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4 Ways To Profit From Cryptocurrencies
The value of digital currencies used in digital trading differs from the rest of the known and used currencies in commercial trading. Each digital currency is a "cryptocurrency", which has a different financial value than others, so it differs in terms of the project in which it is used, and it differs in its way of working.
The most expensive and valuable digital currency is Bitcoin, as its total value or the value of each one of them is more valuable than the other currencies, so Bitcoin is currently estimated at about $ 57501.10
Other than Bitcoin, there are other currencies that have a value and are among the top 10 global digital currencies, but they are worthless in front of Bitcoin, for example there is the TRON currency, which is valued at about $ 0.25 only.
Ways to profit from digital currencies cryptocurrencies:
After introducing digital currencies, the most important and most valuable currencies, the most important ways in which you can make a profit using cryptocurrencies will be clarified, among the most important of those methods are the following:
First method: mining
The method of mining is one of the most important and oldest methods that were used to profit using digital currencies, as it is possible to specify many minable currencies such as Bitcoin, Dash and Bitcoin Cash, and the non-minable can also be mined by purchasing special settings that can be mined through.
Through the use of the settings, the extraction of cryptocurrencies that can be mined according to the strength of the computer settings begins, and after that the coins are extracted and uploaded to the platforms used for digital trading, then they are converted to dollars, and then the value can be withdrawn.
But the mining method is no longer as important as the previous one, due to the increased difficulty of its settings, the special settings have increased and become more expensive, and digital currencies are also facing a decrease in their value at the same time.
The second method: speculation
With the problems facing the mining method, it was necessary to move towards more beneficial ways to increase the amount of profit from currencies, and one of the ways that achieved this goal was the speculation method.
In practice, this method needs greater control than mining, and therefore it is considered more difficult, but it does not need many materials at its inception, as it depends on buying cryptocurrencies at times of low value, and then selling them after the high value.
Profit is the difference between the currency's value at the time of decline and the time of rise, and profit and loss in this method are equal, and the way to succeed in it is to follow currency news on an ongoing basis, and monitor the movement of currencies, so that the decision to buy or sell can be taken at appropriate times.
For example, buying Bitcoin, which is worth $ 3,000, and when it reaches $ 3,300, it is sold, and the profit in this process is the difference between the value of the currency at the time of purchase and its value at the time of sale with deduction of the purchase and sale fees.
The third method: Profit by investing in the long term
This method does not promise the level of seriousness of the speculative method, especially if the capital used in this method is not related to the daily physical condition of the individual, in this way his financial level is not affected.
But this method needs very deep research, as it searches for the currency in which to invest, identifies its white paper, and measures its long-term effectiveness.
Taking into account the effort exerted by the traders in this currency and the extent of their seriousness, and with specifying a period of time to reach a specific goal, for example buying a digital currency and setting a specific price to sell it, if the goal is achieved, the sale is done, and the difference between the purchase price and the selling price is pure profit, In the event of no profit, the investor returns his accounts again and draws a more accurate plan.
Fourth method: Affiliate Marketing
You can profit through affiliate marketing from many projects, not only through digital currencies, but from any project that needs marketing and reaching the target customers.
This is by setting a commission for those who contribute to connecting investors to the platform, buying and selling digital currencies, and this method needs to study marketing and know marketing methods for projects, especially trading digital currencies.