Blockchain
I Made $10,000 With Cryptocurrency: Here’s What I Did
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Since the advent of cryptocurrency, we have heard many stories about it Crypto millionaires – Rags to riches stories are intriguing and inspiring at the same time. Check out these ways people have gotten rich with cryptocurrency and continue to make money in the crypto ecosystem.
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1. Investing
Investing in one or more cryptocurrencies essentially means buying the asset and holding it until it appreciates. This is probably the most familiar path to wealth creation in the cryptocurrency sector as it largely mirrors what investors do in familiar markets such as real estate or stocks.
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Steven Pila is a financial advisor and financial coach who has made a lot of money investing in cryptocurrencies. He has reallocated some of the funds into the stock market and is currently sitting on unrealized gains to minimize his tax liabilities. His advice to cryptocurrency investors just starting out? “Determine in advance how much you are willing to risk and set the amounts to achieve gains or losses.”
2. Memecoin
While this isn’t the most common path to cryptocurrency wealth, it is a way to make money with cryptocurrencies. Glauber Contessoto is a Brazilian immigrant who was struggling as a music producer when he became a crypto millionaire. In 2021, he went all-in on a meme-based cryptocurrency, Dogecoin, and shortly thereafter he became a millionaire.
3. Mining
Cryptocurrency mining is the process of validating transactions on a blockchain network and adding them to the distributed ledger, or blockchain. Peter Saddington was an early adopter of Bitcoin and later became an Ethereum miner, allowing him to earn millions in cryptocurrencies.
4. Trade
Trading means buying or exiting positions in a short period of time. This can be achieved through day trading or swing trading. Both activities require traders to engage and sell short-term cryptocurrencies to take advantage of price fluctuations.
Youssof Altoukhi is a young cryptocurrency trader who he became a crypto millionaire before turning 18. He is also the CEO of the cryptocurrency $YCO and its social media marketing agency.
5. Get involved in the crypto economy
There are several ways to make money in the world of cryptocurrencies besides investing, memecoins, mining and trading. For example, many millionaires have become millionaires by creating cryptocurrency-adjacent technologies and businesses, such as wallets, exchanges, or blockchain-based applications. Another option is to create your own cryptocurrencies or tokens, which could take off at any time.
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Bottom line
The allure of cryptocurrency has attracted many curious participants who have earned money in various ways with the new financial technology. In addition to investing and trading, participating in the broader cryptocurrency economy by developing blockchain technologies such as wallets, exchanges, or even creating new cryptocurrencies offers many ways to generate income in the crypto space.
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This article originally appeared on GOBankingRates.com: I Made $10,000 With Cryptocurrency: Here’s What I Did