How to Make Money with Cryptocurrency in 2023 - Top 8 Methods
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
In addition to buying crypto and holding the tokens in a private wallet, there are many other ways to make money in the digital asset arena.
The purpose of this guide is to explore how to make money with cryptocurrency across eight identified methods.
This includes everything from crypto presales and staking to day trading and play-to-earn games.
8 Best Methods to Make Money with Cryptocurrency in 2023
Before learning how to make money with cryptocurrency, consider the eight methods listed below:
- Investing in Presales & Top New Coins Early - Get the Best Price Possible on Favorable Coins such as Love Hate Inu and Fight Out
- Staking and Interest - Earn Passive Income on Idle Crypto Coins
- Play-to-Earn Games - Generate Free Cryptocurrency by Playing NFT Games
- Yield Farming & Lending - Deposit and Lend Crypto Coins to Earn Interest
- Day Trading - Actively Buy and Sell Crypto to Take Advantage of Volatility
- Long-Term Investing & Holding - Buy and Hold Crypto for Long-Term Gains
- Airdrops, Giveaways, Faucets - Get Free Crypto Tokens for Completing Tasks
- Mining - Help Verify Blockchain Transactions Remotely Through Cloud Mining
To make money with crypto, it is best to first have an understanding of how each of the above methods works.
Read on to discover more about the most profitable cryptocurrencies in 2023.
Best Ways to Make Profit with Crypto Explained
In this section of our guide on how to make money with cryptocurrency, we will discuss the eight methods listed above in great detail.
Not only in terms of how each method works but what risks and upside potential to expect.
1. Investing in Presales & Top New Coins Early - Get the Best Price Possible on Favorable Coins such as Love Hate Inu and Fight Out
The 'first-mover advantage' is a concept that some of the most successful investors globally will incorporate into their investing strategy. The idea here is that by investing in an innovative crypto product, top utility token, or service early, this typically offers the most favorable entry price possible.
In other words, those who had the foresight to invest in Ethereum during its presale launch at $0.31 per token are now looking at gains of over 1.6 million percent. Or, by purchasing BNB when it was first launched in late 2017 at $0.11, gains of over 600,000% would have been realized. Gaining exposure to the most promising cryptos in 2023 requires the best crypto portfolio allocation.
Although the first-mover advantage will no longer be possible with legacy projects like Bitcoin, Ethereum, BNB, or Cardano, there are plenty of other undervalued cryptos and deflationary cryptocurrencies on the table. In fact, by doing the research, it is possible to find several low-cap crypto gems that are offering their token via a presale campaign at preferential pricing.
Want to know which crypto will make you rich? The sections below take a look at some of the best crypto presales to invest in 2023.
Love Hate Inu - Best Vote-to-earn Crypto with High Potential
Love Hate Inu is a brand new crypto token that's generating a lot of interest. In fact, it's one of the most searched crypto projects right now.
Love Hate Inu raised nearly $1.5 million in the first two weeks of its presale and garnered more than 30,000 followers on Crypto Twitter. It has a huge amount of potential and investors are rushing to get their hands on the project's native LHINU token before the price goes up.
The purpose of Love Hate Inu is to use blockchain technology to revolutionize the way users vote online. The project enables users to vote 'love' or 'hate' on polls, with every vote recorded to the blockchain. When users cast a vote, they earn a reward in the form of LHINU, another token, or an NFT.
As an example, Love Hate Inu enables users to vote on whether they love or hate public figures like Elon Musk and Donald Trump. The polls are accompanied by lighthearted cartoons that seem destined to become viral memes.
In the long run, Love Hate Inu could become the go-to online poilling platform for major brands and metaverse ecosystems. Partnerships like these could bring in steady revenue, which the project team could use to buy back and burn LHINU - thus pushing up the price of the token and rewarding early investors.
