If we are talking about becoming a billionaire & if we are not talking about cryptocurrencies, it will be unfair for our readers. This post will try to share every possible information about cryptocurrencies & How to Make Money with Cryptocurrency. Be ready to learn about cryptocurrency & How to Earn money with cryptocurrency? In this post, we will also discuss the best cryptocurrency to invest in 2023 & what are possible options you have to earn money with cryptocurrency. We can also go through the Best Cryptocurrency Coins to Buy in 2023 | Top Cryptos to Buy Now article to get more insights on this.
Before knowing how to earn money with cryptocurrency, you should know what cryptocurrency is & how cryptocurrency can make you rich.
Table of Contents
What is Cryptocurrency:
A cryptocurrency (or “crypto”) is a digital currency or digital asset that uses an online ledger with strong cryptography to secure online transactions to control the creation of additional coins and verify coin ownership transfer. It typically does not exist in physical form (like paper money) & it is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and can trade these tokens for any type of goods or services that the company provides. So, cryptocurrency is like tokens or casino chips in digital form. You will have to exchange your real money for access to the good or service.
How does Cryptocurrency work?
Cryptocurrencies work using blockchain technology. Blockchain is a decentralized technology spread across many computers that manage and record transactions. If you want to know more about blockchain technology, watch & understand the basics of blockchain technology from this video.
Now let’s move ahead to know “how many cryptocurrencies are available to trade” & “what is the best cryptocurrency to invest in.”
You will be amazed to know that according to CoinMarketCap.com, a market research website like moneycontrol.com, there are 10,045 different cryptocurrencies are available to trade publicly at the time of writing this article. And cryptocurrencies are also continuing to raising money through initial coin offerings (ICOs) like our familiar term Initial public offerings (IPOs). The total market cap of all cryptocurrencies on May 25th, 2021, was more than $1.5 trillion (excluding bitcoin). And the total market cap of all bitcoins is about $69 billion, the most popular digital currency.
So, now you can understand the popularity of cryptocurrencies. In all the cryptocurrencies, the most popular one is Bitcoin, holding the no one position.
By seeing the statistics of cryptocurrencies, you may think why cryptocurrencies like Bitcoin, Ethereum are so much popular nowadays?
Why are these digital currencies so popular? & Why Cryptocurrency is going up?
There are nos of reasons available behind the popularity of cryptocurrencies & we have listed down some popular reasons.
1) Crypto supporters think these digital currency types like bitcoin are the currency of the future & our paper original currency will be replaced by digital currency in the near future.
2) Also, as per some crypto supporters, In the future, no one will invest in centralized banks as these banks tend to reduce the value of money via inflation.
3) There is debate on this, but some supporters think that the technology behind cryptocurrencies is more secure than traditional payment systems.
4) And last but not least, some supporters like to invest money in cryptocurrencies as they are about to go up by value & it can be an excellent chance to make money with bitcoins (The number one cryptocurrency).
5) Facebook also decides to launch its own new Facebook cryptocurrency Diem with Diem Association in 2021.
How to make money with cryptocurrency?
When we are talking about earning money online with cryptocurrencies, we have listed down a handful of methods by which you can earn huge profits with Cryptocurrencies & be assured that you’ll find them impressive. Cryptocurrency trading for beginners can be risky, so before investing, please keep in mind you should invest that much of the amount you can lose.
Be an investor of cryptocurrency – Buy and HODL
One of the most popular ways to earn profit from cryptocurrencies is to buy coins like Bitcoin, Litecoin, Ethereum, Ripple, and more and wait until their value rises. Once their market prices rise, they sell at a profit. It’s the same as we invest in the stock market. In simple words, buy at a low price & sell at a high price. This is the main common & simple funda to earn from bitcoin.
