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How to make money with crypto? 4 proven strategies plus useful tips

Newcomers to crypto trading often see it as a new lease of life. Having heard the success stories of others, they jump in the big game by day-trading and keeping track of the ups and downs. Some end up having a steady income, others on the other hand turn out to give up, fall into money scams or be misled by mistakenly chosen ways to make money with crypto.

How to make money with crypto? 4 proven strategies plus useful tips
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Crypto is in its early stages of development yet, with the daily average volume of 1% for the foreign exchange market. Nonetheless, the crypto asset is experiencing a consistent growth for the medium to the long haul. That’s why it’s essential to invest your money prudently and with enough relevant knowledge of ways to make money with cryptocurrency.

In the upcoming article, we’re having a survey of different strategies plus practical tips for you to better invest and make money from crypto.

4 strategies to make money with cryptocurrency

Just like any other contest in the world, knowing your strategy would bring you the most success. Below we have gathered some of the best proven strategies for you to make money with cryptocurrency in 2022.

1. Investing and trading

These two strategies are among the most popular ways to make money from crypto. They both work quite the same way with a difference in timespan. Investing is pretty much like investing in any other business, but instead of putting your money into something and then passively waiting for its outputs, you need to buy and hold stocks for long-term gains. It could be just as risky as any other investment but with sufficient understanding of the market you can predict the shifts and make money with cryptocurrency safely. Bitcoin and Etherum are two examples of stable assets which are suitable for investment, especially for those with less relevant experience and newcomers.

See also: Make money with Bitcoin

Trading on the other hand is short-term and makes profit in splits. To begin trading you must own some kind of crypto to buy and sell on a platform like PayPax. The crypto assets increase and decrease in a matter of seconds. That’s what makes trading extremely volatile and risky compared to investing. If you have quite reasonable experience in the field or are good at analyzing the market charts, then trading could be your choice to make money with crypto easily.

2. Staking and mining

One thing these two ways to make money with crypto have in common is that they both help validate transections. Staking, unlike mining, doesn't require you to own any expensive hardware. It basically puts you in place of a bank, giving you the opportunity to lend the coins you’ve earned to a network in return for a commission. This helps the proof-of-stake network maintain secure and transaction verified. This way the coins you own are not to be spent, rather are locked by the network. Finding a network that has a high number of tradings is of great importance, thus staking is recommended to those with highly relevant experience only. Etherum is an example of coins that are capable of being staked in order to make money with crypto.

Mining is the most primitive and by far the most popular way to earn money with crypto. This might need a little bit more of initial investment on specialized hardwares and PC parts. Connecting a specialist hardware to a desktop device will enable it to solve complex mathematical equations and reward the miner with newly minted crypto tokens. Transactions are validated through mining and so the network can operate in a decentralized manner. If you are looking for a way to make money with cryptocurrency with the least amount of risk and effort possible then you are definitely on the right path. 

3. Airdrops and forks

This way proves that making money with crypto is not the hardest thing in the world to do. You just need to be in the right place, at the right time. By being so, you can hold coins on the original chain and get free tokens on the new network as a reward. Airdrops and free tokens are distributed to raise public awareness. So, you need to be highly cautious as this is one popular way for scammers to create and distribute worthless tokens to random wallet addresses. An exchange might also do an airdrop to create a large user base for a project. 

4. Play to earn (P2E) crypto gaming

For those who wish to be an avid gamer and make money with crypto at the same time, this is a surprisingly promising choice. Although crypto games are not very well developed in depth and graphics at the moment, they are worth billions of dollars and attract several professional gamers world wide. Axie Infinity is one of the best known crypto games available. Start playing for free or with little initial investment in a casual or hard core level and earn in-game currency which you can trade for NFTs or other in-game currencies. For more information regarding play to earn games visit: How to earn money playing games?

Tips on how to make money with crypto

Where to start and tips

With the aforesaid strategies you can now choose the most suited way for you to make money from cryptocurrency wisely. It is of great help to determine your crypto wallet in the very beginning of the process and see if it offers the options you’ve chosen to exchange. PayPax wallet is highly secure and easy to use. Nevertheless, when starting to make money with crypto, you need to bear in mind that it could be as risky as any other investment. Here are some useful tips for you to make money from crypto more conveniently:

  • Research and analyze the market constantly. Read critic reviews, talk to an expert in the field or join telegram or other social media communities to be informed of the latest news.
  • Don’t put all your eggs in one basket. There is a vast variety of options available for you to invest your money in. Split your budget and put each portion on a different side, in order to avoid being knocked out if one collapses. 
  • Determine your strategy and know where to store. Your cryptocurrency wallet should be secure and diverse to cover your choice of exchange widely. Visit PayPax for a complete guide to cryptocurrency wallet and how to choose the best one.
  • Prepare for possible ups and downs. The crypto market is extremely volatile and the prices fluctuate continuously. You need to be conservative when you want to make money from cryptocurrency not to harm your mental status and lose something worthwhile.

Final word

In this article we went through and discussed 4 proven strategies to make money from cryptocurrency but that doesn't convey that it’s the finale. Overall the best way to earn money with crypto is to invest in tokens at a highly favorable price. For that you need to research the details, have your wallet ready before the big game starts and watch out for your tokes’ present, past and future. In case you are making money with crypto or using PayPax wallet, share your experiences below in the comments.

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