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Other ways you can earn money aside from crypto trading.

24 Jun 2022 By : Coin Gabbar
Southeast Asia’s Lar


Cryptocurrency trading can sometimes be exhausting because of the sheer volatility of the market. However, cryptocurrency is a versatile space where trading is not the only option to make you wealthy; cryptocurrency offers a set of ways to earn and contribute to this now-booming industry. 

Diversifying your portfolio is one of the best decisions you can take as a trader since it minimizes the risk and opens a new world of opportunities for you to earn. 

If you are primarily a trader, there are a lot of micro trends you need to watch and analyze the market constantly. Nevertheless, there are many other opportunities where you can potentially earn more with relatively less effort. 

Alternative ways to earn with cryptocurrencies without trading

Crypto Investment

There is not much difference between investing and trading, but the biggest difference should be - trading involves leverages and short-term positions while investing involves experimenting with long-term strategies. Traders tend to rely on quick profits and short-term goals using technical analysis, while investors are known for relying on fundamental analysis and macro market trends. 

Investing is more of a risk-averse strategy that can give you high returns if you play your cards right; many traders diversify their portfolios by long-term spot investments. 

Mining

Crypto mining is a popular mode of earning cryptocurrencies; mining is generally required for Proof of Work(PoW) blockchains that require computational power to validate transactions. 

To become a miner, one must use hardware; the requirement and power of mining equipment depend on the network's preferred specifications. For example, if you want to mine Bitcoin, you need a high-level ASIC machine. 

Mining has recently sparked some controversies since mining requires very high power and pollutes the environment. 

Staking

Crypto staking is a by-product of the Proof of Stake(PoS) mechanism that many new-gen blockchains are using to scale the network with faster transactions providing almost the same security as the Proof of Work blockchains that rely on using computation power to prove the authenticity of transactions. 

Validators who have staked their cryptocurrencies into the network earn a yearly interest that is either predetermined or varies according to the network's requirements. 

The idea behind staking is quite versatile, and there are many forms of staking; many centralized exchanges also offer staking services. In addition, there are many wallets out there that automatically pay interest when you put your cryptocurrencies in them. 

The nature of staking can also be both fixed and flexible, where your tokens are locked for a predetermined amount of time, or you can withdraw your funds anytime you like. 

Lending

Crypto lending is an upcoming space in the DeFi ecosystem where enthusiasts will lend their cryptocurrencies (typically stablecoins) for fixed periods in return for earning interests. Lending is highly recommended if you are an investor who either wants to DCA using their stablecoin or HODL their cryptocurrencies for the long term. 

Flipping NFTs

Investing into NFTs for a small amount of money and then flipping it for an astonishing reward has been the trend for last year. These NFTs are generally digital art that can be bought or sold in NFT marketplaces. 

GameFi

Fancy playing video games? Now you can earn from it; GameFi offers its users to earn playing new and coming metaverse games in exchange for getting native cryptocurrencies and NFTs. Games like Axie Infinity lets you earn Smooth Love Potion(SLP) cryptocurrency just for playing the game. These games generally have minimal requirements that mostly anyone can suffice. 

Work for cryptocurrency-based companies.

Working in blockchain tech can be very rewarding in the long term since it is widely considered to be the future. Getting in now while the blockchain world is still shaping up can be very profitable. There are many entry-level skills that you can master to get into one of the genres of the required work in these crypto-specific companies. 

Smart contract developer

Smart contract developers develop and maintain smart contracts, which can be either based on the client's requirements or can be anything from an NFT to a crypto token. Smart contract developers require knowledge of blockchain mechanisms and the preferred coding language of that ecosystem; for example, Ethereum uses solidity for developing smart contracts. 

Content developer

A content developer is a person who develops crypto-related content. This can be anything from blogs, news articles, or even Whitepapers. Content developers can be genre-based or have expertise in multiple such genres. Blockchain is a new age technology, and content developers have an essential job of influencing and reaching out and educating each person on a personal level about this newfound technology through the means of the internet. 

Blockchain consultant

The blockchain consultant's main job is to test and analyze different crypto networks and then implement the best solution to a problem. Blockchain consultants also have other responsibilities like ensuring the product maintains regulatory compliance. Blockchain consultant also has to educate the client about the blockchain technology and how it would benefit them. 

Cryptocurrency is the hottest word in the town for all the right reasons, and hence there are innumerable ways to earn with it. It is a field bound to explode and hence very profitable to enter in any way and capacity possible, provided you play your cards right. 


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