Cryptocurrency is becoming an increasingly popular way to earn money, and with the crypto market looking like it’s set to explode in 2023, you may be wondering how you can get involved. First of all, it’s definitely not too late as many analysts are predicting cryptocurrencies like Bitcoin to skyrocket over the next 1-2 years making now the perfect time to get started. But how?
The BOMB Money team discusses some of these in a live AMA below:
There are many different ways to earn cryptocurrency, each with varying risks and difficulties. Below I’ll outline 10 of the top ways you can earn cryptocurrency in 2023 along with how easy and risky each are:
1. Trading cryptocurrency
(Difficulty: Hard | Risk: High)
Cryptocurrency trading can be a great way to earn crypto, however it’s also an easy way to lose crypto!
Some of the most successful crypto investors earned their fortune making highly profitable trades. This, however, requires an in-depth knowledge of cryptocurrency markets, global markets, technical analysis methods, risk management strategies, and dedication to constantly study all of these.
Some common trading strategies that can help you out are:
- Copytrading – There are platforms such as Bybit that allow you to automatically copy other traders on their platform. You can see traders’ trading histories and performance and then pick which one you want to copy. The platform will then buy and sell, in whatever ratio you choose, the same cryptos at the same time as the “master trader” you are copying.
- Technical Analysis – Technical Analysis, known as TA in the crypto/stock world, is the study of historic charts of an asset to use patterns and predictive models to help estimate future price action. Some of the key aspects to TA are understanding candlesticks, volume, support & resistance, moving averages, bull/bear signals, and so much more. It’s important to note that no one single indicator works on its own, but rather putting all of the information together helps guide traders towards profitable trading. One of the best places to get started learning TA as a beginner is MoneyZG’s Technical Analysis Tutorial for Beginners.
- Trading Bots (Warning!) – Trading bots are programs written to automatically use the TA learned above and implement certain strategies for you. There are examples of trading bots that have been successful long-term, but as with most things involving trading crypto there are also bots that have lost their entire account balances. For this reason, I won’t even link to or recommend any trading bots as you really need to do your own research before buying a bot and trusting it with your hard-earned crypto.
2. Earning cryptocurrency completing gigs
(Difficulty: Medium | Risk: Low)
There are numerous websites where you can provide gig services such as writing blogs, building websites, writing code, creating smart contracts, etc. One of the most popular ones is Fiverr. However, there are also sites like xHashtag that are focused around Web3 gigs and pay out in crypto.
This a great way to earn extra cryptocurrency on the side by putting your talents to use. The only reason I list difficulty as Medium is because it may take some time to build a reputation in order to have other people request your services, and you also need to deliver high-quality services to get good reviews.
3. Buy and HODL or Dollar-Cost Average
(Difficulty: Low | Risk: Low)
Simply buying cryptocurrency and holding (or HODL as they say in crypto) can be a great strategy for those that want a hands-off approach but still want exposure to crypto. Many, many analysts are predicting the price of Bitcoin reaching $100k soon. With it currently hovering between $20k-$25k, that’s significant growth just by purchasing and holding it!
If you’re worried about timing when to jump in, the best method is dollar-cost averaging, which is the process of continually purchasing small amounts of an asset regardless of its price in order to grow your position. The advantage with DCA is that if the price goes down, you are happy because your weekly purchase buys more Bitcoin. If the price goes up, you are happy because your already-purchased Bitcoin is now worth more.
4. Staking cryptocurrency
(Difficulty: Low | Risk: Low)
Staking cryptocurrency involves making a deposit of cryptocurrency into an app or protocol and receiving cryptocurrency rewards for doing so. Generally, the longer you lock your stake position for the higher rewards you can earn. This is one of the more passive ways to earn crypto and depending on which coin and where you stake you can actually earn pretty substantial returns with minimal risk.
One of the easiest ways to get involved in staking cryptocurrency is with the BOMB Money mobile app. You can download the app and create a wallet in a matter of seconds and then either purchase crypto with your local currency or transfer already-owned crypto to your new wallet. Then create a stake position and earn as much as 29.8% APR.
This is also available as a desktop version, but the mobile app handles wallet creation for you so if you are completely new to crypto this is the easiest way to get started and start earning high yields!
