Cryptocurrency in recent times has become the center of attention for many. Despite hundreds of cryptocurrencies available in the market, bitcoin remains the most prominent one and the leader of the space. Little wonder why everyone wants to buy bitcoin.
With more people falling into the hands of scammers and fake crypto investment schemes, learning the right way to make and scale up the profits of crypto trades has never been more important. For a fact, most people only know the simplest way to earn from crypto. This process involves buying bitcoin at a specific price, holding it for a while, and eventually selling it for a higher price. The truth is, there are a handful of other secret ways you can increase your earnings in the crypto space.
Maybe you’ve been thinking about what these other ways are, and you can’t wait to explore them, don’t fret! Here is a list of secret ways you can make more money online with your crypto investment. These are less popular, less used, yet highly profitable earning strategies. So without much ado, let’s dive right in.
1. Leverage on Bitcoin Affiliate Programs
Many people understand how affiliate programs work, but only a few know that they are also available in the crypto world. Affiliate programs reward you for doing one thing – referring customers to their business. This means – the more people you refer, the greater your reward.
When you join a cryptocurrency affiliate program, you will most likely get paid in Bitcoin. This method of making money is especially great for individuals who own blogs, run YouTube channels, or have some following on social media. There are so many people out there looking for how to buy bitcoin in Nigeria. Instead of having to explain the same thing a dozen times, you can very easily refer those potential crypto downlines to your website, YouTube channel, or social media page for more information. When they learn the basics and are ready to begin their crypto journey, chances are they’d click on any of your affiliate links to get started, and that means more bitcoin for you — a win-win situation.
Also, if you don’t have a blog or YouTube channel, you can still benefit from affiliate programs. Simply share your affiliate links with family, friends, and anyone who is interested in becoming a crypto trader. And in no time, you’d see your crypto earnings rise from referral commissions.
2. Become active in the Crypto Industry
Like any other industry, the cryptocurrency industry also has individuals who are actively involved in the technical side. One way to multiply cryptocurrency earnings is by becoming involved in the technical as well. This essentially goes beyond long or short-term trade tactics. It involves having deep insights into cryptocurrency processes, understanding how blockchain technology works, exploring crypto-economics and various other technical fields in the industry.
Although the learning process will demand a significant amount of time, self-discipline as well as creating a good network of connections in the crypto space, the rewards outweigh the costs. There’s a vast and constantly increasing demand for experts in the crypto industry for financial and technical advice. This makes your industry skills highly sought after and can increase your paycheck by over $100,000 worth of bitcoin. Want to know what’s even more intriguing? Most of these jobs are remote, so you can do them from anywhere you are in the world.
3. Try day trading
Everyone’s understanding of cryptocurrency trading seems to be HOLDing for an extended period and selling after the price rises. And that’s one of the simplest ways to profitability. But what if you heard that there are traders who earn hundreds and possibly thousands of dollars each day from “day trading?” Well, now you’re aware. It’s worth mentioning that there are lots of risks associated with day trading crypto. The reality nonetheless is that there are also huge profits in it. Day trading involves several strategies such as shorting bitcoin, leverage trading, and so on. To minimize the risks involved, we recommend learning the fundamentals of becoming a profitable trader and how to develop a successful trade mindset. Here you’d learn how to avoid common beginners’ trade mistakes like panic selling, greediness, not using stop loss, not experimenting with demo accounts, and others.
Additionally, do not trade more than you can afford to lose. Over time, your trading skills will improve, and you’ll be able to analyze the market better. As a result, your profits from crypto will increase dramatically.
4. Mine Bitcoin
Bitcoin mining is increasing in popularity by the day. The relevance of miners to the sustainability and security of any decentralized blockchain technology can not be undermined. As compensation for their invaluable contribution to the network, miners receive ‘block rewards’ – a technical term for coin rewards. If you’re willing to put in the efforts, monetary and otherwise, mining can help you skyrocket your profits in no time. To mine bitcoin (and many other cryptocurrencies) and derive benefits, you need mining rigs. These mining rigs cost thousands of dollars, asides from the electricity bill you will incur in the process. But, when done correctly, you can be guaranteed to recover your investment and extra profits over time.
5. Carry out Cryptocurrency Microtasks
Individuals and cryptocurrency platforms are willing to pay you to help them carry out microtasks. If you have some extra time, executing these microtasks can be a great way to earn more bitcoin. These tasks cover a wide range of fields, including apps testing, link clicking, adverts viewing, surveys, watching videos, and many more. Examples of these platforms that offer these tasks are Bitcoins Rewards and Coinbucks.
6. Earn using your already-acquired skills
Do you have some high-in-demand digital skills? Now’s the time to increase your earnings because cryptocurrency companies are looking for you. Whether you’re a content creator, digital marketer, web developer, or data analyst, there’s something in for you. You only need to be sure that you have the perfect solution for their needs (pretty much just like applying for any job), and you’re good to go. Emphasizing your active involvement and experience in the crypto space will also be a plus for you. The majority of the jobs are done remotely, enabling you to enjoy a flexible work schedule.
Perhaps you’ve seen crypto bosses who boast of making profits despite the seemingly poor performance of the market? Chances are they’re using one or more of these secret techniques to remain on the profit side. You too can tap into these secret ways to improve your earnings from cryptocurrency.