How to Earn Cryptocurrency Fast and Reliable? – 3 Best Safe Methods
Even if you are not a geek or financial expert, you can earn good money on crypto in 2021. In this article, you will find smart tips on how to do it.
If you want to make money on cryptocurrency in 2021, you can choose from three variants: earning interest, mining or taking part in IDO/IEO/IFO. In this article, you will find brief descriptions of all three options as well as their respective pros and cons.
Earning Interest: What is that? Best platforms
To earn interest on crypto, you should open a savings account. These are a few examples of reliable platforms where you can do it.
- Midas.Investments is the custodial crypto-investment platform focusing on producing passive income on the core assets, such as BTC, ETH, USDT, BNB, and DeFi market.
- BlockFi offers a interest-bearing accounts, crypto exchange, and low-interest-rate loans worldwide
- Celsius Network is a fintech crypto platform offers interest savings accounts and assets borrowing
- Outlet Finance
Your interest rate might vary considerably depending on which platform and which coin you choose. For instance, Midas offers up to 17% interest rate for all defi tokens and Coinbase offers a 1.25% interest rate for stablecoins — but if you save this type of asset at BlockFi, you can get up to 8.6%. The interest rate for BTC at BlockFi might vary from 0.5% to 5% — while YouHodler and Crypto.com will give you 4.8% and 4.5% respectively.
The primary shortcoming of savings accounts is that they might be hacked and you might lose all your funds. The good news is that such emergencies take place extremely rarely.
Mining: Bitcoin, Dash, ETH classic and others
Gone are the times when one could mine 50 BTC in 10 minutes on their home computer. To mine Bitcoin today, you need to buy a profile rig called ASIC. If you opt for a brand new one, it might cost you hundreds of dollars. Plus, you will need to pay for electricity. Long story short, solo Bitcoin mining from home can’t be profitable in 2021.
If you opt for cloud mining, you won’t need to buy ASIC. But you will need to share a part of your income with your service provider. Besides, users with little experience might fall prey to cloud mining scammers.
Instead of BTC, you might consider mining other currencies, such as:
- Bitcoin Gold
- Ethereum Classic
- Raven Coin
They will not make you a millionaire in the blink of an eye — but you will be able to earn something nevertheless. Consider joining a mining pool (not a cloud one). Thanks to the pool, you will not need to take care of all the technical details yourself, which is an ideal option for newbies.
IEO/IDO/IFO: What is that? How to take part in?
When a new coin enters a market, a certain exchange lists it. Early adopters of this asset can buy it at a very low price and then resell it at a profit shortly after the listing. To take part in an IEO, you might need to purchase native tokens of the exchange. Plus, you should understand that many more people will want to buy the same asset — so please hurry up to get your share!
The IDO format suggests that the coins are listed on a decentralized exchange. To have a right to buy tokens, you might need to fill in a questionnaire and convince the organizers of the sale to add you to their whitelist.
The letter “f” in the IFO acronym stands for “farming”. To buy a coin, you should provide liquidity to the trading platform and purchase the LP tokens of the exchange.
All these three formats can guarantee that the coin that you’re planning to buy is not a scam. The experts of the exchange carry out thorough research before listing a new asset because their own income and business reputation depend on it.
Even if you lack profound technical knowledge and experience in the financial industry, you can make a profit on crypto in 2021. Be it IDO/IEO/IFO, mining or earning interest, all three options should enable you to earn money with relatively modest investments.