Saturday, October 23, 2021

How To Make Millions In Crypto

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Can You Make Money With Cryptocurrency

How to Make Millions in Crypto During a Crash | Crypto Value Investing 101

Yes, you can make money with cryptocurrency. Given the inherent volatility of crypto assets, most involve a high degree of risk while others require domain knowledge or expertise.

Trading cryptocurrencies is one of the answers to how to make money with cryptocurrency. Although the daily average volume of cryptocurrency trades is just 1% of the foreign exchange market, there is a lot of volatility in the crypto market. So there is the potential to do short-term trades.

Even though the crypto market is relatively small at the moment, there is great growth potential. So you can also make money with cryptocurrency by investing for the long term.

Essentially, there are quite a few methods for you to make legitimate money with cryptocurrencies, other than the obvious way of trading.

Lets take a look at 6 strategies for how to make money with cryptocurrency.

Way#6 Help Out With Cryptocurrency Microtasks

If you have extra time, you can also do some small tasks for individuals or cryptocurrency platforms and get paid for it. The tasks can widely vary it could be apps testing, adverts viewing, taking surveys, watching videos, and more.

You can get microtasks from sites such as Bitcoins Rewards, Coinbucks, or Bituro.

Read More About Cryptocurrencies From Cnbc Pro

“We can process a little over 10 billion Ethereum algorithms per second” alone, Ishaan says.

Although Ishaan and Aanya have had success, the process is far from easy.

In addition to being very complicated, mining is certainly not cheap, as it requires expensive equipment, a lot of energy and computer power.

Ishaan and Aanya, for example, have over 97 processors, which their father Raj, a former investment banker, helped fund by taking out a loan.

Raj declined to disclose the exact loan amount. But, the worldwide shortage of computer chips made finding equipment much more difficult and set prices at a premium.

Ishaan and Aanya mostly use Nvidia RTX 3090 graphics cards, Ishaan says, and each card alone can cost around $2,500 to $3,000 to buy.

Though at home, the siblings say they use “100% renewable energy for our mining,” because “we want to be environmentally friendly,” they also rent a data center in Dallas, Texas. In total, for both their home and the data center, the electric bill costs just below $3,000 per month, Ishaan says.

“We moved from my desk to the garage, since the house was getting too much heat and noise. e outgrew the garage, since heat and noise was too much for the garage too,” Ishaan says. “We now use the garage only for building and testing mining rigs. When they are ready, we move them to a professional, air-conditioned data center in downtown Dallas.”

When her friends ask, “I just tell them we’re just mining in the garage,” Aanya says.

Recommended Reading: How To Add Cryptocurrency To Turbotax

Best Strategies To Become A Millionaire And Retire On Icos

Now Ive given you some basic tips on how to evaluate ICOs and how to estimate the returns. Now, look at some general tips to follow when entering the ICO market.

Its not a comprehensive list by any means, but its a good rule of thumbs to follow and its a set of rules that I follow myself.

Here are some strategies that have made me a millionaire many times over. I cant promise they will make you a million, but they may just.

Go Long, Not Short

If youve invested in a coin you believe in, one that has some solid fundamentals to it, you MUST HOLD to extract the real returns.

You can make some money day trading or swing trading, but the biggest returns come from HOLDING.

Crypto is an ultra-fast world.

What happens in one week can be equivalent to years in the stock market. The past 3 weeks, for example, I made more returns with ICX than I would have to put the same amount into the Google IPO. And instead of 10 years, the process took 3 months.

This fast-paced world and quick riches that have people seemingly becoming millionaires in days have bred a distinct lack of impatience where people are unwilling to hold their coins for any length of time, opting to try and flip their coins into whatever coin is rising right now .

But to see the true value of your investment reveal itself, you have to hold it through thick and thin.

Most of my investment mistakes have come down to one thing: selling too early!

Invest in Cryptocurrencies You Believe In

Some examples of this:

How To Choose The Right Ico

How to Make Millions in Crypto During a Crash

Now with practically a few ICOs being launched every single day and hundreds per month, how do you sift through the shit to find the gems?

There are many factors and variables to consider. But Ill give you some basic guidelines that will help you choose the right ICOs, or at least, help you avoid bad ones.

I want to state that I firmly believe in trying to invest for the long term and to choose projects that look like they have lasting value, not short-term pump and dump coins of which 95% of the crypto market is formed.

That means that I want to put money into a coin that I feel can actually deliver on their promise and bring something to market. I want to invest in projects that I feel will survive a market crash.

With that said, lets go over how to choose the best ICOs.

1. Choose Protocols & Platforms

The state of cryptocurrency is in flux with different blockchain platforms all vying for dominance.

BTC, the first cryptocurrency, itself is outdated.

It does not support smart contracts, its slow, its expensive, and theres a vicious civil war between the core developers who task themselves with improving the BTC infrastructure and the large mining companies & businesses with a vested interested in making as much money as they can from it.

But the siren call of blockchain is strong.

Some of the smartest people are promising that blockchain can optimize many inefficient systems present in banking, government, supply chain, insurance, and many other broad areas.

