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There are several ways to make money from the current crypto climate. Although millions of people know the golden rule of trading, "buy small, hold, and sell at a big price", there is more to crypto investing than the information found online.
Aside from HODLing (holding on for dear life), you can also earn money in rewards through play-to-earn games, airdrops, interest accounts, and staking.
In this guide, we are going to take you through ten (10) proven methods on how to make money with cryptocurrency in 2022.
Virtual currencies are highly volatile. Your capital is at risk.
If the current outlook of the market where coins are trading far below 50% of their all-time highs entices you to take a stake in cryptocurrencies, you should know there are several methods to make money.
Some of the best methods to make money with cryptocurrency right now are,
1. Mining ― Mine Cryptocurrency to Enjoy Rewards.
2. DAOs ― Own a Share in a Decentralized Autonomous Organization (DAO).
3. Airdrops ― Free Deposits of Cryptocurrencies in Your Wallet.
4. Faucets ― Earn Free Cryptocurrency by Completing Simple Tasks.
5. Crypto Lending and Yield Farming ― Generate an Attractive Annual Percentage Yield (APY) on Your Cryptocurrencies.
6. Play–to–Earn Crypto Games ― Earn Rewards for Playing Crypto-Games.
7. HODLing ― Invest in Digital Assets and HODL Long Term.
8. Day Trading ― Make Money by Trading Cryptocurrency Pairs.
9. Staking and Interest ― Earn Passive Income on Idle Cryptocurrencies.
10. Investing in Promising New Coins Early ― Overall Best Way to Make Money with Cryptocurrency.
Virtual currencies are highly volatile. Your capital is at risk.
If you are fired up to earn some free Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), or Solana (SOL) coins, follow this guide in its entirety as we explain the 10 proven methods in the section below.
The first method of the best ways to make money with cryptocurrency is mining. Mining is a process of tracking and processing new cryptocurrency transactions. Normally used in approving and validating the creation of new blocks for proof-of-work (PoW) digital currencies such as Bitcoin, Litecoin, and Ethereum 1.0, mining enables the decentralized operation of a network.
To be a miner, you have to contribute power to the POW networks such as Bitcoin. As a result, you need to get your hands on application-specific integrated circuits (ASICs). These are mining equipment (hardware) that are very expensive.
Aside from having them, you need to factor in electricity costs.
Due to the profitability of mining, several companies such as HIVE Blockchain, Hut 8 Mining Corp, Bitfarms Limited, Computer North, Bitfury, TeraWulf, Bitmain, TradeBlock, BTC.com, Stronghold Digital Mining, Gryphon Digital Mining, Vector Digital Mining, Syscoin, East Coast Mining, and Genesis Mining have joined the approval of validation of cryptocurrency transactions train.
These companies got involved because of the complex mathematical equations that need to be solved coupled with the millions of dollars they can receive as rewards.
To give you the depth of revenue involved in mining, consider the following statistics.
In January 2022, Bitcoin Miners' revenue was $1.21 billion. Ethereum proved to be a relatively better mining opportunity than Bitcoin in the first month of the year. Ethereum Miners' revenue within the same time frame was $1.47 billion.
February 2022 brought about the start of the economic uncertainty buoyed by Russia's invasion of Ukraine. By the end of the month, Bitcoin and Ethereum Miners' revenues were $1.06 billion, and $2.25 billion respectively.
The first two weeks of March proved to be difficult for digital assets. In the last two weeks, the launch of ApeCoin (APE) saw attempts of recovery which impacted proof-of-work (POW) coins positively.
By the end of March, Bitcoin Miners took home a combined $1.21 billion while miners who contributed to the approval and validation of Ether coins shared $1.34 billion.
The start of the second quarter of the year breathed new life into the non-fungible token (NFT) space as Yuga Labs (the team behind the Bored Ape Yacht Club and the Mutant Ape Yacht Club) introduced the Otherside Metaverse.
POW coins maintained some level of consistency, especially between the two most popular and largest cryptocurrencies by market capitalization.
Throughout April, Ethereum Miners received a total of $1.34 billion in rewards, and approximately $1.16 billion was shared among Bitcoin Miners.
