There are several ways to earn free money with digital currencies such as gaming and sticking. But how do we
make money through digital currency?
You have probably heard the story of people becoming billionaires through digital currency and you are also interested in this field. Originally, cryptocurrencies were supposed to become a universal payment method, but now people are using them to invest and make money. In other words, Bitcoin, the world's first cryptocurrency, was created with the goal of creating a decentralized international monetary system, but many now see it as an asset for storing value and investment.
Making money from digital currencies is not as easy as it sounds. Many people are eventually forced to leave the market at a loss or frustration due to a lack of understanding of the industry; High volatility is what drives some people in the cryptocurrency market to make big money. Some forget that this oscillation is not always upward and often moves downward. As a result, many people have lost their capital due to the heavy fall in the price of some cryptocurrencies.
That's why in this article we want to introduce you to the most efficient and best ways to earn free money (and also require initial capital) with digital currency. With more awareness, the risk is greatly reduced.
There are a number of ways to make money from digital currency that are completely free and do not require any initial capital. At AirDrop, for example, developers of Chinese blockchain projects distribute their network or program currency code to individuals for free, often by lottery. Attendance is often free. Similar are other cryptocurrencies. In it, some solutions require initial capital. For example, to mine bitcoins or any other cryptocurrency, you have to spend a lot of money to buy special devices.
How to make money through digital currency?
The cryptocurrency industry is still in its infancy, and cryptocurrencies are prone to sharp price fluctuations. When prices rise, investors are attracted to it and suffer heavy losses as the market falls. But there are certain strategies that experienced investors use in the field of digital currency for free income.
Crypto trading is one of the most popular ways to make money from cryptocurrencies, but high price fluctuations make it risky for many people who do not have enough experience. Of course, thanks to the rapid growth potential of this market, there are several effective strategies for monetizing digital currencies, which we introduce in this section.
1. Play, get free digital currency as a gift
One of the most attractive ways to monetize and get free digital currency is to play blockchain games. Today, there are more than 200 cryptocurrencies that have helped increase acceptance by attracting more users. Of course, these games are not a new concept, but thanks to Axie Infinity they have recently become very popular. These games range from card and war games to funny games such as the growth and development of creatures.
Digital currency game
After the advent of the concept of non-exchangeable tokens (NFT), there was a change in the gaming industry. In traditional video games, players spend a lot of time collecting in-game items, but eventually everything is over with duplication and then deleting the game. But in Chinese block games, you can earn and earn free digital currency by relying on non-exchangeable tokens; Once you have unique in-game assets and items, sell them in specialty stores.
As an understandable example, consider the game Clash of Clans, which was very popular at one time and still has many fans. If the platform of this game was China Block, it would be possible to earn free digital currency. Imagine that after a lot of battles and a lot of effort, the character of King has upgraded your farm. If it were possible to convert it to NFT, you could sell this character at any price.
By visiting the CoinMarketCap website, you will come across a long list of games to earn free digital currency. Token price, trading volume, market value and other more detailed items can be seen.
As the most popular crypto game today, which has a very high total capital, we should mention Oxy Infinity. Making free cryptocurrencies from some cryptocurrencies like Oxy Infinity is not entirely free, as you will need to purchase a number of native tokens to get started. But in others, it is free to use from the beginning.
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2. Direct investment
Investing in digital currency has long been a cost-effective strategy. In this method, after fundamental analysis, you buy and then hold a so-called asset for a relatively long time. This time can vary from a few months to a few years and it all depends on the individual strategy as well as the market trend of the currency code. For most people, this method is easier to monetize the currency code, because it does not require constant analysis; Buy digital currency and keep it for a while.
Digital currency investment
Several popular digital currencies are well suited for this type of strategy. Coins such as Bitcoin and Atrium may fluctuate in the short term, but will be significantly more profitable in the long term. Buying Bitcoin or buying Atrium is still a good choice despite the high growth of this currency code.
This method is not completely free and requires initial capital, but with proper analysis, it will lead to monetization of digital currency. Imagine the price of a currency code in which you have invested and kept only one cryptocurrency wallet, doubling or multiplying after a while.
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3. Trading and oscillation
Trading in a volatile digital currency market is difficult but lucrative. This requires a high level of understanding and experience of technical analysis and without proper capital management will lead to heavy financial losses. To become a successful trader, you need to hone your analytical and technical skills. To do this, you need to analyze technical charts to accurately predict rising or falling prices so that you can buy and sell digital currencies on the floor and on the ceiling.
This is also not a completely free way to monetize digital currencies. You need to have some currency code first to increase your inventory by buying and selling it at the right time.
At the time of trading, depending on the forecast of falling or rising prices, you will enter a long position (buy) or shorts (sell). In this way, you will be profitable and earn money with digital currency, regardless of whether the market is rising or falling.
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4. Mining and mining to monetize digital currency
Before the advent of cryptocurrencies, people believed in the cryptocurrency for direct investment, as well as the proliferation of digital currencies in the market, in addition to increasing their trading volume to allow trading and fluctuation, the first way to earn free Bitcoin digital currency , LightQueen and other early coins was mining.
Currency password mining is a vital component of the Proof of Work Mechanism (PoW). By mining digital currency, you will be rewarded with new coins. The mining process was initially completely free, as a person could use the same laptop or home desktop computer to extract a currency password. In this way, free monetization of currencies was possible. But now mining requires technical expertise and investment in expensive hardware (rig mining).
The profitability of mining depends on several factors, the most important of which is access to cheap electricity. Iran, despite receiving twice the export electricity tariff from mining farms, is still one of the best places in the world to operate in the mining industry. Of course, do not forget that placing even a miner at home or at work is prohibited, and you must obtain a license to extract and earn money with digital currency.
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5. Sticking and lending to earn money with the currency code
Sticking means having digital currency and not spending it. This is an alternative method of extraction. Here, to earn a reward for networking and digital currency, instead of buying, configuring and maintaining mining devices, all you have to do is buy some currency code and then keep it in a wallet. By confirming the currency code transactions, you will receive its reward in the currency of that network. These coins are locked in a digital currency wallet. The reward you receive for confirming transactions is similar to the interest you receive from the deposit bank.
Stick digital currency
Lending is another way to earn free money in the field of digital currency. A cryptocurrency loan is a collateral loan that you lend to other users on lending platforms. This is quite common in the world of defa (financial decentralized system).
6. Activity in decentralized social networks
Since 2011, several Chinese blockchain startups have been launched to expand this new technology. These startups have social media platforms, and many of them reward people through their digital currency in exchange for producing and directing content.
As a good example we should mention Mitril, a decentralized social network. Metril is a decentralized social networking platform on the Atrium China blockchain that aims to reward content creators for their work by integrating with current and future social networks. This practice is called social mining and is a completely new concept and method for monetization in the world of cryptocurrencies.
Since the advent of online networks, users have been actively helping them grow and increase their revenue, without contributing to that. Mithril wants to reverse this trend. For example, all the users who have been active on Facebook have turned it into a multibillion-dollar giant, but what else have they gained other than the possibility of using the network for free?
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7. Participate in AirDrop
Airdrops are free digital currencies that are distributed to increase awareness among users. A new decentralized application or blockchain network may distribute part of its dedicated token or coin offering to an airdrop to make people more familiar with its platform.
The purpose of this work, which is usually done by cryptocurrency exchanges, is to create a larger user base for the project. You can buy another digital currency with the tokens received from AirDrops or exchange them directly with other items if possible. Most people, in the hope of raising prices in the future, prefer to hold the tokens received at AirDrop for a long time. To find out about airdrops, you should follow the news and subscribe to the currency exchange newsletter.