4 ways to make money with cryptocurrencies

From success stories of overnight millionaires, to harrowing tales of insane amounts owed in back taxes, the crypto market is a place where fortunes …

From success stories of overnight millionaires, to harrowing tales of insane amounts owed in back taxes, the crypto market is a place where fortunes can be made and lost in the blink of an eye.

The lure of easy money and massive returns has gotten punters and investors scrambling for a piece of the pie. Defined as a digital or virtual currency which acts as a medium of exchange between two parties, it goes without saying that cryptocurrencies are here to stay.

Bitcoin or BTC is the most popular form of cryptocurrency with the 2017 crypto rush driving the value of Bitcoin up to absurd values. Created by Satoshi Nakamoto, Bitcoin offers users anonymity in making payments and conducting business online which makes it a popular choice for those who value their privacy.

In recent times Bitcoin has become increasingly accepted as a medium of exchange with many online merchants and even some countries recognizing Bitcoin as legal tender. From speculation to investment, there are many ways in which one can make money of cryptocurrencies.

Getting Started

Before you get started, you’ll first need to get your hands on some cryptocurrencies. Signing up with a cryptocurrency exchange allows you to purchase different types of cryptocurrencies with cash.

The most reputable crypto exchanges offer wallet services for storing your crypto currencies. However, several high profile online heists that have resulted in stolen crypto currencies means that you may want to invest in a wallet for greater security.

Turning a Profit with Cryptocurrencies

  1. Mining Bitcoins

We won’t pretend to understand the complexities behind Bitcoin mining, so we’ll keep it simple. Essentially, Bitcoin mining is the process of solving a series of equations which are then added to a blockchain. With each successful transaction, the miner is rewarded with Bitcoins.

When Bitcoin was still in its infancy, it was relatively easy for miners to turn a profit. As time progressed however, Bitcoin mining became increasingly resource intensive requiring large amounts of processing power. Coupled with the recent crash in the price of Bitcoins, mining may not be the best method of making money.

However, all hope is not lost, as at the time of writing, Bitcoin prices have been steadily increasing which means that mining may indeed be profitable.

  1. Price speculation

Price speculation is one of the simplest ways of earning money with cryptocurrencies, much and much more stable than betting on horse racing results. All you’ll need to do is to purchase a basket of different cryptocurrencies and hold them until they increase in value.

Ideally, you’ll want to purchase more established cryptocurrencies such as Bitcoin and Etherium to provide your portfolio with a measure of stability with a small set of more volatile coins.

You can expect the cryptos held by you to appreciate against fiat currencies such as the US Dollar or Pound Sterling over time. When that time comes, you’ll be able to sell your cryptocurrencies at a profit having made money from the price differential.

It is a good idea to keep a close eye on the valuation of your cryptocurrencies in order to capitalize on any sudden opportunities. Also, having a good understanding of real world events is essential to staying ahead.

This investment method is a great way for you to get started in the world of cryptocurrencies with minimal input on your part.

  1. Holding onto cryptocurrencies for dividends

For the inexperienced investor, dividend paying cryptocurrencies are a great way of earning a steady passive income. Dividends are described in corporate terms as a percentage of the company’s earnings paid out to shareholders.

In the case of dividend paying cryptocurrencies, you’ll receive a regular payout for holding said cryptocurrency in your wallet. Such cryptocurrencies are a great way of parking funds whilst receiving a steady return.

However, you may not want to invest your entire portfolio on such currencies. This is because, on top of the typical risks associated with cryptocurrencies, there’s also the risk that you may become the victim of a scammer looking to solicit funds from unsuspecting investors.

Along with this, such cryptocurrencies typically have a lock-up period which prevents you from removing your funds for a specific period of time. Thus, leaving you exposed to the risk of said currency crashing in value.

  1. Staking funds

The practice of staking funds has become increasingly popular in the wake of the longest bear market in crypto history. Staking requires an investor to place his/her own cryptocurrencies into a hot wallet for a set amount of time. In return, the investors receive a payout as a reward for their time.

Similar to how banks make use of funds invested into fixed deposits, cryptocurrency received from staking is used for the purpose of validating new block chains. From receiving a fixed income of cryptocurrencies to eliminating the need to invest in costly mining equipment, staking has its fair share of benefits.

However, this investment method does have its downsides. Firstly, staking requires that cryptos be stored in hot wallets which are constantly online. This means that you may find yourself becoming the victim of a hack attack and subsequently losing everything.

Secondly, staking requires your cryptos to be tied down for a significant amount of time thus exposing you to the risk of a downwards price change. Cryptocurrencies are the new frontier of investment and for the savvy investor, opportunities abound are everywhere.

