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8 ways to make money with Blockchain

Blockchain is one of the most popular and highly debated topics in 2023, thanks to the emergence of digital currencies. It has emerged as a revolutionary force, disrupting industries and presenting unique opportunities for individuals to explore new avenues for making money. Indeed, blockchain is slowly shaping the future of technology as a whole. If you want to join the blockchain trend and make a profit from it, we will be sharing 8 ways to make money with blockchain. 

The-best-crypto-exchange-platform
The-best-crypto-exchange-platform

What are the top 8 ways to make money with Blockchain?

Because of its decentralized nature, anybody can use blockchain to make money easily. Here, we’ve listed out 8 ways to make money with blockchain:

1. Crypto trading

Crypto trading is one of the best ways to earn money from blockchain technology. However, it is also the most difficult due to the volatility of digital coins.

Trading crypto, unlike investing, is generally a short-term strategy that can generate profits in bursts. You need to start by buying and holding a top cryptocurrency, and then trade it after the price rises. However, since the cryptocurrency market is extremely volatile, trading tokens carry more risk. So you must learn the basics of crypto trading if you want to actively trade tokens.  

This strategy demands you to have strong technical and analytical capacities because the prices of digital coins can rapidly change within minutes. Hence, unless you are willing to take the risk, we recommend this option for people who already have solid past experience with trading cryptocurrencies. Contrarily, crypto investment is safer for beginners, particularly if they are interested in investing in prominent cryptocurrencies.

Check out this article for more information – What is PNL in Crypto and how to Calculate it

2. Blockchain development

What is Leverage in Crypto Trading?

Blockchain development is the most obvious way to make cool cash with blockchain. You can render services as a blockchain developer and make money from it. Currently, the demand for blockchain developers is very high. This is because many individuals are attempting to innovate in the blockchain technology space. So, they will need blockchain developers to bring their concepts to reality. As a blockchain developer, you will be able to work on different projects in the tech world and acquire a lot of experience in multiple sectors.

In the long run, being a developer will increase your income, particularly if you take a career in blockchain technology, as it offers you the opportunity to make a six-figure salary while working remotely. 

3. Staking coins

Staking Coins is another great way to make a lot of money with cryptocurrencies and blockchain. Essentially, it provides you with potential earnings through price increases and dividend payout from assigned coins in exchange for staking their respective digital assets.

Through crypto staking, you can easily earn extra coins for assisting to secure a particular crypto network by holding your coins in a live wallet. Some examples of coins that can be staked include Bitcoin, Ethereum, USDT and more depending on the platform you choose.

Most top cryptocurrencies, including Binance Coin, Ethereum, Cardano, and even Solana, all support crypto staking. Staking tokens have the same effect as gaining interest on a traditional bank deposit account. The only major difference is that you still continue to own your assets. Bitmama crypto staking, for example, allows you to stake any crypto of your choosing.

Once you’ve chosen to stake cryptos, you’ll receive the pledged return whenever your stake is due. You will get your interest from the program in the staked digital coin, which you can then easily hold as an investment, staking offer, or exchange for cash and other cryptocurrencies.

4. Mining

One practical and safe way to make money using the blockchain is through cryptocurrency mining. Essentially, mining a cryptocurrency is a less risky option because mining rigs are capable of generating the digital coin in your wallet automatically. The only threat involved here is whether you will retain the money and mine more coins, even when the value drops.

The good part is that you don’t need too much effort to mine cryptocurrencies if you want to make enough profit. However, you must be willing to invest in standard crypto mining rigs. Mining rigs are PCs that will just be used to run a program that will mine the cryptocurrency. These rigs are dedicated to just mining cryptos alone so investing in them can cost you a lot of money. 

If you’re ready to take your chances, mining cryptos can give you the most substantial profit boost, as long as you decide to mine a coin that is both easy to produce and is constantly increasing in value.

Something for you – When is the next crypto bull run?

5. Lending cryptos

Crypto lending is the act of depositing cryptocurrencies that are lent out to borrowers in return for interest payments at regular intervals. Easily one of the 8 ways to make money with Blockchain, interest payments are made as tokens. that is deposited generally and this interest is compounded on either a daily, weekly, or monthly basis.

There are two major kinds of crypto lending platforms: centralized crypto lenders and decentralized crypto lenders. Both of these lenders offer you access to high-interest rates- as high as 20% annual percentage yield (APY). Also, both of them typically mandate borrowers to deposit specific collateral before they can access a crypto loan just like most other loan application processes. You can access this feature through any reputable and reliable crypto lending platform. 

6.  Airdrops and forks

Airdrops and Forks
Airdrops and Forks

To grow awareness, airdrops and free crypto tokens are distributed to users. An exchange may just decide to conduct an airdrop to draw a larger user base for a certain project. Partaking in an airdrop can offer you a free digital coin, which you can use to make purchases, investments, or even trades.

A protocol upgrade or any modification that yields new digital coins will cause a blockchain to fork. If you already have coins on the main chain, you will be able to receive free digital coins on the new network. This implies that you get free tokens for just being in the right position at the right time.

7.  Crypto payments and affiliate marketing

Accepting cryptocurrency as a mode of payment for your service is another good way to make money with the blockchain. If you have goods or services that you sell, you can simply start accepting crypto payments. To do this, you have to set up a crypto wallet and advertise that you are open to accepting cryptocurrency payments.

Another good way to make a profit on the blockchain is through Affiliate marketing. You can partake in affiliate marketing programs that are offered by different blockchain-based platforms. Having a high amount of followers on social media or blog traffic helps.

The work of an affiliate is to simply promote a good or service and receive payment when somebody uses their referral link to make purchases.  As a crypto affiliate, your job is to advertise cryptocurrency-related services and goods on different platforms. 

8.  Freelancing

Finally on the 8 ways to make money with Blockchain, freelancing may be your best bet to earn through blockchain networks If you are very passionate about creating useful written content. Independent contractors can monetize their writing expertise, all thanks to blockchain networks. You can simply register on a freelancing platform as a crypto writer and receive your payments in digital coins like Bitcoin and Ethereum. 

Indeed, there are limitless ways to make money with blockchain. If you are still yet to make up your mind, another good option is blockchain consulting. As a blockchain consultant, your job is to advise businesses on how they can implement blockchain technology. It is one of the easiest and most basic ways you can make money off blockchain. Although we’ve just discussed a few, you can explore other opportunities that blockchain technology has to offer in today’s world. 

As the best crypto exchange app in Nigeria, Bitmama offers a secure marketplace for crypto enthusiasts. Perform activities like crypto exchange, crypto staking, and creating virtual dollar or crypto cards for online payment. Get started today by downloading the Bitmama app.

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Emmanuel

Jul 26, 2023

7 mins read

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