In today’s era of Bitcoin and cryptocurrency, if you are still confused about how much can you earn on cryptocurrency? Well, most of us do, and in that case, understanding what is a cryptocurrency and what are the best ways that have been implemented by other people will possibly be the first
As a general thumb rule, in any type of financial matter; if you are really unsure about the output; it is always better to invest less at first instance. As a beginner, your primary goal is to understand the theme, instead of being rich at a faster rate. Experts who have already been dealing with such financial cases have set certain types of algorithm pyramid, such as:
• It is always better to choose a dealer who is reliable for exchange. As a general practice, there are chances that exchanges can be hacked very easily and hence, it would always be safe to choose a broker who has been frequently exchanging in cryptocurrency dealing. The larger the exchange rate, the less are the chances of being bankrupt.
• It is always better to choose a currency pair because prediction can be easy with one volatile asset and another non-volatile one. Thus, you need to choose the pair, depending upon their popularity. Some of the commonly accepted pairs are BTC/ETH, BTC/XRP, etc. and are found to have a very good market demand. It has been generally believed that being popular and having a higher market demand, there are very fewer chances undercapitalization.
• It is always important to review the market on a regular basis, which can further be helpful for a novice trader to gamble accordingly. Ideally, buying an asset at a lower rate and selling the same at a higher rate is always a profitable option.
• You should constantly upgrade yourself, with the latest trading tool; which can further increase your trading performance and build up a kind of confidence in your decision.
• Timely transfer of coins to third party wallets should be facilitated for better money management and reduce the risk in its capitalization.
How much can you earn on cryptocurrency?
The market being very highly unpredictable, it is rather very difficult to be assertive; because of which, there are higher chances of bankruptcy. In the end, every decision has to be made on the basis of your previous trading experience; which can be helpful for you to gain 100% profit during the entire month. And if in case you are very perfect in your predictions, there are chances that you gain profit in more than 5000% that too just in a couple of days. Experts have also suggested that you need to be very committed to your decision and prone to take the risk; in order to increase the chances of profit.
In this regard, we have come up with certain ideas that can be implemented in order to gain higher profit in cryptocurrency. They can be noted herewith:
• Be a safe player
One of the safest ways to get better profit in the world of cryptocurrency is to rely only on good products that have higher market demand. You need to have better financial security so that you can confidently buy and sell cryptocurrencies depending upon the increasing market rate for better earnings.
Some of the most popular currencies are Bitcoins, Binance, Tezos, etc. These currencies are well known for their higher market rate. It can at times much easy for you to hold these currencies for a longer period of time, till you are assured about their higher return. One additional advantage with these currencies are they can be traded against the fiat pair of popular general currencies like US$, EUR, GBP, etc.
• Staking on cryptocurrencies
This type of transaction is preferred by many of us, because of the dual benefit of holding these coins for a longer period of time and also for getting additional dividends as a reward price; just for staking the coins. So if you are still confused with the term “Staking” then let me elaborate it further. Staking can be explained as keeping these crypto coins in your wallet as living currency; in this, you will further be rewarded additionally for securing the blockchain network. As per the statistical analysis, some of the noteworthy coins are Decred, NAV coins, Neblio, etc.
• Looking out for better dividends
Looking for options that can offer better dividends is another smart way to earn more in the field of cryptocurrencies. This can be achieved by buying some of the crypto coins and holding them for a longer period of time. Some of the well-known cryptocurrencies that can be suitably categorized under this section are NEO, KuCoins, and BTMX.
• Do you know about Masternodes?
Running cryptocurrencies in the form of masternodes has been known as one of the best ways to earn money in a passive manner. Masternode is a computer wallet that has a full version of the blockchain and can display the same in a real-time manner. This can be directly correlated with the Bitcoin nodes also, wherein you can always perform certain tasks on a virtual platform. As of now, different cryptocurrencies are included in this category like DASH, PIVX, etc. You should also crucially understand that in order to deal in this category, you need to have a certain number of initial coins with you that are usually around 1000-25000 depending upon the currency type.
• Daytrading stuff
If you have enough real-time trading experience and understand the market in a better sense; then day trading is specifically suitable for you, as a quick earning option. Different crypto coins that can currently be opted for day trading options are Binance, KuCoins, and BitMex. It works with a simple principle, buy currencies at a lower rate and start selling them at a higher price. However, you should note that the market associated with cryptocurrency is extremely volatile; and unless you are very sure about the outcome, you don’t really have to deal with this.
• Work for it
This can be another perfect way to deal with this segment for better-earning rates. You can start exchanging your expertise, which can be anything for earning cryptocurrencies in return. This way you will get higher benefits for price appreciation. Some of the crypto coins that you should start working with immediately and will not fail you are Bitcoin, Monero, and Litecoin.
Written by: NicoleKen