Related Posts:

  • No Related Posts

Infinity Economics (XIN) fell $-0.0001617468 on April 30 – May 1

According to Top Crypto Analysts, Infinity Economics (XIN) eyes $0.00308397232 target on the road to $0.00492352342792843. XIN last traded at …

Infinity Economics (XIN) had a bad 24 hours as the cryptocurrency declined $-0.0001617468 or -5.45% trading at $0.0028036112. According to Top Crypto Analysts, Infinity Economics (XIN) eyes $0.00308397232 target on the road to $0.00492352342792843. XIN last traded at BitBay exchange. It had high of $0.002965358 and low of $0.0028036112 for April 30 – May 1. The open was $0.002965358.

Infinity Economics (XIN) is up 12.55% in the last 30 days from $0.002491 per coin. Its up 112.07% in the last 100 days since when traded at $0.001322 and the annual trend is down. 200 days ago XIN traded at $0.003948. XIN has 9.00 billion coins mined giving it $25.23M market cap. Infinity Economics maximum coins available are 9.00B. XIN uses SHA-256 algorithm and PoS proof type. It was started on 02/10/2017.

Infinity Economics is a PoS cryptocurrency based on the SHA256.

Receive News & Ratings Via Email – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings with our FREE daily email newsletter.

Related Posts:

  • No Related Posts

Infinity Economics (XIN) Reaches 1-Day Volume of $1.21 Million

Infinity Economics has a total market capitalization of $0.00 and … Infinity Economics (CRYPTO:XIN) is a Proof-of-Stake (PoS) coin that uses the …

Infinity Economics logoInfinity Economics (CURRENCY:XIN) traded up 3% against the U.S. dollar during the 1-day period ending at 7:00 AM E.T. on May 1st. Infinity Economics has a total market capitalization of $0.00 and approximately $1.21 million worth of Infinity Economics was traded on exchanges in the last 24 hours. During the last week, Infinity Economics has traded 0.3% lower against the U.S. dollar. One Infinity Economics coin can now be bought for approximately $0.0028 or 0.00000051 BTC on popular cryptocurrency exchanges including Sistemkoin, Coindeal, BitBay and InfinityCoin Exchange.

Here’s how similar cryptocurrencies have performed during the last 24 hours:

  • Bitcoin (BTC) traded 2.2% higher against the dollar and now trades at $5,388.64 or 1.00000000 BTC.
  • Bitcoin Cash (BCH) traded up 8.9% against the dollar and now trades at $270.23 or 0.05020048 BTC.
  • Steem (STEEM) traded 3.2% higher against the dollar and now trades at $0.35 or 0.00006512 BTC.
  • Unobtanium (UNO) traded down 1.5% against the dollar and now trades at $116.78 or 0.02168660 BTC.
  • BitcoinDark (BTCD) traded flat against the dollar and now trades at $16.23 or 0.00246929 BTC.
  • Namecoin (NMC) traded 1.9% higher against the dollar and now trades at $0.97 or 0.00017981 BTC.
  • Peercoin (PPC) traded 2.2% higher against the dollar and now trades at $0.49 or 0.00009023 BTC.
  • Emercoin (EMC) traded 2.2% higher against the dollar and now trades at $0.27 or 0.00005090 BTC.
  • PRIZM (PZM) traded 26.1% higher against the dollar and now trades at $0.19 or 0.00003522 BTC.
  • Steem Dollars (SBD) traded 0.5% higher against the dollar and now trades at $0.96 or 0.00017872 BTC.

Infinity Economics Profile

Infinity Economics (CRYPTO:XIN) is a Proof-of-Stake (PoS) coin that uses the SHA-256 hashing algorithm. Its launch date was October 2nd, 2017. Infinity Economics’ total supply is 9,000,000,000 coins. The official message board for Infinity Economics is forum.infinity-economics.org. The official website for Infinity Economics is www.infinity-economics.org. The Reddit community for Infinity Economics is /r/infinityeconomics and the currency’s Github account can be viewed here. Infinity Economics’ official Twitter account is @XIN_Foundation and its Facebook page is accessible here.

Buying and Selling Infinity Economics

Infinity Economics can be traded on these cryptocurrency exchanges: InfinityCoin Exchange, BitBay, Coindeal, Coinbe and Sistemkoin. It is usually not currently possible to purchase alternative cryptocurrencies such as Infinity Economics directly using US dollars. Investors seeking to acquire Infinity Economics should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as Coinbase, Gemini or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Infinity Economics using one of the exchanges listed above.

Receive News & Updates for Infinity Economics Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for Infinity Economics and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.

Related Posts:

  • No Related Posts

Infinity Economics (XIN) registered 4.00% move up on April 29-30

Infinity Economics (XIN) had a good 24 hours as the crypto jumped $0.0001050648 or 4.00% trading at $0.0027316848. According to Crypto Experts, …

Infinity Economics (XIN) had a good 24 hours as the crypto jumped $0.0001050648 or 4.00% trading at $0.0027316848. According to Crypto Experts, Infinity Economics (XIN) eyes $0.00300485328 target on the road to $0.00802428738567001. XIN last traded at BitBay exchange. It had high of $0.0029418144 and low of $0.00262662 for April 29-30. The open was $0.00262662.

