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How to Make Money with Cryptocurrency / Bitcoin - 5 Ways on Binance! - YouTube
Channel: Fisayo Fosudo
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Hey what鈥檚 up guys, in this video, I鈥檒l
explain the common ways people make money
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with Cryptocurrency.
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Before we begin, I want to preface though
by saying that this video isn鈥檛 for everyone,
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make sure you follow the rules of your country.
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If you鈥檙e from Nigeria you probably shouldn鈥檛
be watching this video, however, I realized
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that 72% of you guys are from all parts of
the world apart from my country and these
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rules may apply to you.
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Anyway, before you start.
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This is one of a two-part video series, I
already talked about how you can buy Cryptocurrencies
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like Bitcoin, and the likes via the P2P method.
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However, right here I鈥檒l be showing you
how to actually make money with it.
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This video is made with beginners in mind,
however if you鈥檙e an expert, you鈥檙e also
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welcome to watch.
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Now make sure you download the Binance app.
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Why should I download the Binance app you
may ask?
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Good question, Well It鈥檚 funny because that
is one way to make money, the first 100 people
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who download the app and deposit $100, trade
with it, that is you buy any coin or token
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of your choice, you get rewarded $5 once you
do that and it鈥檚 free to keep or withdraw.
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Hey I can鈥檛 say no to free money.
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We haven鈥檛 even gone far into the video
and you鈥檝e already started making money.
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You see how this works?
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Anyway, If you鈥檙e new to the channel, welcome,
if you鈥檙e returning, welcome back.
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I鈥檇 love it if you could hit that like button
so more people can benefit from the analysis
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we鈥檙e going to be sharing.
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Alright, I鈥檒l shut up now.
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Without further ado, let鈥檚 get to the video.
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In 2017 when I still had like 500 subscribers,
which was alot.
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Now we have passed 200,000.
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Thank you so much.
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Anyway enough about me, in 2017, I made a
video about Understanding Cryptocurrency and
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in that video.
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I talk about a couple of ways people make
money with cryptocurrency, some of which are
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still relevant today.
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One way I mentioned is Mining, but Mining
isn鈥檛 what it used to be and I鈥檓 not sure
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it鈥檚 profitable if you want to start small.
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Remember we鈥檙e looking to start with as
little as we have and work our way up.
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That being said, if you want to learn how
to convert your normal cash in the bank to
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cryptocurrency, make sure you watch my previous
video on how to trade via the P2P method.
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It would be in the card up above or liked
in the description of this video.
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It鈥檚 super easy and a beginner friendly
tutorial, even the people in the comments
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think so.
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Investing & Trading (Buy and Hold)
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The first way we鈥檒l look at making some
money with cryptocurrency is Investing and
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Trading.
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Risk warning though, the cryptocurrency markets
are very volatile.
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They swing upwards and downwards like crazy,
however, think of these two terms Investing
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and Trading in two different buckets.
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I got this analogy from Stilt.com, credit
to them.
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Investing is longterm and trading is short
term.
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I鈥檝e made multiple videos on the channel
talking about investing strategies but regarding
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the crypto space.
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It simply involves a long term plan of buying
and holding cryptocurrency assets for some
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time.
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When you go on the trade section of Binance,
you will see a thing called Spot.
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What is spot?
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Or Spot Trading?
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Put simply, it鈥檚 a method of buying and
selling assets, in this case crypto assets
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at the current market price which is called
the Spot Price.
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The spot price is the price at which an asset
can be bought and sold immediately.
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This price is created by buyers and sellers
where they post their orders.
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So you can see here, the red prices here are
the sell orders, the price at which people
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want to sell for and the ones at the bottom,
the green ones are the buy price.
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It changes by the second because the market
is very liquid.
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You can change this to show only buy or only
sell price but we鈥檒l leave it to show both
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of them.
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So not to go too technical, say we want to
buy something like Bitcoin, I want to buy
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about $100 in Bitcoin with BUSD which is a
stablecoin like USDT, where $1 equals 1 BUSD
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or Binance USD. if you watched my previous
video, you鈥檒l see what I mean but I鈥檓
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sure most people watching know what it means.
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So I鈥檒l click on the currency pairs and
select BTC/BUSD because I want to buy BTC
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or Bitcoin with BUSD or Binance USD which
is basically buying Bitcoin with dollars.
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So you can see my available balance here,
keep in mind that if you bought your coins
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via the P2P method, you would need to move
it from your Funding wallet which is the P2P
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wallet to your Spot wallet to be able to trade
here.
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From the Spot page now, all you need is to
put the exact dollar amount you want to purchase
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in BTC and that鈥檚 pretty much it.
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Like I mentioned, investing is more long terms
which is the part where you buy and hold these
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tokens or coins.
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Trading or day trading is where people exploit
the short term opportunities of the crypto
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market.
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Successful traders have deep knowledge and
skills to analyze charts and things like that
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and frankly, it is really really risky but
it鈥檚 possible to make money.
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If it was easy, everyone would do it and there
won鈥檛 be an opportunity to exploit so definitely
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consider learning the ropes before you get
started.
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I do not really recommend day trading but
it does work if you鈥檙e ready to open your
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mind, learn and understand the risks.
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There are also advanced techniques like Futures,
Margins and things like that but that is a
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whole separate video.
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Staking (Lending)
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The second way you can make money with cryptocurrency
is Staking or Lending.
