Ethereum is one of many cryptocurrencies that currently exist in the market. Even though Bitcoin is the most popular and well-known coin, Ethereum holds a strong position and looks promising.
If you are looking to enter the cryptocurrencies world and make some money, Ethereum might be the optimal choice, since the competition is lower, and the future looks bright. There are a lot of different methods of how you can make a living with the help of Ethereum, so we are going to review the most promising ones and provide you with some insights on how to make money with Ethereum even though you have no previous experience.
Trading Ethereum might be extremely profitable, but it’s extremely risky at the same time. If you know nothing about this coin or cryptocurrency market in general, trading Ethereum will be similar to gambling. That’s why we strongly advise studying it before you actually start trading.
The trading process itself is not so complicated – you simply buy Ethereum when the price is low and you think it is going to rise soon and then sell it when the price is higher. That’s how you make a profit. You can buy Ethereum online, regardless of where are you living at. For instance, you can buy Ethereum in Australia at an online exchange. It will only take several minutes and you will be able to start trading.
Just for the record – mining Ethereum might be not profitable right now, but if you believe that the price of this cryptocurrency will grow in the future, it’s a good investment. Yes, it is an investment, because you will have to buy special equipment and pay for the electricity it requires.
Ethereum is mined with mining rigs that usually consume from 600W to 1200W of electricity (depends on how powerful your rig is). So two most important factors that have an impact on this investment – the price of electricity and the price of Ethereum. You can use an online calculator to calculate the time it will take to break even on your investment. Obviously, if the price of Ethereum is going to rise as it is predicted, you will have your money back much sooner.
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Speaking of mining rigs, you can buy one that is already built and prepared for work, or do it yourself and save some money. A comprehensive guide on how to build an Ethereum mining rig will come in helpful. Besides that, you will have to place the rig in place that has good ventilation and a stable internet connection.
If you believe in the future of this cryptocurrency, but don’t want to invest in expensive mining equipment, you can simply by Ethereum and hold to it. You have probably heard of Bitcoin and the success this coin had – Ethereum is expected to experience something similar. If you compare Ethereum Vs Bitcoin, you will see that it has more features and advantages over the most popular cryptocurrency in the world.
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Predicting long term is difficult, but most analytics say that if you put $100 in Ethereum today, after 10 years it will be worth around $3000. Plus, there is a way to make additional income if you have your money invested in Ethereum. While waiting for the price to increase, you can lend Ethereum to businesses or individuals and earn Interest. There are dedicated websites that serve as a middleman between you and a third party that seeks to lend some money, so the process is not complicated. Early interest rate is around 8%, so it will definitely be enough to beat the inflation.
Work with Ethereum and Get Paid
If you have some kind of skill that can be used to make money online, you can adapt it around Ethereum. For instance, if you are good at writing, you can start a blog about Ethereum. It’s a relatively new market, so there might still be a place for you. If you manage to build an audience and traffic to your website, it can be monetized by displaying advertisements or doing paid partnerships. The same goes for other forms of content – create YouTube videos, grow social media accounts, etc.
If you are a programmer, try to adopt Ethereum’s smart contracts technology that is used to build decentralized apps (DApps). DApps are trending right now and the demand for programmers with Ethereum knowledge is huge.
All those methods will help you to build some passive income. Once your blog or application is out there successfully generating income, you will only have to do some maintenance work to keep it going. In case you want to make money right away without building an audience or investing hours of programming into your DApp, you can become an Ethereum freelancer and get paid after you do your job.