If you haven’t heard about cryptocurrencies, chances are you have lived under a rock for at least the last ten years. It has been on the news repeatedly for making such giant leaps in technologies and other aspects. Cryptocurrency is a sort of digital investment that is secured by cryptography in a web ledger. Yeah, it is a lot to take, but it takes digital files as money in much simpler terms. Cryptocurrencies come in many types; the first on the list is Bitcoin. It is the one that started it all and now has the most significant value market cap. Then there is Ethereum, Cardano, Dogecoin, and many others.
Earning in Cryptocurrency can take many forms. Primarily, you can make money by trading it, and there are many trading platforms available for you with just a click. In trading, you can do what they call “day trading”, where you buy and sell assets for a shorter period; usually, you buy when it is on a day-low and trade when you feel that it is on the peak for the day. Obviously, this will take more of your time because you should always be on the watch, waiting for the price of your asset to go up. Another way to make money with cryptocurrency is lending. We are not talking about changing your cryptocurrency into cash. Crypto lending allows the investors or the lenders to invest their cryptocurrency and to get interest money from it without the necessity of physical money. Other participants in this process are the crypto lending platforms and the borrowers of cryptocurrency, who also pay dividends to the investors. This also allows the investors to stay in the increasing Crypto Market and to earn passive income without much effort.
Alternatively, you can hold your investments, add on it as time passes by and wait for a particular time until you are content and comfortable with the gross your assets received- this is what they call holding. Then there’s staking, this one is just like saving, but at the same time, you are locking your assets in for a definite period; this also has a higher APY or Annual Percentage Yield than what you can get from just simply holding.
If you think you have raked in enough money and decided to make some profit, cashing out wouldn’t be a problem, especially now that new technologies have continued to develop. First, of course, you can do it the way all are used to from your wallet, and you will trade it to a fiat currency, then send it to your bank and withdraw it from there. And then the new technology is that we now have Bitcoin ATMs. As of September 2021, they strategically placed a Bitcoin ATM Australia for our convenience. Reportedly this is around fifteen units in total just for the safety and advantage of its user. This initiative of Bitcoin will likely be followed by other cryptocurrencies and trading platforms sooner than later. So it is wise to go along with this change as it bypasses many trading and additional transaction fees making your net return more.
Making money does not stop in trading for Cryptocurrency. Recently, many Cryptocurrency games are being developed by gaming developers as they have seen its potential and the massive attention and traffic it can deliver to a match. But, of course, players come in a bunch if they think of a Play-to-Earn concept. Undoubtedly, this type of game has made a mess in the traditional gaming market because who wouldn’t want to gain money just by playing. However, Crypto games have transformed gaming in a way by adding profitability to entertainment.
A leading example of this is Axie Infinity- It is a game you can play on your phone or PC. Its core idea is like that of the Pokemon Series. You will have to buy or mint a team of three Axies with various skills to start this game. Then you will have to fight another monster to earn tokens which you can exchange for real money. Opposing monsters can either be computer-controlled or real-life players.
What we see now with the progress of Cryptocurrency is a revolutionary technology; who would have thought that we could have another form of exchange aside from the existing fiat currencies that are just stored in a virtual ledger where trust is very fundamental. Many countries are drafting their move with this shift, and It will not be long until this evolution is accepted and exchanged worldwide. As for earning in this industry, as many options you may have, you have to delegate much of your time to research because as promising as it is, the current market is very volatile, values can change in a blink of an eye. So please do not take this as a gamble; see it as an investment. There is a term in the crypto world that is DYOR- Do Your Own Research. It doesn’t matter how late you enter this technology. Just do not get pressured and do not get carried away by the “Fear-Of-Missing-Out” feeling. If you do not do your homework for in-depth research, you will lose money. In any situation, being mentally prepared is way better than feeling sorry.