Cryptocurrency is synonymous with speed, both in terms of fortunes made and fortunes lost. If you’re willing to shoulder the risk, there are many ways that you can make quick cash with crypto. Just be advised that dabbling in cryptocurrency isn’t for everyone.

Although news reports love to highlight the incredible gains that cryptocurrencies can generate — witness Shiba Inu’s unbelievable 49 million percent gain in 2021, for example — they don’t often tout the incredible losses that some investors suffer. Latecomers who bought Shiba Inu at its all-time high, for example, are now sitting on losses of around 90%.

Trade It

The easiest way to potentially earn lots in crypto is to simply trade it. Exchanges like Coinbase offer a wide variety of cryptocurrencies that you can trade, from “OG” cryptos like Bitcoin and Ethereum to up-and-comers, like Solana and Polygon. Slowly but surely, more and more brokers are offering access to cryptocurrency, including Robinhood and SoFi, and it seems inevitable that cryptocurrency trading will move more and more into the mainstream over time. 

Trading cryptocurrency is much like trading stocks, except crypto trading is the very definition of speculation. Without any intrinsic value, the price of cryptocurrency is incredibly volatile, as investors tug-of-war over whether or not certain cryptos have a more viable path to future acceptance and usage. But it’s this very volatility that affords crypto investors the chance to make quick cash. 

Mine It

Mining cryptocurrency is much harder now than when Bitcoin first hit the scene in 2009, but there’s still money to be made by dedicated mining operations. While you could formerly earn some Bitcoin by mining it from your home computer, nowadays crypto mining is big business, with well-funded companies hosting server farms filling entire rooms in faraway countries.

Currently, miners are rewarded with 6.25 Bitcoin for every block of transactions they validate on the blockchain, an amount that halves about every four years. At current Bitcoin prices, this translates to a payout of about $229,000. But the complexity involved in getting that reward is so high that many miners never earn a single Bitcoin. By way of reference, the difficulty rate for mining Bitcoin was at a reference level of 1. As of 2022, that difficulty rate is now more than 22 trillion.

The bottom line is you can make quick cash mining cryptocurrencies like Bitcoin, but the difficulty level is so high that it’s still a risky proposition, particularly for new miners. 

Store It

Strange as it may sound, there are a handful of cryptocurrencies that actually pay you a dividend, although it’s typically dubbed a “reward.” Names like Neo and KuCoin actually pay you a reward if you buy and hold them. KuCoin, for example, pays its holders 50% of all the exchange trading fees that it generates every day, as long as you hold a minimum of 6 KuCoin tokens. These dividends are paid in the form of additional KuCoin tokens. Other dividend-paying cryptos have their own reward structure. You won’t likely get rich overnight by owning and storing select cryptos, but they can be a nice form of daily passive income.

Arbitrage It

Since cryptocurrency is still in its infancy in terms of trading as an investment, the exact price you’re quoted for a crypto might vary slightly among the different exchanges. Professional investors refer to this type of opportunity as arbitrage, as you can buy a crypto on one exchange at a lower price and simultaneously sell it on another at a slightly higher price to achieve a “no-risk” profitable trade. Arbitrage is a great idea in concept, but it’s hard enough to pull off successfully on regulated markets like the stock market. Trying to arbitrage cryptocurrencies is best left to the experts, although it can be a way to make quick cash.

Accept It as Payment

More and more merchants are beginning to accept cryptocurrency as payment, the same as they would with cash or credit cards. This type of business model is a bit of a gamble, as the cryptocurrency you accept today at a price of $22,000 could drop within a matter of hours or even minutes. But the opposite is also true, of course. Merchants who accept cryptocurrency payments when the market is tanking might very well luck into quick profits if market sentiment turns favorable. With some luck, your business profits could double in a relatively short period of time if your crypto gamble pays off. 

#UNIVERSALCRYPTOWORLD #universalcryptoworld

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Forget selling your NFTs. Now, you can make your unique digital items work for you.

The non-fungible token (NFT) market has grown into a major sector of the crypto industry over 2021, with the total amount spent on purchasing NFTs surpassing $12.6 billion, up from $162.4 million at the start of the year.

And while a vast majority of NFTs are created, bought and sold using Ethereum, high gas fees can make the process incredibly expensive. Data from Raribleanalytics estimates minting a single NFT on Ethereum costs around $98.69 in gas fees while minting NFT collections will put you out of pocket by $900, on average.

To make up for these costs, many investors and creators simply try to offload their NFTs on secondary marketplaces, such as OpenSea, and bank a profit. But there are a number of ways to generate an income from NFTs than selling them at a higher price than you paid or created them for.

What are NFTs?

For those unfamiliar with the concept of NFTs, think of them as tradable digital receipts stored on a publicly distributed database, called a blockchain, that everyone can see and independently verify at all times. These digital receipts contain unique information that can be used to prove who the sole owners of certain items are, whether they be tangible or intangible.

It’s worth noting, however, that NFTs do not store the digital item they represent. Instead, they simply point to the file’s location which exists somewhere else on the internet.

Because no two items represented by NFTs are ever the same, it means NFTs cannot be traded in the same way you can trade one bitcoin for another. This is why they’re called “non-fungible” tokens.

Ways to generate passive income from NFTs

Rent out NFTs

One way you can earn passive income is to rent out your NFTs, particularly those in high demand.