Unfortunately, the steep decline in the prices of cryptocurrencies led by the crash of TerraUSD (UST) from Do Kwon's ecosystem led to sinking mining revenues in May.
With that said, BTC and ETH miners still walked away with $906.19 million, and $1.01 billion respectively.
The aforementioned liquidity exchanging hands in the mining industry should alert you to the potential rewards you could be earning as a miner.
If you do not have money to become an individual miner, several websites have been created to enable millions of people to contribute power to the validation of transactions.
You can join mining pools on SlushPool, F2Pool, AntPool, ViaBTC, BTC.com, Poolin, Genesis Mining, Bitfury, and Binance Pool among others.
Virtual currencies are highly volatile. Your capital is at risk.
Decentralized autonomous organizations (DAOs) which can also be referred to as a decentralized autonomous corporation (DAC) has the aim of being an extremely open platform via which members control their identities as well as personal data.
Aside from non-fungible tokens (NFTs) and the Metaverse, DAOs are expected to play an invaluable role in the future of blockchain technology and cryptocurrencies as a whole.
Because DAOs are owned by investors and the Community of a particular project, you can become an owner of a DAO simply by being a token holder.
As of June 2022, there are thousands of DAOs, and includes but are not limited to Exclusive DAO: Friends with Benefits Pro (FWB), Metaverse DAO: Decentraland (MANA), Mission-Driven DAO: Constitution DAO (PEOPLE), and the largest DAO: Uniswap (UNI).
If you choose to become a member of the Uniswap DAO by owning the native asset of the Uniswap ecosystem, UNI, you will get a chance to contribute to the future of the project.
As one of the more than 300,000 members, you can vote on exchange fees, listed tokens on the decentralized exchange, governance protocols as well as its billion-dollar treasury.
But how will being a DAO member benefit me?
Suppose you are part of Uniswap DAO, you will have a chance to share profits generated from the DEX based on the number of UNI tokens you have in your wallet.
These tokens could be reinvested, staked, or withdrawn as consistent passive income.
According to analyst Jake Frankenfield at Investopedia, "An airdrop, in the cryptocurrency business, is a marketing stunt that involves sending coins or tokens to wallet addresses to promote awareness of a new virtual currency."
Out of the more than 19,000 projects in the space today, around 15,000 airdropped some of their native tokens to existing and new holders.
For you to know more about airdrops, you should be up to speed with developments in the crypto finance space.
You need to have a Discord and a Telegram handle in addition to the regular Facebook, Twitter, WhatsApp, and Instagram accounts. Discord and Telegram have become the go-to platforms for the announcement of projects and the marketing of airdrops.
Once you become part of crypto communities, there is a huge chance of earning a minimum of $1,000 worth of cryptocurrency rewards annually.
A great example of airdrops can be attributed to ApeCoin. The ApeCoin ecosystem together with the APE cryptocurrency was launched on March 17, 2022. Right after the launch, it was announced that APEs will be airdropped through to the middle of June 2022.
In all, holders of the Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club (MAYC) were rewarded with at most 10,500 APEs.
On April 30, the Otherside Metaverse was launched based on the success of BAYC. Overall, 100,000 virtual lands were made available. Out of this number, 30,000 were airdropped to holders of MAYC and BAYC, and 70,000 plots were sold to raise funds for the development of ApeCoin's ecosystem.
The average sale value of one (1) Otherside (called land deed) was $22,410.84 in May 2022. As of Sunday, June 19, 2022, a virtual land deed had an average sale value of $6,576.57.
Receivers of 10 land deeds walked away with a minimum of $224,108,400 supposedly they decided to let go of their digital collectibles by the end of the fifth month of the year.
Many crypto lovers have made a fortune from airdrops and you could too.
Faucets in crypto are mobile applications or websites which allow you to perform simple tasks or play some casual games to earn crypto.
More often than not, you solve quizzes, complete surveys, and watch ads (videos) in your own free time in the comfort of your home.
