes, life-changing \u2014 returns.<\/p>\n\n\n\n
The first Bitcoin bubble began in 2011. However, the bubble that took the world by storm occurred in 2017. The bitcoin bubble of 2017 made others before it seem like regular financial market movements. During this period, Bitcoin hit a high of $20,000 per coin. However, the prices soon dipped to about $3300.<\/p>\n\n\n\n
The rise and fall of Bitcoin is simply a reflection of its volatility. The accurate maximisation of crypto\u2019s volatility is how several people make money with cryptocurrency. When you buy at a lower price, and the value suddenly soars, your profit does too. For example, in early 2021, Bitcoin skyrocketed north of $60,000 per coin. <\/p>\n\n\n\n
The concept, history, and realities of cryptocurrency we’ve explored so far point to one thing; you can make money with cryptocurrency. <\/p>\n\n\n\n
Below is a list of ways to make money with cryptocurrency: <\/p>\n\n\n\n
If your interest is Bitcoin, you can earn profits with the cryptocurrency by mining it. Your computer does the bulk of the mining work. When you solve mathematical problems, you get Bitcoin as a reward. The reward system of Bitcoin mining<\/a> is applicable in several other cryptocurrencies.<\/p>\n\n\n\n At the inception of Bitcoin, mining wasn’t difficult. However, following the boom in Bitcoin’s reputation and existence, you need power system setups to make the most of mining now. Hence, the best way to start mining in 2021 is to join a Bitcoin mining pool.<\/p>\n\n\n\n For those that search \u201chow to Invest in Bitcoin\u201d buying and holding is the classic answer. The process of buying and holding is called HODLING. <\/p>\n\n\n\n You\u2019ll buy at a particular price and hope the value increases with time. You can also purchase when the market is dipping, as it\u2019ll most likely soar again. <\/p>\n\n\n\n To make money with cryptocurrency by buying and holding, you need a wallet, digital or physical. It would be best if you had a dedicated wallet to store your crypto coins. <\/p>\n\n\n\n Then, you can also buy from a cryptocurrency exchange<\/a>. On crypto exchanges, you can either buy directly from the market or make peer-to-peer trades. The latter is less safe, as it’s prone to scams. It’s best to buy directly from the market, then hold.<\/p>\n\n\n\n Buying and holding cryptocurrencies is a long-term game. The short-term game is trading, where you buy and sell regularly. Trading takes advantage of crypto’s volatility, potentially giving major profits in the short term. <\/p>\n\n\n\n To maximise trading, you need to study and understand the market. Different trading styles you can leverage include day trading, swing trading, and arbitrage.<\/p>\n\n\n\n Affiliate marketing, for any business, requires you to bring in new users or customers. As with other businesses, affiliate marketing in cryptocurrency offers you an incentive for every new user you initiate. <\/p>\n\n\n\n Crypto exchange platforms in the UK offer affiliate marketing opportunities for their users. There are different affiliate marketing programs out there. Take a critical consideration of them all to know the best one that\u2019s worth your investment.<\/p>\n\n\n\n In recent times, several businesses accept Bitcoin as payment. You can join the bandwagon if you offer goods and services for sale. To make money with cryptocurrency by accepting it as payment, you need to make it easy for customers. <\/p>\n\n\n\n If you have a website, you can integrate payment with crypto functionality on your website. It would be best if you also were specific with the type of cryptocurrency you accept. <\/p>\n\n\n\n Becoming a consultant is another hack of how to make money with cryptocurrency. Crypto is still relatively new, and many people will never look to understand it on their own. <\/p>\n\n\n\n You can become a consultant to people on how crypto works and the investment opportunities for interested parties. Though, to achieve consultancy status, you must have learned a lot about the ecosystem. <\/p>\n\n\n\n The learning process to become a consultant doesn’t have to take ages. In six months to one year of active and deliberate learning, you can become an expert. You’ll know the right places to look, the right coins to buy and how to build crypto portfolios.<\/p>\n\n\n\n You can leverage your knowledge by doing personal consultations. You can also organise conferences and master classes in the vastly connected world to share knowledge at a reasonable fee per person.<\/p>\n\n\n\n Anybody can make money with cryptocurrency. Whether by mining, affiliate marketing or regular trading, it\u2019s possible to make thousands of pounds by investing in cryptocurrency.<\/p>\n\n\n\n It may seem as though the crypto ship has already sailed. But that\u2019s far from it. We\u2019re still in the early stages of adoption. <\/p>\n\n\n\n If you get in now, you can get ahead sooner than you imagine. Get started by scouring out the website for more crypto-related news, signals, and trading help. <\/p>\n","protected":false},"excerpt":{"rendered":" Many people claim to make money with cryptocurrency. How true is this? In the past year, there\u2019s been so much noise around cryptocurrencies like Bitcoin, Ethereum, and DogeCoin. If you use the internet, you probably have come across some of … Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":53,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,3],"tags":[],"_links":{"self":[{"href":"https:\/\/sidehustle.co.uk\/wp-json\/wp\/v2\/posts\/52"}],"collection":[{"href":"https:\/\/sidehustle.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sidehustle.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sidehustle.co.uk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sidehustle.co.uk\/wp-json\/wp\/v2\/comments?post=52"}],"version-history":[{"count":0,"href":"https:\/\/sidehustle.co.uk\/wp-json\/wp\/v2\/posts\/52\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sidehustle.co.uk\/wp-json\/wp\/v2\/media\/53"}],"wp:attachment":[{"href":"https:\/\/sidehustle.co.uk\/wp-json\/wp\/v2\/media?parent=52"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sidehustle.co.uk\/wp-json\/wp\/v2\/categories?post=52"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sidehustle.co.uk\/wp-json\/wp\/v2\/tags?post=52"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Buying and Storing<\/h3>\n\n\n\n
Trading<\/h3>\n\n\n\n
Affiliate Marketing<\/h3>\n\n\n\n
Accepting Bitcoin as a Mode of Payment<\/h3>\n\n\n\n
Become a Consultant<\/h3>\n\n\n\n
Wrapping Up<\/h2>\n\n\n\n