[vc_row][vc_column][vc_column_text]You probably have heard or read about millionaires who made the big buck through cryptocurrencies. For the most part, this will be those that made the breakthrough with Bitcoin at its initial stages. You may be wondering to yourself, is it possible to make money with cryptocurrencies in 2019? The answer is Yes, and here are five ways to do so.
- Mining Cryptocurrencies
The primary means by which anyone can earn cryptocurrencies is through crypto mining. This option is a complex procedure that involves your computer solving complex mathematical calculations in a bid to validate blocks. If done well, the computer (you as the owner) receives a particular amount of cryptocurrencies. The type of cryptocurrency given depends on which currency you were mining. So, if you are mining Bitcoin, then you will be compensated in Bitcoins.
Mining cryptocurrencies requires that you have a high-performance computer and any accompanying hardware. High-performance computers take a small amount of time to accomplish the tasks that earn you cryptocurrency. And in the case of bitcoin, you have better chances of earning coins if you are using a high performance machine. However, at this stage, I would like you to note that mining, especially Bitcoin mining consumes a lot of electricity. And can accrue huge electricity bills.
- Day Trading
Yes, you read that right. Just like day trading currencies and commodities, you can do the same with cryptocurrencies. Day trading cryptocurrencies requires that you have prior knowledge of day trading. This means this is not an amateur’s game to fiddle with. Chart reading, patterns interpretation, market analysis and trading psychology are all essential skills to have if you want to make money with cryptocurrencies through this method in 2019.
How do you make money with day trading cryptocurrencies? You will need to take advantage of price swings and move into the market at the right price. Monitor the trends and identify whether they are working out in your favor. Cryptocurrencies experience significant price changes whenever there is any financial news in the offing. Day trading contributes the most significant number of millionaires in the cryptocurrencies world. However, volatility in the price of these digital currencies presents an opportunity for the well-informed trader, while at the same time is a big challenge for the newbies. At 4C-trading, we are ready to share our trading secrets that we have learnt over the years. Whether you are a beginner, or a seasoned trader, our trading course is the perfect launchpad for any aspiring crypto trader. And that’s not all, it is freely given to all our clients.
- Buying and holding
The old-age stock market wisdom of buy when low and sell when high also applies to this type of online trade. Here, you will need to speculate and determine a valuable crypto that is currently undervalued, then purchase it. Once you have bought this, you can then chill and wait for the market factors to push the price up. The reverse is also possible just as if you were buying and holding on to shares of a company on the stock market.
For most cryptocurrencies where you wish to buy and hold them, it is also a better idea to buy when they launch or just sometime after they do. Cryptocurrencies launch at low prices usually below a dollar but increase in value over time depending on the company’s portfolio. The mission that the company is undertaking can also influence the value. An excellent example of this is Ethereum. At the time it launched, it was trading for about 30 cents. Today, this cryptocurrency trades at over $150 per coin.
- Dividend payout
You may know of dividends from shares that people own in a company. You buy a stock, and after some time, you receive payment, which is a reward for your willingness to hold the stock of that particular company. For cryptocurrencies, something similar exists as well.
In this regard, however, if you pay for the cryptocurrency, it does not belong to you, as is the case with company stocks. For cryptocurrencies, your payment only guarantees you a share of the dividend payout, but the crypto still belongs to the company that generated them. The amount that you pay for them helps to keep the coins in circulation. Like stocks, these coins will increase and decrease in value over time, and with that, depending on the company that is offering them, the dividend payout might vary. It is good however to note that this dividend payout is not significant and thus this method of earning from cryptocurrencies will not give you that big buck straight away. But can clear a few bills.
- Staking Crypto Currencies
You probably have heard of the term staking if you have attempted to play casino games before. In simple terms, this involves putting down some money on a certain item and hoping that subsequent events will turn out in your favor. If this happens, you earn a reward. When it comes to earning cryptocurrencies; however, staking refers to a combination of buying, holding cryptocurrencies as well as waiting for dividends.
This method of earning cryptocurrencies requires one to have a keen eye for upcoming coins that offer dividend benefits. Additionally, they allow you to have full ownership of them rather than paying to keep them in circulation. In this case, you will buy the coins early on and hold them hoping they will increase in price. In the meantime, you will keep earning dividends from the said coins. Later, you can sell these coins to any willing buyer on a suitable coin exchange platform.
Cryptocurrencies are the currency of the digital age. Eventually, such a medium of exchange was bound to take over the internet. Just like any other medium of exchange out there, you can make significant earnings from cryptocurrencies. What is required of you, however, is a keen eye on market trends and the ability to accurately interpret the price actions.
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