Some of the best crypto faucets to earn free cryptocurrencies in 2022 are SatoshiQuizz, adBTC, FaucetCrypto, CoinPayu, Bitcoinker, Altcoins.pw, FireFaucet, Cointiply, FreeBitcoin, and LuckyBlock.
You do not need any special skills to complete captchas.
You do not need to be a blockchain enthusiast or a decentralized finance expert before you can complete certain milestones.
That is why many market commentators believe faucets have become one of the best methods of earning Bitcoin, Ethereum, Cardano, and other coins for free.
With that said, this is not one of the best ways to earn a substantial amount of cryptocurrencies. It can take you around at best six (6) months and at worst twelve (12) months to see a decent amount of money from your online activities.
The only requirement is to have a crypto wallet where the coins will be deposited.
Virtual currencies are highly volatile. Your capital is at risk.
The centralized financial system sells government bills and bonds. Unfortunately, interest rates are relatively lower when compared to other high-risk investments.
On June 15, 2022, the Federal Reserve in the United States increased interest rates by 0.75 percentage points.
This was the third increase in 2022 and the largest since 1994.
Per the Feds, the consistent hike in rates is to counter inflation. Overall, this will bring the Fed's benchmark rate to 3.4% by the end of 2022. This means that a $1,000 investment in government bills and bonds will yield around $34 per annum.
The crypto finance space through decentralized finance (DeFi) has introduced areas such as decentralized lending, exchange, and yield aggregation.
This has made it easy to gain access to yields through the possibilities of smart contracts via blockchain technologies such as Ethereum, Binance Chain, Solana, TRON, Avalanche, Polygon, Cronos, Fantom, and Waves among others.
By providing liquidity to MakerDAO, Aave, Curve, Lido, Uniswap, Convex Finance, PancakeSwap, Compound, JustLend, Instadapp, and Balancer among others, you can enjoy annual percentage yields from 5% to 200%.
Earning around $400 on a $1,000 investment which is 40% is more than ten times the yields being offered by centralized financial systems across the globe.
This has become one of the methods millions of crypto lovers are surviving due to the consistent passive income it brings to their portfolios.
Take your time and go through a list of high-yielding cryptocurrencies. Once you find one, you can invest an amount of money you can forget about for a given period.
Once the lending period expires, the high level of sophisticated algorithms used by current blockchain protocols and exchanges will close the trade, and credit your investment interests into your account.
Virtual currencies are highly volatile. Your capital is at risk.
The play-to-earn gaming industry is gradually introducing billions of dollars in value to digital assets. A large part of this money serves as an additional source of income for players.
Video games came with the introduction of television and gained ground in the 1970s. This form of entertainment was worth more than $90 billion in 2022 and is projected to be worth around $256.97 billion by 2025, according to Tech Jury.
A strong part of popular culture, video games have become ubiquitous as other media forms like books, music, and movies.
Therefore, when you think about how to make money in cryptocurrency, you should know this can be done through playing games.
As a billion-dollar industry, the play-to-earn crypto game marketplace is not slowing down.
Axie Infinity, one of the most popular play-to-earn games, has surpassed $4 billion in all-time sales volume.
With the introduction of Web3 and the Metaverse, several titles continue to hit the market.
This has created several money-making opportunities for gamers.
You can earn ApeCoins by playing Benji Bananas. Aside from this, the ApeCoin ecosystem is very strong in terms of development activity. Many titles will be launching in the not-too-distant future. Aside from that, you can find several best crypto games on Decentraland.
Other play-to-earn crypto games are Plant VS. Undead, Gods Unchained, Axie Infinity, Gala Games: Town Stars, Illuvium, the Sandbox, Age of Rust, Spider Tank, Binemon, Bomb Crypto Game, and Ember Sword.
You can purchase land on Decentraland and Otherside from BAYC. They can be represented as unique NFTs which can be sold for huge profits on NFT marketplaces such as OpenSea, LooksRare, Rarible, Nifty Gateway, and Magic Eden.
The crypto market has never disappointed long-term investors. Despite the steep decline in the price of digital assets in May, Bitcoin is still green for buyers from March and April 2020 when the coin crashed to the range of $3,800 and $5,000.
