I know you might be wondering how possible it is for you to make money with zero trading knowledge as contained in the heading of this guide, but don’t worry, I am going to break it down for you and show you all the effective ways on how to make money with cryptocurrency without trading knowledge.
As far as cryptocurrency is concerned, technical trading is not the only means to make money, there are hundreds of options that you can explore to make even more money without knowing anything about technical analysis or whatsoever. And this is where this guide on how to make money with cryptocurrency with zero trading knowledge comes in.
You might be wondering what prompts me to create this guide which I believed the answer is very obvious as it’s no more a breaking news that a lot of individuals are showing interest in crypto market, due to the fact that it has a lot of potentials that can earn you cool cash at the comfort of your home.
Ok! Cryptocurrency is for sure a golden opportunity that can turn your zero income to hundreds of thousands in just few minutes, but now that some individuals finds it’s technical aspects very difficult, should they be left out of the opportunity? No! There is always an option and this is the reason why I have take my time to gathered all the possible Ways to make money in the crypto sphere without trading knowledge.
No technical skills required!
No trading knowledge or whatsoever and you will still be earning cool cash with minimal or zero risk.
About cryptocurrency and how it works
Cryptocurrency is a decentralized payment method that you can be used to trade, send and receive money online. Cryptocurrency operates on a blockchain, which is the digital ledger of cryptocurrency transactions, ensuring that the same coin is never used twice.
In cryptocurrency, transactions are processed on a blockchain network made up of thousands of machines, and in return for the efforts of these machines, owners can earn cryptocurrencies. And the existence of the fact outlined in this paragraph will be providing us with on major strategy to make money with cryptocurrency without trading knowledge. Keep reading.
Cryptocurrency does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to a central bank digital currency (CBDC). When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized.
In short, A cryptocurrency is a tradable digital asset or digital form of money, built on blockchain technology that only exists online and a crypto asset can either be a Bitcoin or an Altcoin.
About Bitcoin and Altcoins
You will all agree with me that we can’t talk about cryptocurrency without mentioning Bitcoin as it’s the father of all crypto currencies and this is here the term Bitcoin and Altcoins comes to existence.
Bitcoin is a decentralized digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious and pseudonymous Satoshi Nakamoto. The identity of the person or persons who created the technology is still a mystery. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms do, and unlike government-issued currencies, it is operated by a decentralized authority. It is the main and the first cryptocurrency.
Altcoins are cryptocurrencies other than Bitcoin (BTC). They share characteristics with Bitcoin but sometimes might also different in other ways. For instance, some altcoins use a different consensus mechanism to produce blocks or validate transactions. In some cases they distinguish themselves from Bitcoin by providing new or additional capabilities, such as smart contracts or low price volatility.
As of November 2021, there are over 14,000 cryptocurrencies. As contained in CoinMarketCap documentaries, Bitcoin and Ether alone accounted for nearly 60% of the total cryptocurrency market in November 2021. So-called altcoins made up the rest.
Because they are often derived from Bitcoin, altcoin price movements tend to imitate Bitcoin’s trajectory. However, analysts say the maturity of cryptocurrency investing ecosystems and the development of new markets for these coins will make price movements for altcoins independent of Bitcoin’s trading signals.
About crypto trading
Cryptocurrency trading involves speculating on price movements via a CFD trading account, or buying and selling the underlying coins via an exchange. The cryptocurrency market is usually available to trade 24 hours a day, seven days a week because there is no centralized governance of the market.
Cryptocurrency transactions take place directly between individuals, on cryptocurrency exchanges all over the world. However, there may be periods of downtime when the market is adjusting to infrastructural updates, or ‘forks’.
When talking about cryptocurrency trading, it’s very important to emphasize the needs of technical analysis as this is the primary requirements that aids any cryptocurrency trading journey. For you to b a crypto trader, you must understand the technical analysis as this is the only skills that will let you know how to enter and leave the market at the right time.
Having gotten the basic information on cryptocurrency and the crypto trading, it’s th right time to proceed to the main reason why you’re here, which is how to make money with cryptocurrency without trading knowledge.
How to make money with cryptocurrency without trading knowledge
There are lots of ways with which you can make money with cryptocurrency without trading knowledge and in this section, I am goiy to provide you with 7 ways with which you can make money with cryptocurrency with zero trading knowledge. Let’s go!
Airdrops is on of the primary strategy that you can use to earn cryptocurrency for free and with no limit to the amount of money you can make from the strategy. A lot of individuals have make it big in the airdrop strategy and able to accumulate enough money to get them started in their crypto journey.
When talking about airdrops, the term airdrop in cryptocurrency Is referred to as a promotional strategy that involves sending coins or tokens to wallet addresses in order to promote awareness of a new virtual currency. Small amounts of the new virtual currency are sent to the wallets of active members of the blockchain community for free or in return for a small service, such as retweeting a post sent by the company issuing the currency.
