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5 Unconventional Ways To Make Money On Crypto In 2023

5 Unconventional Ways to Make Money on Crypto

The opportunity to make money is ample in the crypto domain, the only condition being that one needs to be highly opportunistic. In this article, ample light shall be shed upon a few methods to amplify the power of your digital assets in the year 2023 and beyond, so that you can earn passive income in the domain of cryptocurrencies and educate yourself on Defi technology too. Below are five pieces of crypto by which you can make money unconventionally.

  • Staking

  • Lending

  • NFTs

  • Rewards

  • Mining

Staking  

This income-generating tool is into practice since 2012. You have to put your crypto to work by staking them to earn passive income on digital assets that investors plan to hold for the long term. It’s akin to an interest-bearing savings account, in that when you stake your holdings, you receive a yield percentage on those assets over time. Unlike savings accounts where the earnings range from 0.5% to 1.5%, this is a high-yield savings account. where the earnings range between 5% to 15%. Staking can be highly technical and is used to prevent errors in the blockchain by involving validating transactions yourself, but it can also be simple as more mainstream crypto exchanges shall offer more consumer-friendly staking options. The demerit of this option is that the assets get locked up which prevents one from trading those cryptocurrencies during the vesting period. The second demerit is that staking is not allowed on Bitcoin, unlike Solana or Ethereum 2.0.

 Lending  

The accumulated tokens of cryptocurrencies can be lent out just like staking. The stablecoins can be given to borrowers in exchange for interest payments. Instead of getting a loan via a bank, this crypto-lending procedure is typically peer-to-peer lending and can be embraced via a crypto-lending platform. Although it may sound riskier, it’s always possible that a borrower won’t repay his or her loan.

Read: Most Trending Crypto Wallet Of 2023 – Phantom

NFTs  

Non-fungible tokens commonly denoted as NFT could be in the form of digital art, a video, music, or an interactive piece of digital work, mostly living on the Ethereum blockchain. Individuals can play the role of NFT creators who opens the door for the global audience who could be potential buyers by letting their digital work on the blockchain and thereby receive royalties with trading of their work. On the other hand, NFT collectors possess the chance to buy digital art or other NFTs at a low price and potentially benefit from that the work’s appreciation over a period of time. The price point for an art collection is lower, and there are up-and-coming artists putting their work out there. NFTs can be purchased on the marketplaces such as OpenSea, Axie Marketplace, and Raible. Individuals purchasing NFTs or engaging in any crypto or Defi opportunities could fall a victim to counterfeits, scams, and misinformation.

Rewards  

The crypto world has always been always evolving as new projects and new technologies expand. One of the simplest methods to earn extra crypto is to take advantage of the companies offering free crypto in exchange to sign up on their platform, taking an education course, or playing games. People might discover a few new methods to earn money in the crypto domain every day, depending on how much income would satisfy their earnings. A few crypto users might leverage platforms like Coinbase Earn to get income in exchange for learning in the context of the blockchain. A few of them play games also like Axie Infinity to earn opportunities with NFTs. A few free cryptos like Coinbase Earn, CoinMarketCap Earn, and Brave give good offers as a private web browser in which the users reward Basic Attention Tokens, a blockchain-based cryptocurrency. These earnings are typically small, but if you’re just looking to earn a few extra tokens, going the rewards route would likely be the least time-consuming option.

Mining  

Cryptocurrency mining is the process in which one verifies and records transactions on the blockchain. Mining is the most technically intensive which comes with an upfront cost. Mining bitcoin isn’t everyone’s cup of tea, but individuals willing to dedicate some time to understanding the mining process and its ecosystem could get hold of it by mining fewer cryptocurrencies using a graphics processing unit. It’s a leap of faith to go buy a machine that costs $8,000 to $10,000 for Bitcoin mining that requires industrial-strength power about 3.5 kilowatts of power, which is like three-and-a-half washing machines spinning all the time.

Read: A Global Map Of Cryptocurrency Regulations

[To share your insights with us, please write to sghosh@martechseries.com]

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