As the global media keeps on shining on Blockchain technology and its practical applications, people are more aware and continue to ask “How do I make money with this technology?”
What is blockchain technology?
It is a chain of blocks that is constantly increasing and changing. The technology is based on the distributed ledgers which contain data. However, a block is a record of new transactions. When a new block is confirmed, it is added to the chain of the last created blocks. In such a manner, a network of verified blocks is formed, where data is stored and can be accessed anytime and where in the world.
Undoubtedly, Blockchain made its first debut in the financial sector with the development of Bitcoin, and ever since, the world has seen many wonderful ideas on practical applications of Blockchain technology.
How can I make money from it?
With the advent of the internet comes many ways one can start profiting from blockchain, besides just trading on bitcoin only:
- Method #1 – Buy and HODL
Some startups are wonderful options when investing in the technology. Today, many successful projects were once startups before.
This method requires investors to research and find promising startups to invest in while the project is still in its initial stage, if the investor is right in his analysis, he/she may be lucky and hit the jackpot.
- Method #2 – Crypto Staking
Staking offers dual earning potential through price appreciation and profit payout from chosen coins for staking their digital assets. Contrary to masternodes, there is no limited amount.
Staking includes holding coins in a live wallet, hence enabling users to earn extra coins for verifying that specific crypto network.
- Method #3 – Day Trading
This method requires one to find many stable and volatile coins that can rise quickly in price, bringing about decent profits. Immediately their market price rises, they sell off to make profit.
While no one can precisely predict what will befall the price of a coin, expert traders do market analysis based on market volume and price chart. Their analysis helps them to comprehend the market current price movement and know when to buy low and sell high.
- Method #4 – Help Out with Microtasks
Individuals with extra time, can involve in some simple tasks for blockchain based projects and get paid for it. The tasks widely differ; it could be apps testing, creating contents, watching videos, re-twitting or sharing messages on social media, signing up on sites, to mention but few.
The microtasks programs range from airdrops, faucets, bounty and so on.
Airdrops: Some Blockchain based projects offer free tokens to create awareness or compensate loyal customers. Currently, Uniswap exchange is airdropping few tokens on their platform.
Faucets: Some projects reward users for their actions with little tokens. This rewarding system usually takes place every specified time, it may be 1hr, 2hrs or 3hrs depending on the program. Currently, Atomars exchange is running a faucet program where free tokens are given to all registered users of their platform.
Bounties: They are basically a reward offered by organizations to individuals. Bounty campaigns are valuable promotional tools use in creating awareness about a project during ICOs. Participants are paid with the token they are promoting. The campaign can be in the form of creating videos, articles writing, re-twitting or sharing messages on social media, signature campaigns on Bitcointalk forum and so on. Here are two major platforms that promote bounty campaigns: Bitcoin Talk and Bounty0x.
- Method #5 – Developing Apps
In light of the global adoption of blockchain technology, there is an urgent need for developers to create applications that are going to simplify the usage of technology. We have seen some fantastic apps based on blockchain, some of these apps are Uber, Airbus to mention but two.
- Method #6 – Crypto-Mining
With application-specific integrated circuit (ASIC) devices and GPU mining, miners with access to either free or amazingly cheap power can earn coins by mining cryptos. The use of ASIC devices, GPUs and CPUs is called the Rig mining method, its capital intensive.
Cloud mining, it’s an extraordinary alternative with regard to crypto mining since miners don’t have to purchase any equipment or software, installed in a fixed location, the only thing they should do is simply buy hashpower from any cloud mining farm.
- Method #7 – Run a Masternode
These are full nodes that ensure operators of other nodes complete their roles in operating a blockchain. In summary, a masternode is a full node that maintains a live record of a blockchain’s operations. Hosting a masternode is possible on a normal home server.
- Method #8 – Play Games and Trade Collectibles
Digital games enable gamers to win and trade interesting characters and in-game items, and leverage on them to fight other players.
- Method #9 – Blockchain Careers
Most crypto jobs are highly lucrative and technical, however, blockchain based projects are likewise looking for specialists in advertising, social media, financial analysis and many more.
- Method #10 – Read and Write Articles to Make Money
Online content writers often earn a few percentages of the income generated while publishing platforms get the majority. Readers don’t even earn any things. However, content publishing platform based on blockchain such as Global Crypto News, Steemit, and Weku, enables readers and writers to earn cryptos.
There are various methods of earning income with Blockchain. Some methods explained above don’t require a dime, only take a few of your extra time and internet data. Any interested person with or without funds that is ready to make money from blockchain will surely find one or two methods that he/her fit in.