So, you’ve heard stories of people who became filthy rich by owning crypto? Some of these stories are true. Bitcoin mints new millionaires every year. If you want to get rich through crypto in 2023, you need to buy bitcoin.
One bitcoin cost more than $20,000 at the time of writing. But you don’t have to buy a full BTC. You can buy a fraction of bitcoin. Alternatively, you can buy any of the hundreds of bitcoin competitors out there. Another option is to earn your crypto by following our tips below:
Play Crypto Casino Games
Crypto is just like any other payment method. You can buy coffee with your bitcoin. Or, you can use it to play slots and poker online. If you choose the latter, there’s a chance you could double or triple your funds.
But don’t get too excited just yet. Winning online casino games is easier said than done. Most games are based on pure luck. But who said you can’t get lucky? Join a trustworthy cryptocurrency casino. Then select high-quality, high-paying games like blackjack, video slots, and Texas Hold’em.
Of course, learn how these games work. Practice your skills through free-to-play apps. And claim bonuses to boost your bankroll. With a 100% welcome bonus, you can play a higher number of games and increase your chances of winning.
Play to Earn Crypto Games
Play-to-earn crypto games provide a platform to enjoy yourself while also making money. The games reward you with crypto for completing missions, battle quests, and breeding your in-game characters.
In 2021, Play to Earn crypto games became so popular that some people quit their jobs to focus on these games. Axie Infinity was the first major play-to-earn game. The game lets you breed an army of creatures called Axies. Then you can use your Axies to win battles.
Each Axie has unique skills. It’s also a Non-Fungible Token (NFT), meaning you can sell it to earn Axie Infinity Coins. The most valuable Axies sell for more than $1000.
Besides Axie Infinity, you can play the following games to earn crypto:
- Battle Infinity
- Gala Games
- The Sandbox
- Guild of Guardian
Become a Crypto trader
Millions of people make a living by day trading foreign currencies, stocks, and crypto. You don’t need a big budget to get into bitcoin trading. But you need skills, discipline, and patience.
Crypto is a highly volatile market. This means it can make you more money than the stock market. But you could also lose your money fast. To succeed as a trader, learn technical trading.
Practice trading through a dummy account. Learn how to set take profit and stop loss targets. Test different trading strategies through your paper account. If you become consistently profitable after a month, then try professional trading using real funds.
Keep in mind day trading shouldn’t replace your official job. More than 90% of traders lose money. And those who succeed for a while quit the industry within five years.
Stake Your Crypto
Making money with crypto does not need to be difficult. Buy some bitcoin and store them safely for a couple of years. And if you want to make even more money, lock your crypto in a staking platform.
Staking is a way to help blockchains verify payments. You can lock your crypto for a specific amount of time. During this period, you can’t use or cash out your funds. At the end of the staking period, you can withdraw your Ethereum, Solana, or Fantom plus the interest you’ve accrued.
Now, not every cryptocurrency supports staking. Some coins like Bitcoin use a resource-intensive way of verifying payments. The system is bad for the environment, though, which is why more and more altcoins prefer to use the Proof of Stake system (staking).
In case you’re wondering, below are some of the best crypto coins to stake in 2023:
- Binance Coins
- Cosmos (Atom)
Put simply, bitcoin mining is the process of verifying bitcoin transactions before they are added to the blockchain. Bitcoin uses a complex Proof of Work verification system that requires the use of powerful computers.
These computers use a ton of energy to verify payments. In fact, the energy used is so much that it exceeds the amount of power used by most countries around the world.
As mentioned, more and more cryptocurrencies have been abandoning the Proof of Work method in favor of the Proof of Stake system. That includes the likes of Ethereum.
That being said, crypto mining is still a profitable venture. Most miners join forces to form pools. This makes it easier to verify transactions. Then they share the 6.25 bitcoins paid out for every completed block of transactions.
Work in the Crypto Industry
During the California gold rush, the most profitable people were those involved in side businesses. Think of the people who sold shovels, beer, food, boots, and shovels.
The crypto industry offers similar opportunities. You may have missed out on buying bitcoin when it cost $1. But you can start a business that targets crypto owners.
You could create a blog that reviews crypto exchanges, delivers news, and interviews important Bitcoin influencers. Then you could monetize your blog through affiliate marketing, adverts, and sponsored content.
Alternatively, you could apply for a job as a crypto software engineer, marketer, content creator, or manager. Many crypto businesses pay you in bitcoin, coins that could later gain value.
Investing in New Coins
New cryptocurrencies come out every month. Most of them collapse within the first year. But some of them skyrocket and make a lot of money for early investors. Now, the challenge is to identify a new coin headed for greatness.
There are lots of new crypto startups that promise to solve major world problems. But they never succeed due to mismanagement or poor marketing. Learn how to identify startups with real-world use cases and talented teams. Invest small amounts in a variety of coins. If just a couple of them succeed, you could make 100x to 1000x your stake.