The blockchain and cryptocurrency industry is a very lucrative industry to dive into at the moment and in the nearest future. There are multiple ways money can be made from the crypto and blockchain space. One with certain required skills and substantial knowledge about blockchain technology and cryptocurrencies can benefit from this space and make a living out of it. This is especially possible when previously acquired skills are incorporated into this emerging industry.
The Blockchain and cryptocurrency industry is a very green land and yet untapped. This is especially for individuals willing to develop a career and make a good stream of income out of the industry. In this article, we will be considering 5 legitimate ways of making steady income in the blockchain and cryptocurrency industry.
Blockchain is a public ledger that records data. It is completely decentralized, accessible by everyone and cannot be compromised. It came into existence as a result of the financial crisis of 2008, market crash and all. The anonymous creator of Bitcoin, the first cryptocurrency created a financial system that is not controlled by anybody and the network and technology on which Bitcoin operated is the blockchain. Cryptocurrencies like Bitcoin are digital currencies and each is built on its own network/ blockchain. Ever since 2009, the blockchain and cryptocurrency industry has existed and witnessed various evolutions. However, the focus of the article is to highlight 5 legitimate ways of making steady income in the blockchain and cryptocurrency industry.
Decentralized Applications (DApps)
To start with, it is important to know that there is nothing like “get rich quick” in this industry but these ways are tested means of earning substantial income from the space. The first is the use of dApps . DApp is an acronym for decentralized application.
DApps are computer protocols that are connected to specific blockchains. These dApps serve various purposes; some are gaming platforms where users earn rewards for performing tasks, while some are content platforms. Users of these dApps earn tokens for their actions on the given platforms. For instance, the content creation dApps reward users in their native tokens for their various forms of content based on the number of likes and reactions that they get from the dApp community. The higher the number of reactions and likes a user has, the higher the rewards.
Examples of the kinds of dApps described above include Karma, Uptrend, Steemhunt, Reviewhunt among others. The dApp games reward users for playing games. A number of games are available on cryptocurrency wallets. Using this method, it might take time to reach an expert level of earning as high as $70-100 on a post but with patience and consistency it is very possible.
Another legitimate source of income in the cryptocurrency and blockchain industry is the airdrop. Airdrop is the allocation of a portion of tokens to the public. In this case, tokens of a project are given to users. Although this model has its own downside, as the majority of airdrops today are scam-related and without a genuine project.
It is very easy to earn and check the authenticity of an airdrop. To participate, you will have to track and always be at alert for new projects in the industry. Majority of airdrops come from new projects. Tracking them on social media platforms and turning notifications to know when airdrop goes live is a way of not missing out on such opportunities. Double checking the accounts to stay off scammers is also very necessary.
The most recent airdrop that shook the industry was from uniswap and the basis was on users that provided liquidity. A whooping 400 UNI tokens worth $1,400 were claimed by users. Good money can also be earned from airdrop via referrals. Referral rewards are always available for users that refer people to join airdrops.
Digital Content Creation
Digital Content creation is another way to legitimately make money in the blockchain industry. Digital content creation is a hot skill at the moment and it involves producing relevant solutions in digital forms. It ranges from content writing, graphic designs, video content creation among others. These skills are sought after in the blockchain and cryptocurrency industry and individuals that possess them earn steady income. Content contests ranging from video, writing and graphics are organized by exchanges and companies in the industry from time to time and good rewards are attached to winners. Only individuals with the skill can participate to win.
Working for Crypto Firms
Another way to make money in this industry is to work as a staff for blockchain and cryptocurrency companies. You can only work for them if you have matching required skills to do so. Acquiring those skills is not enough, networking to get to work at these companies is very important. In an interview with Adedoyin Destiny, popularly known as DestinySaid, from Okex Nigeria, he noted that individuals with required skills work remotely in the country and earn as high as $2,000 on a monthly basis. He also noted how working with these companies can improve the portfolio/CV of individuals who like to take a career in the industry;
“Some set of people work for crypto companies remotely in Nigeria, some earn as much as $2,000-$5,000 per month. This also has the added advantage of improving your CV if you’re a career person”.
Means of making steady income is not complete without mentioning Cryptocurrency trading. Trading skill has to do with buying and selling of cryptocurrencies in order to make profit. This is one of the most profitable ways of making money in the cryptocurrency industry. It involves risk but one can as well make good income from trading. There are different types of trading; OTC (over the counter) trading, P2P trading, spot and futures trading.
An individual can pick any suitable form of trading, master the art and earn a living from it. According to Destinysaid, individuals can make money by staking their cryptocurrencies on trading platforms like Okex and earn a percent of interest monthly, enough to make a living if the stake was at least $5,000.
“Okex and Binance have staking options as well, where you can stake certain coins and get interest ranging from 1% to as high as 44% in some coins, usually once you start using $5,000 and above, your monthly income should be able to feed you”.
Importance Of Networking
The blockchain and cryptocurrency is still in its early years and has a lot more to witness as it progresses. Getting along now is the best way to get familiarized with the latest happenings and newer ways to earn. Community can make this happen. Individuals willing to get into the industry should take crypto communities seriously and establish necessary networks.