Cryptocurrencies have proven to be relative gold mines for early users and crypto investors. As cryptocurrencies like Monero continue to gain traction and external interests, new opportunities for profit have emerged.
Now more than ever, the profitability of Monero seems an achievable goal even for an inexperienced user of the cryptocurrency. So, how can you make a profit? Here are three easy ways to get started.
- Earn Monero for Mining
Unlike the pound sterling notes, which were minted by the Bank of England, Monero is a decentralized currency, which means that there is no authority that issues or regulates the cryptocurrency. Instead, Monero coins are "minted" or "mined" by individual users and transactions are approved by other Monero users. One way to exploit this crypt for profitability is to extract the Monero. To do so, you only need a computer with a central processing unit (CPU) or graphics processing unit (GPU) sufficient and software that can be downloaded over the Internet. When your resources are pooled with other Monero miners, your chances of making a profit on Monero also increase. To effectively optimize Monero mining equipment, however, it is generally necessary to know the technical aspects of the process well. In other words, if you're tech savvy and understand hardware, you might be able to do a serious quid. Otherwise, the next two methods of profitability may be more suitable for you.
- Buy Low, Sell High
A second way to make money using Monero is simply to buy coins. Just like the stock market, the key to making a profit through the purchase or trading of Monero is to buy down and sell (or trade) highs. This method takes a little time and patience, but has advantages. A Monero coin purchased at the end of July 2017 was worth £ 37.78. At the end of July 2018, this price rose to £ 100.32 – almost tripled compared to the original price
- Accept Payments in Monero
Finally, one of the easiest ways to earn a profit with Monero is simply to make it available as one of your payment options. If you own your business or work as a freelancer, allow customers or customers to pay you using Monero. In order to accept Monero as a payment, you must first create a Monero wallet. XMR Wallet offers a completely free online wallet for depositing Monero coins. This open source web environment requires no registration and offers support in 10 different languages.
Using Monero to make a profit is simple if you understand the three main ways to make money with cryptocurrency. Try your hand at one of these methods of creating Monero to see how you can start making profits today.