Earn Free crypto like Bitcoin as a writer
You can earn free cryptocurrency by writing articles on different platforms to earn bitcoin or other cryptos as a writer. One of the popular platforms where you can write articles to earn free cryptocurrency is Steemit. Steemit is a blockchain social media platform that rewards if they create valuable content on their platform. You will get paid ‘steems’ (One of the digital currencies) for writing articles or upvoting content at their platform. With this platform, you earn steem dollars which can convert into real money. This is one of the Best Ways to Make Money with Cryptocurrencies without investing our real hard-earned money. Also, there are many other platforms available like Publish0x to make free cryptocurrency. Also, if you are a blogger & you have your own blog, you can join crypto advertising networks (e.g., https://a-ads.com) or join affiliate programs that pay in BTC.
Earn through Cryptocurrency Dividends
If you are an investor in the stock market, you probably know what dividends are. If you want to know the power of dividends, then you should read how an ordinary man Mohammad Anwar from a small village named Amalner, in Maharashtra Jalgaon district, gained Rs 848 crore by investing Rs.10,000. Cryptocurrency dividends also work more or like same as stock market dividends. But please note that in the crypto sphere, all currency not provide dividends. So, here are the top 7 crypto digital currencies that Pay Dividends.
- Neblio (NEBL)
- NAV Coin
Earn through Bitcoin Mining or Cryptocurrency Mining
So, What is Mining Cryptocurrency & can we make money with Cryptocurrency Mining? Yes, it is possible to earn a good amount of passive income through Bitcoin mining, Ethereum mining, or other cryptocurrency mining. You can also set up a cryptocurrency miner rig in your home & start generating passive income.
Don’t too much excited to know that you can start mining at your home & as it is a one-time job, you will start making money through crypto mining. The crypto mining rigs are a bit costly & required a massive chunk of electricity as giant and powerful systems are used by miners to mine blocks and verify transactions.
You can read more about the best mining rigs and mining PCs for Bitcoin, Ethereum, and more in this article. Also, if you want to know how you can earn $143 A day by Mining Bitcoin and Crypto Coins at home, this video can help you understand.
Personal experience on make money with cryptocurrency
I am sharing a little personal experience & one of my friend’s experience on how bitcoin could be our best cryptocurrency to invest in.
4 years ago, I bought Bitcoin worth 5000 INR (approx $76) & if I have not redeemed my Bitcoins in the same year, the same amount of Bitcoins would have been worth more than $1000.
Also same happened with one of my friends Nirmal Sarkar & his story is also more encouraging because he had not invested his real money in cryptocurrency, but he earned it.
I am sharing one of his status updates in his one of the Facebook community (Crytohub). By the way, you can join Cryptohub if you have any interest in discussing more cryptocurrencies.
I am saying that Nirmals story is more interesting because he has not invested any real money in bitcoin. Still, he has earned money by writing an article at Steemit. You can read the article at steemit.com.
Best Cryptocurrency to invest in 2023
It’s time to invest in the best cryptocurrencies cause the cryptocurrency market is going bearish. Reasons may be an announcement that Tesla has suspended vehicle purchasing through Bitcoin or the announcement of China banning cryptocurrency. Bitcoin and many leading cryptos coin down by more than 30% & it’s the current time to invest in the crypto market.
Bitcoin & Ethereum can be an evergreen digital currency to invest in. So if you don’t have any knowledge about crypto & don’t want to research then, it’s better to invest your money in the market leader. Now the question arrives that Will Cryptocurrency crash? Can Cryptocurrency go negative? Bitcoin being a market leader does not mean it will not go down.
You can see the high low of 1 year of the most popular cryptocurrency, Bitcoin. By this, you can understand how much returns you can generate from investing cryptos & as well, as the max price touched by bitcoin was $64,863.10 within 1 year & the current price is approx $37,851.53. So, within 1 year, more than 40% of the price dropped. You can now understand how risky it is to invest in cryptos, but if you have invested for the long term & have patience, then don’t worry; there is a high chance that you will be in profit.
So, if you are passionate about cryptos, you can also be the next Vignesh Sundaresan, aka MetaKovan, The Secret Bitcoin Billionaire from south India.
