Ethereum holds a lot of clout in the crypto-world. Ether, the cryptocurrency of this blockchain system, is the second largest one after Bitcoin. But Ethereum has more to offer than being a cryptocurrency, it can be used for smart contracts and building distributed applications (DApps). And ether is still affordable for investors. So if you want to make some money with Ethereum, you will have lots of avenues to explore.
Buying and Selling Ether
At the beginning of 2017, the price of ether was around $7. Today the price of ether is around $800. Along the way, the price has seen its ups and downs, even reaching around $1250 at one point. So if you want to delve into ether speculation, you can make money from buying on the downswings and selling on the upswings. You will need a digital wallet, a cryptocurrency exchange, and a strong stomach to handle the excitement.
Investing in Initial Coin Offerings (ICOs)
Entrepreneurs are building applications around the Ethereum ecosystem. Distributed applications like search engines, cloud storage, and social media platforms are being developed using the Ethereum backbone. These companies are offering ICOs to fund their projects. Even though these might be long-term and high-risk investments, you might end up funding the next Google or Facebook like company.
Mining for Ether
Instead of directly buying ethers, you can use your home computers to earn ethers through mining. However, you need a bit of technical knowledge and business acumen to become a crypto-miner. Using your computer for mining will cost you money in hardware and energy bills. Make sure that you are not spending way more than you can afford. You can use the Ethereum Mining Calculator to estimate profit potentials. Also, beware of scams that tell you that they will help you with mining. Check for the legitimacy of any crypto-mining cooperative.
Developing Distributed Applications
You don’t need to invest in other people’s applications. If you have an idea that you think you can build on Ethereum, you can gather a team and start development. Ethereum is an open-source ecosystem that gives you the opportunity to build any distributed application using smart contracts.
Working as a Freelance Developer
Experienced programmers who don’t want the headache of building their own applications can help other entrepreneurs make their dream come true. Programmers with Ethereum knowledge are in high-demand. If you are already an expert programmer, add Ethereum to your skill set and see the demand for your freelance services skyrocket.
Creating Content About Ethereum
Today all of us are content creators. Our comments, writing, images, and videos are all content that has value. Ethereum is a hot topic. So you can write blogs and make videos on YouTube to help others understand the potential of Ethereum. If you can attract enough eyeballs, it can create a revenue stream for you.
Even in the cryptocurrency world, a lot of users don’t understand Ethereum. It’s a complex topic with many areas to explore. You can create courses on Udemy, Lynda or Udacity about Ethereum to teach others. Teaching is considered one of the best ways to learn a topic. Organizing a course can also help you deepen your knowledge while creating a source of income.
Ethereum is an exciting technology with lots of potential for innovation. If you can take advantage of the right opportunity, you can make money while learning and having fun.