Love Hate Inu is putting 90% of its token supply in the hands of its community during the ongoing presale. This is a chance to buy LHINU before it hits major exchanges and at a steeply discounted price. Keep in mind that the price of LHINU increases at each round of the presale, so investors won't want to wait to check out this hot new crypto.
Fight Out - Best M2E Fitness App with Real-World Web3-Integrated Gyms
Fight Out is a revolutionary move-to-earn project that is developing a market-leading fitness app and is also building real-world gyms that are integrated with Web3 features.
The FGHT token presale has already attracted more than $4.5 million in funding, with investors rushing to buy tokens as quickly as possible.
The project will develop a move-to-earn fitness app that builds a digital fitness profile and then tailors individual workout programs, allowing users to earn REPS - an in-app currency - by completing workouts at home or in a gym.
The app will use smart technology and utilize movement, key effort indicators, sleep and nutrition to build a profile.
Further REPS can be earned by pitting yourself against other users and the currency can be used to get discounts on app subscriptions and gym memberships, book personal training sessions or purchase apparel and training equipment.
The FGHT token will underpin the project and be used to allow Fight Out to build real-world gyms in key cities around the globe, with the first locations already being scouted by the doxxed and KYC-verified team.
The project's developers have also brought on two UFC stars - Amanda Ribas and Taila Santos - British boxing queen Savannah Marshall and American Ninja Warrior Tremayne Dortch on as project ambassadors.
FGHT tokens are currently on sale for $0.0238 and increase every 12 hours in price to a max of $0.0333 on March 31, 2023.
Investors can also earn up to 50% extra in bonus tokens that are secured depending on the purchase amount and vesting period chosen.
More information can be found on the Fight Out whitepaper or in the Telegram group.
|Presale Started||December 12|
|Purchase Methods||ETH, USDT, Transak|
2. Staking and Interest - Earn Passive Income on Idle Crypto Coins
Those wondering how to make money with cryptocurrency for a passive stream of income have several options to consider. One of the best methods to consider in this regard is to sign up with a notable crypto staking platform. In a nutshell, staking is a tool that enables investors to generate interest on crypto assets that would otherwise sit idle in a private wallet.
The tokens will be deposited into a blockchain protocol behind the scenes, for the purpose of keeping the network safe and operational. The tokens that are deposited will subsequently generate interest, which is forwarded on to the investor after the agreed term. This might be a fixed term across 30 or 60 days for example.
Alternatively, some staking platforms offer flexible terms - which means the investor can reclaim their tokens at any given time. In terms of yields, this often depends on the cryptocurrency being staked and the length of the term. In most cases, staking a smaller-cap token across a longer lock-up term will generate the highest yields.
In contrast, staking a large-cap token like Ethereum on a flexible term will likely yield a more conservative interest rate. Either way, the first step when engaging in crypto staking is to choose a suitable platform. One of the best options in this market is OKX. This large-scale crypto exchange supports staking across a wide selection of tokens and terms.
To offer some insight, large-cap tokens like Shiba Inu and Dogecoin can be staked on a 90-day term at an APY of 12% and 5% respectively. Much higher yields are available on smaller-cap tokens like Zebec Protocol, which offers an APY of 60% on a 15-day term. The best staking deals on OKX often sell out fast, so passive income seekers will need to act fast.
Moreover, At the core of Fight Out's membership program is a unique model that allows users to stake $FGHT for a period of 12 months to unlock a range of exclusive perks and rewards on the platform. By staking a certain amount of $FGHT, users can gain free access to the platform and access additional benefits based on the number of tokens they've staked.
Crypto assets are highly volatile investment products. Your capital is at risk.
3. Play-to-Earn Games - Generate Free Cryptocurrency by Playing NFT Games
When assessing how to make money in crypto, a popular option for those on a budget is to consider a play-to-earn game.
This concept is growing at a rapid pace in the cryptocurrency arena, as it offers many benefits that traditional gaming developers cannot rival. For example, play-to-earn games are usually built on the blockchain network.
