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Four Ways To Make Money Off Cryptocurrencies

Despite the fact that the unparalleled cryptocurrency bull run of 2017 is far behind us and that the cryptocurrency market has cooled down, there are still countless opportunities to profit from in the crypto industry.

In fact, over the last couple of years, we have witnessed the cryptocurrency industry to develop into a driving force behind several new and exciting ways for entrepreneurs and traders to make money.

So without further ado, let us take a closer look at four ways you can make money from cryptocurrencies.

  1. Investing with Long-term Goals

Naturally, the first and most common way of making money from cryptocurrencies is to invest. People that bought Bitcoin in 2010 have seen their investments increase by tens of thousands of percent and even though the market has slowed down a bit lately, there are still opportunities to make use of.

The best way to invest in cryptocurrencies is to buy the assets from a reputable source and then store them on safe cold storage or an online wallet until you decide it’s time to sell and pocket the profits.

It’s simple, straightforward and it requires minimal effort after the initial investment has been placed.

  1. Trading Using Assets or Derivatives or Buying using an Exchange

Besides investing, one can also trade cryptocurrencies and make more regular profits.

If you’re interested in trading, you have two options. You can either set up an account with a cryptocurrency exchange such as Binance and trade the cryptocurrencies against each other and other fiat currencies.

Or you can open a trading account with a leading CFD cryptocurrency broker. As you might already know, CFDs are a derivative that’s based on the price of an underlying asset, in this case, a cryptocurrency. Your job is to predict whether or not the price of that underlying asset will increase or decrease. Using a Cryptocurrency broker or a Crypto exchange is simply a matter of preference. Do you want to day trade or do you want to “HODL”?

  1. App Developing on Blockchain

If you’re tech-savvy and have a revolutionary idea of an industry-disruptive app that could change the world, then you should definitely look into developing an app on a blockchain.

Ethereum is the most common blockchain used for app development, and it makes it much easier to get from idea to finished product than traditional app development.

Another benefit of the Ethereum blockchain is that it has streamlined the distribution of apps and data, meaning it will be easier for you to get your name and your software out to the public.

  1. Creating Your Own Cryptocurrencies

The last option that we’ll talk about today is quite radical and not the easiest. However, for the people that succeed, only the sky’s the limit.

In order to create your own successful cryptocurrency, you need to have a great understanding of the market but if you do succeed you can become an online phenomenon and a billionaire overnight.

Just look at Vitalik Buterin (Ethereum), Charlie Lee (Litecoin), Chris Larsen (Ripple/XRP), Justin Sun (XRP) to mention a few.

Summary

Looking to make money from cryptocurrencies? The list above outlines four of the most popular and potentially lucrative ways one can make money from cryptocurrencies.

The first two options are the most common and also easiest, however, the last two have the potential of creating a bigger and more sustainable stream of income.

The choice is yours, just make sure you’re well prepared and careful. And don’t forget that any form of trading and investing is always associated with risk, especially when you’re dealing with highly volatile instruments such as cryptocurrencies.

About RJ Frometa

Head Honcho, Editor in Chief and writer here on VENTS. I don't like walking on the beach, but I love playing the guitar and geeking out about music. I am also a movie maniac and 6 hours sleeper.

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