Crypto Earn Platforms

By Eduware - 17 March 2022

Cryptocurrency continues to capture the attention of many people around the world. From its inception with Bitcoin in 2009, the crypto industry has experienced massive growth, with the market capitalization rising to more than $741 Billion as at the time of writing; in the process, amassing enormous gains for early investors. 

Given how rapidly the crypto market is expanding, it is not surprising that more people are becoming interested in venturing into it. The goal of Cryptocurrency is vast and inspiring; therefore, the market capitalization and potential users are expected to rise even further.

It is to be noted that the industry is still in its early stages. There is a lot of room for improvement, and as the value of these crypto coins rises, more people are poised to enter the market. These new arrivals are constantly trying to figure out how to earn from it. The fact is that there are a variety of ways to amass profit from the crypto industry. Since 2011, there have been multiple crypto projects coming up with one innovation or another centered on improving the platforms before it and the financial lives of enthusiasts.

There are several ways to earn Cryptocurrency, and in this article, we'll be looking at crypto platforms that offer opportunities for earning crypto in greater detail.

How to Earn Cryptocurrency

The simplest ways to earn money with cryptocurrencies that are less risky and complex are:

  • Investing/Trading
  • Staking
  • Borrowing/Lending
  • DeFi Yield Farming
  • Crypto Social Media

Investing/Trading

Investing and trading cryptocurrencies are the oldest and still effective ways of earning more crypto. Over the years, there have been platforms created for the sole purpose of providing a cheaper, safer and more reliable avenue for crypto enthusiasts to invest or trade cryptocurrencies and earn more.

Investing is the act of purchasing and holding crypto assets for an extended period with the expectation of value growth. The investing strategy necessitates the identification of more stable assets that will be around in the long run.

Trading is used to capitalize on short-term opportunities. A user must have strong analytical and technical abilities to be a successful trader. You'll need to examine market charts based on the performance of the identified assets to make precise predictions about price fluctuations.

When trading, users can also take a long or short position, depending on whether they believe an asset's price will rise or fall; this means they can profit whether the cryptocurrency market is going up or down.

Platforms like Binance, arguably the best-centralized exchange, enable both investing and trading on their platform. Users can easily create an account, verify their identity, deposit funds, and begin investing or trading.

For those that prefer decentralized exchanges over-centralized, platforms like Imtoken, Trustwallet, SafePal, etc., offer avenues for easy and safer trading and investing of assets.

Staking

After the invention of the complex mining protocol of Bitcoin at the onset, staking innovation followed.

Staking involves the art of locking your coins on a particular network for a specific period and earning extra rewards in the process. Staking rewards are incentives provided by blockchains to participants. Each blockchain has an amount of cryptocurrency rewards set aside for users that validate blocks of transactions on its network. When you stake Cryptocurrency and are chosen to validate transactions, you receive certain rewards in the form of Cryptocurrency.

Ethereum was the first project to inject the idea of staking into the crypto community and, as a result, provided a much-needed improvement from the complex protocol of mining Bitcoin to get more coins. With staking, users can save more energy and earn more coins.

Platforms that enable staking include:

  • StaFi 
  • Coinbase 
  • Binance 
  • ChangeNow
  • Stakinglab 
  • Crypto.com
  • eToro

Borrowing or Lending

Crypto-borrowing enables investors to borrow loans using their invested cryptocurrencies as collateral, while crypto lending allows the lender to own the crypto asset. However, the crypto offered as collateral cannot be traded or transacted with during the lending period.

Crypto investors who intend to hold their assets for an extended period with no intention of selling anytime soon can lend the crypto assets and earn interest during that period. The interest earned is also referred to as 'crypto dividends.' It's a straightforward method for crypto investors to start generating passive income.

Lenders and borrowers are linked through a third party, in this case, a crypto lending platform. 

Platforms that enable crypto borrowing and lending include:

  • MELD
  • BlockFi
  • Nexo
  • Binance
  • Celsius Network
  • Aave
  • CoinLoan

DeFi Yield Farming

Yield Farming is the art of combining staking and lending to produce high returns in the form of cryptocurrency. 

Yield farming platforms reward liquidity providers for locking up their coins in a smart contract-based liquidity pool. These rewards can come in a portion of transaction fees, lender interest, or governance tokens. These returns are conveyed as annual percentage yield (APY). With yield farming, the value of the issued returns decreases as more investors add funds to that particular liquidity pool.

Popular Yield Farming platforms include:

  • Aave
  • Compound
  • Curve Finance
  • Uniswap
  • SushiSwap
  • PancakeSwap
  • Venus Protocol
  • Balancer
  • Yearn.finance

Crypto Social Media

For years now, mainstream social media sites have sparked controversy. Major platforms such as Twitter, Facebook, and YouTube can censor users and their content whenever they want to. There is also the issue of identity and data theft.

These traditional social media platforms can also demonetize assets and limit the flow of money whenever they wish to. Blockchain technology is helping to solve these problems. Today, social media users can avoid censorship and be assured of safety by storing their content on a blockchain's immutable ledger. They can also give users control over rewards by encrypting the data and sending it through unhampered crypto transactions.

Over the years, several crypto social media platforms have minimized the issues facing traditional social media platforms, and on top of that, users are now rewarded largely for their contributions.

Crypto social media platforms include:

  • Steemit
  • Hive
  • Scorum
  • Society2
  • Peepeth
  • Sapien
  • Diaspora

Conclusion

The above are ways to earn rewards with Cryptocurrency and platforms that provide reliable means to collect these rewards.

Before venturing into any of these earning ideas and platforms, you should do necessary and thorough research to enable a successful experience.

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