11 Guaranteed Ways to Make Money in Crypto in 2024
2024 is poised to be a stellar year for Crypto, and you surely wouldn’t want to miss the fantastic opportunities that lie ahead. So, here are 11 surefire methods to make money in crypto. Choose 2 or 3 of these money-making techniques, master them, and you’ll have no worries about earning in the crypto sphere.
- Launchpad (ICO/IDO/IEO)
Launchpads offer one of the easiest paths to make money in crypto. New projects are introduced on cryptocurrency exchanges, raising funds on these platforms. These launches are often oversubscribed, resulting in limited availability of the crypto coin/token. When listed, their prices tend to skyrocket.
Launchpads are also called Initial Exchange Offerings (IEOs). I recommend this because it’s less risky – exchanges generally vet these projects, and they are listed immediately after launch. However, there might be cases where it’s not profitable, especially if, for instance, you bought BNB @ $300 to subscribe for a launchpad and the price fell to $250 after the successful launch, resulting in the profit from the launchpad not covering the losses from BNB price fluctuations.
I suggest setting aside BNB or the native token of other crypto exchanges for Launchpads, ensuring you hold onto them for such participation. That way, you don’t need to buy the native token of the exchange each time there’s a launchpad, risking losses if the price declines.
Bybit and Binance Launchpad is a good place to start.
- Public Sale, Private Sale, Venture Capital, Angel Investing
These form part of Initial Coin Offerings (ICOs), where you invest early in crypto projects with unique technology/offerings that potentially skyrocket in price. This is much riskier than Launchpads because you invest before the project launches.
You’ll need substantial capital ($1000/project) and expertise in conducting Fundamental Analysis on such projects. Here’s a guide on how to do that.
Typically, the success rate here is about 30% if you know what you’re doing – meaning, 3 out of 10 projects you invest in early can yield returns of 10x, 100x, or even 1000x.
- Spot Trading
After crypto projects raise funds, build products, grow their user base, and successfully launch, they tend to get listed on major exchanges. This is where average users (retail traders) can buy them on the spot market.
However, you need to be cautious when a coin is newly listed on a major exchange. Often, the price of the coin initially increases, and early investors from ICOs, private sales, public sales, and launchpads start selling to retail traders.
Therefore, it’s important to:
- Conduct fundamental analysis to gauge if it’s a good project.
- Wait for the price to dip to a level where it’s a good buy.
- Buy with no more than 25% of your crypto capital.
- Be patient and wait for 1, 3, or 6 months before the price skyrockets.
Keep in mind that lack of research might lead to losses if you buy into a bad crypto project with an incompetent team, possibly causing the coin’s price to drop to zero.
Additionally, if you invest more than 25% of your total capital, you might lack the patience to wait for the price increase. Eventually, frustration may lead you to sell, only to see the price surge afterward, which can be quite painful. Hence, invest an amount that you won’t need anytime soon, even up to a year.
Lastly, understand the market cycle. Avoid buying at the market’s peak or at the start of a bear market unless you’re willing to hold for an average of 3 years without selling.
These are a few pieces of advice I have for you. I hope it helps. You can read more about how you can carry out fundamental analysis here.
- Leverage Trading (Crypto Futures)
This involves borrowing money from an exchange to trade, allowing you to trade with more capital than you possess, thereby potentially making more money but also incurring greater losses.
I don’t recommend it for beginner traders because, with leverage, it’s possible to lose all your capital/money, something that’s not possible in the spot market.
However, if you consider yourself an expert trader who knows precisely what you’re doing, you can venture into leverage trading. Nevertheless, I would advise you to:
- Use less than 30% of all your crypto capital/dollars for crypto futures, knowing you can lose all of it.
- Avoid using more than 10x leverage; I’d even suggest sticking to 5x. Crypto experiences an average daily volatility of 5%.
- Trade sparingly because trading regularly with futures often benefits the exchange more. In truth, high-probability setups that require leverage are rare.
- Always employ a stop loss.
- Risk between 1 to 2% per trade.
- Withdraw some profit and don’t reinvest it.
- Airdrops
This is another surefire way to make substantial money in crypto in 2024. Most crypto projects will reward/compensate early adopters who engage in community tasks, marketing campaigns, and utilizing the protocol.
All you need to do is identify new crypto projects you like and participate in the community and its activities. Be a valuable contributor to the team and the entire community.
