Different ways to make money from CryptoCurrencies
Below are different ways to generate profits with the CryptoCurrencies:
The faucets
Faucets are websites where we can earn a few satoshis. We can also do the same with other TOP currencies like Ethereum, for example. In this type of pages we can earn a few satoshis (a few cents) or units of other currencies in exchange for performing some actions, usually clicking on ads or similar actions.
These sites will not really allow us to earn too much, but if we do not have capital to “invest” with other options and we dedicate enough time and do it daily, we can start accumulating our first dollars in the form of a digital currency. Of course, I already warn you that patience is needed.
Mining
Mining consists of mining blocks and obtaining fractions of coins. It is possible to create our own mining equipment or buy them ready. There is also mining in the cloud where we can mine without having to have all the equipment at home with the problems that this entails. Of course, if you choose mining online you should advise yourself well, as there are many scam sites unfortunately.
Trading with cryptocurrencies
Trading is nothing more than buying and selling a financial asset. With the CryptoCurrencies it works in a different way to other assets such as Forex where we can predict whether the price is going to rise or fall and benefit from both buying (long) and selling (short). In Trading with CryptoCurrencies, what we will do is buy when the price of a currency is historically very low or when the currency is in an uptrend. In addition, we can also “bet” on currencies that we believe have great growth potential in the future. Next we will analyze in more detail the different 3 types of trading that exist, but to simplify it we will divide it into 2 groups: short-term trading and medium-long-term trading. Try it for yourself to make more money.
Short term trading
Short-term trading is nothing more than buying any currency at an “X” price and then selling it in a few hours at a higher “Y” price. To do this we will simply rely on the tools (technical indicators) of the platform (Exchange) where we do trading. What we will do with this style of trading, is simply to buy the currencies of the class “X” when the trend changes to bullish, and we will sell when the trend changes or when we have obtained the appropriate benefit. Each operation we open will be unique and will depend on many factors when entering into purchase and sale in each case.
To avoid losses in case our prediction is incorrect, we can use the stop limit tool (or sell manually), where we can indicate at what price we want to sell our currencies in case its price falls, and does not go up as we predict based on the tools.
Medium and long term trading
Trading in the medium and long term is based on buying currencies, which after analysis; we think they can increase in value in several weeks, months or even years. In this case we will not consider the trend because we are really going to keep the coins for a long time. We will simply take into account our technical analysis, the study of the project and the currency or both.
In this case it will not be necessary to use the stop limit, because as we say we will buy the coins to keep them for a long time. In most cases they are going to be little-known currencies and in case of a generalized market crash we will not be able to protect our capital by changing our Tokens for Tether (USDT), with which we will simply store them until we believe it is a good time to sell them
Trading a half and long term
The medium and long-term trade is based on buying currencies, which previous analysis, we think can increase in value in several weeks, months or even years. In this case we will not consider the trend because we are really going to keep the coins for a long time. We will simply take into account our technical analysis, the study of the project and the currency or both.
