Are you wondering how to make money with cryptocurrency? Or maybe you have questions about it with all the news everywhere showing Bitcoin’s rising each day with more and more crypto-millionaires that are popping up.

 

I’m glad you’re here! In this post, I’ll show you exactly how to make money with cryptocurrency. Plus, I’ll answer some frequently asked questions along the way. 🙂

 

make money from cryptocurrency

 

Let’s dive right in!

 

 

 

How to Make Money from Cryptocurrency: 6 Ways

 

 

1.  Buy, Hold, Sell. 

 

You buy some coins, you hold them until their value increases and then you sell them.

 

That’s pretty much it.

 

The best place to get started,  where even I got started is with Coinbase. There are other alternatives to Coinbase which are cheaper, faster, and has a bigger pool of different cryptocurrencies that you can buy from but when you’re just getting started nothing beats Coinbase’s simplicity and beautiful interface.

 

Go ahead and sign up below to get $10 in free credit (exclusive only to Medicians 😉 ):

Once you’ve created your account with Coinbase, load your wallet with cash (like USD, GBP, EUR etc.) 

 

Then you can use that cash to buy either Bitcoin, Ethereum, Litecoin, or Bitcoin Cash. Make sure that you do your research before you buy your cryptocurrency so that you know which one is a potential good investment before you go on to buy them.

FAQ: Which cryptocurrency do you think that has the most potential? 

I believe that Ethereum has the most potential because it’s not just a virtual currency like Bitcoin but it’s entirely a new platform kinda of like the Internet or the App Store/Google Play Store where apps (or otherwise called Dapps) can be created on a network (the Blockchain network).

Simply put, Ethereum wants to be the World Computer.

If you want to learn more about in detail what Ethereum is capable of then you can read up this guide: 

Now just so you know, I have invested in both Ethereum and also Bitcoin and a few other coins too.

Once you’ve bought your coins, safely store it in your Coinbase (or even better get a hardware wallet which is kinda like a safe to protect your investments from hackers) and then hold onto it until when you feel that you’re ready to sell. 

 

The hope is that the price goes up and the risk is if it doesn’t. As long as you’ve done your research you will reap the rewards.

 

Be patient. 🙂

 

 

 

2.  Start a Blog on Cryptocurrency and Earn Bitcoins.

 

You can start a blog and earn Bitcoins too, and I know this because I earn Bitcoins from this blog that you’re reading from right now. 

 

I’ve written up a how-to guide on how to start a blog and it contains what I learned (creating Medici which is this site you’re reading from) and five other blogs. This guide is for you if you want step-by-step instructions in an easy and simple format. 🙂

 

Once you’ve started your blog with the guide, you can start writing content by giving your opinion on different cryptocurrencies, reviewing different services that sell and exchange cryptocurrency, or posting updates and adding to the latest news of the cryptocurrency industry. Then jump into Coinbase, create an account and add your referral code into your articles to help your readers get started with cryptocurrency.

FAQ: Help, I can’t find my referral code!

Don’t worry! My partner in crime, Jake, 😎 has written a step-by-step guide on how you can refer with Coinbase’s Referral Program (and earn money by doing it):

Both you and the person that you’re referring will receive $10 worth of Bitcoin.

You help each other out and you both win. 🙂

Now once you’ve started a blog you’re not just to limited to just referring others to earn money, there are so many ways you can make money from it. 

 

You can then use that money to buy your own cryptocurrency too as much you want. 

 

Some of the ways you can make money from your blog: you can choose to place ads on your website, create courses, do affiliate marketing, etc.

 

 

 

3.  Start a Business and Accept Payment in Cryptocurrency.

 

When you hear the word “business” the first thing you might think is that you’re going to need to hire employees, get yourself a lawyer, get a freaking building, the possibility of your business failing and losing all your money that you’ve worked so hard to save up  and so on.

 

But it’s not. That’s just your brain trying to automatically write off the possibility that it requires a little extra effort. 

 

Nowadays you can choose to create an online business and one great example of a blog turned into business is BlockGeeks.

 

They started a blog at first, wrote content which helped answer some of the questions and address the doubts their readers were having on the whole cryptocurrency industry. Now BlockGeeks have turned that huge readership into an online business which teaches readers how to create your very own cryptocurrency like Bitcoin, Ethereum, Litecoin etc.

 

They earn anywhere from $29.99 to $497.99 for each person that signs up with any of their popular courses.

