Years are changing, the world is evolving, and people are jumping in the digital hype. Almost everything is getting digitalized, including the form of payment (currency) we use to make purchases. There’s no going back, and things will only move forward. One of the buzziest pursuits people are looking out for this 2022 is the digital currencies, known as cryptocurrencies.
What are cryptocurrencies?
A cryptocurrency (also called a “crypto”) is a digital currency that lets people buy services and goods or even trade to make bucks. Unlike the currencies we know now, cryptos circulate unescorted by a powerful central authority such as banks or even the government. Instead, they operate through cryptographic techniques formulated by their founder.
Although the main purpose of cryptocurrencies is for daily transactions, they are often used as investment vehicles to make tons of money. In fact, cryptocurrencies as the four-leaf-clover that brought wealth to some people around the globe.
How can I get/buy a cryptocurrency?
There are many ways you can buy and acquire a cryptocurrency, but generally, you will need a “wallet” that will hold all your currencies in place. You can begin by creating an account on an exchange and then transfer money to purchase cryptocurrency at your liking.
If you are planning to buy cryptocurrencies for long-term investment, it would be better if you would use a hardware wallet (a ledger) rather than keeping them in the exchange or any software wallet. A ledger can protect your investment from online attacks since this kind of wallet is not accessible via the Internet.
Make Money with Cryptocurrencies As A Beginner
About 16,600 different cryptocurrencies are being publicly traded, and the figure continues to proliferate. People invest in cryptos for different reasons. But regardless of what your reason is, here are the simple ways you can make money with cryptos even without experience:
Build a cryptocurrency portfolio
If you are completely new to the crypto space, begin by going to CoinMarketCap. Once you are on the page, you will see a list of cryptocurrencies arranged by their market capitalization. The top 5 cryptocurrencies on the list can be considered as the ‘blue chips’ in the market.
There are yet to be known cryptocurrencies that could sky-high sooner or later, but you have to dig a little deeper to ensure that your money won’t be placed into a sinking boat. The cryptocurrency market is very volatile that you could lose all your precious hard-earned money with just one snap, so you need to be really careful.
You can analyze each crypto in the list through the tools provided on the website. Similar to how the stock market works, you should buy make a purchase when the prices are low. To actually build your portfolio, you need to jump into the next step.
Go to an Exchange (Coinbase, Binance, Bittrex Global)
Cryptocurrency exchanges are outlets where users can purchase, sell, and trade cryptos. They work in a like manner with online brokerages since the users can also deposit fiat currency and make use of them to buy a cryptocurrency.
Coinbase is a well-known crypto exchange that is perfect for beginners because of its straightforward option and user-friendly interface. Currently, this exchange supports more than 100 cryptocurrencies for trading, and the number is growing vastly. Since the exchange only supports buying and selling, users can head straight on the application or their web browser to venture into their investing journey.
The next go-to, famous, and accomplished exchange you can consider is Binance. Binance can be a good option for crypto traders who wants to view more advanced charting. In comparison to other exchanges, Binance possesses truly impressive features and charting abilities, not to mention that they also charge reasonable fees for their service.
There’s also Bittrex Global, which is among the most reputable, most established, and well-known exchanges globally. Bittrex is a pretty decent option for traders who wants advanced order types and low fees.
Although the platform doesn’t really offer a wide variety of cryptocurrencies for direct purchase, they do provide more than 200 cryptocurrency trading pairs. Bittrex Global requires vigorous legitimacy checks before listing any crypto, ensuring legality prior to listing.
Sign up with any of these exchanges (or another preferred exchange that was not mentioned here), buy profitable cryptocurrencies, and you can build your own crypto portfolio.
Mine cryptocurrencies from your Graphics Card (GPU)
If you are not using your computer, you can make it work for you. Why not try mining Ethereum or other cryptos using your PC?
Aside from buying and selling digital currencies, you can make money from crypto by mining them in a platform called MinerStat. Keep in mind that you need to create an account before mining. Once you’re done creating an account, you need to Add a Worker and then type in any name you prefer. You also need to input the type of GPU you use.
The platform has a mining profitability calculator, which can show you the amount you can make every day. The money you can earn depends on what your graphics card is. If your GPU is quite on the lower side, expect lower rewards.
Become a cryptocurrency affiliate marketer
A great number of crypto exchanges utilize affiliate programs to grow their trading volumes, customer base, and of course — sales. One of the simplest ways to make money through a crypto affiliate program is getting someone into a crypto exchange.
Binance offers an affiliate program, offering 50% recurring commission to users. If you make trades in Binance, you could sign up for their affiliate program, get traders to sign up into their platform using your affiliate link, and you know what comes next. The same goes for Coinbase and other famous crypto exchanges.
It is also feasible to sign up for various affiliate programs related to cryptocurrencies and post them to social media accounts. If you are a YouTube content creator, you could post your affiliate links to the description box of the videos you post.
Earn interest in your cryptocurrencies
If you’ve got some cryptocurrencies and want to take an interest out of them, you could visit the website called Nexo. The platform offers a secure way of earning interest in the crypto space as they guarantee fixed yielding percentage by just having cryptos on their website. The interest you can earn depends upon the cryptocurrency you have.
Binance also offers interest options. In the platform, go to Earn and click Staking. Although you need to lock your coins for a certain period of time when you stake them, it is a good alternative to trading since it guarantees positive returns.
The digital currency industry has been fueled in the past years, and it is now getting to fly high. However, regardless of what you have learned in this write-up, you should not immediately dip your foot into any of the points without having a prior understanding of what you are entering in.
The potential of cryptocurrencies is yet to be explored fully, but these so-called digital coins are currently getting adapted on a large scale worldwide. Seeing the movement of the crypto market and the shaping assumptions about the emerging blockchain-based Web 3.0, it will no longer be a surprise if the hype towards cryptocurrencies continues to rise.
