More and more people are learning about cryptocurrencies and their value. While in previous years, the only way to make money from cryptocurrencies was to sell them, there are more ways than ever before to leverage these digital assets and get money. Cryptocurrencies are already valuable assets. They can be used to buy real estate, and cars, or even pay for college tuition. But what happens if you want to leverage your cryptocurrency without selling it? You may not have heard of these ways of leveraging your crypto assets yet, but they’re gaining popularity, and with good reason. In this article, we’ll talk about six ways you can make money with your cryptocurrency even if you don’t want to sell them.
NFT Lending and Borrowing
NFTs are a different kind of digital asset that is gaining in popularity. People create digital images and then use NFT platforms to verify and display them. These assets can then be bought and sold. But what if you could use an NFT to get a loan instead? Every time you sell digital assets, it triggers a taxable event. This means that you would need to document every single time you sold an NFT. When you use an NTF lending platform, you can instead leverage the value of your NFT without losing it by selling it off. This means that if you have a very valuable NFT that you want to hang onto, you can get a loan against its value.
Staking is another way to earn cryptocurrency without selling it. It works by locking your tokens into a staking wallet, where they will be used to verify transactions on the blockchain network. In exchange for this service, you receive rewards in the form of new tokens or transaction fees from other users. When you want to hold onto cryptocurrency assets for a long time, staking can help you earn passive income without needing to drain your cryptocurrency wallet of your assets. This also means that you don’t need to worry about how market changes will impact the price of your assets. You are making money on them already without needing to worry about day trading or any other form of earning off of cryptocurrency.
Playing Games Where You Can Earn Cryptocurrency
Some people love to play games on their smartphones. What if those games could earn you some cryptocurrency? Online poker sites sometimes pay in cryptocurrency. You can also earn cryptocurrency by playing games that use cryptocurrency and help you earn by getting to different places in the game. All of these are simple ways to gain or use cryptocurrency assets without ever selling them. You can even trade assets for other ones when you need it most.
If you have some extra money and want to make more cryptocurrency, mining is a great way to do it. Mining is the process of adding transaction records to Bitcoin’s public ledger of past transactions. This ledger of past transactions is called the blockchain as it is a chain of blocks. The blockchain serves to confirm transactions to the rest of the network as having taken place. This is how the blockchain is able to create secure transactions, add data without changing it, and more. Some people have mining rigs using only one computer, while others create large mining operations that help them earn a lot of cryptocurrencies.
Selling Your Knowledge of Crypto
Your knowledge is valuable. If you’ve been successful in any of the different areas of making money through cryptocurrencies, why not teach others? You can charge money for basic courses, e-books, groups, and more. Your videos and course materials become an asset that you can update over time as the digital currency and NFT space gets used by more people. You can even create a podcast to talk about all the different happenings in the cryptocurrency space.
Get a Loan Backed by Cryptocurrency
Did you know that you can get a loan against your current cryptocurrency assets? You put in a certain amount of cryptocurrency as collateral and then pay interest on the loan until you pay it off. Some people use this strategy to buy more cryptocurrencies and to make more money off of them through trading.