This means that gaming outcomes are backed by smart contracts for the purpose of fairness and transparency. Moreover, when players earn in-game assets - such as weapons or armor, this will be represented by a unique NFT that is stored on the blockchain. In turn, the player will actually own the in-game asset - which means it can be traded on the open marketplace.
Furthermore, and perhaps most importantly, play-to-earn games enable players to win rewards. This is usually paid in the native token that fuels the play-to-earn game - we have outlined a few P2E projects that are exciting investors.
RobotEra - New P2E, NFT, and Metaverse Project to Generate Income
Another exciting new presale token is TARO, the native cryptocurrency of RobotEra's metaverse-based ecosystem.
A report by DappRadar states that metaverse tokens are among the most solid investments to hold during a cryptocurrency bear market.
In 2022, some of the largest cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH) have corrected by over 60%. Thus, investors are looking for new cryptocurrencies to invest in.
TARO will be used as the in-game economy of the RobotEra metaverse, which will allow players to engage in a planet-like virtual ecosystem known as the 'Taro Planet'. On the planet, users can enter as virtual 3D avatars known as Robots - which are NFTs minted on the Ethereum blockchain.
There are a total of 10,000 Robots in the NFT collection - each belonging to seven factions within the Taro Planet.
Players can generate revenue in a variety of ways - including purchasing Land NFTs and utilizing them to gather natural resources, build structures and host events.
Players can also sell billboard space to advertisers, build and sell new robot NFTs and also stake their tokens to generate passive yield.
This new cryptocurrency is currently on stage one of its three-round presale and offering TARO at $0.02 - after which it will increase to $0.025 and $0.032, respectively.
The TARO presale has now raised more than $930,000 since going live. Read the RobotEra whitepaper and join the Telegram group to learn more about this project.
|Presale Started||November 2022|
|Purchase Methods||ETH, USDT|
|Min Investment||1,000 TARO|
Meta Masters Guild - Web3's First Dedicated Mobile Gaming Platform
Meta Masters Guild is our top pick of the best crypto presales, as it is building the first dedicated Web3 mobile gaming platform.
$MEMAG, the mative token of MMG, has wrapped up its presale phase after a substantial investor reaction in recent weeks.
The platform is also racing along in its development, with three games so far in production and the first of those - Meta Kart Racers - expected to launch in late 2023.
The game will see players purchase and upgrade karts and drivers and race in player-vs-player and solo modes.
Raid NFT, a turn-based fantasy fighting game, and open-world metaverse Meta Masters World are both in the early stages of development.
Having seen other high-profile GameFi projects struggle to retain players, MMG wants to build games with a focus on fun and longevity. Mobile gaming offers the perfect medium, with games typically cheaper and easier to develop and more attractive to casual players than AAA-worthy ones.
The mobile gaming industry was also more lucrative than console and PC gaming combined in 2022.
MMG has also developed a second off-chain token, GEMS, to relieve selling pressure on MEMAG and ensure its long-term sustainability.
The MMG team is doxxed and KYC verified by CoinSniper and MEMAG has been audited by Solid Proof. Join the Telegram group for the latest news.
Tamadoge (TAMA) - Gaming Crypto that has Pumped After Listing
Another example is Tamadoge, which is building a play-to-earn game that enables players to mint a virtual pet NFT. Each pet is unique from the next and will have its own traits and characteristics.
Players can subsequently enter their virtual pets into battles and TAMA tokens are awarded to winners. It will also be possible to create an entirely new pet by breeding two NFTs.
Further down the roadmap, Tamadoge will look to incorporate augmented reality experiences via a mobile app for iOS and Android smartphone users.
Calvaria (RIA) - Popular Crypto Game Securing Exchange Listings
Another play-to-earn game to keep an eye on is Calvaria, which is listed on BKEX and LBANK, and will soon be added to Uniswap and Changelly, making them widely available for trading.
