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5 Ways to Make Money in Crypto Other than Trading in 2022

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One question: how many crypto apps do you have versus bank apps? When last did you save money in the bank and you have an interest of 10% given to you that is not engulfed by inflation? Binance is like the new bank of the age alongside other dApps. Happy New Year and welcome to 2022. 

One of the most dreadful things to think about, when we get into a new year, is how to make more money since the end of each previous year is always more about spending and spending for the majority. Another concern is how to make money with less and less stress and risk.

There are so many ways to do so. One of the best is by making crypto investments, not necessarily by trading. Trading is good if you can do it and belong to a crypto community.

You can see how Wakanda Inu, Shibainu, DogeCoin, and some other meme coins made several people millionaires in 2021. Yes, there are risks attached to them but it is a viable process.

Here are five ways to make money using cryptocurrencies without trading:

Crypto Saving

This is as simple as it sounds. In today’s world, interest rates given to you by your bank for saving money with them are at an all-time low. And it’s not getting better. Inflation is destroying the value of fiat money as well as interest on fiat money. Perhaps, you might see the little positive effect of interest on fiat money savings if your deposit is in six or seven figures. Anything lower is always negligible. 

So, if you have any cryptocurrency, you can find platforms where you can save your crypto for interest. For example, Binance offers one of the most robust savings plans for crypto holders. In their system, you’ll see the Binance Flexible Savings and Locked Savings.

What makes this system good is that when you save your cryptocurrency in the exchange, you receive daily interest which you can withdraw at will. While the locked savings plan you agree to leave your crypto for a particular period, accruing more interest.

In general, the longer you allow your crypto in the savings plan, the more interest you get. The four best platforms you can start with are BlockFi, Coinbase, Crypto.com, and Binance.

Crypto Staking

If crypto savings is like your normal savings account in a traditional bank, then crypto Staking is like Fixed Deposit. By now you should be aware that the activities of miners are what make crypto projects successful. If there are no nodes, as individuals operating computer systems, who contribute their resources to validate transactions, we will have few to no crypto projects left.

Apart from the Proof of Work consensus, there’s Proof of Stake which allows people to use their cryptocurrency to enhance validations of transactions in any Blockchain platform, then rewarded accordingly.

How does this crypto staking work?

For example, if you have 5TH in your Ethereum wallet that is not being used yet, you can decide to stake it in a Proof of Stake platform like Binance where it’ll be used for validating transactions making the system faster and more efficient. But here’s the gold: you will be rewarded for leaving the 5ETH on the platform. After a particular period, based on the agreement between you and Binance, or the selected platform, rewards will be shared according to the levels of resources staked – more resources staked, higher rewards given.

Another kind of staking occurs where the 5ETH from your wallet is sent into a pool containing cryptocurrencies of other stakers. Then, investors use the ether and other resources for speculations in the crypto market. As this is done over some time, the profit accrued is shared among the stakers. Some of the best apps for staking include Atomic Wallet, Guarda Wallet, Binance Exchange wallet, AirGap wallet, Trust wallet, and Huobi wallet.

Crypto Referral Programs

This is a very salient point not talked about a lot. Here’s the image of the rewards of top referrers in Binance on a particular day. 

Yes, you don’t have to get 1BTC before you know you’ve made good money. How does it work? When you download a dApp and signup for their service, you’ll most likely see a referral program attached to it (in some cases, they don’t exist).

When you see it, read through and understand their T&Cs as each platform has a set of rules that govern their activities. Once done, you will be shown how to get your link after which you can share with friends and families, and communities to get people into the platform to enjoy what you’re enjoying.

To use this well, you’ll have to know how to sell the benefits of the platform to the people you’re sending it to. People don’t want to get into any project just because they know you. They will when they see the benefits. That would also mean that your blockchain education will help you explain things better. Some of the best platforms you can check for this include but are not restricted to Binance, KuCoin, Coinbase, Kraken. Almost all platforms offer referral services.

Learn and earn

In the crypto industry, the need for education is rising daily. So, several platforms are creating services that will inspire users to learn about the industry as well as earn in the process. With this, you don’t have to hold any crypto. Just sign up on the platform, watch videos, take lessons, respond to quizzes and you’ll see your earnings coming up. 

Coinbase is one platform that offers this service. Coinmarketcap is another site you can earn and learn. Earnathon gives you the same earning opportunity to learn about crypto projects like Memecoins, Bantu, Polygon, Lead wallet, Abit network, Binance smart Chain… All you have to do is go to the websites, sign up, learn, and your earnings go up. These platforms also make it possible for you to transfer your crypto earnings to your wallet directly.

Play and earn

Gaming is being disrupted with the invention of blockchain technology. It is more exciting as the number of global online gamers has risen to more than 1 billion. And that number will get to 1.3 billion by 2025. It’s not surprising because any gamer out there is also a potential earner. 

Play-to-earn (P2E) blockchain platforms are leading the way with projects like Axie Infinity, which is an Ethereum-based game with a player vs environment (PvE) mode as well as a player vs player (PvP) mode; Along with the Gods, which is built on the Polygon blockchain is a role-playing P2E game that rewards players in NFTs and cryptocurrencies; the Sandbox, a virtual world on the Ethereum blockchain, where players can build, own, and monetize their gaming experiences; Decentraland, a virtual space, built on the Ethereum blockchain where you can find so many games to play while you earn, and Farmers World where you truly play like a farmer building stuff while you earn. So much to enjoy.

Be reminded also of the huge game plans coming on Earnathon platform. One of which is to build a guild to help people access a lot of games. This means that there will be games you want to play or would like to play but don’t know where to get them. However, once you get to the platform, you can access them easily with a click. All you have to do is bookmark the site and check it out once in a while so you don’t miss out on the announcement of the release date. And lastly, on the list…

Browse and earn

Various platforms make this possible. For example, Brave browser gives you BAT tokens that you can swap for other cryptocurrencies by just using their platform to browse. That’s a edge they’re having over chrome. So you can download Brave browser and activate that function. The next on this list that’s very unique is the Lunar Crush site. You earn by giving (clicking) your opinions on several metrics of crypto news and projects, the more time you spend on the site you also earn and they have referral bonuses when you get other persons to use the site.

Don’t forget, if you have questions to ask, you can drop them at the comment session or join our crypto community. Success to your 2022!

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[…] post 5 Ways to Make Money in Crypto Other than Trading in 2022 appeared first on CryptoTvplus: DeFi, NFT, Bitcoin, Ethereum Altcoin, Cryptocurrency & […]

Anderline
Anderline
19 days ago

Such an insightful write up

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