How To Make Profit With Crypto During The Quarantine
While crypto markets are not doing any better than traditional markets during the ongoing double-edged global crisis, there are still a lot of ways to make a profit by leveraging blockchain technology as a standalone industrial sector.
Sure there are some expert traders that manage to make a profit even when the markets are down, by either shorting the market or buying inverse bonds on third-party markets, but you don’t necessarily have to be a trader in order to make money in the industry.
As a matter of fact, crypto-related jobs are paying much more compared to what you could possibly earn solely by trading this period.
In this article, we’ll take a look at some popular ways netizens utilize blockchain’s spoils to make a profit, and hopefully, you could find a fitting role for you.
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e-Commerce Through Blockchain
Probably the most newbie-friendly way to make a profit in the distributed ledger industry would be directly interfering with a blockchain itself. That way, not only you contribute to the traffic of the network you’re utilizing, but you can also create smart-contracts that should represent some sort of value, which is directly or indirectly pegged to monetary value.
Long story short: You can “tokenize” a physical and/or digital asset and sell individual ownership token fractions to blockchain users (eg. crypto art collectors).
Since a token on the blockchain is immutable and can be used as a proof of whatever that token might represent, many netizens create digital tokens that represent the undeniable relationship between the token owner and that which is represented by the respective token.
NFTs are possible thanks to the public Ethereum blockchain, more specifically to protocol ERC-721 which subjects Non-Fungible-Tokens. Non-fungible stands for not being able to be duplicated or re-issued under the same conditions met in the specific smart-contract.
That aspect is the carpet to a digital protocol of ownership verification that it is run entirely on blockchain, and can be even liquidated, transferred, or traded directly on-chain.
You might be thinking to yourselves: “if this is the easiest way to utilize blockchain for profit, what’s next?”
ERC-721 is indeed the friendliest way to enter the blockchain, but what makes it appealing to people entirely uneducated on the matter is the fact that you could literally create a Microsoft paint image, register it on the blockchain as an ERC-721 token, instantly monetize it for Ether (Ξ).
Crypto art brokers and smart-contract managers such as Mintbase, SuperRare, and MakersPlace allow you to easily register with your web3 compatible wallet, submit the digital assets to be registered, decide token details, boom!. You spend your typical GAS to get your own minted tokens directly into your wallet.
While most of these platforms have their own catalog to share with possible customers, you can expose your token anywhere between VR crypto realms such as Cryptovoxels, and popular crypto collectible marketplaces such as OpenSea.io.
The easiest way to find out how viable this is would be using any of the platforms mentioned above and experience the process for yourself. Even if you screw up, you lose the GAS you’d pay for a typical smart contract interaction.
Working directly with a blockchain/crypto startup
Now, if you’re more of a team-player, you might consider working directly for a new crypto firm that would most likely compensate you in equity, or digital assets associated with the project you’re working on.
This is a popular way to benefit from the crypto industry, especially if you’re an open-source developer.
Blockchain businesses are no different from traditional businesses, and a well-thought project that would eventually stand out would usually have all the typical assistance a traditional company utilizes including but not limited to graphic designers, project managers, marketists, HR, PR, etc.
For example if you’re a lawyer, there is a good chance you’ve just missed your dream job. Distributed ledger technology and cryptocurrencies are very vague terms for traditional policymakers, and therefore the misinterpretation of various blockchain aspects can lead to complexities unable to be handled by the traditional regulatory regime.
In some U.S. states such as Florida, crypto laws are completely ripped off from other state laws indicating the lack of comprehension at the authoritarian level.
Helping a blockchain company grow and merge with traditional market instruments will not only make you a valuable asset in your company but a valuable resource for the entire DLT community as well.
At the same time, being paid in crypto means that the harder you work, the harder the value these digital piles of assets would cultivate over time, considering that the company grows in numbers.
Overall, many of the traditional digital and management jobs could be also applied in the new booming blockchain industry, so stop thinking that you have to be Satoshi Nakamoto to get involved with crypto. You can start as a junior developer, a logo designer, or even as a janitor and grab the opportunity presented by this new wave of technological innovation.
Infrastructure jobs in the crypto industry
Obviously, the most important sector of the DLT scene is its infrastructure, being also the sector that pays the most and has a pretty high fence for new entries.
A blockchain infrastructure, whether supporting a cryptocurrency or not is a complex network to develop, deploy, operate, and maintain and therefore only a handful of companies have taken that extra mile of creating a blockchain from scratch.
Some popular public blockchains include the Ethereum (ETH), Tron (TRX), and Waves (WAVES), while among private blockchain providers we can find IBM, Microsoft, Alibaba, and R3.
Working in the infrastructure sector for a high-profile blockchain would require high skills of coding and engineering, top-shelf hardware engineering, and clean-cut modern digital business consensus in order to cherry-pick utility over romance.
From cloud providers to cybersecurity firms and KYC managers, the blockchain infrastructure is not just offering new jobs for individuals, but it creates a demand for waves of groups and organizations who could help in scaling this technology unto its next level.
Hopefully, this article helped you forget the term ‘trading’ when it comes to cryptocurrencies and managed to give you a tiny glimpse of the vast possibilities this new industry offers to the global physical and remote job market.
Some of you would probably wonder, what could you do with the cryptos you made while working for the industry? Should you redeem your crypto for fiat currency and live your regular life, or explore the infinite domain of decentralized finance, dapps, and other products and services possible in the decentralized world, it’s up to you.
For me, cryptocurrencies and other digital assets backed by blockchain technology are a convenient way to transfer monetary value, information, and assets in a wallet-to-wallet or peer-to-peer fashion, without relying on any third-party, whether that’s a government organization, a banking institution or even your neighbor. One could suggest that blockchain is a modern way to express democracy.