How to Make Money with Cryptocurrency in 2024 – Top 8 Methods
The purpose of this guide is to explore how to make money with cryptocurrency. There are many ways to make money in the digital asset arena, but in this guide, we are going to examine eight identified methods in more detail, including a step-by-step guide for each one.
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 2024
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 Sponge V2 and Bitcoin Minetrix.
- Staking Rewards – Earn Yield While Holding Crypto
- 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.
Best Way to Make Money with Crypto: Investing in Presales & New Coins Early
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 $0.11, gains of over 600,000% would have been realized. Gaining exposure to the most promising cryptos in 2024 requires the best crypto portfolio allocation.
Although the first-mover advantage will no longer be possible with legacy projects like Bitcoin, Ethereum, BNB, or Cardano, there are plenty of other undervalued cryptos and deflationary cryptocurrencies on the table. In fact, by doing the research, it is possible to find several low-cap crypto gems that are offering their token via a presale campaign at preferential pricing.
Want to know which crypto will make you rich? The sections below take a look at some of the best crypto presales to invest in 2024.
Sponge V2 – Best Way to Make Money By Staking Tokens and Earning Huge Annual Yields
One of the best ways to make money is with Sponge V2 ($SPONGEV2). This cryptocurrency offers huge annual staking yields of over 400%, and it will launch a play-to-earn game, which will give the token more utility beyond being a meme coin.
The Sponge V2 follows the success of the Sponge V1, which surged to over 100x of its presale price. At its peak, it had a market cap of $100 million. Sponge V2 aims to outperform V1.
If you’re looking to buy Sponge V2 tokens, you need to get V1 tokens first and stake them. You can do so at the Sponge V2 website by using ETH or USDT via an Ethereum wallet like MetaMask. Once you have the tokens, stake them to earn Sponge V2 tokens.
Once all tokens are bridged to V2, the second stage will begin where the token claim is enabled. During this time you can unlock your tokens and sell them on exchanges, or keep them staked to earn more V2 tokens. In stage three of the project, the play-to-earn game is planned for launch. This should bring fresh eyes to the token and positively affect its price.
|ETH, USDT, Card
Bitcoin Minetrix – Make Money With A Minedrop Offering $30K in Rewards, $1 Million Raised in Presale
Bitcoin Minetrix ($BTCMTX) is a hot new crypto enabling ways to make money with crypto via an exciting minedrop that offers $30K in rewards for early backers.
The minedrop is now live, and you can enter the competition by simply visiting the official presale website and following the steps mentioned there. You can Bitcoin Minetrix on X (Previously Twitter) to get the latest updates on the minedrop.
The Bitcoin Minetrix platform offers an innovative stake-to-mine model in the Bitcoin cloud mining space. That means BTCMTX are rewarded with extra tokens through staking as well as mine BTC – this new-age approach offers a greener alternative to traditional mining practices, aligning with the increasing global emphasis on eco-friendliness.
The project’s presale, just shortly after its inception, caught significant investor attention, securing over $1 million in just over two weeks of launch.
This speaks volumes about its potential and the trust it has instilled within its community. The presale offers the $BTCMTX tokens at a discounted rate of $0.011, which will increase to $0.0129 by the presale’s end.
The overall token supply is capped at 4 billion, of which 70% (2.8 billion) is allocated for the presale. The remaining tokens are distributed for liquidity, rewards, and other ecosystem enhancements.
Diverging from traditional cloud mining, where users typically engage in cash contract purchases, Bitcoin Minetrix introduces a more user-focused model.
Per the Bitcoin Minetrix whitepaper, participants receive mining credits by staking $BTCMTX tokens. These credits, upon being burned, translate to Bitcoin mining power. This transparent mechanism simplifies the mining journey, enabling even beginners to participate confidently.
A standout feature of the platform is its comprehensive dashboard, designed with user-friendliness in mind and available on a dedicated mobile app. It provides a holistic view of all mining-related activities, whether hashing power, mining credit metrics, or anticipated rewards on various timelines.
