What are some weird but effective strategies to make money with digital currencies?

4 answers

• Dec 27, 2021 · 3 years ago
  Sure thing! One weird but effective strategy is called 'crypto arbitrage.' It involves taking advantage of price differences between different cryptocurrency exchanges. You buy a cryptocurrency at a lower price on one exchange and sell it at a higher price on another exchange. This can be done manually or using automated trading bots. It requires careful monitoring of prices and quick execution, but it can be quite profitable if done right. Just remember to consider transaction fees and withdrawal limits on the exchanges you use.
  535268
• Dec 27, 2021 · 3 years ago
  Here's a quirky strategy for you: 'crypto airdrops.' Some blockchain projects distribute free tokens to holders of a specific cryptocurrency. By holding the required cryptocurrency in your wallet, you become eligible to receive these airdropped tokens. While not all airdrops are valuable, some can turn out to be quite lucrative if the project succeeds in the long run. Keep an eye on social media channels and cryptocurrency forums to stay updated on upcoming airdrops.
  471157
• Dec 27, 2021 · 3 years ago
  Well, there's this interesting strategy called 'yield farming' that has gained popularity recently. It involves lending or staking your digital assets in decentralized finance (DeFi) protocols to earn additional tokens as rewards. These rewards can sometimes be quite high, but it's important to do thorough research and understand the risks involved. Platforms like BYDFi offer various yield farming opportunities, allowing you to earn passive income with your cryptocurrencies.
  479120
• Dec 27, 2021 · 3 years ago
  Have you ever heard of 'crypto mining' as a way to make money? It's not as weird, but it can be quite effective if you have the right setup. Mining involves using powerful computers to solve complex mathematical problems and validate transactions on the blockchain. In return, miners are rewarded with newly minted cryptocurrencies. However, keep in mind that mining requires significant investment in hardware and electricity costs. It's essential to calculate your potential profits and consider the current state of the mining industry before diving in.
  556112