After reading much about blockchain technology, I think it’s best to discuss what the general public would have in mind:
What are the ways of making money with blockchain technology?
Making money through blockchain is a great choice, but when one doesn’t have the basic knowledge of how to, incurring losses is bound to happen.
Fortunately, this article would serve as a guide to help you discover ways to make money with blockchain; in this article, we’ll be looking at 8 ways you can make money with blockchain.
- Adopting Cryptocurrency As Payment For Products.
- Partake In Cryptocurrency Faucets.
- Staking Cryptocurrency.
- Work For Cryptocurrency Companies.
Let’s now go over them in great detail.
8 Ways To Make Money With Blockchain Technology
Airdrops, also known as tokens, are bonuses directly disbursed to the wallets of selected blockchain users in the blockchain network.
These blockchain users are qualified because of their consistent dealings with the network. Airdrops, or tokens, are distributed by blockchain developers to build awareness for their network and get more users in the market.
You may not be paying money to be eligible but you’ll need to perform tasks.
Another criteria for getting a free airdrop is for users in the network to have a minimum balance in their wallet; TRX is an example of this type of Airdrop.
But the timing of when airdrops are released is not known until the network posts it on their social media page.
2. Adopting Cryptocurrencies As Payment For Products
Adopting cryptocurrencies as payment for purchasing your products is a better option than getting paid in your national currency.
It helps to build transparency between you and your customer in that you both don’t have to worry about payment delays.
You make money with blockchain when you start accepting cryptocurrencies as payment for what you sell, as this would bring you more customers from your previous customers who have referred you to others.
Cryptocurrency payment gateways send the payment into your specified bank account noted on the contract of your service, and immediately convert payments into the currency of your choice.
And you’ll be paid the fair market value of the digital currency used at the time of the transaction.
Freelancing is offering your services to clients who need them.
The best thing about freelancing is that you get to choose the length of hours you work, the fees you charge for your services, and where you work— you’re not a permanent employee for the client.
Blockchain skills like web development, and blockchain analysts, to mention a few are in high demand in the blockchain industry.
If you’re like me who is a website content writer and you’re committed to writing, you can offer writing services— create rich and valuable blockchain content— and get paid at a high rate.
However, you’ll have to have in-depth knowledge of blockchain— you can do this by consistently reading blockchain articles and doing your research.
Mining is using refined hardware to solve difficult computational math problems— they use a tremendous amount of electricity and need costly computers— to verify transactions on the blockchain network, after which a block is successfully added to the blockchain.
With mining, users can earn and bring in more users to the blockchain network.
For each block a miner completes, the miner is rewarded with 6.25 BTC.
This 6.25 BTC reward is usually halved every four years. In 2009 when bitcoin was first mined, a user earned 50 BTC, it was halved later in 2012 to 25 BTC, then halved to 12.5 BTC in 2016, and halved to 6.25 BTC later in 2020.
Today, miners can use machines made up of Application-specific integrated circuit (ASIC) to mine.
5. Partake In Cryptocurrency Faucets.
Completing the captcha on websites, solving puzzles, and watching videos, and ads, fully explain what cryptocurrency faucets are about.
This is one of the easy ways to earn money on the blockchain as you don’t need any kind of experience or need to pay money to partake in it— it is risk-free!
However, the activity you’ll do will depend on the type of cryptocurrency faucet website you’re on.
Even though you earn a small amount from this, it’s better than earning zero.
Allcoin rewards you with 0.0001BTC when you watch Bitcoin ads, Cointiply rewards you with 0.0005BTC when you complete surveys, and SathoshiHero rewards you with 0.0003BTC when you play games on their website.
Others are in the form of apps where you play games that are recently launched.
6. Staking Cryptocurrency
Staking entails holding your cryptocurrency asset for a long time on the blockchain network and earning from it while the security of the blockchain network is increased.
A financial technology like decentralized finance (DeFi), helps users to earn money when they lend their coins to a pool with other users.
This pool is used to lend fees and interest to other users.
Not every cryptocurrency coin allows staking, an example is Bitcoin which uses proof-of-work — miners competing to solve complex puzzles so that a block gets completed and the miner who wins earns coins.
Just like the name sounds, it involves the buying and selling of cryptocurrency assets on crypto exchanges.
If you want to go into trading and make money with it, you’ll have to be vast in evaluating fundamental and technical analysis and be able to analyze patterns and trends while reading trading charts and graphs.
You can start by making transactions— buy and sell cryptocurrency assets and get to understand how the market and its prices work.
This helps you avoid scammers when they employ a pump-and-dump strategy— raising the demand for a company stock by sharing false information about its price while leveraging social media and providing false analyst reports.
After the price rises and they sell their shares at the inflated price, traders lose their money as the stock price falls back.
8. Work For Blockchain Companies
If you’re the type of person who loves to solve mathematical problems, then you should sharpen those skills by building a solid background in computer science, data analysis, and web development.
You don’t have to learn it through the university as there are available top-notch online courses you can enroll in.
When you’ve become good at those skills, you can apply to blockchain companies as a blockchain developer and offer your skills and services to those companies— you’ll be paid at a high rate since your skill is now in high demand—
Similarly, you gain adequate experience that propels you forward to great heights in the blockchain industry!
Earning money with blockchain can be stressful and risky, but the more you are involved, the more you adapt and earn money through the blockchain. Seek to remain relevant!