How to Make Money with Cryptocurrency - Binance!
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| Binance money-making App - 2022 |
Yo, what's up guys in this article I will explain the common ways people make money with cryptocurrency. But before we begin before we start anything at all I want to preface this video by saying that this video isn't for everyone, make sure you follow the rules of your country. If you're from Nigeria, you probably shouldn't be watching this video, however, I realized that 72% of you guys that are part of this audience that are subscribed to my channel are from all parts of the world and not from my country.
So these rules may apply to you. Anyway, before we get started. This is one of a two-part video series I already talked about how you can buy cryptocurrencies like Bitcoin and the likes via the p2p method. However, right here in this video, I'll be showing you how to actually make money with cryptocurrency. This video is made for beginners in mind. However, if you're an expert, you're also welcome to watch this video. Now make sure you download the buy Nance app.
Why should I download the by Nance app you may ask? Good question. Well, it's funny because this is one way that you can make money. The first 100 people who download the by Nance app with my link in the description below and deposit $100 trade with it just by any coin or token of your choice will get rewarded with $5 Once you do that, it's free. It's free for you to keep or withdraw whatever Hey, I can't say no to free money.
So yeah, we haven't even gone find the video I already started making money. To see how this works. Anyway, you're new to the channel. Welcome. And if you're returning welcome back. I love it if you hit the like button so people can benefit from the knowledge I will share in this video. And I'll shut up now without further ado, let's get to the article in 2017 when I had like 500 subscribers, which was a lot now we have past 200 hours per month. Thank you so much. Thank you. Anyway, enough about me. In 2017 I made a video about understanding cryptocurrency and in that article, I talked about a couple of ways that people you know make money with cryptocurrency some of which are still relevant today. One way that I mentioned before was mining but mining isn't what it used to be and I'm not sure it's even profitable anymore. You know if you want to start small remember are looking to start with as little as you have and work your way up. And that's the goal of the finance Friday series. That being said, if you want to learn how to convert your normal cash in the bank to cryptocurrency make sure you watch my previous video on how to trade via the p2p method. It'll be in the card up above somewhere or in the link in the description below.
You know super easy and beginner-friendly tutorial and even the people in the comment section I think it was very insightful as well. The First we'll look at making some money in cryptocurrency is investing and trading risk warning though the cryptocurrency market is a very, very, very volatile, they swing upward and downward the prices like crazy, however, think of these two, you know terms investing and trading in two different buckets. I got this analogy from students.com credit to them. Investing is long term and trading is short term. I've made multiple videos on the channel talking about investing strategies, you know, stock markets, and the likes. You can watch that with the finance Friday series but regarding the crypto space, it simply involves a long term plan of buying and holding cryptocurrency assets for some time that is investing when you go on the trade section in finance, you can see a thing called sports now what is sports or sports trading Put simply, it's a method of buying and selling assets. In this case cryptocurrency assets at the current market price which is called the spot price. The spot price is the price at which an asset can be bought and sold immediately.
This price is created by buyers and sellers where you know they post their orders so you can see here the red prices or the sell orders or the sale prices and the price at which people want to sell for and the ones at the bottom the green ones are the buy price this is the price people want to buy cryptocurrency it changes by the second because the market is very liquid you can change this to show only buy or only sell you know by NASA Apple will leave both of them to show for now not to go too technical say we want to buy something like Bitcoin, for instance, I want to buy about $100 worth of bitcoin with B USD which is a stable coin like USD t where $1 equals one B USD or by Nance USD. If you've watched my previous videos, you will see what I mean but I'm sure most people watching this video know what I mean.
So now I click on the currency pairs and say like BTC slash b USD because I want to buy BTC or Bitcoin with B USD or by Nance USD, which is basically buying Bitcoin with dollars so you can see my available balance right here. Keep in mind that if you bought your coins via the p2p method like I mentioned the previous video, you will need to move it from your funding wallet which is the p2p wallet to your spot wallets which is what we talked about spot trading and you'll be able to trade you know on the current price from the support page now all you need to do is put the exact dollar amount you want to purchase in Bitcoin and that's pretty much it you bought Bitcoin. Like I mentioned, investing is more long-term which is the part where you buy and hold these tokens or coins. Trading. On the other hand, trading is where people exploit the short-term opportunities of the crypto markets. successful traders have deep, insightful knowledge and skills to analyze charts and things like that. And, frankly, is really, really risky. But it's possible to make a lot of money, you know, trading if it was easy. If it was that easy, everyone would do it and there won't be an opportunity to exploit.
So definitely consider learning the ropes. Before getting started with trading at all. I don't really recommend day trading, but it does work. If you're ready to open your mind, learn and understand your risks. There are also advanced techniques like features margins, and things like that which can do here in finance, but it's a whole separate video it's a whole other video. The second way you can make money with cryptocurrency is by staking or lending. Second in cryptocurrency is almost like having a fixed deposit in your bank account. What do I mean by this? Well, if you stick to your crypto, you lock your coins, and you cannot spend those coins for a period of time. And after a certain period of time after they say the period of time you will get interested or rewarded for that. The reason this is done is almost similar to mining. You see miners are the people who let cryptocurrency transactions happen. With the proof of work concept, you know where there's a super-powerful computer that is used to validate and approve transactions for doing some computing work. Proof of Work.
