Whether or not you love crypto for all the right reasons such as its technological innovations or revolutionizing economies and financial institutes, I am always asked how cryptocurrency beginners can make money from the get-go. Making cash is one of the main reasons why people get into crypto, and there is nothing wrong with that.
If you are one of those cryptocurrency beginners who want to dive headfirst into the crypto markets, here are three ways you can make money from crypto right from the start.
#1 – Buying bitcoin while the going is good
If you have been watching the markets over the past 8-months, it has been a real proverbial roller-coaster ride. At the back-end of 2017, the price shot up from around the USD 5,000 mark and suddenly rose to hit USD 20,000. This rapid growth, which some believe has been instigated from the murky shadows of the industry, was nothing short of monumental.
The exposure the price hike received across the mainstream media was nothing short of mind-blowing. As the old adage goes, “what goes up must come down”. In the proceeding two months of 2018, we saw the price go up and down quicker than a guillotine in revolutionary France. The bitcoin price today as of mid-July is teetering between USD 6,000 and USD 7,000.
This is the ideal time for cryptocurrency beginners to buy bitcoin for the first time while the prices are so low. Some analysists believe BTC has a strong bounce-back point at USD 5,800, so buy some bitcoin today and who knows where the price could be by the end of 2018 or even in two months’ time!
#2 – Cryptocurrency beginners using trading bots
One interesting way for cryptocurrency beginners to start making money today is by using a trading bot to trade on the markets for you. Trading bots have been widely used on traditional markets for many years. With the right piece of software, such as the popular ProfitTrailer Bot, and a bit of know-how, you can make small profits on your crypto portfolio on a daily basis in the right trading environment.
It is important that you understand that your bot will need settings, which will help your bot to make the right choices using tested algorithms. You can buy trading bot settings from experts, so it is important you do a bit of research first. In the first three months of the year, I made a 10% return on my BTC portfolio using the ProfitTrailer bot.
#3 – Speculating on ICOs
Cryptocurrency beginners can make a steady profit by purchasing bitcoin when the price is low or making small percentages with a trading bot. Wouldn’t it be great if you purchased bitcoin when the prices were closer to $0.5 per coin? That’s the Holy Grail.
Speculating on promising Initial Coin Offerings (ICOs) is definitely the avenue to take if you are looking to invest a relatively small sum of money with the aim of cashing in at the right time. An ICO is a startup coin/token that has yet to be officially launched on exchanges. The premise is to speculate and buy into an ICO at the beginning and then cash-out when and if the coin does well on exchanges or fulfills its goals as promised in the ICO period.
Although investing in ICOs can be a potential minefield, this is where you can make the big bucks. My advice would be to choose ICOs carefully because some can be nothing more than a scam. Choose an ICO that has a reason for being or is going to move forward the crypto industry as a whole. Historically speaking, these are the ICOs that have the most promise and potential for massive profits.
As you can see, it is an exciting time to be one of the new cryptocurrency beginners looking to get a foothold in the game. Using one or all three of the above-mentioned methods are great ways to start making cash in the crypto markets with little to no experience, but please do be careful!
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.