Can Cryptocurrency Make You Rich in 2024

By Ruby Currency

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Can Cryptocurrency Make You Rich in 2024

Disclaimer: The Industry Talk section on rubycurrency.com shares thoughts from people in the crypto industry and isn’t part of the website’s official content.

In the fast-moving world of cryptocurrency, there are no sure bets, but lots of investors have made big profits lately.

This beginner’s guide aims to show How Can Cryptocurrency Make You Rich using different strategies and tactics that have worked for others.

10 Ways Can Cryptocurrency Make You Rich

When exploring how cryptocurrencies can make you rich, the methods listed below offer some different ways to make money in this space:

  1. Investing Early: Get New Crypto Coins at Low Prices before They’re Available to Everyone
  2. Day Trading: Buy and Sell Crypto All Day to Make Money Regularly
  3. Holding: Invest in Crypto and Keep it for a Long Time
  4. Staking and Interest: Make Money from Crypto You’re Not Using
  5. Play-to-Earn Crypto Games: Get Crypto for Playing Games on the Blockchain
  6. Crypto Yield Farming & Lending: Make Money by Loaning out Crypto Coins
  7. Faucets: Do Easy Tasks to Get Free Crypto Coins
  8. Airdrops: Get Free Crypto Coins without Paying Fees
  9. DAOs: Join a Group to Help Decide Important Things about Projects
  10. Mining: Get Crypto Rewards by Using Cloud Mining Platforms

As is evident from the above list, exploring how can cryptocurrency make you rich may require a variety of different methods and strategies – all of which we discuss in the following sections of this guide.

A closer look at the best ways to get rich from Cryptocurrency

When trying to make money from cryptocurrency, it’s important to know the various ways investors do it in 2024.

You should also understand the risks that come with each method. Making money with crypto always involves some level of risk.

Investing Early: Get New Crypto Coins at Low Prices before They’re Available to Everyone

In making this guide about getting wealthy from crypto, we discovered that presales are the top way to reach this aim. Presales, also called initial coin offerings (ICOs), are when new blockchain projects sell their own cryptocurrency to early investors.

Investors want to join presales for new cryptocurrencies for several reasons. Firstly, it’s a chance to invest in a new cryptocurrency when it’s just starting. Sometimes, early investors get lower prices compared to later buyers on exchanges.

Also, many presales sell tokens at different prices in stages, with prices going up after each stage. This encourages investors to join early. Thirdly, when a presale sells all its tokens, the tokens are listed on an exchange. This is usually when the token gains a lot of value.

Finding the best crypto presales is tough. Also, finding a crypto that can make you rich is tricky. Investors need to do thorough research like reading the whitepaper and checking the team’s background.

But then, which crypto will make you rich? To help answer that, let’s talk about one of the top ICOs in the crypto world.

Day Trading: Buy and Sell Crypto All Day to Make Money Regularly

Now that we’ve talked about presales, we can move on to another strategy for making money with cryptocurrency. One popular way is day trading, where you try to make small profits by buying and selling crypto within the same day. The idea is to guess whether a particular cryptocurrency, like BTC/USD, will go up or down in value.

For instance, if the BTC/USD price is $19,700, day traders will try to figure out if it will go up or down soon, maybe in just a few hours or minutes. Day traders don’t hold onto a cryptocurrency for more than a day, which helps manage risks. But then, can you make a lot of money by day trading crypto?

It all depends on how much money the investor has. If a day trader is using only a little money, it’s hard to get rich with cryptocurrency. The only solution is to use leverage, which means borrowing money to trade. Some exchanges let you borrow up to 90 times the money you have.

This means that with $10 in the trader’s account, they can enter a $1,000 position. That’s why presales are considered the best option for making money from crypto because the profit potential is much higher compared to limited-day trading margins.

Holding: Invest in Crypto and Keep it for a Long Time

Holding onto cryptocurrencies for a long time, known as ‘Holding’, often leads to bigger gains compared to day trading, where you buy and sell within a day. Long-term investors usually do better than those who trade quickly.

If you hold onto your cryptocurrency for a long time during a strong upward market trend (bull run), you could make big profits. For instance, during the last bull market, cryptocurrencies like Dogecoin and Ruby Coin gained thousands of percentage points. But, it’s crucial to do thorough research when choosing a cryptocurrency for long-term investment.