Here’s a detailed guide on how to benefit from crypto airdrops in 2024.
- NFT Minting and Trading
NFTs, or non-fungible tokens, represent digital arts and collectibles that people own, trade, and use online.
They confer certain rights, status, prestige, and sometimes access to an event, program, or resources.
They can range from being very cheap, like $1, to extremely expensive, like $120,000, such as Bored Ape Yacht Club (BAYC).
You can:
- Obtain NFTs for free during launches in what’s called a free mint.
- Pay for them during launches in what’s called a paid mint.
- Purchase them on the secondary market like OpenSea, Blur, and Element.
I know individuals who made life-changing profits by trading NFTs during the 2021 NFT mania. I won’t say such a case won’t occur again but don’t ignore NFTs.
- Create Your Own Crypto Project
If you’re a web developer or someone with sufficient capital and a passion for crypto, you can create your crypto project and launch your coin.
Although it’s incredibly challenging because only the best-of-the-best projects with unique technology, teams, and communities emerge successful, it can be highly rewarding if done correctly.
Here’s a video on how to launch a successful crypto project.
- Own a Crypto Exchange
If you can launch a successful crypto exchange, market it, and onboard numerous daily traders, you can generate consistent income.
Exchanges primarily earn by charging a fixed transaction fee (around 1%) on all trades.
It’s not an easy feat considering the existing major competitors in the space, but it’s achievable. You don’t necessarily have to be a web developer to build an exchange; you can simply purchase a white-label exchange from Binance via Binance Link and brand it as your own.
You can DM me on Telegram if you want to create your own crypto exchange via the Binance broker and link program. I suggest you have a trusted web developer on your team before reaching out.
- Tax Crypto or Issue Licenses
If you’re a government official or public regulatory body, you can earn by taxing the profits your citizens make from crypto or by issuing licenses to crypto exchanges or platforms that aim to operate in your country.
Although crypto taxes and licenses are not widespread in Nigeria and Africa at the moment, they’re likely to emerge soon. So, make sure you capitalize on it now.
- Work in Crypto
If you’re a professional with skills and valuable experience in areas such as web development, customer service, marketing, community building, or legal expertise, you can apply for and secure a high-paying job in crypto that can transform your life for the better.
For instance, I landed a community management job for Propy in 2017 before graduating from university and was paid $300 monthly, which I did for over a year. Similarly, a friend of mine works for Binance and earns about $2000 monthly from the comfort of his room.
I understand it’s not easy because there are more applicants than available opportunities, but I’m confident that you can secure one with effort.
I suggest:
- Select a niche or area of crypto that interests you (e.g., Ethereum developer, community management, marketing, business development, customer support, etc.).
- Maintain engaging content in your niche on your LinkedIn and Twitter profiles.
- Prepare a standard CV and cover letter using the Harvard template available here.
- Apply to as many crypto opportunities as possible – both part-time (crypto project ambassador programs) and full-time (crypto job openings).
Keep applying and don’t give up. It might be your 100th application that lands you the job. Also, ensure you apply early because there are usually numerous applications, and they might not go through them all.
Crypto is a rapidly evolving field. Being early will open numerous opportunities and help you earn substantially.
Here’s a recent article I wrote on how to secure a crypto job in 2024.
- Create Crypto Content
Another way to earn money in crypto is by creating educational and engaging content about crypto and blockchain technology.
If you understand crypto and blockchain, consider yourself lucky, as these are complex topics that many people are unfamiliar with.
It’s vital to have content creators who can simplify these complex topics into easy-to-understand analogies while infusing their unique experiences and practicality.
As a content creator, you can make money by:
- Running Google AdSense on your crypto blog.
- Enabling YouTube monetization on your crypto YouTube channel.
- Partnering with crypto brands and securing brand deals.
- Receiving donations.
Starting might not be easy, but as you gain popularity, build your brand name, and expand your social media presence, numerous opportunities will come your way.
Conclusion
With these pointers, I hope you’ve learned 11 guaranteed ways to make money in cryptocurrency in 2024.
You don’t need to do all of them – just pick 2 or 3 and stick to them.
And because you read through till the end of this article, here is a bonus for you:
- By all means, avoid these crypto mistakes in 2024.
- And here is a guide on how to make money from Binance P2P.
God bless and goodbye for now.
Wishing you a prosperous 2024!
