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When you hear Blockchain the number one thing that comes to your mind is probably cryptocurrency. Perhaps you also know it as the only way to make money with the technology. However, blockchain technology is bigger than what you think and there is over a dozen way to make money with it aside from crypto. This might be the shortest post you ever come across but that’s okay. it is not intended to teach you much but to give you new ideas beyond what you know. So if you are curious about Blockchain and want to know the various ways to make it work for you aside from mining and trading cryptocurrencies. Here are 20 absolutely legit ways to make money with Blockchain.
1. Running a master node:
Masternodes are nodes that hold a certain amount of cryptocurrency and provide important services to the network. By running a master node, you can earn rewards for your participation in the network.
2. Participating in proof-of-stake (PoS) mining:
PoS mining is a type of mining that doesn’t require expensive hardware and electricity costs like traditional proof-of-work mining. By staking your cryptocurrency holdings, you can earn rewards for validating transactions on the blockchain.
3. Becoming a validator:
Validators are responsible for validating transactions on a blockchain, and they are typically rewarded with a portion of the transaction fees.
4. Developing blockchain applications:
If you have programming skills, you can develop blockchain applications and earn money by charging for your services or earning cryptocurrency through your app.
5. Providing liquidity on decentralized exchanges (DEXs):
By providing liquidity on DEXs, you can earn transaction fees for helping to facilitate trades on the platform.
6. Investing in blockchain-based startups:
You can invest in blockchain-based startups through initial coin offerings (ICOs) or other fundraising methods, potentially earning returns if the company is successful.
7. Earning rewards for participating in blockchain-based social networks:
There are social networks such as Steemit and Minds that use blockchain technology to reward users for their content and participation on the platform.
8. Renting out computing power:
You can earn cryptocurrency by renting out your computing power to support decentralized applications (dApps) that require processing power.
9. Running a blockchain-based crowdfunding campaign:
If you have a business idea, you can raise funds for it through a blockchain-based crowdfunding campaign.
10. Providing escrow services:
By providing escrow services for blockchain-based transactions, you can earn fees for facilitating secure transactions.
11. Earning rewards for participating in blockchain-based games:
Some blockchain-based games reward players with cryptocurrency for their participation.
12. Creating and selling digital art:
Blockchain technology can be used to verify the authenticity of digital art, allowing artists to sell their creations with confidence.
13. Renting out your unused hard drive space:
You can earn cryptocurrency by renting out your unused hard drive space to support decentralized storage networks.
14. Providing identity verification services:
Blockchain technology can be used for secure and decentralized identity verification, and you can earn money by providing these services.
15. Providing data storage services:
By providing data storage services on decentralized networks, you can earn fees for storing and distributing data.
16. Creating and selling virtual real estate:
Some blockchain-based virtual worlds allow users to create and sell virtual real estate, potentially earning significant returns.
17. Offering consulting services:
If you have expertise in blockchain technology, you can offer consulting services to businesses that are looking to integrate blockchain into their operations.
18. Providing microloans:
Blockchain-based platforms such as Kiva allow users to provide microloans to entrepreneurs in developing countries, earning a return on their investment.
19. Participating in decentralized autonomous organizations (DAOs):
DAOs are organizations that are run entirely by blockchain-based smart contracts, and participants can earn rewards for their contributions.
20. Providing translation services:
As blockchain technology becomes more global, there is a growing need for translation services to help bridge language barriers, creating opportunities for translators to earn cryptocurrency.
Conclusion on ways to make money with blockchain…
Cryptocurrency is blockchain technology too, however, is not the only way to make money with blockchain. So take that mindset away and start learning the many ways to make money with a technology that has come to stay.