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According to the Kenya Revenue Authority (KRA), cryptocurrency platforms fall under the "digital marketplace" since they act as a platform between buyers and sellers of crypto assets through electronic means. 

Opinion

5 ways to earn money from cryptocurrency

Everyone is talking about the threat to the global economy and how cryptocurrency has been a savior grace in this case. This progressive growing digital asset is a hot trend today not only because it is generating exceptional profits.

But, also because cryptocurrency is regarded as an amazingly diversified investment source. Its rapidly increasing popularity and extensive use have made everyone accept it as a profitable, credible, and lucrative source of passive income.

Everyone enters the crypto world with the sole purpose of making money but sadly not everyone achieves that due multitude of mistakes. Other than the popular crypto-trading, there are numerous other profitable ways through which you can make good money from cryptocurrency.

All these ways are backed by the safe, secure, and decentralized platform – Blockchain. Any option you choose, it’s important to start with a small capital investment to earn a high ROI. Let’s have a look at 5 effective ways to earn money from cryptocurrency with the help of bitqt.

  • Buying and Hodling:

Starting with a common crypto-use, buying and hodling cryptocurrency weren’t so popular until it turned out to be an excellent way to earn profits. It simply means buying the cryptocurrency at a low price and storing it for a certain time. The purpose of storing this powerful asset is to wait till you get a high price for selling it and earn amazing profits. Buying and Hodling have today become an extremely effective crypto strategy for those investors who regularly invest in different cryptocurrencies and avoid risk while trading their crypto.

  • Mining and staking:

Mining and staking both are relatively similar terms in cryptocurrency. Mining means acquiring cryptocurrency by going through a series of difficult steps on heavy computer software. While staking refers to earning from your stored cryptocurrency by a decentralized Proof of Stake platform (POS). Either you do mining or staking, both the crypto uses offer a small percentage of rewards once you achieve the tasks. In short, the more coins you mine or stake- the higher profits you earn.

  • ICO investments:

Also known as initial coin offerings, investing small capital in ICO has helped investors gain high profits with comparatively low risks. There are a multitude of ICO projects that you can use for investing your money and earning profits after a specified time. It is usually preferred by those investing on behalf of companies or who want to raise funds for starting their small business ventures. Getting returns from ICO can take time but you can always do day trading from the stored cryptocurrency till you don’t get ICO profits.

  • Earn by crypto work:

By making your cryptocurrency work, you can earn amazing profits without constantly investing in buying different cryptocurrencies. Today, numerous companies have started accepting crypto payments for multiple reasons to ensure the privacy and transparency of the system. Also, cryptocurrencies are an excellent store of value that you can deposit to these companies and earn fixed interest every month.

  • Make your cryptocurrency:

The increasing popularity of cryptocurrency has intrigued many crypto enthusiasts to create their cryptocurrency. For this, you have to be a technical expert and understand the procedure of mining, blockchain mechanism, and complicated crypto terms. Building a cryptocurrency is also not completely legal and might put you at risk. But, it’s undoubtedly the most high-paying source of crypto income that you can promote, share, invest, trade, and do anything without paying anyone a single penny from your pocket.

Conclusion:

With the presence of more than 4000 cryptocurrencies, it’s no more a difficult task to choose any crypto and start earning from it. However, it’s not an overnight thing but requires a serious investment of time, effort, and money till you own from your preferable way to earn money from cryptocurrency.

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