When the cryptocurrency industry was founded back in 2009, there was not much that it could offer investors. At that time, the only way of acquiring cryptocurrencies was through mining, and once mined, there was nothing more that could be done to them.
Then in 2011, cryptocurrency exchanges came into action and for the first time since launch, cryptocurrencies had a value-added to them. Then started the journey of cryptocurrencies gaining worth and market capitalization. Once the exchanges were founded, people had the opportunity to start trading in cryptocurrencies.
Now, people had two options they could acquire cryptocurrencies; the first one was traditional mining and the new one was by purchasing or trading. Since then, more opportunities and products have been introduced into the cryptocurrency and you can benefit from those as well. Let me walk you through some of the most profitable and entertaining products in the cryptocurrency industry you can benefit from.
You Can Go with the Traditional Mining
As explained in the beginning, when cryptocurrencies were first launched, the only way to acquire them was through mining. This process was overshadowed once the cryptocurrency exchanges started emerging in the year 2011. In the beginning, even the mining of Bitcoin (BTC) was a cheap activity but now, Bitcoin (BTC) is definitely one of the most expensive ways of acquiring Bitcoin (BTC). One needs to spend a lot of cash and dedicate an entire room, if not an entire building for the hardware to mine cryptocurrencies.
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Even your country needs to be rich in electricity before you can set up a farm for Bitcoin (BTC) mining. If not, then you can go with other cryptocurrencies that require less energy and hardware, which is cheaper than that of BTC mining rigs. Some of the cheapest and easily mined cryptocurrencies include Monero (XMR), LiteCoin (LTC), Ethereum Classic (ETC), Zcash (ZEC), and many more.
You Can Purchase or Trade Cryptocurrencies
If you do not think that you want to spend so much time in setting up rigs for mining, then you can go with the easiest way. You can simply go to a cryptocurrency exchange and purchase cryptocurrencies of your choice. Or, if you have cryptocurrencies from your mining activities, you can visit an exchange and exchange your mined crypto with the one you desire.
At present, most of the investors go with purchasing cryptocurrencies of their choice and then proceed with usual trading activities. They wait for the right time and either go for the crypto exchange or convert their crypto into fiat. This is currently the most adopted method through which people are making fortunes.
You Can Purchase Cryptocurrencies and Stake
If you already have cryptocurrencies but do not want to sell it to make profits, then the best option for you is staking. There are a number of cryptocurrency exchanges that currently offer investors the opportunity to stake their cryptocurrencies to earn interest on them. At present, some of the major cryptocurrencies used for staking include VeChain (VET), Cosmos (ATOM), Lisk (LSK), Tezos (XTZ), and Neo (NEO) among others.
You Can Create Your Own Artwork NFT and Sell It
Ever since the beginning of the year 2021, a new sector within the cryptocurrency sector has gained a lot of popularity and adoption, which is NFT. The non-fungible token (NFT) technology allows developers to create their own tokens that only have a worth on the developers’ preferred platforms. However, among all benefits that the NFT sector has to offer, the most profitable sector is digital artwork.
In the past 6 months, several digital artwork designers have designed their own digital artwork NFTs and have sold them through the NFT marketplaces. The NFT-based digital artwork sector has not only gained a tremendous user base but has proven very profiting. So far, several digital artwork designers have created their own digital artwork and have sold them for several million. At present, the most expensive digital artwork NFT is the one titled “Everyday: The First 5000 Days”, which sold for almost $70 million. If you think you have what it takes to be a digital artwork designer then go for the particular gig apart from others.