Experienced crypto traders understand that bull markets are for selling, and bear markets are for accumulating, but the latter can be difficult in the face of rising inflation, which devalues fiat currencies.

With price levels in the gutter and devs concentrating on developing the next popular protocol or breakout token, some crypto enthusiasts have begun to look into new ways to expand their stack in order to prepare for the next bull market.

Here are the top five ways hodlers can grow their crypto portfolio without breaking the bank so that the money they earn can be used to combat rising living costs.

Staking

Staking is the most tried and true method of increasing the number of tokens held, as the vast majority of proof-of-stake (PoS) networks provide a consistent yield for locking up coins.

Staking tokens in a smart contract helps with transaction validation and network security and reduces the available circulating supply, which can help boost the value of the underlying crypto asset.

However, care should be taken in deciding which token to stake, as crypto winters are notorious for causing the demise of most protocols that lack solid fundamentals or substantial backing.

When selecting a good PoS network, look for projects with a proven track record, a healthy trading volume, and an active and growing user community.

Play-to-earn and GameFi

In 2021, GameFi and play-to-earn (P2E) protocols emerged, allowing gamers to do what they've always loved while also earning a living.

While token prices for the most popular games have fallen, reducing players' earning potential, the sector has remained one of the most active in the ecosystem and is expected to thrive in the future.

Some games require an initial investment, which may put many people looking for free ways to earn cryptocurrency. However, protocols such as Yield Guild Games and Merit Circle allow these users to rent or borrow the necessary assets in exchange for a small commission deducted from any rewards earned.

Crypto-related side jobs

The gig economy exploded in popularity over the last decade, as ride-sharing apps and food delivery services grew in popularity and workers abandoned the traditional 9-5 workday routine.

As a remote working and the nomadic lifestyle have grown in popularity, the decentralized nature of cryptocurrencies has created a plethora of opportunities for people to submit to the ecosystem while also earning cryptocurrency.

Despite the onset of crypto winter, which has resulted in some of the industry's largest companies laying off large portions of their workforce, new jobs in the sector are posted on a daily basis as projects launch and established companies transition from the legacy system.

There is a wide range of side gig opportunities for hodlers to receive crypto while their day job pays the bills, ranging from part-time gigs and contract jobs to bounty tasks and community outreach.

Hunting for airdrops

Cryptocurrency airdrops are becoming a mainstay in the community because they are one of the most effective ways to boost marketing efforts and attract new users.

As projects that rose and fell quickly during the bull market fold and faded into the rearview mirror, new projects that were chosen to represent the next generation of blockchain protocols started to launch and must attract users to their ecosystems.

While tokens for these projects typically begin with little to no value, individuals with patience can sometimes be compensated with a nice payday down the road when bullish momentum returns to the market.

Spreading the word of crypto for referral bonuses

One of the oldest ways for crypto hobbyists to earn a few Satoshis on the side is by referring users to exchanges or recently introduced decentralized finance protocols searching for users and liquidity.

This can also help to attract no-coiners to the community, as those with extra motivation look outside the available pool of traders for higher bonuses.

It's important to note that those looking to earn extra cryptocurrency through referrals should do their due diligence in evaluating a platform before directing others there, as people are likely to look unfavorably at a person who refers them to a fraud or rug pull.

Do you think that these can help you earn more profit in cryptocurrency? Let us know your thoughts by sharing this article online.

Posted 
Nov 18, 2022
 in 
Digital Lifestyle
 category

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