Cryptocurrency airdrops required no capital most time, but some times, the participants may need to hold a minimum quantity of the crypto coins in their wallet so as to be eligible to receive the airdrop. However, you should clearly understand the difference between holding a crypto in your wallet to qualify for an airdrop as compared to that of investing.
A legitimate crypto airdrop will never seek capital investment in the currency. Its aim is purely promotional. On other hand, some crypto scams involve sending micro amounts of bitcoin or other cryptocurrencies to unsuspecting recipients in what is known as a dusting scam. Users should always be vigilant about unsolicited deposits into their crypto wallets.
The fact outlined in the just concluded line about reflects some of the risks that associates with the airdrops strategy, but regardless, it’s the most effective strategy to make a lot of money in cryptocurrency if you luckily participate in a winning airdrop.
2 Rules Of Airdrops
Airdrops being the most effective way to make money with cryptocurrency without trading knowledge have a lot of risk associated with it and this is because, a lot of online scammers are creating fake projects to scam unsuspecting members of their hard earned money and in order to avoid this, you must heed to the two rules below:
I. Never use your storage wallet for crypto airdrops. If you a wallet you usually used for storing crypto currencies, make sure you isolate such wallet from any form of airdrops. Get a separate wallet for your airdrops and if eventually you have a winning airdrop and the finalized coin has been sent to you, you can easily transfer it to your Main wallet
Once again, if you’re Ready to hunt for airdrops, make sure to get a separate wallet for airdrops. This will prevent you from exposing yourself to unnecessary risks.
II. Always do your own research about the project to at least, have little knowledge about it and be able to know if it worth your time or not.
2. Crypto Mining
Crypto mining is another way to earn free cryptocurrency and if you’re lucky to find a legit crypto mining site, you will be able to accumulate free cryptocurrency without spending a dime.
Crypto mining in cryptocurrency, is a competitive process that verifies and adds new transactions to the blockchain for a cryptocurrency that uses the proof-of-work (PoW) method. The miner that wins the competition is rewarded with some amount of the currency and/or transaction fees.
When talking about crypto mining, we have individuals mining, Cloud Mining, Mining Pools and Mining Energy.
Practically, crypto mining is simply a way if creating new coins but apart from that, crypto mining also involves validating cryptocurrency transactions on a blockchain network and adding them to a distributed ledger as contained in the just concluded line above.
However, the process of crypto mining is a bit complicated, but in its simplest terms, it involves using computers to solve complicated math problems. The first miner that is able to solve the problem validates a block on the blockchain and is awarded a predetermined amount of cryptocurrency.
The Main issue with earning money mining cryptocurrency, is the cost. While there is technically no barrier to entry, the fact is that the more computing power you have, the more likely you will be the first to solve the math problem required to earn your crypto.
On this note you will need numerous specialized computers with high-tech computer chips to have a realistic chance to consistently earn crypto. Practically, you will need either a graphics processing unit, known as a GPU, or an application-specific integrated circuit, or ASIC, to set up a crypto mining rig.
The fact that you can make money with cryptocurrency without trading knowledge via cryptocurrency mining cannot be neglected, but it’s considered complicated and mostly not cost effective, apart from the expenses in getting the right computer systems, you’ll have to factor in the enormous energy costs. GPUs and ASICs are energy-intensive, and you’ll generally need a lot of them to become a successful miner. Let’s stop here and check the next option on the list.
3. Taking advantage of promotional offer of newly lunched crypto exchange
A cryptocurrency exchange is referred to as an online marketplace where users buy, sell, and trade cryptocurrency. Crypto exchanges work similar to online brokerages, as users can deposit fiat currency (such as U.S. dollars) and use those funds to purchase cryptocurrency. Users can also trade their cryptocurrency for other cryptocurrencies, and some exchanges allow users to earn interest on assets held within the exchange account.
Taking advantage of the promotional offer of a newly lunched crypto exchange I another easy way to make money with cryptocurrency without trading knowledge, whenever a crypto exchange is being lunched, there is the need to push the platform to reach more people and there are two ways to archive that, these two ways includes sponsored adverts a bonus for existing users to introduce new users to the platform.
This is where you can make money without trading nor investing, some will pay you with their own native currency which can be exchanged to any cryptocurrency of your choice, while some will pay in USDT or your local currency.
Your only job here is to introduce new users to the platform and get paid in cryptocurrency for helping the platform to grow, browsingtechzone always share these opportunities with it’s user’s whenever any is available via it’s WhatsApp channel or telegram channel.
Some this exchange will pay you recurring commission whenever your referral perform a trade, this implies that as someone with zero trading knowledge, you can Refer people that knows how to trade and earn a fixed percentage whenever they complete a trade on the platform and this will continue till they stopped using the platform.
