Litecoin is one of the first open-source altcoins based on the original Bitcoin code. It was initially a strong competitor to the first cryptocurrency. However, as the cryptocurrency market expanded, Litecoin’s popularity gradually declined.
7 Ways to Make Money with Cryptocurrency
Everyone around is talking about cryptocurrency, and for sure, many are jealous of those who once bought bitcoin for $10 a long time ago and are now in chocolate. There are people who think that they will have time to catch up the last train "Cryptocurrency – Cloudless Retirement". Below we will talk about the most interesting and popular ways to make money on cryptocurrency, but it’s not a fact that you will be able to increase your money.
Earning opportunities for those who are not afraid of risk and are ready to understand the features of digital currencies.
1. Mining
In simple terms, this is the extraction of cryptocurrency for a reward. It is necessary to assemble a farm (a computer consisting of a dozen powerful video cards with special software) for the cryptocurrency you want to mine.
Pleasure is not cheap. It will take at least 1 million hryvnias to organise a more or less working farm that will bring you income, as well as constant investments in upgrading the farm.
2. Cloud mining
You buy power from other miners, while you do not have your own equipment. Mining is accessible to everyone. Suitable for those who want to participate in the race for cryptocurrency and trump the newfangled profession "miner". Cloud mining allows you to mine different types of currency at the expense of other miners, and you do not need to have a lot of money to enter this business.
There is a commission for the withdrawal of cryptocurrency, as well as the risk of hacking by hackers.
3. Buying a cryptocurrency on an exchange
Open your account on the exchange, transfer money to it, buy or sell cryptocurrency. Quite an interesting way for assiduous people who are ready to monitor currency quotes 24/7, their exchange rate fluctuations and instantly respond. To make good money, you have to invest a lot.
4. Purchase and storage of cryptocurrency in an electronic wallet
Get an electronic wallet or register in one of the payment systems that allow you to store cryptocurrency. Buy a cryptocurrency, forget about it for a long time, and it may increase in price.
An option for those who do not want to monitor currency quotes every day. It is obligatory to have an electronic wallet: online – for operations, offline – for storage (it is almost impossible to hack it).
5. Buying cryptocurrencies on one exchange and selling on another
There are many cryptocurrency exchanges where you can often see a significant difference in the value of bitcoin. It can reach 100-200 dollars for 1 bitcoin. You buy on one and sell on the other, earning on the difference in rates.
You need to have perseverance and work quickly so that the cryptocurrency rate does not go down while you buy it in one place and transfer it to another. It’s worth starting with bitcoin, since it is the most interesting in terms of the exchange rate difference.
6. Analogues of unit trusts
In your personal account on the website, you choose a manager who will invest your funds in cryptocurrency. You can see the volume of the manager's cash portfolio and how much profit it brings to investors.
Guaranteed income – from 18 to 40% per month, depending on the manager. There is a minimum period (an average of two months) when you cannot withdraw the invested money. In general, this is a rather risky instrument with high profitability.
7. An analogue of trust management
Meaning: investing your money in a certain community of crypto-brokers who use your funds to play on the stock exchange and share income with you daily. Crazy profitability – 3.33% per day, or 100% per month, low entry price – $ 10. Information about the project (its founders and so on) is not disclosed.
You can only withdraw interest. Deposited funds cannot be withdrawn. A very risky tool, as there are signs of a pyramid.
