How Can I Make Money With Cryptocurrencies?

 

There are several ways to make money with cryptocurrencies from home.

You can get into the crypto business even with small amounts. But you should always be aware of the risks. Some have already lost everything through cryptocurrencies. But there are also many opportunities and an easy entry into the crypto market.

Faucets (free)

These are providers who pay you in cryptocurrencies for viewing advertising and websites. These are very small amounts, usually worth less than 1 cent per claim (a "claim" means a claim, you can often "claim" several times an hour). Instead of the money balance in euros or US dollars, however, you will be paid in satoshis. When you have accumulated a few hundred or thousands of them, you can then transfer the cryptocurrency to your wallet (electronic purse).

We have tested the best faucets for you and also described them individually. You will also find payout receipts and star ratings. As a tip for the beginning, register with a few services and test them out. Faucets can be fun, but don't overdo them, as all the ads can be annoying. Important: Our providers presented here are guaranteed to be free of charge! You don't have to pay anything and you can earn Bitcoin and other cryptocurrencies for free.

Airdrops = crypto gifts (free)

Occasionally there is an opportunity to get free cryptocurrency credits on certain platforms like Coinbase by watching tutorials about them and answering questions. I've made around $40 myself this way at Coinbase, in Stellar, EOS, DAI, and BAT currencies.

Crypto trading (requires investment)

Many make extra money by trading cryptocurrencies online. They sign up on one of the many exchanges where they buy a cryptocurrency and then wait for the right time to sell. Cryptocurrency prices have experienced huge fluctuations over the years. The motto here is: buy low, sell high. By buying cheap at the right time and selling when the price is rising, you can make good money. Bitcoin, for example, increased by 18,000 percent in 2017. In this hype year, pretty much all cryptocurrencies followed suit. However, this is not always as easy as it sounds.

Which strategy you want to pursue when trading is up to you. Some traders buy and sell their cryptocurrencies on a daily basis. Since prices are constantly moving, it is entirely possible to make some money using this method. However, this strategy also requires you to study prices closely and monitor them constantly.

Other traders hold their cryptocurrencies for a long time. They wait for the next big "bull run" in the markets and for prices to rise enormously. It may take months to years for that to happen. With this strategy, you don't have to deal with the prices on a daily basis. It is enough to keep an eye on the news to wait for the next opportune moment. This strategy is suitable for those who are patient and those who keep a cool head even when prices are falling and do not sell everything in a panic.

All you need to trade cryptocurrencies is start-up capital and an internet connection. You also have to register on the exchanges or, if necessary, install a wallet on which you can store your cryptos. With some exchanges, the registration can take a while because they want to check your personal details. This is to protect them from criminals.

Mining describes the process in which the miners confirm blockchain transactions with their hardware, combine them into a new block and add them to the blockchain. By mining a cryptocurrency, the miners perform an important task for the network. They incur costs, including high electricity consumption, which is why they are rewarded for their work with the "Block Reward". The block reward consists of the mined cryptocurrency.

Due to the high costs, mining is hardly profitable for individuals, which also depends on the cryptocurrency. Bitcoin, for example, is where big mining farms set the tone. Private miners join together to form "mining pools" in order to even have a chance at the block reward. This is where they bundle their computing power. The mining pool operator then distributes the block reward to those involved. If you want to mine Bitcoin yourself, then you have to join such a mining pool with your hardware. Bitcoin uses special ASIC processors. The times,