Infinity Economics (XIN) is up 5.43% in the last 30 days from $0.002591 per coin. Its up 96.38% in the last 100 days since when traded at $0.001391 and the annual trend is down. 200 days ago XIN traded at $0.004001. XIN has 9.00B coins mined giving it $24.59M market cap. Infinity Economics maximum coins available are 9.00B. XIN uses SHA-256 algorithm and PoS proof type. It was started on 02/10/2017.

Infinity Economics is a PoS cryptocurrency based on the SHA256.

Receive News & Ratings Via Email – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings with our FREE daily email newsletter.

Related Posts:

  • No Related Posts

Crypto’s Complex Flow Makes Bitcoin, Ethereum and Litecoin Tougher to Use Than PayPal

Much attention is given to scaling blockchains on a technical level – more specifically, the ways in which they can be upgraded or improved to store …

HodlX Guest BlogSubmit Your Post

Much attention is given to scaling blockchains on a technical level – more specifically, the ways in which they can be upgraded or improved to store more transactions and accommodate more users as the systems grow. But if users don’t feel confident, safe and comfortable using cryptocurrency, will that even matter?

A recent survey of crypto holders found that 75% felt less than completely confident that their transactions would go as planned. 55% had one or more problems when sending crypto including those who had a complete irreversible loss of funds.

Much effort has been expended in overcoming the scalability issues faced by blockchains, however, considerably less effort has gone into making cryptocurrencies easier to use in the first place.

It’s difficult to refute claims that the underlying technology is slow, cumbersome, risky to use and comes with a steep learning curve. To the non tech-savvy, the system is unintuitive and still too technical – even in some of the most popular wallets.

Consider the typical transaction flow – a sender must query the receiver for a complex and lengthy public address when they wish to make a transaction, before pasting it into their wallet software, setting the mining fees and waiting for the transaction to be included in a block. Their illegibility means that they are susceptible to man-in-the-middle attacks.

A popular form of malware is designed to modify clipboard data, and other man-in-the-middle attacks are all-too-prevalent. Some argue that is why QR codes should always be used to capture a public address. But QR codes only work if the user is physically present with an interface to the counter party’s wallet. They require a clunky additional step of scanning such a code. They require use of a mobile device and QR codes themselves can be hacked and replaced with one that has the hacker’s public address. On top of all of this, there is no confirmation of the funds being transferred successfully, and given the inherent privacy risks associated with address reuse, a new one must be used each time a transaction is made to the same party.

Add to this the reality that blockchain transactions are irreversible with no trusted third party to call to “stop payment” if there is an error and the psychological discomfort of crypto users is understandable. Contrast this to how easy it is to use a centralized service such as PayPal or Venmo. It’s perhaps unfair to compare what are, under the hood, two radically different means of wealth transfer. However, the masses will continue to use whichever method is more user-friendly, less risky to interact with, and more apt to have readily available customer support if something goes wrong.

To scale socially, transferring wealth with Bitcoin, Ethereum or Litecoinor any cryptocurrency needs to be as simple as exchanging funds when using incumbent services. Even stable coins like Tether, whose primary purpose is to improve the adoption of crypto in commerce by eliminating price volatility, will never achieve broad adoption if it isn’t super easy and safe to use.

Tackling poor cryptocurrency UX requires abstraction: that is, wrapping the overly technical processes with aesthetically-pleasing and easy to use functionality in a manner somewhat similar to how the Hyper Text Transport Protocol (HTTP) eliminates the need for users to have to interact with complex underlying protocols like TCP/IP and creates greatly enhanced user interface experience. A great deal of emphasis is placed on the concept of ‘programmable money’, but a critical layer – that is, the front-end – is being neglected.

Users should never have to know what a complex public address is in the first place. Transaction confirmations should be clear and understandable. Data needs to be able to be included with transactions indicating what they are for, and the method of moving value has to go beyond the risk and limiting “send only” capability that crypto supports today. For example, the ability to send a request for payment (think order cart, invoice, etc.) securely and decentralized or the ability to establish recurring payments for subscriptions.

All of this is impossible today and can’t be solved by an individual decentralized wallet because the problem exists, technically speaking, between them. In the same way that no endpoint on the internet could deliver the capabilities of HTTP by itself, the usability issues need to be resolved by the crypto industry at large through the establishment of a usability standard that spans across all wallets, exchanges and crypto payment processors as well as across all blockchain tokens/coins.

Wallets attempt to tackle these problems by themselves, with varying degrees of success, but it’s time for the various stakeholders, wallets, exchanges and crypto payment processors tocoordinate and work together to launch an industry standard protocol that can deliver the leap to dramatically improved usability for blockchain like the Web did for the Internet.


David Gold

A former dot com entrepreneur and 11+ year venture capitalist and CEO of Dapix, Inc, David Gold has launched the Foundation for Interwallet Operability (FIO) and FIO Protocol.

Join us on TelegramFollow us on Twitter

Check Out the Latest Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Related Posts:

  • No Related Posts