8 Unique Ways to Make Money with Crypto
Crypto has rapidly risen to mainstream popularity and has even inspired people to dedicate their lives to becoming cryptocurrency experts. Favored for their decentralized nature, cryptocurrencies don’t just give people the option to trade and make transactions while remaining anonymous.
There are actually many unique ways to earn money with crypto. If you’re curious about how exactly you can earn cash through crypto, you’ve come to the right place. Here’s a look at eight interesting ways you can make money with crypto.
Crypto-Based Online Gambling
Crypto-based gambling has become one of the most talked about ways to make money with cryptocurrencies. Players now have access to many online casinos that offer payments via different types of cryptocurrencies, such as Bitcoin, Solana, and other altcoins.
Through these platforms, players can choose between a range of games, including live casino games and sports betting. Not to mention, these online gambling platforms offer benefits that you can’t find on traditional online gambling sites. With the inclusion of cryptocurrency technology, players have access to faster transactions, instant payouts, and lower fees.
There’s also a range of bonuses and promos players can take advantage of. For example, aside from the platforms themselves providing welcome bonuses, sites like BetOnline offer various promo codes for their casinos, poker sites, and sportsbooks. These provide players with a variety of bonus options and great incentives for players to enhance their gaming sessions (source: https://betonlinebonuscode.com/).
Trading and Creating Non-Fungible Tokens (NFTs)
Revolutionizing the world of digital ownership, non-fungible tokens (NFTs) have provided an interesting money-making opportunity for creators, artists, and investors. Through NFT marketplaces like Rarible, OpenSea, and SuperRare, creators can make (or “mint”) unique digital assets to sell. Some of these digital assets could be music, artwork, or collectibles. You can even find tweets being sold on NFT marketplaces.
However, you don’t only need to create NFTs. As a savvy investor, you can buy interesting NFTs and then sell them for a profit. If you can spot trends or valuable digital assets early enough, you could have an opportunity to make significant returns. This is especially true in high-demand niches.
Crypto Affiliate Programs
Affiliate programs provide the opportunity to earn passive income by promoting crypto wallets, platforms, and exchanges. Tons of crypto companies provide affiliate programs that give users money in exchange for referring new customers to their site, service, or product. An example of this is platforms like Coinbase and Binance, where you can earn sign-up bonuses or a percentage of transaction fees for bringing in a new customer.
Play-to-Earn (P2E) Crypto Games
The play-to-earn model (P2E) lets players gain digital assets or crypto while gaming. Many popular blockchain-based games will reward players with in-game items or tokens that can be sold on secondary markets.
Titles like “Decentraland”, “Axie Infinity”, and “The Sandbox” have become famous among blockchain-based games. By playing these games, users have a unique way to earn money as players can earn crypto assets and then sell or trade these digital assets in the game’s virtual world or the real world.
Crypto Mining
Crypto mining is one of the most profitable activities in the crypto industry, especially if you’re leveraging renewable energy sources. This is because it reduces electricity costs. Since mining is often associated with substantial computational power, using renewable sources (like solar energy or hydroelectric) can greatly reduce costs for miners.
Some miners have even set up crypto-mining operations in regions with abundant renewable energy. The advantage is this lowers their expenses and makes mining more environmentally friendly and profitable.
Masternodes and Staking
If you’re looking for more predictable returns, staking is a great option. You can earn rewards in proof-of-stake (PoS) networks by staking your crypto holdings and helping the digital network. You’re essentially locking up your crypto for a period by staking, which is how you earn rewards or interest.
Known as dedicated nodes in a blockchain, some cryptocurrencies provide “masternodes.” These nodes require significant holding. However, setting up a masternodes involves higher technical knowledge. Nonetheless, masternodes are known to yield higher rewards than staking.
Liquidity Mining and Yield Farming
One popular method of earning passive income in the crypto industry is through yield farming and liquidity mining. This way of earning crypto is made available through decentralized finance (DeFi). Users can earn rewards in the form of additional tokens or interest by providing liquidity to DeFi platforms.
Yield farming involves lending or staking cryptocurrency to gain returns, similar to crypto lending. On the other hand, liquidity mining involves adding liquidity to a trading pool, which is often in exchange for additional tokens or a share of the trading fees.
Due to the volatility of DeFi assets, both yield farming and liquidity mining come with certain risks but can offer very lucrative returns.
Crypto Lending
Another innovative way to earn passive income with cryptocurrency is through crypto lending. This involves lending your crypto assets to borrowers in exchange for interest, and can typically be done through specific lending platforms.
Crypto lending platforms will allow you to earn interest by locking up your digital assets for a specific period. Compared to more traditional savings accounts, these crypto-lending platforms typically offer attractive interest rates, and these options are available in both decentralized and centralized formats.
Users lend their crypto to trusted institutions in centralized lending and these institutions will manage the borrowing and lending process. On the other hand, decentralized lending is available through decentralized finance (DeFi) platforms where smart contracts are used to facilitate direct peer-to-peer lending.
These smart contracts make it possible for no intermediaries to be involved in the lending process. Both centralized and decentralized lending solutions let lenders earn interest, but DeFi options tend to offer higher returns because of the greater risk associated with this type of lending.
The Bottom Line
These unique ways of making money with crypto showcase how versatile this technology has become. From staking and gaming to NFTs and microtasks, there are many diverse ways to earn crypto no matter what your risk tolerance or starting capital is.
Nonetheless, the experimental and volatile nature of the crypto market means that thorough risk management and research are crucial to success. If you’re interested in exploring these ways to make money with crypto, remember that each option comes with its own set of challenges and opportunities.