For those who enjoy collecting cards to take down opponents strategically while earning rewards, The Cards offers an engaging gaming experience. Each card represents a distinct character with unique abilities, and players must outwit their opponents to acquire upgrades and rewards.
The game's central feature, Duels of Eternity, accommodates a player's individual preferences by allowing for both single-player and player-versus-player modes. In single-player mode, players progress through various levels, earning rewards in the form of cards and power-ups along the way.
Players can then utilize their rewards in player-versus-player mode, which is the main game mode that challenges players to vanquish the enemy army in a best-of-three format. With options that cater to both solo and competitive play, The Cards provides an immersive gaming experience that caters to a wide range of players.
It is a battle-card strategy game that sees players stack their decks in one vs. one battle and features a free-to-play version as well as a P2E version to entice casual and traditional gamers to the blockchain.
4. Yield Farming & Lending - Deposit and Lend Crypto Coins to Earn Interest
Wondering how to make money on cryptocurrency in the most passive method possible? If so, the best option on the table is likely to be yield farming or lending. Let's start with the former, which offers a way to generate passive income by lending idle cryptocurrencies to a decentralized exchange.
For those unaware, decentralized exchanges utilize an automated market maker (AMM) model as opposed to conventional order books, as found on centralized platforms. This means that in order for traders to buy crypto without a seller on the other end of the exchange, the AMM requires sufficient levels of liquidity.
Now, this is where the investor comes in, as idle crypto tokens can be lent to the decentralized exchange for the purpose of liquidity provision. In turn, the investor will be paid a share of any trading fees that are collected on the respective tokens. Importantly, yield farming requires investors to provide tokens for a specific pair, at an equal amount.
For instance, let's say that the investor wishes to add funds to an ETH/DAI liquidity pool. At the time, ETH is trading at $1,500, and DAI is pegged to the US dollar, at $1. As such, if the investor deposits 2 ETH into the liquidity pool ($3,000), they must also provide 3,000 DAI ($3,000).
One of the best platforms in the market for those interested in yield farming is OKX. Alternatively, investors might also consider DeFi Swap, which is in the final stages of launching its much-anticipated decentralized ecosystem for trading, yield farming, and staking.
Those that do not wish to provide liquidity to exchanges might instead consider a crypto interest account. The investor will deposit tokens into a platform which will then be used to fund third-party loans. Borrowers will pay interest on the crypto assets which are subsequently forwarded to the investor. Yields will vary in the same manner as staking, based on terms and the respective coin.
Crypto assets are highly volatile investment products. Your capital is at risk.
5. Day Trading - Actively Buy and Sell Crypto to Take Advantage of Volatility
It is also possible to make money trading crypto. Day trading offers an alternative to long-term investing, as the process requires the trader to actively buy and sell digital assets to take advantage of market volatility. In fact, the trader will likely enter and exit several positions throughout the day, and avoid keeping a trade open past standard market hours.
To make a profit with cryptocurrency day trading, the concept is to make small returns but on a frequent basis. It should be noted that in order to make money with cryptocurrency via a day trading strategy, there needs to be a solid understanding of how to analyze the markets. This means performing high-level research on the pricing relationship between two currencies.
For example, day traders will buy and sell pairs, such as BTC/USD or ETH/USDT. To determine whether the pair should be bought or sold, the trader will perform technical analysis. This means looking for trends and how current pricing levels might dictate the pair's future direction. This can be achieved through economic and technical indicators, like the MACD or RSI.
Naturally, this isn't something that can be mastered overnight. On the contrary, being proficient at technical analysis and chart reading can take many months or even years. A notable shortcut in this regard is to opt for the Copy Trading feature at a regulated crypto auto trading platform like eToro. This popular platform is home to thousands of verified traders, many of which specialize in crypto day trading.
eToro users, after opening an account, can invest money directly into a day trader, meaning that all future positions will automatically be copied. This means that the eToro user can sit back and hopefully make money with cryptocurrency in a passive nature. The minimum investment requirement per trader is just $200.