Metacovan is the person who has paid nearly $70 million for a virtual piece of art & Mike Winkelmann, aka Beeple who sold NFT art to Metacovan for nearly $70 million. So, by watching this video, you can estimate what cryptocurrencies like bitcoin can do for you.
So, it’s pretty hard to estimate which digital currency will wonder, but you can research your own & invest. To do research, visit https://coinmarketcap.com/all/views/all/ & check all the digital currencies available for trading.
Best place to buy Cryptocurrency | How to Invest in Cryptocurrency?
If anyone wants to invest in Cryptocurrency in India, anyone can do that with an internet connection & have money in the account to invest. There are no limitations to invest in cryptos. You have to invest in cryptos through Crypto Exchanges. Crypto exchanges work more or less similar way as we invest in the stock market. In crypto exchanges also we can buy, sell or hold our cryptocurrencies. Here I am listing the top 7 Crypto Exchanges in India.
- Coin DCX
These are the most trustworthy crypto exchanges available to trade cryptos in India. But before investing in crypto-currencies, please check how govt sees crypto investments as crypto trading is not authorized by govt of India.
Buy Bitcoins with Credit Card Instantly
If you are also interested in buying cryptocurrency with your credit card, it can also be possible. To buy bitcoins with your credit card, I will suggest the two most famous & secure methods to use.
1st of all, if you want to buy cryptos using your credit card, you must have a credit card. If you don’t have a credit card, you can read how to get a lifetime free credit card in India. To buy digital currency like bitcoin, you need to activate the international transaction on your credit card. If you have not activated an international transaction, then payment will be rejected by your credit card bank. So, call your credit card customer care or download the official app of your credit card to activate the international transaction facility. The main benefit of using your credit card to buy a digital currency from your credit card is that you will get a max of 50 days to pay the amount to the bank.
- You can buy cryptocurrencies with your credit card by using the bitbns account & mobikwik account.
- You can buy crypto with your credit using the Binance crypto exchange platform.
Buy cryptocurrencies with your credit card by using the bitbns account & mobikwik account.
I am providing you the step-by-step process to buy bitcoin with your credit in India.
- If you don’t have an active account at Bitbns & Mobikwik, then 1st step to register yourself on both platforms.
- After creating an account at bitbns, click on wallet & click on deposit via INR.
- You will get options to add money via direct bank transfer ( UPI, IMPS, NEFT, or RTGS) on the next page. Also, you will get the option to add Indian money via MobiKwik.
- Click on MobiKwik to add money. Please note that if you are using MobiKwik wallet to add money to bitbns account, you have to pay transaction charges of 1.5% + GST (In total, 1.77%). You can do the transaction via Debit card, Credit card, or net banking.
- Enter the amount you wish to add to your bitbns wallet. Please note that the final deposit amount will be added to your account after deducting the 1.77% transaction amount.
- Then on the next page, enter your debit card or credit card details & add money after submitting the OTP received in your registered mobile no from your bank. Now you can buy any crypto you wish to buy. This is the process by which you can buy bitcoin with a credit card instantly with no verification.
Buy crypto with your credit using the Binance crypto exchange platform
- Create & activate your account on the Binance cryptocurrency exchange platform.
- Welcome to Binance. There are multiple options to deposit funds into Binance. Please select buy crypto with your credit card.
- In your Binance profile, select currency as per your country’s currency. If you are from India, select currency as INR & then select payment currency as USD.
- Select which currency you are going to buy & enter the amount you want to spend to buy that particular crypto. You can buy between $15 to $5000 at one time.
- As you have created a new account. You need to verify your account. For verification, you need to provide your full name, address & need to upload your photo id proof & your picture for identity & facial verification. For more detailed information, you can read How to Buy Bitcoin with Credit or Debit Card on Binance.
Frequently Asked Questions | Cryptocurrency-
Here are some of the frequently asked questions about Make Money with Cryptocurrency.
Bitcoin Cryptocurrency Price?
