There is one thing you need to keep in mind. Early adoption, it’s the key secret to making money with cryptocurrency in this day and time.
Almost everyone who managed to make money with cryptocurrencies jumped on early. The good news is the world of these currencies is constantly evolving.
But why is early adoption the best way to make the most out of your currency? Well it’s the same concept with any investment, the cheaper you get it the more you make when it picks up.
Crypto is no different!
Moreover, it is the cheapest when it is first launched. Afterwards, a spike in prices happens. This is then followed by the currency price fluctuating like we saw with bitcoin.
The best time to make money with cryptocurrencies is in their infancy stage.
I know you may be skeptical of all this, it’s ok so was I when it was being offered up for under $100, many years ago. However, others had the courage to jump in back then. At the time of writing this article bitcoin is worth $9,753.78. Do you know what that means? Anyone who invested $10,000 when it was still $100 has made over $965k in profits doing nothing!
That was back then, before crypto-mining was a thing. Today crypto mining is an insanely large industry. We’ve lived to see companies opening up mining servers in Iceland and other countries.
To discuss mining we need to explain first how crypto comes into existence.
Physical currency is printed and minted in government institutions. You know, like the federal reserve and central banks.
If too many paper, coins, or crypto come into existence too fast inflation will hit the roof. With physical money the central banks control this by limiting printing and minting.
Crypto does this differently. Complex algorithms create formulae that need to be solved by someone to earn one coin. As the coin gains maturity, more people begin to mine it. The algorithm begins to make the formulas more difficult to solve.
In other words, when a coin first launches you can mine maybe one or two hundred a month with your phone.
A few weeks or months in, you’d need to use a computer to do it. The processing power required to mine increases as more people mine a coin. Today if you want to mine bit coin you would need an elaborate setup to mine a single coin.
You would need multiple ASIC miners or even invest in a cloud mining service to make enough coins to be worth it! Mining this late in the coin’s lifecycle, makes the hardest and most expensive option. Definitely not the best approach to make money with cryptocurrency.
So the earlier you get involved the cheaper it becomes to both mine and buy the coin. Moreover, the coin developers always reward early adopters with more coins as a bonus. After all, early adopters are the ones who help anything gain traction. Cryptocurrency is no different.
Am I trying to say here that the crypto-ship has long sailed and you missed it? Not at all, it may not be as lucrative as it was but, the opportunity to make money from cryptocurrency still exists.
How Do You Make Money With Cryptocurrency In 2020
Let’s look at the ways you can still earn a living with crypto in 2020. There are three ways you can still use today and still make money!
Forex Style Trading
To succeed in making money with cryptocurrencies in markets you need a few things. You will need to acquire knowledge, skills, self-discipline and some luck.
Just like with forex and stocks you will have to make choices. Which currencies in your portfolio will you day-trade? Which ones will be held as mid-term investments? And which will you hold for long-term returns?
To help you take informed decisions you will need to perform technical analyses. You will also need to establish the market trends and buyer behaviors. This will allow you to read the market better and forecast changes in value well.
All kinds of trading involve a risk.
The higher the risk the higher the return on investment (ROI). However, if you make a mistake by buying or selling at the wrong time in a volatile market, you lose big!
Moreover, the risk with day trading is much higher than the longer term options. This is just because your limited by the market situation of the day and have less time to make decision. With that being said, many a trader is making an obscene fortune with day trading.
Without having self-discipline and setting trading rules you risk making emotional decisions. Such decisions rarely ever end well for traders. So if you know you have a tendency of leaning towards emotions, either stop that, or don’t trade! Trust me you will most likely lose all your savings. The chances that you make money with cryptocurrency depending on emotional decisions are very low.
Another trading option is snatching coins at Initial Coin Offerings (ICOs). Coins at this stage are relatively cheap. People buy them expecting that they’ll be issued to market for a higher value, turning a quick profit.
However, and that is a big one, do your due diligence thoroughly! In the past few years many altcoins crashed. Crypto is a demand based industry. This means that the more a coin is in demand the higher its selling value.
If a cryptocurrency doesn’t have useful applications (like buying stuff online) its worthless. So what does this mean? You need to look at the coin’s plan in detail, understand its applications in the real world. Only then can you make a decision if this coin will continue to grow or crash.
Another thing to be weary of is scammers. The crypto-market is still not properly regulated, unlike forex, stocks, and commodities. This makes it very fertile ground for scammers, so research the people behind an ICO and coin first. Please, do your research, don’t cut corners. You worked hard for your money, don’t throw it away!
When I first discovered crypto-mining in 2015 I thought “hey, easy, free crypto”. Oh how sorely mistaken, I was. It is neither free, nor is it easy. Don’t let your imagination roll here on the free wealth you can make from crypto. We don’t think about the cost of electricity for example.
Processors demand so much electricity to operate whether you use a CPU, GPU, or ASIC setup. Even if you choose cloud mining, it’s not going to be cheap, that’s assuming you find a legit company that won’t disappear with your money.
