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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Cryptocurrencies

Cryptocurrencies

6 Ways to Make Money with Cryptocurrencies

6 Ways to Make Money with Cryptocurrencies
Photo by Worldspectrum from Pexels Photo by Worldspectrum from Pexels
6 Ways to Make Money with Cryptocurrencies
Photo by Worldspectrum from Pexels Photo by Worldspectrum from Pexels

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Cryptocurrencies are both speculative and a store of value. For cryptocurrency users, this means that there are now a plethora of ways to profit from their investments. Here are six of our favorites.

1. INVESTING AND TRADING

In 2022, the original method of profiting from cryptocurrencies, trading, and investing has something for everyone. Whether you want to day trade token pairs, swing trade cryptocurrency-backed futures, or dollar-cost-average your monthly savings, you can do it all in crypto.

Furthermore, cryptocurrency trading has progressed significantly since its inception. As regulators have become more interested in cryptocurrency, segments of the industry have stepped up to provide a more reliable and secure user experience. EQONEX is an excellent example of this, as a compliant exchange and a NASDAQ-listed company.

2. STAKING

Staking is quickly becoming one of the most popular methods for making money with cryptocurrencies.

The EQONEX utility token, EQO, is an excellent way to earn money by staking. The daily reward batch will allow EQO token holders who stake their tokens on the EOQNEX platform to receive more EQO tokens every day. Only existing EQO tokens held on the EQONEX platform can be traded or staked to earn tokens.

3. FARMING WITH DEFI AND YIELD

One disadvantage of staking is that it locks your funds away and prevents you from accessing them, which is not a problem for users of decentralized finance. It’s a risky business, full of rug pulls and buggy smart contracts, but if you dare to dabble in DeFi, the rewards can be substantial.

If you’re willing to take the risk, depositing your cryptocurrency in a lending pool based on one of the leading protocols like Aave or Compound and earning interest is a simple way to get started. For the more daring, there’s an entire rabbit hole of liquidity tokens, flash loans, and tokenized synthetic assets to explore.

4. LENDING BY CEFI

CeFi lending is another way to profit from your cryptocurrency holdings.

The idea is that you deposit your cryptocurrency with a provider and get paid for it. Stablecoins typically earn a higher rate of return than cryptocurrencies because borrowers are more interested in them. Coinmarketcap, for example, is an aggregator service that displays the most recent rates from a variety of providers.

5. MINING

There’s been a significant shakeup in the cryptocurrency mining space as a result of the recent Chinese government crackdown, so if you’ve ever considered mining crypto, now may be the best time. As mining power moves out of China, the market is currently flooded with secondhand mining equipment, resulting in Bitcoin mining becoming significantly more decentralized.

Of course, unless you already have a green energy supply, there are also ongoing costs and sustainability concerns to consider. A mining calculator, such as CryptoCompare’s, can assist you in determining all of the variables.

6. AIRDROPS AND FORKS

Although forks and airdrops can provide legitimate ways to obtain free cryptocurrencies, they are usually out of your control. Users typically receive a matching balance of the new cryptocurrency when a blockchain undergoes a hard fork, such as the Bitcoin Cash or Bitcoin SV forks.

Airdrops work in a similar way, in that a project selects a group of users who are eligible to receive tokens.

Be wary of any cryptocurrency giveaway offer from unknown entities, aside from the few examples listed here. Never, ever GIVE AWAY YOUR PRIVACY KEYS. After all, there are numerous legitimate and less risky ways to profit from your cryptocurrency.


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