 

You can start an online business too, and instead of accepting payments in USD, GBP, or any other form of the common currency you can choose to accept payments in Bitcoins, Ethers (Ethereum), Litecoin and so on.

FAQ: What if I have an actual brick and mortar business, can I accept payments in cryptocurrency?

Yes you can! Just the other day I was in Glasgow, Scotland for a holiday and I randomly went into a coffee shop called the Brooklyn Cafe. 

Only when I did go on in did I find out that the café was the one of the very few cafés in Scotland that accepted Bitcoins as a form of payment.

 

make money from cryptocurrency
Drop by Jonny’s Brooklyn Cafe the next time you are in Glasgow, Scotland.

 

If you own a business, whether it’s a coffee shop, a restaurant or a retail shop you can start accepting payments in cryptocurrency too and it only adds to the uniqueness of your business which will make you stand out from your competitors and attract more customers to your business. 

4.  Day Trading Cryptocurrencies.

 

Day trading cryptocurrencies is simply the same thing as the first method above which is Buy, Hold and Sell except you sell your cryptocurrencies each day instead of holding it for a long period of time and then selling it. 

 

To get started, you need buy your cryptocurrency using money on Coinbase, then from Coinbase there will be an option in there to jump into GDAX (Coinbase’s sibling) which is a cryptocurrency exchange (you can also go for Binance). Once you’re in a cryptocurrency exchange you can trade your Bitcoin, Ether (Ethereum), or Litecoin that you bought for other smaller forms of cryptocurrency which might have the potential to increase. Finally, you can sell it at then end of the day for a profit if it increases.

 

I don’t recommend this if your sole reason is to make money right away. It’s extremely risky and you will lose your money.

 

But if you are willing to accept the risk of losing and start off with a small $50-$100 worth of cryptocurrency and then learn from your profits and losses then you can make a little money each day.

 

 

 

5.  ICO Flipping.

 

An ICO (initial coin offering) is like an IPO where a company is selling its shares on the public market for the first time. 

 

Some of the companies that went through an IPO are like Facebook, Apple, Google etc. which ended up as billion dollar companies.

 

Cryptocurrencies can do the same just like that with ICOs. If you want to get started with ICO Flipping, you can buy the cryptocurrency at a ICO offering of new company.

FAQ: How do you find ICO offerings?

You can do that by jumping into this page below which shows all the current, active ICOs that is happening right now:

Once you’ve bought the cryptocurrency, you can then sell it immediately once it hits trading exchanges if the price is higher.

 

 

 

6.  Mine Your Own Cryptocurrency.

 

Cryptocurrencies runs on this database that no government has control over called the blockchain. This was the whole reason why this “technology” was invented in the first place.

 

Now If the government doesn’t control the blockchain then who controls it? 

 

The control … to quote Bane from The Dark Knight Rises “We give it back to you. The people.” 

 

make money from cryptocurrency

 

 

You see since cryptocurrencies are like virtual money, whenever you make a transaction (a deposit or a withdrawal) with cryptocurrency that transaction needs to be validated by a group called the “miners”.

 

The way these “miners” makes sure that the deposit or the withdrawal you made is legit is by solving equations. Now they don’t count with their fingers and try to divide manually with a piece of paper to solve these equations, these miners are not in fact the humans but  plot twist the computers that they use them for. 

 

The computers do the work and you get rewarded with a little cryptocurrency for making your computer help solve these equations. 

 

That’s it! I’ll go in-depth on the blockchain soon in a different article but the gist of the matter for now is that you can make your computer be a “miner” and help solve these equations which keeps the blockchain going and you’ll get rewarded with cryptocurrency for it.

 

But there is just one problem: 

You are too late and the bus had already left. You can’t mine with your home computer anymore, these days with so many miners everywhere they’re using rigs (huge setup of many powerful computers together) to mine. But if you still insist on getting started then you can get started by first investing in a graphics card and learning to build your own computer with the right setup. Once you’ve set up, you’ll be using a lot  of electricity to power up your mining setup.

 

One handy tip you’ll need to know is: some coins will be faster to mine than others. For example, coins like Litecoin or Monero are easier to get but can be harder to sell for a profit.

 

 

Share this guide with your friends or anyone who’s looking on how to make money with cryptocurrencies so that they can learn and understand both the pros and cons before they jump into making a financial decision.