The world of cryptocurrencies is constantly evolving, but one thing that remains the same is the ability for you to make money from it. Over the years, this claim has been tested and trusted as the knowledge of easy ways to make money with cryptocurrency is widespread.
Though Bitcoin is widely regarded as the first cryptocurrency, and by default perceived as the most profitable cryptocurrency to invest in, there are other altcoins that are profitable and are equally one of the easy ways to make money with cryptocurrency. This hype around Bitcoin and cryptocurrencies, in general, has drawn many to the crypto world. And the important question on a lot of people’s minds remains, “how can I make money with crypto easily?”
Cryptocurrency is heralded as the solution to fiat money’s current shortcomings, it makes sense to be curious about how to achieve financial success with what is now widely regarded as the “new gold.”
Let us look at some of the easy ways to make money with cryptocurrency.
Please keep in mind that these are not the only ways to make money with cryptocurrency; however, we believe that these three are the easiest for anyone to implement.
The “HODL” strategy
“HODL” was coined back in 2013 on the BitcoinTalk forum as a misspelling of “Hold”. Since then, it has come to mean “Hold On for Dear Life” in the crypto community.
HODL is not a complex strategy; it simply means to hold onto something. Crypto investors commonly that refuse to sell their cryptocurrency regardless of the price increasing or decreasing commonly use this term. It is more frequently used during a bear market when people refuse to sell their coins despite the price drop, strong market volatility, and poor market performance.
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How to HODL
Typically, HODLing entails purchasing cryptocurrency regardless of its current price and holding it. The idea behind this strategy is that the price or entry point does not matter in the long run because crypto appreciates as it is adopted and its utility grows. And the price of cryptocurrency has steadily increased over time, proving this.
HODLing relieves you of the need to check your bitcoin asset or monitor its performance constantly. One of the most effective and successful bitcoin trading strategies has been the buy and hold strategy.
If you’re new to the crypto world and don’t know much about how the market works, or if you have a low-risk tolerance but still want to invest in Bitcoin, HODLing is a good option. Cryptocurrency has only been around for a short time, that is why it is still considered a volatile asset, so risk management is advised.
For you to effectively HODL, you need three things:
- A crypto wallet that allows you to store and send your bitcoin. If you intend to hold your crypto asset for a long time, you need to use a wallet.
- A crypto exchange platform that allows you to exchange one digital asset for another. Bitmama is your best choice because it allows you to buy or sell crypto assets with your local currency. This is useful to easily and quickly buy cryptocurrency and HODL without worrying about how to convert or buy with the dollar.
- A secure account that is protected by a password and private key to prevent the loss of your crypto assets. Just like any other two-factor authentication process, the Bitmama verification process is also to ensure the safety and security of our users.
One of the most simple and easy ways to make money with cryptocurrency is by crypto staking. Crypto staking involves “locking up” a portion of your cryptocurrency for a period of time as a way of contributing to a blockchain network. In exchange, stakers can earn rewards, typically in the form of additional coins or tokens. Crypto staking is similar to depositing money in a bank, in that an investor locks up their assets, and in exchange, earns rewards, or “interest.” YOu can read about how to trade on P2p exchange.
Here’s how to stake your crypto on Bitmama
Follow these simple staking steps to begin earning with crypto on Bitmama:
- On your Bitmama App, click on Account (bottom right button)
- Select Bitmama Earn, then Staking
- Click on Earn Now & choose coin type (BTC, ETH, USDT)
- Select subscription model (Fixed or Flexible)
- Enter the amount to stake & the duration (7 to 365 days)
- Indicate if your stake should roll over (Yes or No)
- Click “Subscribe” and then, congrats, you just completed your staking process!
Conclusively, crypto staking and HODL strategy are some of the easy ways to make money with cryptocurrency. The good thing about these strategies is that they are passive ways of making money. You do not have to trade and there is a low risk of losing your money.
This article has demonstrated that Bitmama is your best bet in implementing these strategies. Download Bitmama on Appstore or Play store today and start your journey to make money with crypto. You can read our article on how to buy bitcoin from Ghana.
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