Holding onto a cryptocurrency for a long time is called HODLing. With the drop in the prices of coins, you can buy several tokens from different projects, and hold them for a minimum of two years.
Ripple (XRP), Cardano (ADA), Dogecoin (DOGE), TRON (TRX), Shiba Inu (SHIB), Polygon (MATIC), Cronos (CRO), Stellar (XLM), Algorand (ALGO), VeChain (VET), Decentraland (MANA), Hedera (HBAR), The Sandbox (SAND), EOS, Fantom (FTM), Klaytn (KLAY), The Graph (GRT), Loopring (LRC), and Chiliz (CHZ) are trading below $1.
Get to know the pros and cons of the protocols that back these cryptocurrencies. Once you are done, conduct an extensive fundamental and technical analysis that will give you estimates about the potential future price patterns of the coins.
Once done, you can buy with an eye on the long term.
Crypto investors who played the short-term game ended up seeing their investments wiped off.
Whatever happens, the crypto market is highly volatile. Therefore, do not invest your rent, tuition, or money for personal expenses into the digital currency market.
Invest in cryptocurrencies an amount of money you can write off as bad debt.
Virtual currencies are highly volatile. Your capital is at risk.
Day Traders are individuals who take advantage of changes in the price of cryptocurrencies to make a profit. There are several strategies traders employ to capitalize on the inefficiencies of the market.
To be a great day trader, you must be an avid reader of technical analysis charts. Some of the intraday strategies you can use include scalping, range trading, news–based trading, and high-frequency trading (HFT).
High–frequency traders rely on sophisticated algorithms to exploit short-term or small inefficiencies in the market.
You can also follow crypto news and use it to your advantage. When Elon Musk announced Bitcoin as a payment method, the price of the coin shot up, and contributed to its soaring price in March and April of 2021. Unfortunately, when he announced the delisting of BTC as a payment method due to environmental concerns in May, the price of the coin plunged to new high lows. For experienced news–based traders, this provided the perfect opportunity for them to make enormous gains within two months.
Range Trading is for highly skilled traders since it spots the support and resistance levels of cryptocurrencies to make buy and sell decisions within a given period.
The last strategy mostly used by traders is Scalping. Traders make consistent small profits in the small price changes of a given cryptocurrency within a day.
During the crash of UST (stablecoin of the Terra ecosystem that led to the downturn of the market, certain traders that employed scalping made huge sums of money.
May 12 was the day that saw a steep decline in more than 90% of digital assets. With changes throughout the day (highs and lows), it was a great time to be a great trader.
There are more than 500 exchanges in the market today. For you to have peace of mind being a day trader, you have to settle on a regulated exchange that supports several cryptocurrencies.
From our research, exchanges that tick boxes such as customer support, liquidity, speed, reputation, and payment methods include eToro, Binance, and Coinbase PRO.
Virtual currencies are highly volatile. Your capital is at risk.
Staking involves locking some of your coins for a given period to support proof-of-stake networks. Some of the popular PoS networks to which you can contribute your holdings include Cardano, TRON, Solana, and the upcoming Ethereum 2.0.
Interests come in 30, 60, 90, 120, 180, and 365 days.
Once the staking period elapses, your interests will be credited to your wallet. Cryptocurrency exchanges such as Binance and Coinbase offer staking in many coins such as CAKE, NEO, GLMR, REEF, BSW, SANTOS, BTTC, AVAX, AMB, TRX, FRONT, CLV, LIT, NEAR, MATIC, ZIL, DOT, CHESS, SOL, OM, ADA, FIO, QTUM, EGLD, ONT, AXS, SUSHI, TRU, XEM, TKO, LAZIO, ICP, KSM, OGN, ONE, WAVES, ALGO, ROSE, EOS, BAKE, DODO, ATOM, IOST, WOO, MINA, DAR, ANC, HIGH, ASTR, MBOX, CRV, ALPINE, GRT, SHIB, DEXE, MC, FIL, STMX, and OAX among others.
Take a stake in one of these cryptocurrencies and enjoy rewards in the form of interest that can be withdrawn or reinvested into other digital assets.
