A few years ago, I was an amateur trader. When I joined Binance, the biggest crypto exchanger so far, everything seemed confusing. I could not understand the candle sticks and the figures were too confusing. Every trade was a loss. The rate at which I was losing money was so intense that I almost got into debt.
During my days of desperation, I wonder what more I could do to earn money in the world of cryptocurrencies.
- HODL. The word itself is HOLD. This is where you simply look at coins that have proof of concept, buy them low with a hope that they will grow. I did this for XRP(Ripple.) I bought in early 2017 and in 2020, am still holding it. Visit coinmarketcap and see the amount of profit so far made. The downside to this is you need to have high dosage of patience and very careful on the coins you are buying.
- STAKING. Simply put, staking is the act of locking cryptocurrencies to receive rewards. In most cases, you’ll be able to stake your coins directly from your crypto wallet, such as Trust Wallet. … Binance Staking lets you earn rewards in an utterly simple way – all you have to do is hold your coins on the exchange. This earned me 15% of my portfolio until a time when I was confident enough to trade and earn profits.
- 3. The other unconventional way was this. I scanned crypto communities and identified tokens and coins that were almost getting listed onto exchangers. In this process, I would buy off these coins at that lower price, wait for listing and then dump. Its unconventional but a very good way to earn rewards for your efforts. The downside is that, some coins might have a promising future, a clean white paper and a very robust concept, only for them to disappoint. You all remember coins like bitconnect, TRX, DOGCOIN. They all came with so much hype only for them to drop in value so bad that thousands of people lost their money.
- 4. Airdrops. An airdrop is a distribution of a cryptocurrency token or coin, usually for free, to numerous wallet addresses. The best way to benefit from Airdrops is to find so many mutilple coins and be apart of them. The downside of this is that you will wait longer and will need to invest some of your hard earned cash. Remember, airdrops are primarily implemented as a way of gaining attention and new followers, resulting in a larger user-base and a wider disbursement of coins.
- 5. LEARN TRADING. Don’t just be a jerk. Learn the basics of crypto trading, watch YouTUbe videos and also, be an expert. Put in the hours. Trading like any other business is a hustle. The easiest way is to also get trading signals. You can join my telegram group to get free trading signals as often as I share them. Join my telegram channel using this link. https://t.me/BinanceCryptoSiignal
In this article, I will explain 4 ways you can earn crypto and grow your bitcoin portfolio without much knowledge about trading and reading candle sticks.
And hey, am on twitter.