By: Kay Abdul
Most people had high hopes for the previous year (2022), hoping that it would continue the bullish patterns witnessed in 2021, but little did they know that it would end up being the most terrible year in the history of cryptocurrencies.
Many investors, traders, and other market participants are now questioning how they may become wealthy in cryptocurrencies in 2023 after seeing their holdings plunge to nearly nothing in 2022 as a result of this.
Despite the numerous terrible events that struck the global market last year, including the collapse of the flagship cryptocurrency, Bitcoin (BTC), to a 2-year low–below $16,000–and the dramatic wipeout of more than $2 trillion in global market value, the technology still has promising futures, and some of the lost trust is expected to be restored this year, in 2023.
The goal of this article is to look at how to make money with cryptocurrency in 2023 using five simple, proven strategies and tactics that will most likely be effective irrespective of how the market is performing.
5 Simple Ways to Make Money with Crypto in 2023
Staking: Lock your coins in a smart contract and earn passive income on them
Play-to-Earn (P2E) Crypto Games: Play games, have fun, and earn money as a result.
Lending and Yield Farming: Lend out your idle crypto tokens and earn rewards on them.
Early Investing in Presales: Buy crypto tokens at cheaper rates before they are officially listed
Airdrops and Bounties: Earn free cryptocurrency tokens in exchange for minor social tasks.
Breakdown of Ways to Make Money off Cryptocurrency
Staking
Staking cryptocurrency is a method of earning additional income from your cryptocurrency holdings rather than leaving them idle in your crypto wallets. Staking in the cryptocurrency space is comparable to getting interest on a deposit at a traditional bank. This is accessible for the majority of popular cryptocurrencies, including Cardano (ADA), Binance coin (BNB), Ethereum (ETH), Solana (SOL), MELEGA token (MARCO), and many others.
Users can stake their coins to increase their chances of earning lucrative rewards with little to no risk, all while helping to secure a blockchain network or decentralized protocol. In contrast to the conventional banking system, you keep ownership of your cryptocurrency assets, store them in a decentralized pool, and receive a portion of the return based on the number of tokens that are locked in the protocol.
Play-to-Earn (P2E) Crypto Games
Play-to-Earn crypto games are also making significant waves in both the blockchain and gaming ecosystems, as they provide lucrative income opportunities without a high initial investment.
Interested players do not always need to pay any amount of money before they start earning except for the initial cost of minting an NFT or other tools they can use as characters in the game, interested players do not always need to pay any money before they start earning from playing P2E games. In fact, some games now offer free characters for players to use.
As a result, this is one of the best ways to make money off cryptocurrency with little or no capital. Some popular games to check out include Axie Infinity, Decentraland, Metacade, and Gods Unchained.
Lending and Yield Farming
Crypto lending refers to the way of lending out cryptocurrency assets to borrowers in exchange for a periodic interest payment, usually done through a variety of crypto platforms that match borrowers and lenders and facilitate the lending process.
On the other hand, yield farming—also referred to as "liquidity mining”—is a method of generating returns on cryptocurrencies by giving liquidity to decentralized finance (DeFi) protocols like Melega Finance.
This is usually done by adding cryptocurrency assets to a liquidity pool on a DeFi platform, where rewards are given in the form of additional cryptocurrency tokens supported by the protocol. The rewards are typically distributed as a DeFi platform-specific token that can be sold or traded on cryptocurrency exchanges.
Users have the opportunity to farm and earn popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), and many stablecoins with Melega Finance. The APR ranges from 100% to over 400% for each currency. To find out more, click here.
Early Investing in Presales
Participating in cryptocurrency presales has been one of the best ways for both novice and experienced crypto investors to get in early on promising publicly unavailable projects that will provide them with good returns when they are finally launched on exchanges. This perfectly serves as a simple way to get rich off crypto.
Pre-sale, ICO (Initial Coin Offering), ILO (Initial Liquidity Offering), and other terms with similar meanings are simply a means by which project developers raise funds to support the costs of project development and additional launch-related costs, enabling interested investors to purchase their tokens at a discount before anyone else in the market.
The crypto presale is always open to everyone, and once the allotted amount has been sold, the tokens will be listed on an exchange, giving early buyers the option to either sell them for more profit or keep them for the future.
Finding the best pre-sales, though, can occasionally be challenging. That is why, at Melega Finance, we prioritize organizing presales and launching crypto tokens that adhere to our guidelines, provide tremendous value to all crypto users, have the potential to provide future returns, and are compliant with relevant regulations.
To check out or take part in some ongoing promising pre-sales, check here.
Airdrops and Bounties
The blockchain industry is equally bursting with new and exciting projects that you can earn from for free by taking on some social media tasks. In other words, crypto airdrops can be termed "free money." This is typically a tool used in projects to draw large numbers of participants to test out brand-new products and services.
To make money from crypto airdrops, you can just join active cryptocurrency communities and keep an eye out for upcoming airdrop events. It should also be noted that airdrops are not only used in new projects; they are also used by existing projects to reward their community members for their participation and engagement.
For instance, we regularly host airdrop events for our community members to earn either our flagship token, $Marco, or other tokens by carrying out easy social tasks on the MelegaSwap Telegram channel and Twitter page.
Final Thoughts
Despite the weak cryptocurrency markets and various crises, the cryptocurrency industry will continue to grow in 2023, building on the achievements of 2022. The technology is here to stay, and 2023 is the best time to make money and become wealthy with cryptocurrency right now.
However, depending on your preferences, the methods we just discussed are only a few of the many ways to earn money in cryptocurrency that you can begin immediately.
Disclaimer: Nothing on this article serves as a financial advice for investment please do your own investigation before investing