The last best way to make money with cryptocurrency is to invest in the best altcoins as soon as they hit the market.
In the last 30 days (May 21 to June 20, 2022), 30 new cryptocurrencies have been added to CoinMarketCap.
Some of the highest-priced coins are TDEX Token (TT), LuxTTO (LXTO), Legacy ICHI (ICHI), LYO Credit (LYO), BlockAura (TBAC), and xcDOT (XCDOT). They come at a minimum price of $1.
When ApeCoin was launched in March, it commanded a price of $1 and increased by 3,840% within hours to reach an all-time high (ATH) price of $39.40.
This means a 1,000-dollar investment could have purchased around 1,000 APEs.
Should holders have let go of their coins at the right time, their $1,000 investments would have matured to $39,400.
Follow the market and throw money behind coins that are supported by great innovative projects.
Virtual currencies are highly volatile. Your capital is at risk.
Finding the 10 best ways to make money with cryptocurrency is one thing and finding the best platforms for trading and investing in digital currencies is another.
According to the Federal Trade Commission (FTC), scammers have made off with more than $1 billion from 46,000 people since the beginning of 2021, per a report released in June 2022.
Popular platforms being used to lure unsuspecting victims include Facebook, Twitter, Instagram, WhatsApp, Telegram, and Discord. Due to the potential earnings of crypto, thousands are being duped to use platforms that hold zero credibility.
We have taken our time to go through the more than 500 centralized and decentralized exchanges that offer support for trading and investing in cryptocurrencies.
We settled on eToro, Binance, and Coinbase Pro as the best exchanges to trade and invest in cryptocurrencies.
eToro is our overall best platform to invest in and trade cryptocurrencies. Founded in 2007, eToro was a multi-asset exchange that offered support for stocks, currencies, indices, commodities, and exchange-traded funds (ETFs).
The exchange got into crypto trading and investing in 2014 after high demand by its customers.
As a highly liquid exchange, eToro supports more than 100 countries, and had approximately 26.9 million users by the end of 2021, per data from Statista.
As of June 2022, eToro supports 67 cryptocurrencies with the latest to gain support being Immutable X (IMX), Livepeer (LPT), and Cartesi (CTSI).
Aside from these coins, you will find popular coins such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Cardano, ApeCoin, and Polkadot among others.
eToro has operated in the centralized and decentralized finance space for more than 15 years without any incidents.
Considering several exchanges have been breached within that time frame, eToro is well–regulated and has the approval of regulatory bodies in Australia, Cyprus, the United Kingdom, and the United States.
As a highly accessible exchange, you can use eToro on the World Wide Web through any browser of your choice.
Aside from this, Android and iOS users can access eToro on Google Play and Apple Stores.
It is not easy going through a registration process and finally realizing the payment methods on a particular exchange are not supported in your geographical jurisdiction.
eToro has factored the current climate of the space into perspective. As a result, they offer support for bank cards from companies such as Visa, Maestro, and MasterCard.
Additionally, you can deposit and withdraw funds via bank transfer. What's more, eToro supports e-wallets such as Skrill, PayPal, Neteller, iDEAL, and Rapid Transfer.
With these payment methods, you can trade and invest in some of the 67 coins supported by the exchange within seconds.
As a well-resourced exchange, eToro provides a demo account to help beginner and novice traders and investors learn more about highly volatile assets using non-expiring virtual funds.
Beginner traders who would like to make enormous gains but lack experience in trading can copy trade experts by paying a small fee. This helps bring consistent passive income to millions of eToro's customers.
Although there are more than 19,000 coins in the market, it is very difficult to accurately select the best high-yielding cryptocurrencies.
This is why eToro offers the Crypto Portfolio to solve this problem. With the eToro Crypto Portfolio, you can make a single investment into a basket of cryptocurrencies.
This will help you make consistent periodical yields.
You can start trading with eToro for a minimum of $10 if you are a resident of the United States. Other residents need to deposit around at least $50 so that they can carry on with their trading activities.
With 24/7 customer service, you can resolve any issues associated with trading and investing.
Virtual currencies are highly volatile. Your capital is at risk.