Furthermore, eToro supports dozens of cryptocurrencies, across both crypto-fiat and crypto-cross pairs. Crypto commissions amount to just 1% per slide and no additional fees are charged to utilize the Copy Trading feature. It takes less than five minutes to get started with eToro and the platform supports debit/credit cards and e-wallets.
Begin Copy Trading on eToro
Cryptoassets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.
6. Long-Term Investing & Holding - Buy and Hold Crypto for Long-Term Gains
In stark contrast to day trading, the most successful investors in the crypto space will take a long-term buy and hold strategy. This therefore raises the question of how much to invest in cryptos to make a profit? Not only does this typically result in the best chance possible of witnessing sizable growth, but it is also the most suitable strategy for beginners. After all, investors simply need to buy their chosen cryptocurrency and leave the tokens in a private wallet.
Nothing else needs to be done until the time comes to cash out. Crucially, when taking a long-term buy and hold strategy, investors can avoid the need to constantly check market prices. Moreover, holding onto a cryptocurrency position long-term enables the investor to ride out short-term volatility and wild pricing swings.
This is especially the case in the cryptocurrency scene, which is prone to extended bull and bear cycles. Let's consider some examples to illustrate the point. In the build-up to the pandemic, Bitcoin was trading at the $10,000 level. After the markets crashed temporarily as per fears surrounding COVID, Bitcoin dropped by 50% to around $5,000.
Those who panic sold their tokens would have therefore made a sizable loss. On the other hand, those that undertook a long-term buy and hold strategy would have witnessed the complete opposite. After hitting lows of $5,000, Bitcoin then went on an extended bull run - with the digital asset subsequently going on to breach $68,000 in late 2021. So how much should you invest in Bitcoin?
In another example, during the extended bear market of 2018, Ethereum hit unprecedented lows of $85. Fast forward to late 2021, and Ethereum hit all-time highs of almost $5,000. Compared to the aforementioned low, this represents growth of over 5,700%.
Those in the market for the best long-term crypto to buy might consider the previously discussed Tamadoge and Battle Infinity. As the theory goes, both projects are still in their absolute infancy, so by taking the first-mover advantage, investors can buy into these newly launched crypto assets at a highly favorable price. Did you know that some companies are accepting Bitcoin as a payment method now?
Cryptoassets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.
7. Airdrops, Giveaways, Faucets - Get Free Crypto Tokens for Completing Tasks
This guide on how to make money with cryptocurrency previously explained that play-to-earn games enable users to earn free digital assets simply for playing games. Meaning, there is often no requirement to risk any money. In this regard, there are actually several other options to consider that offer a near risk-free way of earning crypto.
The first method is crypto airdrops. The process typically refers to newly launched projects that distribute free crypto tokens as a means to increase their exposure in the market that they are looking to target. To take part in a crypto airdrop, users often need to complete a basic task - such as following the project on social media or whitelisting their wallet address.
Similarly, some projects will opt for crypto giveaways. This operates in a similar nature to crypto airdrops, not least because the project will require users to complete certain tasks to be eligible for the giveaway.
There are a variety of ways that users can earn a free ticket for the giveaway, such as following the project on Twitter or joining its Telegram group. For the best chance possible of winning, users are advised to complete all available tasks - which will result in the maximum number of free ticket entries.
Another option to consider for those wondering how to make money with cryptocurrency without risking any capital is to sign up with a faucet website. Once again, the main concept is that by completing basic tasks, users can earn free crypto tokens. In the case of crypto faucets, this could be anything from completing captcha forms or playing newly launched games.
Do note, however, that the size of the rewards offered by crypto faucets is usually minute. In fact, this is often just a few cents worth of Bitcoin, so the process isn't really worthwhile. On the flip side, there is no requirement to deposit funds into the faucet website, so it's a risk-free way of earning crypto nonetheless.
