Five Ways to Make Money From the Crypto Ecosystem Without Trading
Crypto trading has helped tons of individuals around the world make massive profits. However, if you are familiar with crypto trading, you undoubtedly realize that trading is a high-risk activity.
One of the most famous terms used in the crypto world is; “don’t invest more than you can afford to lose.” This means that it is possible to lose all or part of your hard-earned money while trading cryptocurrencies. The volatility of crypto-assets makes crypto trading risky. Many traders look for alternative ways to earn money from the crypto space.
If you want to know how you can make money from cryptocurrencies without trading or risking a lot, this article is for you. This article discusses five ways to make money from the crypto ecosystem without trading or staring at the charts. They are;
i. Participating in airdrops
ii. Mining crypto
iii. Playing crypto games
iv. Participating in Learn and Earn programs
v. Blogging and social activities
Vital links will also be made available to make it easier for you to start earning. Without further ado, let’s dive in.
i. Participating in Airdrops
Airdrops are tokenized rewards given to users who complete an assigned task. Some projects reward users for holding tokens. Others reward users for simply utilizing their platform.
Following legit airdrops is one way to earn from the crypto space without trading. Projects like Uniswap, DYDX, Sushiswap, and 1inch have rewarded users with massive sums in the past. Many users who participated in these airdrops earned tens of thousands of dollars on average.
Although, airdrops have a downside. Since the crypto ecosystem is decentralized to a large extent, anyone can launch a fake project. Today, thousands of scam projects claim to be real airdrops. Some use phishing links to harvest private information from users. Others manipulate participants to submit their private keys or password.
It is your responsibility to perform research on a project before participating in its airdrop. Users can get legitimate airdrops from sites that have established credibility. One of such sites is coinmarketcap.com.
Additionally, you can check the verified social media channels of each project’s airdrop you want to participate in. If the information isn’t on the verified social media channel of the project, the chances of the airdrop being authentic is very slim.
ii. Mining Crypto
While this sounds more difficult than digging for gold, it is not as complex as many perceive it to be. Bitcoin mining indeed requires a lot of energy, funds, and other resources. However, a few other crypto assets are not as difficult to mine as Bitcoin.
Dogecoin and Zcash are two crypto assets that you can mine quite easily. There’s a high chance that the computer you are using to read this article can mine Dogecoin.
To mine Dogecoin, you will need stable electricity and internet, mining software, and a cooling system for your CPU or GPU.
To mine Zcash, you will need stable electricity and internet, a cooling system, mining software, a GPU, or an ASIC.
Zcash requires more energy to mine than Dogecoin. Thus, a CPU may not be suitable for mining Zcash. Ethereum is also relatively easier to mine than Bitcoin. However, the soon to be launched Ethereum 2.0 will require Ethereum miners to look for mining alternatives.
iii. Playing Crypto Games
Blockchain has made it possible for individuals to earn real money from playing games. Many years ago, game players could only earn points from playing games.
These points earned could hardly be converted to real money. Today that is not the case. Anyone can make money from playing some specific games. Thousands of people worldwide are earning a living from crypto and NFT games like Axie infinity, Metamon, and the Sheep game built on the Avax blockchain.
Different crypto games have different earning structures. While some crypto games require users to stake a specific asset to play, some others are free. A lot of blockchain gaming projects are launched daily. It is projected that the cumulative earnings for gamers will more than double in the coming year.
iv. Participating in Learn and Earn Programs
Learn and earn projects have also given crypto users huge profits in the past few years. Traditional academic systems require individuals to pay to learn. Many blockchain projects do the direct opposite. They pay individuals to learn.
Coinmarketcap and Coinbase are two famous platforms where users can earn while learning. Learning rewards are usually disbursed in the form of cryptocurrency. Learners may decide to convert their crypto assets to cash.
It is not advisable to depend wholly on this as a source of income because there is a cap to how much one can earn from each platform. However, we can expect more sustainable earning platforms to be launched as blockchain technology develops.
v. Blogging and Social Activities
Interestingly, users can also earn from social activities. On Uhive, users earn the native Hive token for creating and posting content. Content could be in the form of images, texts, or videos.
Individuals who use the app daily also accumulate rewards. Although these rewards are minor when measured solely, they can be huge when accumulated over time.
‘Hi protocol’ also has a reward system for users participating in social activities. The protocol has a chatbot that enables users to claim Hi tokens daily. Although, the tokens claimed can only be unlocked after a year.
When a protocol rewards users for executing simple tasks, the protocol gains more active users. In the end, both the users and the project developers will benefit from the earning structure.
Many crypto users want to profit, but not all want to trade. This is because trading is a high-risk activity. The availability of alternative ways to earn crypto makes the ecosystem more attractive.
Additionally, since the crypto ecosystem keeps growing daily, new projects that appeal to more users should be expected. More channels to earn from the crypto space will also be discovered in the coming months.