Good question! We can say that, to some extent, any work with cryptocurrencies is a game. Look, you are taking risks, choose the strategy, set the rules, and decide for what “profit” you are ready to fight. Isn’t it a game?)
Of course, there are blockchain games by playing which you can earn extra money. But the principle of their work usually relies on some random luck, not much more.
But, if we consider trading as a game with cryptocurrencies, everything is completely different. It’s more like a card game, or chess, where it is very important to think carefully about every step. Better yet, be one step ahead by thinking over the current step and the possible next one.
What are the traits that differentiate effective trading from edge-walking?
First, it is knowledge of the basic principles of trading. Correctly selected set of assets in a crypto portfolio. Timely market analysis and the ability to build both long-term and short-term trading strategies.
In cryptocurrency trading, there is no such thing as a “one-stop solution” suitable for every situation. Each market has its own trading style. Different trading orders are applicable to different market situations and so on.
Working with cryptocurrencies is not limited to simple “buy/sell” strategies. Yes, the main goal here is to make a profit. BUT! Why is analysis so important? The rate of cryptocurrencies can be so volatile that the price can rise by 40% and then fall by 30% in less than half a day. Moreover, such price jumps can occur quite often.
Market events are often cyclical, there are many trading signals and patterns that indicate the emergence of a new trend, be it a rise or fall. Therefore, it is important to be able to read and understand the patterns.
With cryptocurrencies, you can make money even without trading
Everything is elementary and simple. For example, you bought Bitcoin (BTC) and just kept it in your wallet. By the way, this strategy is called Buy&HODL. The asset price has gone up, and you want to get your profit as soon as possible. It can indeed be done without actually trading among other users. You can exchange your bitcoins for fiat money at a higher rate. And after you can withdraw fiat money directly to your credit/debit card or bank account. So you performed the strategy and earned the profit.
There are also cryptocurrencies with special mechanisms of work
For example, all cryptocurrency assets operating on the Proof-of-stake (PoS) principle carry an additional way to earn with crypto – Staking.
Staking is a way to get a passive income by just holding the specific coins in your account for some time. By doing that, you also support the functionality of a blockchain network. For example – you facilitate verifying transactions (“seal the blocks”). For doing this, you receive rewards. These rewards are the coins issued by the respective blockchain. Hence, some people look at staking as a way to get a passive income by simply storing the specific coins in your account.
Under the hood, participating in staking requires either running a node or delegating your coins to someone’s node. It can be expensive, require a lot of time and good knowledge of how the blockchain works under the cap.
But there are special services that can make it much easier – with their help all you need to do is to buy the supported for staking crypto or make a deposit and wait for your income.
Receive bonuses in cryptocurrency for invited friends? Easy!
Сryptocurrency affiliate program or also called referral program is also a common thing on popular cryptocurrencies and exchanges.
Affiliate program – is an effective tool for both increasing the popularity of the service and encouraging users and earning on that.
It works as follows: you invite a friend to the platform, post a link on the Internet. If a user has registered using your referral link, he becomes your referral (a user you’ve brought to the platform). Some platforms make a one-time reward for the referred user, some offer bonuses for an active referral on an ongoing basis.
Different platforms offer different features. The more versatile the service is, the more convenient it is to use it. This is what you need to focus on when choosing a service for cooperation.
Bitcoin faucets as a way to get crypto
Not very profitable though. Bitcoin faucets are a reward system created in the form of an app or a website: they give a reward in the form of Satoshi (1 Satoshi is one hundred millionth bitcoin). Visitors must complete the tasks described on the site. Different faucets can have different cryptocurrencies, not just Bitcoin.
Bitcoin Faucet is a service that provides cryptocurrency to registered users at regular intervals. What tasks do users typically perform? They solve captchas, play games, click on ads, or watch videos. They earn bitcoins for each completed task.
This list can be continued. Today, there are even online casinos operating on the basis of cryptocurrencies, charitable foundations that accept donations in cryptocurrencies, and world-famous educational institutions that accept crypto as payment matters. This all reminds us of how recently cryptocurrencies appeared and how closely they are already connected to our lives. It seems that this connection can no longer be broken.