If you want passive income which comes from high yields, then Binance is the overall best platform for crypto staking, interest, and lending.
Founded in 2017 by technology entrepreneur and crypto billionaire Chanpeng Zhao, Binance was coined out of Binary and Finance. Binance remains the largest exchange by periodical volume.
The exchange supports more than 500 cryptocurrencies which can be found in more than 1,000 markets.
With over 28.5 million users, per data from Earth Web, Binance can be accessed in more than 180 countries across the globe.
Binance accepts several payments for deposits and withdrawals for all the countries it supports.
You can use debit and credit cards for deposits in addition to bank transfers. Aside from this, you can use your TrustWallet (official crypto wallet of Binance) to make deposits by choosing the right network which is connected to your holdings.
Within seconds, Binance will use its highly scalable technology which is capable of processing more than one million orders per second to complete the transaction.
Binance has corrected its complex verification flaw. Nowadays, you can access the Binance B2P platform, and complete registration in less than one (1) hour by taking pictures of the front and back of your government-issued identification card.
Once done, you will be ordered to take a "selfie" which has been made possible by smartphones. Aside from that, you will go through a face capture moment which will take less than five (5) minutes to complete.
After becoming a fully verified customer, you can enjoy staking cryptocurrencies for high yields across more than 50 different coins. You can also lend your tokens to support several decentralized applications (dApps) on the platform.
Binance is highly secure, has a 24/7 customer support system, and has some of the lowest trading fees in the space.
It offers educational resources such as periodical reports and a website that constantly informs customers of the latest news around crypto finance.
Virtual currencies are highly volatile. Your capital is at risk.
Coinbase is the third and last place we would recommend for the trading and investing of cryptocurrency in the USA and beyond. Founded on June 20, 2012, Coinbase is the go-to exchange for many USA traders. This is why it remains the biggest cryptocurrency exchange in the country by trading volume.
A subsidiary called GDAX was launched in 2015 and became Coinbase Pro in 2018. Coinbase serves around 98 million verified users in more than 100 countries. Coinbase supports more than 100 cryptocurrencies.
With regards to regulations, Coinbase has the approval of regulatory authorities in the United States, and other countries.
The platform supports several payment methods which include bank cards, bank transfers, and e-wallets such as PayPal.
Coinbase is user-friendly in all aspects and allows minimum deposits as low as $2.
Coinbase Staking is available to all customers and can be a secure source of earning additional income aside from your trading and investing activities.
Virtual currencies are highly volatile. Your capital is at risk.
This guide has shown you the best 10 proven methods on how to make money with cryptocurrency in 2022 and beyond.
Some of the best methods discussed include having a long-term investment strategy in place, mining, taking advantage of staking, interests, and yield farming as well as play-to-earn games.
With that said, one of the best methods we would recommend to make money from cryptocurrency is to research up-and-coming digital assets.
Once you know the pros and cons of their issuing authorities, you can invest more in these low-priced cryptocurrencies, and reap enormous rewards in the future.
Whatever happens, remember that investing in cryptocurrencies always comes down to two important factors, and they are risks and rewards.
Once rewards exceed risks, you can go ahead and invest what you can afford to lose.
Virtual currencies are highly volatile. Your capital is at risk.
If you want to know more about the methods on how to make money with cryptocurrency, you should know there are more than 50 ways under this financial revolution.
With that said, some of the proven ways we would like to recommend include play-to-earn games, airdrops, faucets, mining, yield farming, interest accounts, and gains from staking.
The best way to make money off crypto right now is through staking. If you choose to stake with stablecoins such as BUSD, USDT, or USDC, their peg to the United States Dollar will make it easy for you to earn within the range of the promised returns even when the market is in a recession mood.
Aside from staking, holding on to your investments for the long term can bring you awesome returns.
You can make money from mining crypto. Unfortunately, mining profitability continues to go down due to the bearish trends of the market. With that said, since application-specific integrated circuits (mining hardware) are very expensive, you can join a mining pool, and share rewards and as well as losses.
Virtual currencies are highly volatile. Your capital is at risk.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
