Make money with Cryptocurrencies NOW

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3 Ways to Make Money With Cryptocurrencies

Right now, it’s practically impossible to go a few days without hearing about the latest cryptocurrency craze. We hear about how Bitcoin or Litecoin is hitting a new high. Chances are, you’ve thought about how to make money with cryptocurrencies. But how can you actually invest in these digital currencies to make money?

There are different ways to make money with cryptocurrencies, and we’ll look at three of them:

1. Buy (or trade) a Cryptocurrency

Your first option is to just buy coins. There are different exchanges that will allow you to buy or trade coins to keep in your wallet. One of the most popular exchanges is Coinbase. Coinbase offers a super clean user interface and is one of the best ways to get started if you have no prior experience in cryptocurrencies. You can sign up here for $10 in free credit!

Once you’ve created your account you pay the market rate for the coin and then hold onto it until you’re ready to sell. The hope, of course, is that the price goes up.

However, like any investment, you need to be careful. Cryptocurrency prices fluctuate. Right now, Bitcoin is very high-priced. You might have a hard time buying Bitcoin and having it appreciate enough.В Some people hope to make money with cryptocurrencies by purchasing Litecoin or Ethereum instead.

In the end, you need to make sure you go through a reputable exchange, and that you back up your digital wallet. Then, you need to pay attention so that you can sell your coins when you feel like your profit has been reached.

2. Accept Payment in Cryptocurrency

Another way to make money with cryptocurrencies is to accept them for payment. If you have a business where you sell products or services, you can accept payment in the cryptocurrency of your choice. You need a digital wallet, and to work with people who are willing to pay in cryptocurrency.

With a little research, you can find clients or customers that use cryptocurrencies and are willing to pay you by transferring the coin through the blockchain. You will have to be able to calculate a rough estimate of what a service might cost, though, based on the value of the coin. If I were to accept Bitcoin for some of my services, I might ask for one-fourth or one-third of a Bitcoin, depending on the project.

Other currencies are less valuable, though. I might be able to ask for three or four ETH if I were being paid in Ethereum. The idea is to have a feel for how your products and services translate into the cryptocurrency of your choice.

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After you receive the payment, you could either use it to pay others for somethingВ or hold onto it until it rises in value. If the value of the coin goes up, you could see a solid profit by selling for U.S. dollars later.

3. Mine Your Own Cryptocurrency Coins

Finally, it’s possible to mine your own cryptocurrency coins. However, we aren’t in the days where you could just use your home computer to work on mining Bitcoin. Today, with so many miners working with their rigs, it can be difficult if you want to make money with cryptocurrencies through mining.

You need to invest in graphics cards and the right setup for the best chance. You need to know how to build a computer. Once you get it set up, you will be using more electricity. Some coins might be faster to mine than others. For example, you might have more luck mining Litecoin than Bitcoin. However, Litecoin doesn’t sell for as much. You could also mine something like Monero. You can get a lot of them faster, but then you have to be able to sell them on the exchanges. There might not be enough demand for you to sell all your coins if you mine something less popular.

No matter what method you use to make money with cryptocurrencies, though, you have to be aware of market conditions. If a coin drops in value, you might have to wait until it rises again to sell — or it might be a coin that doesn’t pan out and then your losses are permanent. Make sure you understand the risks before you start.

    Categories: Personal Finance

Miranda Marquit

I’m Miranda and I’m a freelance financial journalist and money expert. My specialties are investing, small business/entrepreneurship and personal finance. The journey to business success and financial freedom is best undertaken with fellow travelers.

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How to Make Money with Cryptocurrency (With No Experience)

You’ve probably heard of cryptocurrency (or crypto, in short form), and are interested in learning how to make money with cryptocurrency. Crypto is one of the hottest investing topics right now and there are news articles all over talking about how people are becoming millionaires by investing in altcoins.

Table of Contents

You might have done some research but thought it looked too technical or complicated. We’re here to tell you that it’s not! Anyone can learn how to earn money with cryptocurrency and by the end of this article, you’ll be able to start yourself. We’ll also help you by categorizing the methods based on:

Read on as we walk you through it and cover several great ways of earning an income with cryptocurrency.

