One of the fastest growing digital assets today is cryptocurrency. Enabled for trading and backed by the blockchain, it offers several ways to people for making money online. Yes, they do carry risks, but the returns can be massive, as long as you know what to do. Shay Benhamou suggests some of the best ways anyone can make money with cryptocurrencies. Read on to find out what they are:
- Staking
The process of locking up or investing your funds in a cryptocurrency and earning additional coins in the form of interest is referred to as staking. Moreover, when your coins are held for some time, you will also be able to benefit from price appreciation. You can find a large number of proof-of-stake cryptocurrencies that enable you to make a good income via staking. According to Shay Benhamou, Tezos, PIVX, WISE, NAV Coin and DASH are some of the options you can explore. For instance, WISE offers a 5% yearly interest on staking, along with additional bonus offers, and allows you to withdraw your interest at any time.
- Buying and HODLing
This is the process where you buy some cryptocurrencies that have a good potential and then hold them for some time with the hope of their prices going up significantly. Once the price of the coin has gone high enough for you to earn profits, you can sell off the digital assets. However, Shay Benhamou states that you should remember that HODLing will not earn you any interest on your crypto. Some of the best options for long-term holding and investing include Bitcoin, Ethereum and BNB.
- Trading
Crypto trading is very similar to stock trading, where you have to buy and sell tokens for profit margins. Shay Benhamou recommends that you find a good exchange and buy the cryptocurrency that catches your interest. You can hold it for some time and sell it as soon as the price goes up. Another strategy that you can try out is day trading, which involves buying and selling cryptocurrencies on the same day. The underlying concept is the same; you buy cryptocurrencies, wait for the price to go up and then sell it for profits.
- Investing
If you are looking for the easiest way to earn from cryptocurrencies, Shay Benhamou suggests that you stick to investing. There are numerous ways to invest in cryptocurrencies and earn from them, such as ICO (Initial Coin Offering), through exchanges, or via direct partnership/investment. By investing in cryptocurrencies, not only can you earn from the price appreciation of the cryptocurrency, but also via the share you have in the project. Depending on the type of crypto you invest in, you can also use the coin for payment, or get access to the project.
- Bonus Coins or Tokens
Another simple way for you to earn with cryptocurrencies is participating in airdrop/bonus offers. As per Shay Benhamou, the best thing about it is that you don’t have to invest anything. All you need to do is join the bounty or airdrop program of a cryptocurrency and earn some free/bonus coins by completing some easy tasks. You can also get some bonus tokens when you invest in a crypto during the token sale phase or ICO, as new projects often offer bonus tokens as an incentive to early investors.
- Referral
If you are looking for more ways to earn via cryptocurrencies, Shay Benhamou recommends that you go for a crypto referral program. In most cases, you don’t have to invest anything at all and you just need to refer and earn through a project. You only have to register on the website, get the unique referral link and then start referring and making money. There are a number of cryptocurrencies that give you good returns for making referrals. WISE is one of them, as it offers 10% bonus tokens to both the referrer and referee for every successful staking via referral.
