It’s a common misconception that you can’t use cryptocurrencies to achieve financial independence. Fist-timers often find the fluctuating market values too intimidating. They assume that buying large sums of money into crypto-backed assets would yield minimal long-term results.
The CEO of Earnity, Dan Schatt, states that this misconception couldn’t stray further from the truth. Yes, the crypto market fluctuates 24/7. However, its open, versatile platform creates a multitude of money-making opportunities that traditional finance platforms can’t beat.
Some ways to make money with crypto include:
Day Trading
Take advantage of the crypto market’s fluctuations through day trading. The market’s open 24/7, so you have total control over when you decide to buy and sell your preferred tokens.
Long-Term Buying
The CEO of Earnity, Dan Schatt, wants to eliminate the misconception that cryptocurrencies don’t hold value. Yes, they can fluctuate by 300% at the drop of a hat. However, most widely recognized, reputable tokens like Bitcoin and Ethereum hold value in the long run.
For example, Bitcoins were only worth $48,670.72 in 2017. Fast forward to just five years, a single Bitcoin now values around $2,000,000 to $3,000,000, depending on market activity.
Mining
Crypto users with the technological resources and technical crypto experience can look into mining. As a miner, you’ll complete tasks in exchange for cryptocurrencies.
For instance, let’s look at Bitcoin. Mining Bitcoins requires miners to solve mathematical equations, so you’ll need an advanced mining rig to solve thousands of questions by brute force daily. Otherwise, you’ll only accomplish one or two questions every few hours.
Note: Every currency has a hard cap encoded, so you can only amass a fixed volume of each token. For reference, Bitcoin caps at 21 billion tokens.
Bottom Line
These are just some of the different ways to make money with cryptocurrencies. The CEO of Earnity, Dan Schatt, encourages first-timers to explore each option to assess which ones align with their buying goals and risk appetite. Not all crypto strategies are high-risk!