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How to make money on cryptocurrency in 2024 from scratch

How to make money on cryptocurrency in 2024 from scratch

Discover essential strategies on how to earn money with cryptocurrency in 2024, even if you're starting from scratch.
9 minutes
Editor Satoshi`s Secrets
How to Earn Money with Cryptocurrency in 2024

In Brief

To make money on cryptocurrency in 2024 from scratch, focus on understanding the market dynamics, starting with small investments in promising areas like staking, NFTs, or ICOs. Building a solid knowledge base and cautiously navigating high-risk opportunities are essential for success.

Should you dive into mining or put your money into staking? Venture into the NFT market, trade on the exchange, or fund a rising project? These are the methods to profit from cryptocurrency in 2024. We’ve prepared a guide for those starting from scratch in this market.

Cryptocurrencies are often described using metaphors and comparisons like the new oil, a virtual El Dorado, and the currency of the future that is already very expensive today.

In the past few years, the number of people who have made their first fortune on digital coins, starting from scratch, has been growing. It’s no wonder that beginners are also looking for ways to get rich off this. But they don’t know where to start. Mining, investing, trading, creating and selling NFTs—there are dozens of options.

Let’s discuss the ways to earn money with cryptocurrency in 2024.

What is cryptocurrency?

Cryptocurrency is digital money underpinned by code computed by computers, representing virtual payment systems with their own currencies, commonly referred to as coins. Transactions within these systems are secured through encryption, a cryptographic method.

The core of this encryption is the blockchain, a vast database of identifiers and checksums, heralding a new era of decentralization and collective oversight. Simplified, blockchain can be likened to a scenario where, in the absence of central financial authorities, a country agrees to maintain a communal ledger of transactions, ensuring anonymity and transparency in financial flows. This database is split into blocks, each linked to the previous, forming a chain. Each block has unique identifiers and a checksum that prevents undetected alterations.

The primary purpose? To liberate money from the control of central banks and financial institutions, ensuring security solely through mathematics.

Most cryptocurrencies are not backed by real currency values or gold reserves but derive their value from the trust of their holders in the blockchain system. In Russia, the stance towards cryptocurrencies remains complex in 2024. However, there exists a federal law defining the legal status of coins, mining, smart contracts, and ICOs (“Initial Coin Offerings”).

With investments

Investment MethodsDescription
MiningGenerating new blocks through computer calculations.
Cloud MiningInvestors rent mining power from a company, which mines cryptocurrency and returns the profits.
TradingTrading on exchanges.
Holding (HODL)Unlike active trading, holding involves buying and waiting for the price to increase before selling.
Buying and Selling NFTsNFTs serve as digital proof of ownership over copyrights, creating a large auction market for images, photos, music, etc.
Crypto LotteriesAnalogous to classic lotteries.
Creating Your Own CryptocurrencyLaunching a coin or token that might grant access to services or represent a financial asset.
StakingHolding cryptocurrency in a way similar to a bank deposit.
LendingLending cryptocurrency to exchanges or other users at interest.
Crypto FundsHanding over assets to a fund that professionally manages investment strategies and returns investments with profit.
ICO (Initial Coin Offering)Funding the launch of a new token.

No investment

Non-Investment MethodsDescription
Creating NFTsSelling self-created photographs, paintings, music.
Educating OthersEarning through guides, webinars, courses, and providing recommendations to beginners—cryptocurrency coaching.

Step-by-step instructions on cryptocurrency earning for beginners

1. Mining

Mining involves generating existing cryptocurrencies by computing new blocks with computer power. Initially, a home PC’s power sufficed, but as cryptos evolved, mining became more complex due to the interconnected nature of blocks, necessitating extensive hardware. Today, miners create farms loaded with graphics cards, which perform calculations faster than CPUs.

How to start: Assemble a mining farm or buy a ready-made one, select a cryptocurrency, and run a mining application.

Pros: Low risk as you mine coins that already have value. Cons: High entry barrier due to expensive equipment and electricity costs.

Read more about mining in our article What is mining?

2. Cloud Mining

A passive way to mine cryptocurrencies without owning expensive hardware. Investors fund mining farms in exchange for a share of the mined coins.

How to start: Choose a cloud service, sign a contract with clear pricing plans, and wait for its fulfillment.

