How To Make Money With Blockchain
Would you like to learn how to make money with blockchain? Thanks to its decentralized nature, it’s easier than most people think. And if you’re looking for even better news, you won’t have to invest your life savings in Bitcoin to make money with blockchain.1 Cryptocurrency trading can be a delicate venture for a novice due to its wildly fluctuating nature, so that may not be the area of blockchain in which you want to start.
There are many more ways to make money from blockchain besides trading. However, you must first understand the technology’s infrastructure and ecosystem, as well as how to generate/derive value.
While all of its potential uses haven’t been uncovered, there are already many ways to make money with blockchain. Read on to discover more about various blockchain use cases that can offer worthwhile paths to profitability.2
As we mentioned earlier, this can be a risky endeavor for newcomers to the blockchain industry, but trading Bitcoins (and other cryptocurrencies) is incredibly lucrative.3 For several years now, crypto enthusiasts and bitcoiners have advocated the benefits of acquiring these digital assets.
These days, because worldwide governments shut down economies in response to the Covid-19 outbreak, almost everyone is on the lookout for side gigs and alternative earning opportunities on the Internet.
Enter Bitcoin trading.
Perhaps you’re good at chart analysis and asset trading; you’ll be pleased to know that there’s an opportunity for you to make considerable profits by regularly swapping digital assets online.
However, learning how to trade Bitcoins isn’t easy. If you’re looking to make money with blockchain through crypto trading, you’ll first have to make a few digital asset purchases and then make the correct market moves by knowing exactly when to trade. To do this well, you must hone your trading skills through regular practice by studying technical charts, analyzing trends, keeping up with global news and other factors that affect cryptocurrency prices.
Anyone can make a career out of trading popular digital assets on crypto markets. Unlike the stock market, trading goes on non-stop, so you can grow your assets and profits online with each passing day.
Accepting Digital Currencies as Payment for Goods or Services
Getting paid in cryptocurrencies is a viable alternative to accepting fiat currency or other digital payments. Businesses and individuals can offer this payment option to their customer base in addition to receiving credit or debit transactions, thus providing a choice that alleviates personal security concerns. Not only will this method help you accrue cryptocurrency, but it can also help you reach a potential customer base that may not have considered your business before.
However, businesses that wish to accept cryptocurrencies must do so through payment gateways. These gateways and cryptocurrency merchant solutions also facilitate automatic calculations and convert the fiat value of goods or services into the cryptocurrency equivalent.4
Developing a digital payment solution that accepts various cryptocurrencies and then offering businesses access to it is another way to make money with blockchain technology.
Cryptocurrencies can be mined by using computer processing power to calculate complex mathematical equations. While professional miners use specially designed CPUs, many companies have developed handy blockchain mining applications for mobile devices and PC systems.
ASIC mining & GPU mining are currently the two main choices for earning cryptocurrency in the blockchain space.5 With a little startup capital and affordable electricity (it takes a lot of power), anyone can earn digital assets directly on their mobile or PC device. Any cryptocurrency obtained can be used to pay for goods and services across various online platforms, or even transferred to your regular bank account in the form of fiat currency.
However, there are some drawbacks to consider. ASIC & GPU mining processes will use up a considerable amount of your device's processing power and might make your operating system slower as a result. Moreover, exploring all the available mining potentials will require your mining devices to run continuously so that you can make more profit.
Another option is to use blockchain apps designed to leverage cloud-based computing power. With cloud mining, investors can earn and accumulate digital assets without any hardware or prior mining experience.
Freelancing, Blogging and Other Online Tasks
You can perform various crypto earning activities on popular freelance websites like Freelanceforcoins.com, Ethlance, Cryptocurrencyjobs.co and others.
Some of these opportunities will involve performing simple tasks such as editing or writing essays, completing online surveys and blogging. Depending on the site you work for, you may be paid in cryptocurrency or fiat currency. Either way, if you have a way with words and an interest in blockchain, blogging on a regular basis and producing unique content can be a dependable stream of revenue if you’re consistent enough.
Even though Blockchain technology is still in its infancy, there is currently a global demand for blockchain engineers and developers.6 This might be the perfect opportunity for people with the relevant skills to make profound career changes.
What’s more, you don’t need to quit your job or move to a different city to acquire a blockchain qualification. Online blockchain courses allow you to study anywhere at your own pace and develop the skills and certifications to join the growing number of blockchain experts worldwide.
Blockchain is 2020’s most in-demand hard skill, rivaling artificial intelligence, machine learning and IoT verticals.7 At present, the national average salary for a blockchain developer8 is 51.9 percent more than the average national salary in the U.S.9 These figures could be significantly higher if you know exactly how to build the technology and which programs to use. Enterprising individuals can fast track their pathway to a blockchain career by taking advantage of reputable online blockchain courses.
- Retrieved on August 10, 2020, from ointelegraph.com/tags/decentralization
- Retrieved on August 10, 2020, from investopedia.com/terms/b/blockchain.asp
- Retrieved on August 10, 2020, from currency.com/seven-ways-to-make-money-with-bitcoin
- Retrieved on August 10, 2020, from devteam.space/blog/10-best-bitcoin-payment-gateways/
- Retrieved on August 10, 2020, from coindesk.com/rise-of-asics-bitcoin-mining-history
- Retrieved on August 10, 2020, from forbes.com/sites/shermanlee/2018/04/11/the-demand-for-blockchain-engineers-is-skyrocketing-but-blockchain-itself-is-redefining-how-theyre-employed/
- Retrieved on August 10, 2020, from learning.linkedin.com/blog/top-skills/the-skills-companies-need-most-in-2020and-how-to-learn-them
- Retrieved on August 10, 2020, from ziprecruiter.com/Salaries/Blockchain-Developer-Salary
- Retrieved on August 10, 2020, from ziprecruiter.com/Salaries/National-Salary