To check the Bitcoin cryptocurrency price, please visit https://coinmarketcap.com/ & check all cryptocurrency’s live prices.
Which Cryptocurrency will explode in 2021?
It is very tough to say which currency will explode, but currently, the crypto market is recovering after a huge downfall of approximately 30%. I am listing some digital currencies that will explode this year.
1) Bitcoin. Most popular among all cryptocurrencies.
5) Binance Coin.
9) Bitcoin Cash.
Please keep in mind that Cryptocurrency investments are subject to market risks. Please think twice before investing.
How many cryptocurrencies are there?
There are 10,045 different cryptocurrencies available to trade publicly when writing this article on 26th May 2021. And cryptocurrencies are also continuing to raising money through initial coin offerings (ICOs). You can visit https://coinmarketcap.com/ to check how many currencies are available to trade currently.
Which cryptocurrency to buy?
If you are new in the crypto sphere, you should invest in the best & popular cryptos where everyone is investing—most popular cryptos like Bitcoin, Litecoin, Ethereum, etc.
Can Cryptocurrency be hacked?
Here is all you need to know how safe is cryptocurrencies? As I mentioned earlier in the article that Cryptocurrencies work using blockchain technology & which is very difficult to hack, but Bitcoins are stored in digital wallets. So, it’s not difficult for users to access anyone’s wallets and steal their coins. Though a two-factor identification & authentication process is commonly used as a security measure, if hackers can access some of the user’s personal information, they may infiltrate wallets and steal Bitcoins. So, all Cryptocurrency investors are advised to take proper precautions to protect their coins.
Also, there are several times happened that Bitcoin is stolen from users wallet. In 2011 25,000 Bitcoins were stolen from the user’s wallet after hackers compromised the Windows computer used for trading in the cryptocurrency. Around that time, the price of a Bitcoin was $20, making the loss worth around $5,00,000 then.
After that, More than $60m worth of bitcoin was stolen from one of the world’s largest digital currency exchanges Bitfinex in August 2016. Also, On December 6th, 2017, NiceHash, a leading cryptocurrency platform for mining and trading, was hacked for 4,736 BTC. At the time, the stolen BTC was worth roughly $70 million.
So there is some news on cryptocurrency hacking & that proves that cryptos also not fully secure. By anyhow, a hacker can transfer all your investment into their account, making you a beggar. So, before investing, think twice.
There is no bad investing in cryptocurrencies. You can always invest & make your wealth. Investing in cryptos more similar to stock market investing. As you are investing directly into the market, risks are always high, but you can also gain good returns. As cryptos-currencies popularity is gaining day by day, Crypto Funds are also coming like our mutual funds. ARK Next Generation Internet ETF (ARKW) is a fund available to invest in getting indirect exposure to bitcoin. ARK Next Generation Internet ETF (ARKW) has invested in the bitcoin revolution by purchasing stakes in the Grayscale Bitcoin Trust (only one publicly traded exchange-traded fund investing in bitcoin). So, the future of cryptos will be good. So, you can try your luck out there.
Update as of 2nd June 2021
There was a circular passed in 2018 that called for the non-acceptance of crypto-related transactions of customers. Some prominent Indian banks sent an official email to their customer to not do any transaction with Debit & Credit cards on cryptocurrency platforms. If so, cards can be blocked permanently.
After this (RBI), the Reserve Bank of India has issued a clarification stating that banks and other regulated entities are not in a position to mention its 2018 circular on cryptocurrencies. It was put away by the Supreme Court (SC) in March 2020 and remains invalid now.
After this, one prominent news came on India’s largest cryptocurrency exchange WazirX launched Non Feasible token trading or NFT trading marketplace. In this NFT marketplace, digital artists can buy or sell their NFTS. Like I have mentioned earlier that Metacovan is the person who has paid nearly $70 million for a virtual piece of art. That virtual art is called NFT & now anyone can do it in India through the WazirX NFT trading marketplace.