8. Mining - Help Verify Blockchain Transactions Remotely Through Cloud Mining
The final option to consider when learning how to make money with cryptocurrency is mining. This refers to the process of connecting specialist hardware to a desktop device, with the view of connecting to the blockchain network. In turn, the hardware will consume electricity for the purpose of verifying blockchain transactions.
When miners are successful in validating a block, they earn rewards in the form of crypto tokens. Unfortunately, mining large-cap cryptocurrencies like Bitcoin is no longer feasible for the average user. On the contrary, the process is dominated by large-cap mining rigs with vast resources and access to the most specialist hardware technology in the market.
The good news, however, is that it is possible to mine cryptocurrencies without actually buying any hardware or needing to consume sizable amounts of energy. This is possible through cloud mining platforms that pool investor resources remotely. The process simply requires investors to deposit their chosen cryptocurrency and the rest is taken care of by the cloud mining provider.
The tokens will then generate passive income, which represents the share of any mining rewards. The share will be proportionate to the amount deposited into the cloud mining site. Do note, however, that comprehensive research into the legitimacy of the provider is crucial. The reason for this is that many cloud mining platforms are actually scams.
There are numerous cloud mining projects available.
Top Platform for Making Money with Cryptocurrency
Learning how to get into cryptocurrency starts with choosing a reputable and trusted crypto exchange.
Virtually all of the money-making methods discussed above have one thing in common. That is to say, in order to get rich off cryptocurrency, investors will be required to choose a suitable platform to facilitate the transaction in question.
In this regard, we found that OKX is one of the best platforms in the market to make money with cryptocurrency. First and foremost, OKX is known to list up-and-coming crypto tokens that have recently completed their presale launch. A good example here is Tamadoge, which, after raising $19 million in presale funding, was accepted by OKX as its first exchange listing.
Crucially, however, OKX does not list a coin without doing its own due diligence. In fact, very few coins make it past the stringent OKX verification procedure. Another area that OKX shines is when it comes to generating passive income on idle crypto assets. This includes one of the best staking facilities in the market, with OKX offering double-digit APYs on a wide variety of coins.
OKX also offers alternative DeFi crypto profit services, such as interest accounts, yield farming, and dual investments. Those looking to day trade crypto might also consider OKX for several reasons. At the forefront of this is that OKX is home to more than 600 tradable markets alongside significant levels of liquidity and volume.
Moreover, OKX offers a highly competitive fee structure. For example, spot trading markets attract a commission of just 0.1% per slide - so that's $1 for every $1,000 traded. Reduced commissions are offered on large trading volumes and to those holding OKB tokens. OKX also makes it simple to buy crypto for the first time, as the exchange supports debit and credit card payments.
Cryptoassets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.
In summary, there are many ways to make money with cryptocurrency. While some methods are suitable for passive income, others focus on long-term appreciation.
One of the best mechanisms for value investors to consider is to buy into high-quality crypto projects that are still in their infancy. We recommend Love Hate Inu (LHINU) as the best crypto presale to invest in for 2023.
Love Hate Inu is changing the game in the world of online polling by introducing a cryptocurrency that rewards users for voting. The Ethereum-based LHINU token is currently available for purchase during the Love Hate Inu presale.
Can I get rich with cryptocurrency?
Cryptocurrency investing should not be viewed as a 'get rich quick' scheme. Sure, some investors have done exceptionally well in this industry - especially those that were able to buy into projects like Bitcoin and Ethereum super-early. However, crypto is volatile, so investors need to consider the risks involved.
What is the easiest way to make money off crypto?
All cryptocurrency investment products and services should be viewed as high-risk. Nonetheless, those with a higher appetite for risk might consider investing in crypto presales, which typically offer the respective token at the best price possible. Some of the top crypto presales to invest in include Love Hate Inu (LHINU), Fight Out (FGHT), and RobotEra (TARO).