So what’s the safer solution here? Finding a reputable and established mining pool. These are basically a group of people who share their resources. They “pool” their “hash validation” power together to finding blocks faster and cheaper.
The pool then distributes the rewards equally based on the work done by each person.
The third option is to use a trusted cloud mining company. These are companies that build power server infrastructures around the world. They usually build and operate them in countries where electricity and rent is cheap.
Once they are set up they provide various mining packages for investors. Some companies even charge a low flat fee and then take a percentage of the mined coins.
Again, apply the same philosophy with any company you give money to. Always do your due diligence and thorough research. You’ll notice we didn’t recommend any particular companies here. We don’t want to take the risk of suggesting a cloud miner that goes bust. Moreover, we don’t recommend such companies without trying them out first!
Your best bet is to locate a new coin that is not yet in circulation but has a great potential. Such coins are so easy to mine that you can do it right off your phone.
One such coin is PI, like the greek letter π representing the golden ratio 3.14.
The coin was established in March 2019 and hit the 1 million miners/users at the end of October 2019.
I got on their app a few months back through my best friend who is a wiz with stocks, forex, etc.
The best thing is it’s free to mine as of the time of writing this article. It is expected to go-to-market in August 2020 as a traded crypto currency.
The coin was developed by a group of Stanford PhDs. Moreover, it’s prospects are growing very fast. Some weeks growing over 30% in expected value.
Just to put the size of this coin in perspective here in October 2019 they announced having a million active users. Today they have over 3.5 million active users. Remember how we discussed demand? There you go!
Moreover, despite it being not publicly traded in the crypto market, people exchange it for items online at $12 per PI. So you can imagine the possibilities once it does hit the market.
There is one catch though! You can only mine it through their app as of the time of this article’s writing. The other issue is it’s only invitation based to limit the number of users. Don’t worry I can help you with that, read on!
Since I personally use the app to mine PI I can vouch for it with a brave heart. It costs me nothing to mine and so far I have over 200 coins. That’s over $2400 worth of online items, but I plan to keep them for a while, make more! Here’s a screenshot from my pi dashboard (sorry about the stretching, had to make it fit here):
It has not caused me any slow down on my Samsung S9, and only notifies me if my mining cycle has ended. You know so I can log in and click the start mining button again.
The cycle is around 24 hours and you earn around 0.29 per hour with one miner in your circle.
Remember how I said earlier I can help you with the invitation based part? Well since I am one of the early adopters, I am entitled to invite a very limited number of people.
I’ll drop you the link to the app here, but to sign in you will need to let them know who invited you. This step is critical, without it, you won’t be able to mine as efficiently. Plus having me in your mining circle earns you more per hour, so you need to do the steps correctly.
First Step you will need to download the app on your phone by clicking the following linked text:
Step 2: Put in the following invitation code (just copy and paste it):
Step 3: THIS IS VERY IMPORTANT verify your number and facebook to be able to withdraw your mined coins. (note: the phone number verification is currently only available in the US and Canada. Facebook is world wide)
The whole onboarding process takes like 2 to 3 minutes. Then you’re ready to start mining immediately.
I suggest you get on board, even if it’s worth $1 each when it launches (probably much, much more) it’s free money!
Now to the last option how to make money with cryptocurrency…
How Do You Make Money With Cryptocurrency In Item Sales
Did you know you could make money with cryptocurrency just by selling stuff? Instead of cash for payment, you get paid with cryptocurrency.
Remember in the example earlier how people are trading their PI coins for items online? Well the seller is smarter in this case than the buyer. But why do I believe so? Well the seller just sold an item worth $12 for a coin which could sell in a few months for $100 or $1,000. Who do you think won more here? Plus the seller didn’t have to spend time mining a single coin.
You could sell anything for pretty much any crypto-coin.
All you need is an online wallet that supports cryptocurrencies. After that it’s a matter of the money being deposited from someone’s wallet into yours.
So the next time you are selling a car, old XBox or whatever ask the buyer if they have crypto.
Alternatively you can use one of the many online cryptocurrency marketplaces. The final option is, if you have an online store you can make bitcoin one of your payment options.
Cryptocurrency Is Not The Only Way To Make Big Money in 2020
So this is all we have today about how to make money with cryptocurrency in 2020. However, digital currency isn’t the only way you can make money this year!
If you’d like to take a look at some other ways you can make some good side income in 2020 you should check out the following articles:
- Ways To Earn Money Fast
- How To Make Your First Million Dollars In 2020
- Free Website For Affiliate Marketing
- How To Make Money From Real Estate
Alternatively you could check out our categories on the top menu or visit our blog for more interesting articles about the topic.
If you have any questions, ideas, or thoughts about the topic drop us a comment down below we’d love to hear from you!
Good Luck My Friend!
Evolve Your Wealth,
Founder & CEO