Cryptocurrencies are virtual currencies that work on the paradigm of the highly-secured, transparent, and immutable technology, the blockchain. The industry came into existence with the launch of its first offering, Bitcoin in 2009. Ever since then, the crypto domain has evolved and advanced in multiple surprising ways. However, despite global popularity, cryptocurrencies have not become mainstream and a majority of people still do not know how to turn their crypto investments into a profitable venture. But don’t worry, this article will explore the various ways in which you can put your crypto assets on the working roller and reap in the maximum benefits.
The most promising six ways to double income through crypto:
1. Mining
You cannot be addressed as a crypto lover if you do not know the importance of mining in the world of virtual currencies. It is a technical process that involves solving complex mathematical algorithms using a high-end computer while competing with other crypto miners to receive crypto coins as rewards. The cryptocurrency transactions are verified and added to the blockchain using mining. The user needs to have a lot of technical knowledge about the process and should be in possession of the right hardware equipment like ASIC, GPUs, and many other supporting tools.
2. Investment in ICOs and STOs
Initial Coin Offerings (ICO) and Security Token Offerings are also an inevitable part of the crypto world that can pool in some good money for your wallets. New crypto coin projects launch their ICOs to collect money and earn support from the investors and biggies of the crypto world. During an ICO, the firm allows investors to purchase tokens, which can be later traded, sold, or held by them. However, the security tokens work as financial securities that are pegged by tangible assets, profits, or the revenue of the launching company. Though both ICOs and STOs can be a good option to catch extra earnings, it is also important to be vigilant while making choices. The market witnesses the entry of new projects promising lucrative returns, every day. Thus, it becomes the duty of the investor to scrutinize the whitepaper of the firm, collect information about the development team members, assess the short and long-term goals, and also the roadmap to be perceived by the firm in achieving these goals before investing funds on a project.
3. Buying and HODLing
HODL was a typo which has now, surprisingly, became a humorous backronym suggesting “Hold on for dear life.” In simple words, it refers to the situation where a person has full faith that their crypto coin will certainly have a profitable value in the near future, if not today. Investing in cryptocurrencies with the core purpose of hodling them is one of the most popular means adopted by people to earn money. The most popular crypto coins used for this purpose involve Bitcoin, Ethereum, Ripple (XRP), Tezos, Monero, etc. To take the…