Recommended Reading: How Much Is Bitcoin Cash Now

Two Main Ways To Make Money:

There are two ways to make money with crypto.

Quantity

The first is by maximising how much of the currency you end up with.

For example, you spend $8,000 on a miner and in 12 months it mines $20,000 worth of your chosen cryptocurrency. Minus the $8,000 in costs, you net $12,000 or 1.5x your initial investment. You spent 1 bitcoin and in 12 months time you now have 1.5 .

Value

The other way to make money with cryptocurrency is based off the value.

Bitcoin a year and a half ago was $18,000. Today itâs around $63,000. There are thousands of cryptocurrencies with their own stores of value and we all are hoping to invest as it goes up.

For a lot of these strategies below, weâll assume that the value of crypto doesnât change. This just makes all the calculations easier without taking anything away from the guide.

This is because how much money you earn is based off how much crypto you have in the first place.

Is There A Less Risky Way Of Investing In Crypto

Stablecoins could be a less risky way of investing in cryptocurrency, according to Gavin Brown, associate professor in financial technology at the University of Liverpool.

Brown points to tether, the largest stablecoin, backed by one dollar per coin. It topped the $50 billion mark on 26 April 2021 but he warns that potential investors shouldnt necessarily see tether as the next big thing.

In theory it wont ever be worth more than a dollar. But its potentially an interesting option for any varied portfolio and it could be a slice of stability if things start to suffer.

The stablecoin has not been without controversy either being fined by the New York Attorney General and banned from the state the year.

You could also buy shares the companies associated with bitcoin.

There are also some funds and investment trusts that have exposure to cryptocurrencies, which is a less risky way of investing than buying the currencies themselves.

Recommended Reading: How To Get Free Cryptocurrency

Keep Learning From Cryptocurrency Experts

There are a lot of experts on YouTube and Reddit. To get you going, here are some free online resources ranging from the basic to the meta.

  • FREE COURSE FROM PRINCETON // Bitcoin & Cryptocurrency Technologies:
  • This video lecture series features 5 experts including multiple Princeton professors. They discuss the book “Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction” and unpack complex topics like decentralization, how mining works, how transactions are kept anonymous, how the currencies are regulated and what is next for crypto’s future.
  • SciShow on YouTube // Bitcoin Basics:
  • In under 10 minutes, SciShow explains what the blockchain is, how transactions are verified and kept secure and how coins are mined. Keep in mind the video is from 2016 so some facts are outdated – .
  • This article tagged under:

    How To Create An Nft

    How to Make Millions in Crypto During a Crash | Crypto Value Investing 101

    NFT is digital art and there are multiple ways to create your NFT. The important criteria are that your artwork must be in a format that an NFT marketplace supports. If the NFT marketplace where you are listing your NFT supports your art file then it means that your artwork is an NFT.

    It makes it easier for everyone to create an NFT and monetize it. You can convert any image in JPG, GIF, PNG, and similar formats and list them on NFT marketplaces like Rarible to sell. From the scenery outside your bedroom to the image of your napping dog, everything is a game for NFT.

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    Pump And Dump Schemes

    Crypto projects that offer no real value are often referred to as pump and dump schemes. These projects put a lot of hype around the price and future of the asset .

    Investors jump in through these misleading adverts, the price of the project spikes, and fraudsters behind the project sell off their holdings. The price hits rock bottom, leaving investors with valueless digital assets.

    This is a very common form of fraud in the crypto industry. An example is Gemcoin, which is claimed to be backed by real mines around the world. Founder Steve Chen was sentenced to 10 years in federal prison for defrauding 70,000 people of $147 million.

    Before making any form of investment, make sure to dedicate time to research any project you want to invest in. Pump and dump schemes are easy to spot, they have no real-world use case and also have no feasible future roadmap.

    I’ve Done The Math Forget Mining Is There A Less Onerous Way To Profit From Cryptocurrencies

    As mentioned above, the easiest way to acquire Bitcoin is to simply buy it on one of the many exchanges. Alternately, you can always leverage the “pickaxe strategy.” This is based on the old saw that during the 1849 California gold rush, the smart investment was not to pan for gold, but rather to make the pickaxes used for mining.

    To put it in modern terms, invest in the companies that manufacture those pickaxes. In a cryptocurrency context, the pickaxe equivalent would be a company that manufactures equipment used for Bitcoin mining. You may consider looking into companies that make ASICs equipment or GPUs instead, for example.

    Read Also: How Best To Buy Bitcoin

    Secret Ways To Make Money Online With Cryptocurrency

    Cryptocurrency in recent times has become the center of attention for many. Despite hundreds of cryptocurrencies available in the market, bitcoin remains the most prominent one and the leader of the space. Little wonder why everyone wants to buy bitcoin.

    With more people falling into the hands of scammers and fake crypto investment schemes, learning the right way to make and scale up the profits of crypto trades has never been more important. For a fact, most people only know the simplest way to earn from crypto. This process involves buying bitcoin at a specific price, holding it for a while, and eventually selling it for a higher price. The truth is, there are a handful of other secret ways you can increase your earnings in the crypto space.

