Since cryptocurrency came into the scene, our attention is usually given to bitcoin, which is pretty understandable. Nevertheless, we should note that there are other digital coins doing well out there, and one of such is Ethereum.
Of course, there are tons of cryptocurrencies out there today. We can’t shy away from the fact that many of them don’t deserve our attention at all. Nevertheless, a digital coin like Ethereum sure deserve our attention – for several reasons. It has a superb background story and keeps gaining value and popularity (it is traded to the tune of billions of dollars per day). Eth is the world’s second largest cryptocurrency by total marketcap as well as the third most traded cryptocurrency behind Bitcoin and Tether.
The currency can actually be used to swiftly, easily and cheaply made several structures, including smart contract that are autonomously run, cryptocurrencies using the ERC-20 protocol and others, DAOs or decentralized autonomous organizations, DApps or decentralized applications and cryptocurrency token sale models such as ICOs, IEOs and STOs.
Therefore, it is a nice thing to get interested in learning about how to make money with Ethereum, and we will be doing that in this article.
Let’s get started.
1. Ethereum Trading & Investing
The currency can be traded and invested for profit from (like several other popular cryptocurrencies out there). Due to its volatility, you can actually trade Eth with substantial profit.
Trading Ethereum is actually the process of designing and executing a strategy where repetitive purchases and sales of the coin have the aim of generating profit. So, tons of people have actually been able to make substantial profit from trading Eth, and you can also join the party.
Anyone can trade Eth anytime of the day, and from whichever part of the world they reside. You just have to buy and sell at a higher price making your profit in the process.
Nevertheless, you should strive to learn the necessary stuffs before diving in. When you are good, you should then sign up to a trading platform where you can swap your fiat money for the digital code.
It is necessary to also add that you have to be on ground to monitor the charts and spot when to make beneficial decisions. Trading cryptocurrency is a big stuff, and it is advisable that you trade with money you can afford to lose.
There are tons of people who have actually made a lot of money by trading Ethereum. Now, let’s talk about Ethereum investing.
Actually, this is similar to trading. But unlike trading, it is usually longer when it comes to length and duration. An investors is usually interested in long term profits.
What are the Best Places to Trade and Invest in Ethereum?
Here are some prominent platforms to trade and invest in Ethereum:
2. Ethereum Mining
Ethereum is first created is via a process called “mining”, just like the popular bitcoin. This is simply a cryptographic race between tons of computers. Anyone interested can simply download the code to mine Eth. This can be installed on any computer and such will become a tool used to mine Ethereum.
If you are yet to get the whole idea of this concept, just realise that when you installed the code on a computer, it will take part in a global competition between tons of computers to solve a complicated cryptographic puzzle every 10–20 seconds. So, a computer that successfully solved the puzzle first is rewarded with an amount of Eth.
Mining this coin can be pretty profitable but it requires a reasonable investment, talking about the required computing hardware and electricity cost.
3. Ethereum Referral Programs
Well, if you are not out to buy and sell Ethereum before making money from the coin, you can participate in Ethereum referral programs.
In fact, this is a very safe way to earn the cryptocurrency, without having to think about investing huge funds in the first place. It works in a simple way. Simply register on the necessary platforms, and then go ahead to share your referral links on social media. When someone registered via your link, you get paid. Some referral programs can be pretty lucrative and you can earn really big if you know what you are doing.
Although there are several referral programs out there that can be utilized to earn Eth, you must realise that some are fakes. Therefore, it is advisable that you conduct a thorough investigation before you settle for any program. You should settle for the ones with nice conversion rates and payouts.
If you have tons of followers on social media (or a huge amount of contacts that are interested in crypto), you can go for this.
4. Ethereum Faucets
Like several other other cryptocurrencies out there, there are faucets available that can be utilized to get get free Eth. Well, this actually is the easiest way to get free Ethereum.
Nevertheless, it should be added that you shouldn’t expect yourself to get rich just with this method. The reason for this is that, the size of the reward from using crypto faucets is pretty small.
For those not familiar with this, I should explain that faucets are actually sites where people can go and complete small and simple tasks. When they are done, they are rewarded with cryptocurrency – such as bitcoin, Eth, etc. You are to do tasks like clicking on links, visiting pages, posting comments on social media, etc. Just as stated earlier, payments are quite small.
If you won’t mind the small reward, you can go for it. If you have free time and just want to get crypto now without having to spend money to get it, you can opt for it (this method actually have the lowest barrier to entry for all methods)
In conclusion, you can also do other freelance works (article writing, banner designing, etc) and asked to be paid in Eth. So, as you can see, there are several ways to make money with Eth online. Simply choose anyone you feel is for you