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The fear of missing out or ‘FOMO’ as it is generally termed by the young folk, has led many people including those who have zero knowledge about investing, to look at the option of Bitcoin and other cryptocurrencies as a means of ROI over the past couple of years. The exponential rise in the value of several cryptocurrencies spearheaded by Bitcoin, including the lauding of those who generated millions from Bitcoin trading also led many to jump onto the cryptocurrency bandwagon. However, as the price of Bitcoin has stabilised over the past few months, many are wondering if they should cash in (convert to conventional currencies) or use them at featured sites such as those advertised on https://www.blackjack.org, where users can play games and earn in cryptocurrencies.
While the above strategies are the main ones being considered, there is in fact another strategy that is more beneficial and that is to get involved with profitable side gigs that reward you in cryptocurrencies. Below, we highlight several ways in which people can employ this strategy for their benefit.
Cryptocurrency Trading
The concept of trading means that coin owners have to constantly check the performance of cryptocurrencies on the market. When prices go up, investors can sell their coins and wait for a time when the prices to go down to buy other coins. Regularly practicing this method ensures that coin owners make profits from cryptocurrencies instead of just leaving them lying idle in their wallets.
Buy and Hold
When the price of cryptocurrencies are low and investors have no funds to purchase anymore coins, they need not buy or sell, but instead what they can do is simply just ‘hold’ their coins and wait for the prices to rise. With this as a side gig option, you are paid dividends over the long term owing to the high volatility of cryptocurrencies. Safe cryptocurrencies that coin owners can use with this method include Bitcoin, Ethereum, and Litecoin.
Using Cryptocurrencies for Dividends
Another profitable side gig is to buy cryptocurrencies for dividends. Cryptocurrencies that you hold for dividends, function in the same way as a savings account that receives a certain percentage as a token for keeping funds in the account for a certain period of time. Not all cryptocurrencies have this property therefore, coin owners need to sell their cryptocurrencies first before they can acquire digital currencies that pay dividends. Digital currencies that pay a fair percentage for just holding them include NEO, COSS, KuCoin and CEFS among others.
Cryptocurrency Staking
Cryptocurrency staking is another great method to generate a substantial profit from digital currency investments. This method is basically a fusion of the two methods above i.e. you buy and hold while at the same time you also have the opportunity to receive dividends if you keep your coins in place for a certain period of time. Some of the most profitable cryptocurrencies to acquire, if you want to successful employ this method, are Neblio, Komodo, PIVX, Decred, NAV Coin, and BirdgeCoin.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.