Lots of investors choose to create a varied portfolio with not just Bitcoin but also other top altcoins in the market. The more varied it is, the better. After deciding on the best cryptocurrencies to hold for a long time, investors can start investing using a trading platform.

Staking and Interest: Make Money from Crypto You’re Not Using

Investors might not get rich from staking and interest accounts, but they’re good for making money when the market is down. It’s important to earn interest on cryptocurrencies instead of letting them sit unused in a wallet. Staking is a popular way to do this.

This investment option lets investors pick either fixed or flexible terms. With flexible terms, investors can take out their cryptocurrencies whenever they want, but the interest rate is usually lower. For a higher interest rate, investors can choose a fixed term, which can range from 30 days to a whole year.

Play-to-Earn Crypto Games: Get Crypto for Playing Games on the Blockchain

Another way to make money from cryptocurrency is by playing games where you can earn crypto just by playing them. These games come in many varieties and there are hundreds, maybe even thousands, available now. They include sports, role-playing, and racing games, as well as large open-world virtual environments like The Sandbox and Decentraland.

In those two games, players can buy virtual land and build on it. They can also make money from it by doing things like hosting concerts and charging people to come.

The play-to-earn idea is great for people with limited money. This is because after paying to create an NFT, players only need to spend time, not money. So, it’s one of the top ways to earn cryptocurrency without investing much.

Crypto Yield Farming & Lending: Make Money by Loaning out Crypto Coins

Another way to earn rewards is through crypto yield farming. It’s like lending your cryptocurrency for interest that can change. First, you pick a crypto yield farming platform, usually a decentralized exchange.

Then, you lend your cryptocurrencies to the exchange by connecting your private wallet. The exchange uses your tokens to create a pool of funds. Traders can then use this pool to trade cryptocurrencies directly on the exchange without needing a middleman.

By adding cryptocurrency to the liquidity pool, investors can earn interest based on the trading fees collected. It’s an easy way to make money from crypto investments that aren’t actively used.

Can Cryptocurrency Make You Rich in 2024
Can Cryptocurrency Make You Rich in 2024

Can Cryptocurrency Make You Rich? Things to Keep in Mind

It’s possible to make money with cryptocurrency, but it’s not certain. We don’t know what will happen with how valuable digital assets become, how they’re regulated, or how widely they’re used in the future. Still, by following the tips below, investors can increase their chances of making more money than usual.

Target Returns

When thinking about getting rich from cryptocurrency, the first thing to think about is how much money you want to make. This depends on how much money you have to invest.

For instance, if you have $100 to invest, well-known cryptocurrencies such as Bitcoin and Ethereum might not be the best choice. This leads to the common question: “Is Bitcoin a good investment in 2024?” It’s unlikely that these cryptocurrencies could grow 100 times or more because they’re already worth billions of dollars.

Considering this, people who are trying to save money might think about participating in cryptocurrency presales. For instance, Lucky Block made profits 60 times its initial value after its presale in January 2022. Similarly, Tamadoge saw growth of 20 times after its presale later in the year.

Conclusion

People new to the crypto world often want to get rich quickly. But it’s important to be realistic about things like how much money you have, how long you’ve been investing, and how much you know about it.

However, investors of different levels of experience are increasingly using crypto presale launches to aim for returns of 10 times, 50 times, or even 100 times their initial investment.

FAQs

Can Crypto Make You Rich?

Investing in crypto can be risky but profitable. You could make big profits, as some people did in the recent bull market, where prices skyrocketed. But be careful as some crypto projects have failed, causing significant losses. Do thorough research and diversify your investments to minimize risks.

How do people get rich using crypto?

The most successful crypto investors usually buy into a project early and hold onto the tokens for months or years. This method often leads to bigger returns compared to traditional stock trading.

How can Cryptocurrency Make You Rich?

Becoming wealthy quickly with cryptocurrencies involves a lot of danger. People who are okay with possibly losing all or part of their money to make big profits might think about crypto presales. Others who are willing to take big risks might trade crypto derivatives with up to 100 times the borrowed money.

Ruby Currency

Discover the latest in cryptocurrency, blockchain, NFTs, and the Metaverse with our expert content writer. Decoding complex concepts and delivering insightful content, we guide you through the digital frontier.

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