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Staking in cryptocurrency is almost like having
a fixed deposit account in a bank.
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How do I mean by this?
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Well, if you stake your crypto, you lock your
coins and cannot spend them for a period of
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time and after a certain period you get interest
or rewarded for that.
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The reason this is done is almost similar
to mining.
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Miners are the people who let cryptocurrency
transactions happen with the proof of work
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concept where their super powerful computers
are used to validate and approve transactions
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for doing some computing work.
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For staking, it鈥檚 a proof of stake concept
whereby your coins are used to validate transactions.
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On Binance for instance, in the mobile app,
you would have to go from your Wallet to the
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Earn section or Binance Earn.
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Select Subscribe to Earn.
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This would show you options of different coins
or products, their APY or Annual Percentage
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Yield which is like the interest rate for
the year.
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The third tab has the duration or how long
you want your coins locked for.
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Either you lock your coins for 15 days, 30
days, 60 days or more and there are also Flexible
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plans where you can lock and withdraw when
you like.
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You can also see the high yield options which
have higher percentages but the returns are
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not guaranteed.
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So basically to achieve these rates, you would
need to lock it until it reaches that 15-day
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or 30-day date.
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If you鈥檙e starting out.
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Something like the USDT has Fixed savings
where you lock it for 60 days for 9% yearly
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return or technically 1.4% in 60 days, 30
days for 6% and Flexible for 3% annualized.
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Your coins are locked away and it鈥檚 used
to help with transactions on the network while
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you also make some money.
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A win for everyone.
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Transactions are approved with your locked
stake, you get interest and maybe the coin
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even goes up in value.
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The downside though is that while you get
the percentage gain, the value of the coin
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might go down.
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Of course, there are high yield options for
USDT as well but again, the higher the rewards,
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the higher the risks associated with them.
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As an assignment for this class, you can also
learn about Swapping as well.
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Freelance Work - Adding it as a Payment Method
- BitWage
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The 3rd way you can definitely earn income
with cryptocurrency is offering a service
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and adding your specific currency as a payment
method.
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One of the things that freelancers experience
is usually high fees.
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Having a payment for a service you鈥檝e rendered
just get cut by almost 100 dollars or more
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in fees.
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That鈥檚 like 55,000 Naira lost.
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I鈥檝e used many services like Payoneer to
receive payment for work I鈥檝e done and they
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can take almost a week to get a small thousand
dollar payment with so many unnecessary fees.
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They charge quite a high fee for you to receive
money and to spend that money or transfer
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it.
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So it鈥檚 just unfortunate and I can鈥檛 blame
them, that鈥檚 how they make money.
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On an app like Binance, you can select your
coin of choice that you want to get paid with.
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Copy your wallet address and receive your
cash with little fees on both parts and instead
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of waiting 2 weeks, you get it in a few minutes.
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From anywhere in the world.
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There are also companies like BitWage which
I鈥檝e heard of that allows people receive
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cash from US businesses, paid to a US Bank
account and then send to you in Cryptocurrency.
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Following Crypto on Social Media - Creating
Content my Affiliate
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Anyway, another way you can earn money with
cryptocurrency is actually by following these
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platforms on social media and checking out
what they鈥檙e up to.
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You never know what you might find to be honest.
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Even watching a video like this where I encourage
you to download the Binance app, deposit $100
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and trade with it makes you get $5 for free.
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However, that鈥檚 not all.
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This month, before the 19th of November 2021
that鈥檚 less than a week from this video
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being published.
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You stand a change of winning an iPhone 13
Pro, Airpod Pro, a Samsung Device and some
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Binance Hoodies.
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If you鈥檙e in Africa.
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Basically, all you鈥檝e got to do is share
the app and get 5 of your friends to sign
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up with your link, and create a Binance account
with KYC or complete identity verification.
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The friends you also refer should trade as
well, so you can even download the app, but
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they should trade with at least $50 and fill
the form linked in the description.
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That鈥檚 pretty much it.
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You can make a few cents with referrals, you
also stand a change to win pretty amazing
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prizes.
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I鈥檒l put all of the necessary details in
the description.
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I would also be entering because I want to
win too.
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AirDrops
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Speaking of rewards, Airdrops are free tokens
that are distributed to generate awareness
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about a project.
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They鈥檙e another way people can make some
money with cryptocurrency when they follow
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the crypto space If you鈥檙e part of an airdrop,
you get a free coin that you can trade for
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fiat or actual cash and use to buy stuff.
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Arbitrage
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One way that is not so common is the arbitrage
method of making money with cryptocurrency.
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Put simply arbitrage is the process by which
you can buy the same asset or coin or cryptocurrency
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on two different markets for a different price
and not the same price.
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So basically, it鈥檚 about buying crypto on
one market and selling it at a higher price
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on another market.
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Whenever there are arbitrage opportunities,
it can be a sort of easy or risk free venture
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for the trader.
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How do I know this, well it鈥檚 very obvious
and one of the richest person in the cryptocurrency
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space, Sam Bankman-Fried made millions even
now billions from this difference in price.
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You can of course read more about this, I
can link an article.
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In the end though, you want to learn about
the field, read a lot of articles and follow
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plenty resources.
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OF course, subscribe to my channel.
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Make sure you download Binance in the description
and Thank you for watching, I鈥檒l talk to
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you in the next one.
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