Ensuring universal accessibility, this dashboard is optimized for desktop and mobile interfaces, facilitating on-the-go mining management. Users are not bound by rigid contracts, allowing them to unstake and liquidate tokens based on market dynamics.
The platform’s dynamic APY exceeding 500% and users staking over 70 million tokens within the first two weeks reaffirm the community’s growing trust.
You can join the Bitcoin Minetrix Telegram channel for the latest updates and news on the platform’s progress.
|26 Sept 2023
|ETH, USDT, BNB
Meme Kombat – Meme Coin Presale with Added Utility through Staking and Wagering at the Battle Arena
Meme Kombat is another way to make money with crypto as the meme coin project opens up multiple avenues for generating $MK tokens.
As well as being a high-potential meme project currently in its presale, MK tokens can be immediately staked after purchase and earn a 112% APY.
However, the project’s biggest draw is the Battle Arena, a play-to-earn game where users can earn tokens by wagering on the outcome of battles between characters that represent popular meme coins such as Shiba Inu and Pepe.
Backed by AI and the blockchain, results are immutable, transparent, and totally secure, with winnings paid out instantly.
As well as betting on the winner outright, a number of side bets are also available, adding depth and intrigue to the game, while the game will be seasonal meaning new characters, themes and game modes will be added over time.
The developers are doxxed, another rarity for a meme coin, while the project has a relatively small supply of just 120 million.
60 million tokens, or 50% of the total supply, is available to purchase during the presale at a fixed price of $0.1667.
|21 Sept 2023
|ETH, USDT, BNB
7 Other Top Methods to Make Money with Cryptocurrency in 2024
In this section of our guide on how to make money with cryptocurrency, we will discuss the rest of the methods listed above in great detail.
Not only in terms of how each method works but what risks and upside potential to expect.
1. Staking Rewards – Earn Yield While Holding Crypto
Those wondering how to make money with cryptocurrency by staking 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, to keep the network safe and operational. The tokens that are deposited will subsequently generate interest, which is forwarded 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 stakers will need to act fast.
Wall Street Memes ($WSM) a token that could see incredible growth during the next crypto bull run, is currently offering 40% staking APY and has 20% of its total supply locked in the staking pool.
2. 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.
3. Yield Farming & Lending – Deposit and Lend Crypto Coins to Earn Interest
The most passive way to make money on cryptocurrency is through yield farming or lending. Let’s start with the former, which offers a way to generate rewards by lending idle cryptocurrencies to a decentralized exchange.
Decentralized exchanges utilize an automated market maker (AMM) model as opposed to conventional order books, as found on centralized platforms. This means that 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 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 who 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.
4. Day Trading – Actively Buy and Sell Crypto to Take Advantage of Volatility
Wondering how to trade cryptocurrency and make a profit? 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. 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, you’ll have to make small returns frequently. You also need to have a solid understanding of how to analyze the markets if you want to make money with cryptocurrency via a day trading strategy. 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.
5. Long-Term Investing & Holding – Buy and Hold Crypto for Long-Term Gains
Another answer to the question of how to invest in cryptocurrency and make money takes a long view. In fact, you’ll find that 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 due to 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 who 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?
6. 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 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 to increase their exposure in the market 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 similarly 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.
7. Mining – Help Verify Blockchain Transactions Remotely Through Cloud Mining
The final option to consider when learning how to make money from 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 to verify 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 yield, 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. To get rich off cryptocurrency, investors will be required to choose a suitable platform to facilitate the transaction in question.
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 due diligence. Very few coins make it past the stringent OKX verification procedure. Another area that OKX shines is when it comes to generating yield on 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.
How to Trade Cryptocurrency and Make Profit – Our Conclusion
In summary, there are many ways to make money with cryptocurrency. While some methods are geared towards short-term rewards, 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 Sponge V2 as the best crypto presale to invest in right now.
Sponge V2 rides the success of Sponge V1 which managed to return 100x to early investors. On top of generous staking APY of 400%, the team plans to release a play-to-earn racing game.
How to Make Money from Crypto FAQs
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 who 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.Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.