The crypto markets have taken a tumble lately, but that doesn’t mean that there isn’t money to be made. Like with any market, you can make money on the up or down swings with crypto. You also don’t have to trade in the traditional sense to make money. There are so many different opportunities out there for people who are willing to do the work, and being open-minded could help you sniff some of these out. Let’s take a look at some unusual and little-known ways to make money with cryptocurrency in 2023.
Mining crypto has always been a great way to make money from crypto but is not seen as accessible to most people. But this could change as things like cloud mining become more popular. With cloud mining, you are essentially renting computing power from a remote computer and joining a virtual mining pool. This allows you to mine crypto without having to spend tons of money on building a mining rig.
Crypto Arbitrage with Bots
This has to be one of the most interesting ways to earn money with crypto. A lot of people still don’t know this, but there can be discrepancies in price between exchanges on certain cryptocurrencies. These differences are usually very small, but big enough for people to earn a margin by buying on one exchange for a low price and selling it on another exchange at a higher price.
This is something that you could do manually through arbitrage sites, but that’s not the most efficient or effective way to do it. Most people who do crypto arbitrage use bots like Coygo to find gaps between exchanges and capitalize on them. These allow you to identify arbitrage opportunities in milliseconds.
There are also tons of ways to make money as an affiliate if you know crypto and love the sector. You could set up a website where you review trading tools and exchanges. Or you could review wallets. You could even have a website explaining how to mine coins and send links to electronics retailers. This could allow you to make a lot of money since mining rigs can get extremely expensive and lots of people are trying to learn how to mine.
Play to Earn
If you’ve heard about play-to-earn games and blockchain gaming and feel skeptical about it, don’t be. There are actual games that will allow you to earn crypto. Games like Axie Infinity allow players to find and collect SLP, or Smooth Love Potion through quests and they can be traded on major crypto exchanges like Binance. So don’t assume that it’s a joke or a scam. Pay-to-earn gaming could really take off, and if you enjoy gaming and like the idea of getting paid to play, you should start looking into those games more seriously.
As you can see, there are tons of ways to make money outside of traditional trading. Look at all of these opportunities and see which ones work the best for your needs, goals, and current situation.