You’ve probably heard of people making money from cryptocurrencies. But how do they do it, you ask? Well, it’s time for you to jump on the wagon! This guide explores diﬀerent ways you can earn cryptocurrency and grow your income.
There are several methods of earning cryptocurrency – millions of people are doing it each day. The possibilities are endless in the industry, and there is no shortage of clever ways to make an income from cryptocurrency, from mining to staking to participating in airdrops.
Let’s dive in and explore the various ways to earn cryptocurrency in 2022.
9 Ways to Earn Cryptocurrency
1. Buy crypto
Buying crypto is the most straightforward method of earning cryptocurrency. You can buy any coin/token more conveniently through exchanges such as Coinbase, Binance, or Kraken.
The advantage of these exchanges is that they oﬀer a breadth of features and more cryptocurrencies for trading than other places. The major role you have to play to start earning is to sign up for an account, verify it with the required documents, and you’re good to go. Once you have the coins in your crypto wallet, you can choose to sell or hold or withdraw to another wallet.
Here at hi, we make the process of buying hi Dollars even simpler. Head over to Telegram or WhatsApp or the web version of the application and type the message “hi” in the hi chatbox. A menu will pop open that allows you to purchase HiCoin instantly. No need to install a separate application or go to another website.
What’s more? The best time to buy hi Dollars is now. Not only will you buy hi at the lowest possible price, but you also stand a chance to earn early bird rewards (up to $3billion allocated) and other exciting beneﬁts.
2. Start crypto mining
Another great way to obtain some crypto coins is through mining. It involves using your computer to solve complex mathematical equations that validate blocks of transactions. Cryptocurrencies are already created inside a protocol. It just needs to be validated to get on to the market. The ﬁrst person to validate it receives a portion of the crypto coin.
However, the prevalent problem with earning money mining cryptocurrency is the cost. The more computing power you generate when mining, the more likely you will beat others to solve the math problem required to earn your crypto. This means you’ll need high-end equipment such as ASIC or GPUs to have a realistic chance to earn crypto consistently. However, you can always join a mining network to minimize your costs (and share the rewards with other members).
3. Earn crypto by staking
Crypto staking is a process used to verify cryptocurrency transactions. It involves committing your crypto holdings to be used to conﬁrm transactions and support the blockchain network. In return, you receive rewards for what you’ve staked. It is similar to earning interest on what you have in a savings account, except that crypto staking generates better returns than what a bank would give you. Depending on the crypto, you can earn anywhere between 5 to 20 percent per annum on the amount of cryptos you stake. But you’ll need to hold a large amount of coins to make healthy proﬁts.
📖 Learen more about how to stake cryptocurrency
4. Start playing games (P2E)
GameFi or gaming ﬁnance operates a “play to earn” model that allows players to earn just for playing a game and moving through levels. This could be in the form of crypto, in-game items, or NFTs (non-fungible tokens). On top of that, users can convert tokens earned from a game into other cryptocurrencies such as Ethereum, Bitcoin or swap them to ﬁat currency. For NFTs, you can build and grow your characters and then trade those characters and in-game items or sell them for real-world currency. Interesting right? Then, try it.
Some of the most popular P2E games oﬀering excellent returns include hi Play, Axie Inﬁnity, CryptoKitties, and Decentraland.
5. DeFi yield farming
Yield farming (or liquidity staking) involves lending your crypto to others, and in return, you receive some interest and other rewards. The reward from DeFi yield farming comes in the form of a digital token, though the real payoﬀ comes if that coin appreciates rapidly. However, yield farmers have to lock up their crypto for a while to earn interest. The interest you earn by yield farming is expressed as APY, or the rate of return you’d earn during a year. AAVE, Compound, Curve Finance and Uniswap are some of the best DeFi (decentralized ﬁnance) yield farming protocols to consider.
6. Join airdrops
Airdrop in crypto refers to the sharing of cryptocurrency tokens or coins for free, to numerous wallet addresses driven by creating a buzz around a coin/token, gaining new followers, and strengthening the user base. Take advantage of emerging projects to earn crypto through airdrops. Many crypto projects often engage in airdrops to promote their coins and gain traction within the crypto community. They ask crypto investors to help perform a speciﬁc set of tasks (such as sharing their posts, signing up to the platform, etc.), and in exchange, users receive the project’s tokens into their wallets. Once the project hits the market, the tokens received can be used – traded for other coins or sold for cash on listed – cryptocurrency exchange.
Many online sellers are coming with many discounts and cash backs when using the portal to shop online to promote cryptocurrency. Crypto.com, for instance, gives you up to 5% back on all spending using their Visa Card.
8. Earn crypto through faucets
Faucets are platforms that reward visitors or users with free cryptocurrencies when they complete speciﬁc tasks. It can be anything from watching ads, completing surveys, and playing games. You’re then rewarded with cryptocurrency to cash out once you reach the minimum withdrawal limit.
Some cryptocurrency projects oﬀer sign-up or referral bonuses for bringing users to their services. hi makes it very easy to participate in cryptocurrency. Unlike the traditional banking system that only wants to make money from you, hi has only one goal — to make money for you. Simply recommend your friends to join hi to get free hi Dollars. How to go about it?
Different people are making money from cryptocurrency in millions, the outlined methods are the most common ways of generating passive income through cryptocurrency. If you are wondering how we can be of help to you through your journey, visit hi.