For staking it is called the proof of stake concept whereby your coins are used to validate transactions by Nance. For instance, in the mobile app, you would have to go from your wallet section and go to the Earn section or the by Nance earn section. If you're on the web, this will show you the options of different coins or products, their API, or annual percentage yield, which is like the interest rate for the year. The third tab is the duration or how long you want your coins locked for. Either you want your coins, look for 15 days, 30 days, 60 days, or more. And they're also flexible plans where you can sort of put your coins there and withdraw whenever you like, the interest rate is lower for those you can also see the high yield options which have very high percentages, but the returns are not guaranteed various because we're basically to achieve these rates, you will need to lock it, you know until it reaches that 15 Day or 30-day period. And if you're just starting out, you know something like the USD t that has a fixed saving where you lock it for 60 days for 9% in yellow returns, or technically 1.4% in those 60 days 30 days for 6%.
The flexible is also 3% and realize your coins are locked away. And it is used to help with transactions on the network while you also make some money. So it's a win for everyone transactions are approved, you're locked stake or you're locked coin you get interested, ed and maybe if the prices of the coins go up, you get some sort of value. The downside though is that while you gain the percentage, the value of the coin might go down. Of course, there are high yield options for USD t as well. But again, the higher the rewards, the higher the risks associated with them. And as an assignment you know in this class, we can also learn about swapping just check, you know, coin swapping thought where you can definitely earn income from cryptocurrencies offering a service and adding your specific you know, cryptocurrency as a payment method.
One of the things our freelancer's experience is usually high fees, and delayed payments. Having a payment for a service you render just gets caught by almost $100 or more in just fees. That's like 55,000 Naira lost. I've used many services like Payoneer to receive payments for work, I've done you know, from what I've done, and they can almost take a week to get you to know, a small $1,000 payment with so many unnecessary fees, they charge quite high fees for you to receive the money and for you to spend that money or just transfer it you get charged on both ends. So it's just unfortunate and I can't blame them because that's how they make their money. On an app like Nance, for instance, you can select your coin of choice that you want to get paid with. So let's say from Bitcoin, you can copy your bitcoin wallet address, or your USD address, or anything and receive your cash with fewer fees on both parts. Instead of waiting for over a week.
You get it in a few minutes from anywhere in the world. Another way you can make money with cryptocurrencies, actually, by following these platforms on social media and checking out what these platforms are up to, you never know what you might find. And to be honest, even watching a video like this, where I sort of encourage you to download the by Nance app deposits, $100 and trade receipts and you know, Get $5 For Free is one of them. However, that's not all this month before the 19th of November 2021. That's less than a week from when this video is being published. You stand a chance to win an iPhone feting pro airports pro and a Samsung device, plus some hoodies and some goodies. If you're in Africa, basically, you know, that's what you have to do. Just share the app. Get five of your friends to sign up with your own link and create a by Nance account with KYC or complete identity verification.
The friends you also refresh should trade as well. And you can even download the app but hey, they should trade at least $50 and feel the form a link in the description below. That's pretty much it, you can make a few cents from referrals. And you also stand a chance to win some pretty amazing prices. I'll put all of the necessary details in the description below and also be entering so I want to win something too so make sure you download the app with my link as well. Thank you. Now speaking of rewards, airdrops are free tokens where you know, they're distributed to generate awareness about projects. There is another way that people can make some money with cryptocurrency, when they follow the crypto space, if you're part of an airdrop, you get a free coin or a free percentage of the coin or you can trade for actual cash and use it to buy the stuff you know when it grows over time.
Another way that is not so common is the arbitrage method of making money with cryptocurrency you can think of it as not so common but it also is a way people make money put simply arbitrage is the process by which you can buy the same asset or the same coin or the same cryptocurrency on two different markets for a different price are not the same price. So basically, it's about buying you know the crypto on one market and selling it for a higher price on another market. Whenever there is an arbitrage opportunity, it can sort of be easy and risk-free for traders. So how do I know this? Well, it's the very obvious one of the richest people in the cryptocurrency space, some Batman fried, made millions, even billions I would say from this difference in price from the arbitrage method. You can read more about this, I'll link an article in the description.
\I will try this one way you can actually just buy low and sell high consistently and make some money. In the end, you want to learn about the field, read a lot of articles and follow plenty of resources. And of course, if you found this video useful, make sure you drop a like on this video. And of course, make sure you subscribe and hit the bell icon beside the subscribe button. So you are the first to know when I post a new video. Also, make sure you download the finance app. What are you waiting for? That's free $5 for you right there and it's $5 How much is $5 like 2500 or something? I think anyway, that's free money for you when you download and positive $100 Thank you so much for watching this video again. And I'll see you in the next video.