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.
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.
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”?
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.
Creating Your Own Cryptocurrencies