As a reply form this post/question. I've posted the following response:
There are a lot of ways to "earn" in crypto. Here are few common ways:
- mining
- trading
- long term investing(buy and hold)
Mining
In mining you invest on mining hardware, I suggest building your own mining rig using high-end graphics card. You can play games(if your into that) at the same time you can mine. Be aware of emerging cryptocurrency and mine on that since older and already popular crypto are hard to mine.
Trading
If you want you can monitor(speculate) changes in the prices of crypto. Buy when price is low, wait, sell when price is high. Rinse. Repeat
Investing
Since you're 16 you have a lot of years ahead of you. You can use it to your advantage and invest in long term. You can buy stable cryptocurrencies like Bitcoin, Litecoin, Etherium etc. and hold it. Accumulate as much as you can or until you reach your target price/value. Then cash out. If you review performance of stable cryptocurrency, over time it will increase in value. If you are patient enough and doesn't have anything immediate to spend your money at, this strategy is perfect for you.
Bonus
Another strategy that I'm doing now is being an early adopter of an emerging cryptocurrency. I'm following SocialCoin (SOCC) and hoping it gets mainstream. At this time the Dev is giving away some bouty, free coins, for completing a task like promoting and other things. Mining is also easier for these new coins since there are fewer competetion. Get as much as you can from an early stage and when and if it becomes successful you can cash out those coins.
How about you guys? What is your strategy in earing from crypto? Any other strategies you can share?
I want to make a mining rig. I'm starting to learn how to trade.
I forgot to mention that building and selling mining rigs can also be a source of earning. Just today a friend of mine asked if I can build a mining rig for him. I know enough to build a mining rig and he is willing to pay me to set one up for him.
Also if you have an existing mining rig and want some sure money but no longer interested in mining, you can have your rig up for rent.