Pros: Payment can be made in crypto or fiat, avoiding the complexities of setting up and maintaining farms. Cons: The market harbors fraudulent projects and there’s a risk of miners underreporting the mined amount.

3. Cryptotrading

Buying low and selling high in a highly volatile market. Cryptocurrency trading offers significant earnings but requires knowledge and market intuition.

How to start: Register on a major cryptocurrency exchange.

Pros: High potential returns, tradeable 24/7. Cons: High risk, requires continuous learning and market understanding.

4. Holding

Investing by purchasing cryptocurrency and forgetting about it for months or years, known as “HOLD” or “HODL” due to a famous typo that became a meme.

How to start: Buy on an exchange, digital exchange, or from another user, then wait.

Pros: No need to constantly monitor the market, a relatively passive investment. Cons: Average returns and risks; the value may soar or remain stagnant.

5. NFT Auctions

Unique digital tokens (NFTs) represent ownership of a single instance of an item, gaining value for their uniqueness and verifiable ownership.

How to start: Register on an NFT platform.

Pros: Current market hype can lead to significant earnings. Cons: High risk, the next buyer may not appear.

6. Cryptocurrency Lotteries

Lotteries that tantalize with slogans like “Pay $1, win 1000 BTC” but often lack transparency.

How to start: Purchase a ticket from a virtual lottery.

Pros: Tickets are generally inexpensive. Cons: High risk of scams, low winning probability.

7. Creating Your Own Cryptocurrency

Decide whether to issue coins or tokens. Tokens use another coin’s blockchain technology and are quicker to launch, while coins require coding skills.

How to start: Study cryptocurrency theory, devise your token or coin concept, and plan its market launch.

Pros: The possibility of replicating Bitcoin or top-10 altcoins’ success. Cons: Very low chance of success, requires a large team for a viable project.

8. Staking

An alternative to mining, where investors lock up coins in their wallet, aiding in transaction processing and block creation, in return for rewards.

How to start: Purchase coins, “freeze” them in your wallet with a smart contract.

Pros: No need for hardware investment. Cons: Coins may depreciate due to market volatility.

9. Lending

Lend money to a crypto platform or individual, acting as a modern-day usurer.

How to start: Choose a reliable partner and sign a contract.

Pros: Potential for passive income higher than bank interest rates. Cons: High risk of scams, especially with new exchanges or private borrowers.

10. Crypto Funds

For those recognizing cryptocurrency’s potential but lacking the time for trading or other investments. Funds manage your money, investing in liquid assets, and share profits.

How to start: Choose one or more funds and sign a management contract.

Pros: Professional asset management and profit sharing. Cons: Fraud risk, some funds engage in high-risk investments.

11. ICO

Companies issue new coins or tokens, seeking investor funding in hopes of the project’s success for future profitable sales.

How to start: Select a project on a platform or exchange, and invest.

Pros: The dream of buying low and selling high. Cons: Companies may change dividend payout terms post-ICO, close down, or fail to gain market liquidity.

12. Creating Your Own NFT

A way for creatives or celebrities to earn by tokenizing art, music, or even physical items with a digital ownership certificate.

How to start: Create a crypto wallet, register on an NFT creation platform, and auction your product.

Pros: Talented or famous individuals can sell NFT-certified items at high prices. Cons: A buyer may not emerge.

13. Education

If you can explain complex concepts in simple terms and possess charisma, you can earn by teaching.

How to start: Create guides or lecture series, promote them, and sell access to your knowledge.

Pros: Social media can help you gather an audience and earn without financial investment. Cons: Without quality content and audience engagement, sales will falter.

Is it possible to earn cryptocurrency without mining?

Nowadays, it is more difficult to make money with mining than without it. Mining has become the domain of large companies in those countries of the world where electricity is cheap and it is possible to quickly obtain new technical solutions to increase the computing power of the farm. Most people earn cryptocurrency in other ways.

What is the safest way to make money from cryptocurrency for a beginner?

For beginners, I can emphasize two relatively safe ways. The first is arbitrage: buying a coin on one exchange where it is cheaper and selling it on another where it is more expensive. I note that arbitrage is difficult to master. The second way is holding a cryptocurrency portfolio. Buy it and hold it for six months, a year. The third – investment funds in the DAO format (stands for “decentralized autonomous organization”). You can buy a token of a promising DAO or join the organization and participate in management.

Want to know more?

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