    Maybe youve been thinking about what these other ways are, and you cant wait to explore them, dont fret! Here is a list of secret ways you can make more money online with your crypto investment. These are less popular, less used, yet highly profitable earning strategies. So without much ado, lets dive right in.

    1. Leverage on Bitcoin Affiliate Programs

    Many people understand how affiliate programs work, but only a few know that they are also available in the crypto world. Affiliate programs reward you for doing one thing referring customers to their business. This means the more people you refer, the greater your reward.

    2. Become active in the Crypto Industry

    3. Try day trading

    4. Mine Bitcoin

    Appeal To Younger More Diverse Investors

    Jeremy Gardner founder of Mademan teaches us all how to ...

    Another benefit of cryptocurrency is that it has wider appeal to investors who have traditionally had trouble building long-term wealth, including people of color, women and those with lower incomes.

    Women make up more than 40% of cryptocurrency traders as opposed to 38% of stock traders, the NORC survey found.

    The people of color and those with lower incomes surveyed by NORC were also more likely to invest in cryptocurrency than stocks. People of color make up 44% of crypto traders compared to 35% that hold stocks. And, those making less than $60,000 annually make up 35% of cryptocurrency traders, while only 27% of those investing in stocks had similar annual incomes.

    In addition, the average age of crypto traders was 38, compared to 47 for those holding stocks.

    “I think there’s a lot of potentially perceived barriers to traditional retail stock investing that have made some of these historically underrepresented groups less likely to invest,” said Angela Fontes, vice president in the economics, justice and society department at NORC at the University of Chicago.

    On the flip side, the growing accessibility of cryptocurrency has appealed to those same groups, she said.

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    Are Cryptocurrencies A Good Investment

    Cryptocurrencies may go up in value, but many investors see them as mere speculations, not real investments. The reason? Just like real currencies, cryptocurrencies generate no cash flow, so for you to profit, someone has to pay more for the currency than you did.

    Thats whats called the greater fool theory of investment. Contrast that to a well-managed business, which increases its value over time by growing the profitability and cash flow of the operation.

    For those who see cryptocurrencies such as bitcoin as the currency of the future, it should be noted that a currency needs stability.

    Some notable voices in the investment community have advised would-be investors to steer clear of them. Of particular note, legendary investor Warren Buffett compared Bitcoin to paper checks: It’s a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money too. Are checks worth a whole lot of money? Just because they can transmit money?”

    » Learn more: Is Bitcoin safe?

    This price volatility creates a conundrum. If bitcoins might be worth a lot more in the future, people are less likely to spend and circulate them today, making them less viable as a currency. Why spend a bitcoin when it could be worth three times the value next year?

    Earn Fees And Tokens From Providing Liquidity

    Liquidity provision is one of the primary components of a DeFi platform, and investors who choose to provide funds to emerging platforms are often rewarded with high percentage returns on the amount staked, as well as a percentage of the fees generated by transactions within the pool.

    Rewards for ETH-USDC liquidity pool on QuickSwap. Source: QuickSwap

    As seen in the image above, providing liquidity to an Ether/USDC pool on QuickSwap will entitle an investor with a percentage of the $23,098 in total daily distributed rewards and a fee APY of 33.81%.

    Ideally, long term investors would be wise to research the available pools on the market, and if a liquidity pair comprised of solid projects or even a stablecoin pair such as USDC/Tether looks appealing, it has the potential to be the blockchain version of a savings account that offers far better yields than can currently be found in any bank or legacy financial institution.

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    How To Make 1 Million Dollars With 1 Crypto Project

    Making a million dollars with crypto is all about picking projects that have the right marketing and real world application. In this video I break down a cryptocurrency project known as EIFI that was launched on the etherconnect launch pad.

    If you want to be notified of my next potential 1000x cryptocurrency pick then make sure you comment below and let me know what your income goal is for crypto by the end of the year as well as like and subscribe!

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    Coinswitch Said It Will Utilize The Funds To Make Crypto A Household Name And Is Targeting To Onboard 50 Million Indians On Its Platform

    Make a Million Dollars in Crypto 2021?

    Coinswitch Kuber on Wednesday said it has raised USD 260 million in a fundraising round that values it at USD 1.9 billion.

    The company becomes the second crypto exchange to achieve the unicorn status after rival Coindcx, even as deep concerns on the crypto currencies among the regulators continue.

    In business parlance, a unicorn is a privately held startup company valued at over USD 1 billion.

    Coinswitch Kuber said it has raised money from Andreessen Horowitz , Coinbase Ventures and existing investors Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global.

    a16z is a venture capital firm known to back bold entrepreneurs building the future through technology while Coinbase is one of the early pioneers of creating a crypto economy and operates one of the worlds largest crypto exchanges, as per the statement.It can be noted that the RBI has expressed its deep concerns about private cryptocurrencies like Bitcoins multiple times in the past and has conveyed the same to the government. The concerns stem from the high volatility of the instruments, lack of transparency in supply etc.

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    Read Also: Can You Invest In Blockchain Itself

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