Cryptocurrency is the headline nowadays, every media house, publication and social media has to talk about cryptocurrency on a daily basis. If you don’t know about it by now, you definitely have been living under the rock. Let’s say you have just found out about this darling called cryptocurrency and like any opportunity you are asking yourself how are you going to make money from it. Then this article will provide you with seven ways of how you can make money from the block chain technology:
- Invest into cryptocurrency
There are 1384 cryptocurrencies listed in the coinmarketcap.com website. Each coin with different purpose and problem to solve. You can always buy the coins that you believe will be valuable in the future, hold them and sell them when you think it’s the right time. Like any good investment there will be good returns in your money or you could lose all your it. Investing in cryptocurrency will require lot of research.
- Day trade cryptocurrency
If you know how to day trade forex or stocks then trading cryptocurrency would be easy for you. The nice thing about cryptocurrency trade is that the markets are open 24/7. If you don’t know how to trade, there are lot of free and paid courses available on the internet. Day trade can be profitable as long as your emotions are in check and you have managed the risk well.
- Mining and Staking the coin
Mining and staking are another way of making money, let me start with mining. Mining is process of sharing your computer power from CPU, graphic cards and Asics to perform and verify transaction in the block chain network. You get rewarded when a new block of transactions has been found. Mining Bitcoin is electricity intensive, since you must leave your computer (or Asics) mining for 24/7. Here is a website where you could buy mining hardware if you are in South Africa www.bitmart.co.za
If you don’t need the stress of mining using hardware, you could still use what is known as cloud mining. Cloud mining allows you to rent power or hashes from mining companies such as Genesis. Please when it comes to cloud mining do your research since there are lot of scammers in the market.
Staking is the new method of processing and verifying transaction in the blockchain technology. So with staking all you need is to buy the tokens and hold them in your wallet. Every transaction that happens in the network, you will receive the reward for just having a stake.
- Build infrastructures around the blockchain technology
The blockchain technology provides many opportunities. Majority of blockchain projects are open source and decentralized which means it would be affordable to build your technology around it. Here are some of the ideas I can share with you:
- Payment Plugin for E – commerce Platforms – Develop a payment plugin based on blockchain for popular e-commerce builders such as Woo commerce and Shopify and sell it on marketplaces such as Codecanyon, WordPress and other related marketplaces.
- Mobile money and remittance platforms – Majority of people in Africa are unbanked the easiest way for them to send/receive money is through mobile money platforms. Use blockchain technology to build very efficient solution for them.
- Built the blockchain based version of org – Kiva has $1.09 billion of loans funded to small business and unbanked individuals. So built the efficient micro-loan platform using blockchain technology. I think Stellar blockchain could be the technology to build such solution.
- Lastly create an exchange for where people can come and buy cryptocurrencies and you can benefit from transaction fees.
- Earn money by creating content and digital assets
- You can earn money by posting on platforms such as Steemit, D.tube and Viuly. These are some of the social networks that I know, they can pay you for your content. If you want to start creating exciting articles and videos here are my referral links :
Viuly : https://viuly.io/r/K1306305a3c7340f
Steemit : https://steemit.com
- Game and 3D assets: In the nearest future you will be able to exchange game assets or collectibles for real money. Platforms such as the Lix platform and Cappasity will give you an opportunity to sell your game content and 3D assets to other people.
- ICOs and Airdrops
This is the most exciting concept in the cryptocurrency space. ICO stands for Initial Coin Offering meaning Startup with new projects are fundraising by creating tokens that will bought by people who believe in the project. So you could buy this token when they are still cheap and sell it as you realize the profits or you can launch your own ICO to raise funds for own project. Here is website where you can find latest IC0s:
Then we have Airdrops, airdrop happens during the ico phase where you could receive free tokens if you hold Bitcoin or Ethereum and you can also get free tokens if you perform certain task such as promoting their ICO on your social network. Check this website for airdrops http://airdropalert.com/
- Share your hard drive space
I almost forgot about this one, as the cloud storage market becomes big. The couple of intelligent people thought they can use the block chain to disrupt this market. So if you have a free space on your external hard drive, you can share it with the likes of burst coin, Storj, filecoin and siacoin. You will get rewarded for storage you have provided.
So I guess in 2018 and beyond, it will be possible to make passive income. Please note that you will not get rich quick. You will be required to put on a lot of work into one of the methods so you can make the money. Till we meet again, let’s make that Guap.