This strategy is not limited to inviting new users only, you can also get paid for completing some tasks on a particular platform. For example, some crypto exchange platform will pay their users a specific amount of money, whenever they deposit a specific amount of money to their trading wallet. This is in a bid to let the registered members b active on the platform.
4. Buy and hodl a potential coin
Hodl is a crypto term used for hold, it’s commonly used by cryptocurrency investors that refuse to sell their cryptocurrency regardless of the price increasing or decreasing. It is more frequently used during a bear market when people refuse to sell their coins despite the price drop.
When you decide to buy and hold a coin, that means you buying it now to purposely resell it in future when it would have yield a lot of profits. However, buying and hold is not for the weak as the crypto market is not stable. But if you have the mind to buy a potential coin and watch it do it’s things, buying and hold is another way to make money with cryptocurrency without trading knowledge.
This method of making money from crypto is preferable for people who are ready to take risks. It means getting crypto assets of your choice from a crypto exchange and purchasing more when prices drop – practically refered to as “Buying the dip”.
Well-established crypto coins like Bitcoin, Ethereum, and Litecoin rise and fall daily, but if we look at the chart, we find these coins have maintained an upward trend across the year. New coins with a lot of hype are more likely to debut at a higher price. Later, it loses value and requires a long time to recover. Sometimes they are likely to disappear if there are not enough buyers in the market or the utility of the function performed is insufficient.
What you must do before buying a coin to hodl
You shouldn’t just buy any coin you see or heard of, the first step in buying coin to hodl Is proper research. Make sure you do your own research and be sure that the coin you’re about to invest in have a very good potential.
The worst mistake you could ever do in this strategy is to buy a coin because others are buying it, when you want to consider buying a coin because a lot of people are buying it, you should make sure you asked yourself this two questions:
I. Will this people informed me when they’re selling? Yes! You should fully understand that the buy decision is the only thing those people will publicize, they will never tell you when they are set to exit the market, causing the market to dump on you and loosing large part of your investment.
II. Hope this is not a pump and dump project. Yes! Pump and dump project are project that are being created by a developer, just to make profit. This type of developers will tend to employ a lot of influencers to shill the project and immediately it get the required popularity, people will start buying and the coin will start pumping.
When the price reach the point that satisfy the developer, they will pull out a large volume of of the coin, leaving the price on a free fall. I guess you have heard of a project that rug pull before, these are one of the factors that causes a project to rug pull.
As an individual intending to invest on a crypto for a very long period of time, It is very important to read the white paper for that coin before deciding which cryptocurrency to use as a long-term investment. Reading the white paper will give you a fair idea of the origins and purpose that it serves and provide enough data to allow it to stand the test of time.
I intentionally let’s arbitrage Trading comes last on the list as it supposed to make the first listing on the list, but being the father of all strategy listed earlier, I decided to let it come last.
As far as how to make money with cryptocurrency without trading knowledge is involved, arbitrage trading is the most effective Way as it’s a complete stand alone strategy on itself and allow you to make money without any knowledge of trading or whatsoever.
An arbitrage trader is known as Opportunist, they exploits any tiny differences in price between identical assets in two or more markets. The arbitrage trader buys the asset in one market and sells it in the other market at the same time in order to bank the difference between the two prices.
This is very simple, it’s just like buying from A at a very low price and selling to B at an higher price. Ok, let me give the simplest example and this is about dollar arbitrage, if you’re from Nigeria, the official exchange rate of dollar at your local Bank is 410 while the black market rate is 570, imagine having the opportunity to buy dollar at 410 and resale at 570? That’s huge amount of profit by just buying and selling.
In short, any strategy that aims to generate profit by simultaneously buying an asset in a market and selling it in another is referred to as arbitrage.
Your work here is to detect any market with slight difference in price as compared to the other, the take the advantage.
Let say for example, you detect that xlm is being sold at $0.1970 at a particular app exchange platform and you have another umba exchange platform that list it’s buying price as $0.2001, all you have to do is to fund you Wallet and buy xlm in bulk from the platform exchange platform that is selling at, $0.1970 per xlm and sell it at $0.2001, take your profit and repeat the process.
The margin don’t need to be very large, unless you’re dealing with dollar arbitrage.
Conclusion: how to make money with cryptocurrency without trading knowledge is a very important topic that must not be left untouched and with the detailed information revealed in this guide, you’re now 5 strategy richer on how to make money with cryptocurrency with zero trading knowledge. Some of the listed strategy requires zero capital while some requires at zero risk.
However, it’s left for you to explore the guide and choose the best strategy that is easy and convenient for you, build on it and take it’s advantage to make cool cash in the crypto sphere even when have zero trading knowledge.