For instance, some card trading games allow players to borrow NFT cards to boost their chances of winning. As expected, the terms governing the deal between the two parties involved are governed by smart contracts. Therefore, NFT users usually have the freedom to set their preferred duration of the rental agreement and the lease rate for the NFT.

A leading example of a platform that allows users to rent or lend NFTs is reNFT. This allows lenders to set maximum borrowing periods and set daily rates, which currently range between 0.002 and 2 wrapped ethereum (WETH) on average.

WETH is the ERC-20 version of Ethereum’s native cryptocurrency, ether (ETH).

NFT royalties

The underlying technology powering NFTs allows creators to set terms that impose royalty fees whenever their NFTs change hands on the secondary market. In other words, the creators can receive passive income even after selling their creations to collectors.

With this, they can earn a share of the sales price of the NFTs in question indefinitely. For example, if the royalty for a digital artwork is set at 10%, the original creator will receive 10% of the total sale price each time their artwork is resold to a new owner.

Note that creators often set these predetermined percentages while minting the NFTs. Moreover, smart contracts – self-executing computer programs that enforce contractual agreements – govern the entire process involved in distributing royalties. This means as a creator, you do not need to enforce your royalty terms or track payment manually as the process is fully automated.

Stake NFTs

One of the benefits of the marriage between NFTs and decentralized finance (DeFi) protocols is the possibility of staking NFTs. Staking refers to the process of depositing, or “locking away,” digital assets into a DeFi protocol smart contract to generate a yield.

While some platforms support a wide range of NFTs, others require you to purchase native NFTs in order to earn staking token rewards (also usually denominated in the platform’s native utility token.)

Examples of platforms that facilitate NFT staking include:

Kira Network

NFTX

Splinterlands

Only1

In some cases, part of the rewards distributed to stakers is denominated in governance tokens. Such protocols empower these token holders with voting rights over the future development of their ecosystems. More often than not, it is possible to reinvest coins earned from staking NFTs into other yield generating protocols.

Provide liquidity to earn NFTs

Thanks to the ongoing integration of NFTs and DeFi infrastructures, it has become possible to provide liquidity and receive NFTs in return to establish your position in a given liquidity pool.

For example, when you provide liquidity on Uniswap V3, the automated market maker (AMM) will issue an ERC-721 token, also known as LP-NFT, that details your share of the total amount locked in the pool. Other information etched into the NFT is the token pair you deposited, the tokens’ symbols and the pool’s address.

You can sell this NFT to liquidate your position on liquidity pools quickly.

Adopt NFT-powered yield farming

Because NFTs are fast becoming a core component of AMMs, users can now farm for yields using NFT-powered products. Yield farming refers to the method of leveraging multiple DeFi protocols in order to generate the highest possible yield with the digital assets you have.

From our example above, the LP-NFT tokens issued as liquidity provider tokens on Uniswap can further be used as collateral or staked on other protocols to earn additional yields. Think of it as earning a yield on top of another yield-generating protocol. This possibility unlocks a layered income-generating model ideal for yield farmers.

Note, however, that NFTs and the underlying smart contract technology is still relatively new. As such, many of the applications providing the opportunities highlighted in this article are in their formative stage. In light of this, it is advisable to carry out due diligence and understand the risks involved before adopting any of the above-listed strategies.

#NFTS #UNIVERSALCRYPTOWORLD #universalcryptoworld

XRP price almost doubled after Ripple's legal win against the U.S. SEC. But can its rally continue after nearly reaching $1?

The price of XRP has skyrocketed in the aftermath of a federal court ruling saying that its sales on crypto exchanges complied with U.S. securities laws.

On July 14, XRP price retreated by about 10% to $0.76, but compared to its lowest price the previous day, it was still up around 65%.

Related: Why is XRP price up today?

At its highest in the last 24 hours, the XRP/USD pairreached $0.93, its best level since December 2021, just shy of hitting the $1 mark.

A whale-backed XRP rally

Certain indicators show that XRP's ongoing price pump may not be just a short-term reaction to the positive news for Ripple.

For instance, the duration of XRP's massive pump coincides with its trading volumes reaching a 10-month high. Meanwhile, the number of XRP whale transactions — or wallets holding more than $100,000 — climbed to their best level in 2023, suggesting that the richest investors back the XRP rally.

"If key whale and shark addresses are increasing their supply going into this pump, then it is a get foreshadowing signal that the pump may just be getting started, and it's a sign of good things to come," noted Brian Q, analyst at data analytics platform Santiment.

Furthermore, the XRP price gains come in line with a rise in the supply held by entities with a 100,000-10 million token balance.

XRP to $1 and beyond?

From a technical standpoint, XRP can test the key $1 level in the coming days, but its potential to continue its rally beyond looks weak for the time being.

Notably, the pullback on July 14 occurred near a resistance confluence comprising of a multi-year horizontal trendline (purple) and a giant descending trendline ceiling (black).

In addition, XRP's weekly relative strength index (RSI) has turned overbought, raising its correction prospects.

Should a pullback occur, XRP price risks dropping toward its multi-year ascending trendline support near $0.45 by September, down around 55% from the current price level.

Other price targets include the token's 50-week exponential moving average (50-week EMA; the red wave) near $0.48 and 200-week EMA (the blue wave) near $0.50.

On the other hand, an overbought RSI could also result in the XRP price consolidating sideways inside the $0.75-1 range.

If XRP price decisively breaks above $1, then its next price target by September will likely be near $1.35, a resistance level from the August-December 2021 session.

#XRP #UNIVERSALCRYPTOWORLD