5. Participating in cryptocurrency referral programs
(Difficulty: Low | Risk: Low)
Cryptocurrency referral programs are becoming increasingly popular, with many companies offering incentives for people who refer new customers or investors. You can earn cryptocurrency through these referral programs by simply referring your friends or family members to the company’s services, often earning cryptocurrency bonuses from each successful referral.
One of the most lucrative referral programs I’ve come across in all of crypto is the BOMB Money Referral Program. This program allows you to earn $50 for every person that downloads the BOMB Money mobile app and opens a $100 stake position. There is no limit to the number of people you can refer, nor the amount you can earn as a referrer!
6. Mining cryptocurrency
(Difficulty: Hard | Risk: Medium)
Mining cryptocurrency involves using powerful computers to solve complex mathematical problems in order to earn cryptocurrency rewards. It’s one of the more time-intensive ways to earn cryptocurrency, but it can be highly profitable if you have the right computing equipment, low costs for power and knowledge on how to set everything up.
The current reward for every block minted is 6.25 Bitcoin or just over $150,000 USD at current value. The problem is that the odds of solving for a hash and getting the reward are about 1 in 22 trillion, so you could be mining for a long time on your own without ever being rewarded. It’s therefore advisable to join a mining pool where you join your computing power with others and then split the reward for more consistent payouts.
Click here for a complete beginner’s guide on how to get started with mining Bitcoin.
7. Play To Earn (P2E)
(Difficulty: Medium | Risk: Low)
Play to Earn, or P2E, is an emerging market in the gaming industry that offers players rewards for playing games in the form of cryptocurrency. Rather than gamers buying games, playing them for hours, and getting nothing in return – in fact, sometimes spending even more within the game via micotransactions – P2E games are usually free and incentivize players to play the game. Many of these games provide you with NFT’s that are integrated into the game and can then be sold on an NFT marketplace like OpenSea.
This industry is still very new with new games and companies popping up constantly. Some of the longer-standing and more well-known P2E games that have consistently provided returns to their players are:
As with everything in crypto, do your own research before participating in any P2E games.
8. Lending cryptocurrency
(Difficulty: Medium | Risk: Low)
Cryptocurrency lending has become increasingly popular in recent years, with crypto investors able to lend their cryptocurrency holdings in exchange for interest payments. This is another passive way to earn cryptocurrency and can be quite lucrative if done correctly and with enough volume. One of the most well-known and trusted crypto lending platforms in the world right now is AAVE, with over $7B in assets held in their lending smart contracts. There’s a little bit of a learning curve to be able to take full advantage of the platform so as always do your own research and take the time to understand how exactly these platforms work before lending out your crypto for interest payments.
9. Crypto arbitrage trading
(Difficulty: High | Risk: Low)
Cryptocurrency arbitrage trading is the process of buying cryptocurrency at one exchange and selling it at another exchange for a higher price, thus earning cryptocurrency profits from the price difference. Unlike with stocks, there’s additional arbitrage opportunities in cryptocurrency as you can also arbitrage between blockchains. Arbitrage is a great way to earn cryptocurrency without too much risk involved as you’re simply taking advantage of pricing discrepancies and usually your trades happen within a matter of seconds of each other so there is not much room for price action.
If you’re interested in learning more about arbitrage opportunities and some specific strategies that can make you money, check out this blog post on making money with arbitrage.
10. Crypto gambling
(Difficulty: Low | Risk: Extremely High)
Although cryptocurrency gambling isn’t for everyone, if you’re feeling lucky then you could try your luck at various crypto betting sites and casinos that offer the ability to both bet and be paid out in crypto. One advantage is that these bets can be placed anonymously, so if you’re looking at placing big bets without anyone knowing who you are, crypto casinos could be your solution! One of the longest-running and more reputable crypto casinos is bitstarz, though as always do your own research before depositing and playing at a site.
Please note that all gambling should only be done as a form of entertainment and never as an investment strategy!
These are just some of the many ways to earn cryptocurrency in 2023. With some methods being riskier than others, make sure to do your own research and understand the cryptocurrency market before taking the plunge. Good luck!
