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Can you really make money with cryptocurrencies?

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#1
Right now, it’s practically impossible to go a few days without hearing about the latest cryptocurrency craze. We hear about how Bitcoin or Litecoin is hitting a new high. Chances are, you’ve thought about how to make money with cryptocurrencies. But how can you actually invest in these digital currencies to make money?
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There are different ways to make money with cryptocurrencies, and we’ll look at three of them:
[b]1. Buy (or trade) a Cryptocurrency[/b]
Your first option is to just buy coins. There are different exchanges that will allow you to buy or trade coins to keep in your wallet. One of the most popular exchanges is Coinbase. Coinbase offers a super clean user interface and is one of the best ways to get started if you have no prior experience in cryptocurrencies.
Once you’ve created your account you pay the market rate for the coin and then hold onto it until you’re ready to sell. The hope, of course, is that the price goes up.
However, like any investment, you need to be careful. Cryptocurrency prices fluctuate. Right now, Bitcoin is very high-priced. You might have a hard time buying Bitcoin and having it appreciate enough. Some people hope to make money with cryptocurrencies by purchasing Litecoin or Ethereum instead.
In the end, you need to make sure you go through a reputable exchange, and that you back up your digital wallet. Then, you need to pay attention so that you can sell your coins when you feel like your profit has been reached.
[b]2. Accept Payment in Cryptocurrency[/b]
Another way to make money with cryptocurrencies is to accept them for payment. If you have a business where you sell products or services, you can accept payment in the cryptocurrency of your choice. You need a digital wallet, and to work with people who are willing to pay in cryptocurrency.
With a little research, you can find clients or customers that use cryptocurrencies and are willing to pay you by transferring the coin through the blockchain. You will have to be able to calculate a rough estimate of what a service might cost, though, based on the value of the coin. If I were to accept Bitcoin for some of my services, I might ask for one-fourth or one-third of a Bitcoin, depending on the project.
Other currencies are less valuable, though. I might be able to ask for three or four ETH if I were being paid in Ethereum. The idea is to have a feel for how your products and services translate into the cryptocurrency of your choice.
After you receive the payment, you could either use it to pay others for something or hold onto it until it rises in value. If the value of the coin goes up, you could see a solid profit by selling for U.S. dollars later.
[b]3. Mine Your Own Cryptocurrency Coins[/b]
Finally, it’s possible to mine your own cryptocurrency coins. However, we aren’t in the days where you could just use your home computer to work on mining Bitcoin. Today, with so many miners working with their rigs, it can be difficult if you want to make money with cryptocurrencies through mining.
You need to invest in graphics cards and the right setup for the best chance. You need to know how to build a computer. Once you get it set up, you will be using more electricity. Some coins might be faster to mine than others. For example, you might have more luck mining Litecoin than Bitcoin. However, Litecoin doesn’t sell for as much. You could also mine something like Monero. You can get a lot of them faster, but then you have to be able to sell them on the exchanges. There might not be enough demand for you to sell all your coins if you mine something less popular.
No matter what method you use to make money with cryptocurrencies, though, you have to be aware of market conditions. If a coin drops in value, you might have to wait until it rises again to sell — or it might be a coin that doesn’t pan out and then your losses are permanent. Make sure you understand the risks before you start.

2k views · View 171 Upvoters · Answer requested by Alex S. Gabor


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Traders have a tendency to overcomplicate things with fancy charts and indicators. I won’t use any technical jargon or complicated graphs. Those charts won’t help you too much when the price drops 90%.
Bitcoin broke 6k where it’s been hovering at around for a while. It dropped to 4k. This is good. It means price movement, volatility, and cheaper Bitcoin. So, this signaled to me that I should look at what the market is doing.
Currently many coins are correlated to Bitcoin — not all, but most — meaning when Bitcoin goes up, they go up. That said, altcoins can have bigger price fluctuations relative to their price. So, I went out to find a coin that has two things.

  1. [b]Liquidity[/b] (at least 2–3 million USD). You need trading volume, or else you won’t be able to find buyers when you want to sell your coins.
  2. [b]That has taken a big drop in price. [/b]Buy low, sell high. Most people do the opposite.

Taking a look, there’s a lot of coins that fall into that category. I chose ETP (metaverse) because I liked how bloody the chart looked — it met my criteria above. Simple.
[Image: main-qimg-9d6e66848bf144a4b5f4eda78fbdc301]
I didn’t spend any time looking into the project, the fundamentals, the community, or pretty much anything else. I don’t care about any of those things because I’m a greedy capitalist.
In fact, I’ve charted no lines on this graph. All I did was look at it and saw red (low price), volume, and the price hovering around [b]prior support.[/b]
Next, I took [b]$2,640 [/b]and entered a position when the price was at [b]88 cents,[/b] meaning I bought $2,640 worth of ETP at that price.
My profit target was [b]20–30%, [/b]meaning that when the price hit $1–$1.3, I would sell at that price. Why did I choose that target, and why isn’t it a specific number?
I don’t know where it’s going to go, but the price dropped 20–30% in a couple of days. I’m just looking for a quick and dirty bounce (buy low, sell high) that’s worth my time. (Otherwise Fibonacci extensions/retracements are a good way determine my profit target).
You might stop me here and say, “wait a second, I don’t have that kind of money to just blow!” Or “I can’t risk that much!”
There’s an image that you need to have a lot of money or take big risks or be a great technical analyst to make trades. Not really. You just have to be right some of the time, not even most of the time…just [b]some[/b] of the time.
I didn’t risk my $2,640 — [b]I only risked $150.[/b] In the scenario above, I set a [b]stop loss[/b] at 83 cents. This means that if the price went to 83 cents, it would sell all my ETP coin automatically. That means the [b]most[/b] I could lose would be $150.
I set a price alert on Coinwink to alert me when the price went above $1. That way, I’d know when it was time to sell. This entire process of finding a coin, buying it, and setting an alert, took me all of about 15 minutes.
The price went up from [b].88 to 1.19[/b] in one day. I sold all my ETP — one click, done. That $2640 turned into $3419, netting me[b] $779.[/b]



I haven’t traded since last April. Day trading is a losing strategy. When you set financial goals or decide when you want to trade, you get emotional when it doesn’t work out. Let the market tell you when it’s ready — approach the market when there is volatility (like now), and never risk a lot. It’s as simple as setting a stop loss.
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#2
Cool omw
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