The 5 Greatest Ways to Use Cryptocurrency

The 5 Greatest Ways to Use Cryptocurrency

The alarmingly fast spread of coronavirus prompted governments worldwide to take drastic action. Many of us are now forced to stay at home in an attempt to prevent this dangerous pandemic. Social distance is necessary, and it is in our interest to respect these strict measures. But in addition to taking care of our health, we can also protect our pockets. You can get a good passive income at home with cryptocurrencies. These new digital resources thrive on participation and are often able to reward those involved. In addition, they have much greater volatility than other trading tools, offering great advantage opportunities for those who are ready to exploit them. This article lists 5 ways in which cryptocurrencies can be used to comfortably earn at home.

1. Hodling

The first method does not allow you to make money in the short term, but it is by far the easiest way to make money from cryptocurrency. Hodling is a term used to buy and hold cryptocurrency until the real value rises. The panic caused by COVID-19 reduced the price of the cryptocurrency by recording minimum levels, creating a window of opportunity for those who, for the first time, considered buying it. By choosing wisely which currencies to buy and maintain, you can achieve considerable ROI after the crisis and the market recovers. If you are confused or undecided about which coins would be best to buy, look at the basic use case. What problem do you want to solve? Will this solution be relevant in the coming months or years? Another good consideration to make is whether the founder of the coin is still heavily involved in the project.

2. Cryptocurrency Staking

Keeping cryptocurrencies is a great way to earn passive income, because it also brings the benefits of hodling. Using this method, you can simply hold the coins and wait for the price to evolve. In practice, it is possible to keep digital coins deposited in a wallet, obtaining interest from them. By keeping the coins in a live (online) wallet 24 hours a day, 7 days a week, you are interested in protecting the blockchain and, for participation, you are also rewarded with new currencies.

3. Masternode

It is very easy to become a Masternode and earn cryptocurrency for the currencies that use this system. To do this, simply use your computer to store a complete record of the blockchain in real time. There are some very popular currencies that use masternodes to protect your network. It can also be very enjoyable and exciting, as participants are usually given a vote on how to improve the blockchain. Dash is probably the most popular cryptocurrency for using masternodes. There is also PIVX, a privacy-based currency developed and licensed by MIT.

4. Cashback Crypto

Now there are cryptocurrencies that offer cashback, i.e. refunds, in cash to their users. One of the most important is crypto.com (CRO), which is currently in the top 20 at CoinMarketCap. The cryptocurrency-based MCO credit card offers a 5% refund on all charges. The reward is given in the CRO, which can be very profitable, as the project continues to be developed and the value of the currency increases.

5. Day Trading

People have built entire careers around day trading and the cryptocurrency market offers volatility that makes this business extremely profitable. The idea is quite simple and straightforward: sell high and buy low. Using cryptocurrency as a trading tool, investors were able to achieve an incredible ROI in one day. Leveraged commerce is becoming increasingly popular, where investors can borrow to strengthen their operations. For cryptocurrency, these loans are called encrypted loans. If you are going to get involved in intraday trading, it is extremely important to understand its fundamental mechanisms. While this method can potentially be the most profitable, it also carries an inherent risk, and without the proper knowledge, you may be in a worse position than when you started.

All of these are interesting and viable options for making money from cryptocurrency while staying at home. Keeping currencies to have a voice on the net, looking for a currency that is believed to acquire great value in the future or learning new knowledge and skills when starting trading, can bring new enthusiasm to your days.

Author Bio

Katherine Rundell is a professional writer at Assignment Writer UK service. She went to school to become an ethical hacker, which allowed her to understand every possible way there is to earn money honestly through a computer.

Publication date: 
08/10/2020 - 19:30
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.