– 1 –В

Buy and hold

Buying and holding is the method you’re probably most familiar with when it comes to investing and making money with cryptocurrency: You purchase some sort of asset (like stocks), you let interest build up, and then you eventually cash out.

It’s the same idea in buying and holding with crypto, except you are waiting for the price of your chosen currency to go up so you can sell at a rate higher than when you bought.

This is one of the best and easiest ways to focus on how to make money in cryptocurrency.

For example Bitcoin was worth around $13 in 2020, and at the most peak price we’ve seen so far was nearly $20,000 in 2020. That means if you had just purchased $200 of Bitcoin in 2020, it would have been worth over $300,000 if you sold at the peak price! That’s a 1500x return on your money, nearly unheard of in such short of a time in the stock market. It really shows the power of making an income with cryptocurrency.

If you’d like to know how to make money with cryptocurrency by using buying and holding, we have some articles ready for you so you can get your coins and get started!

How to buy bitcoin

How to buy litecoin

How to buy ethereum

How to buy ripple

While there are MANY different coins out there, we recommend you stick to the 4 mentioned above. These are the safest and have been around for a while. If you invest in a new coin it might be cheap to buy lots of them, but there’s a very high chance the coin could just disappear. Coins that have been around a while don’t have that same risk.

If you’re ready to buy, we recommend that you visit Coinbase, which has been ranked as the most “beginner friendly” exchange. Click here to visit Coinbase and when you sign up, you will receive $10 in FREE Bitcoin on your first $100 order!

– 2 –В

Buy and hold for dividends

The strategy and currencies above will pay you when you eventually sell at a higher price than when you bought. However, some currencies will actually pay you just for holding them, which makes this a very lucrative method of making money You don’t actually purchase or own the cryptocurrency…you simply hold it and keep it in circulation. Some examples of these coins are:

– 3 –

Staking cryptocurrencies

This strategy combines the first two we mentioned: you buy a currency, hold it, plan to sell it for a profit at a later time, AND you also receive dividends from just holding it. This is a great secret in making money with cryptocurrency.

Some examples of these cryptocurrencies are:

В – 4 –В

Mining

When considering how to make money with cryptocurrency, mining is one of the methods that always comes up. Mining cryptocurrency is one of the best ways to make money with altcoins as it’s extremely passive: just invest in the equipment, set it up, and let it run.

But there’s the only possible issue…investing in the equipment. While you can mine cryptocurrency without extremely high end hardware, the better the hardware, the faster it can create more coins for you and the better your chance of actually making money. Mining works by having computers solve complex mathematical problems, and when they solve them, you are rewarded with cryptocurrency.

The thing is that as more cryptocurrency is created, the problems get harder and harder, and so if you don’t have a high end system, it can take a LONG time to solve things. You might also need cooling units, extra electricity upgrades, and more to support all this.

Also MANY different people are trying to solve the same problem at the same time. If your computer is too slow and someone else solves the problems first, you get nothing, so investing in a high end system is almost always needed.

Cryptocurrencies

The cryptocurrency boom continues and, in spite of some short-term declines, the potential of cryptocurrencies is huge. “What does the term cryptocurrency mean?”, “How to trade cryptocurrencies?” These are some of the questions that will be answered on this page. So, stay with us!

The change cryptocurrencies brought to the world of finance – and the world in general – is hard to underestimate. Not yet observed by most people, the possibilities are indeed numerous and captivating. Finally, people all over the world will get an opportunity to transfer their funds almost instantly, securely and directly.

Types of cryptocurrencies

There are hundreds of cryptocurrencies (some resources talk about thousands). Plenty of cryptocurrencies work on a similar principle as bitcoin, while some other are completely different.

Below you can read short info articles about the four biggest and perhaps most popular types of cryptocurrencies. The best known is bitcoin; the rest is called alts.

Bitcoin

Launched in 2009, Bitcoin became the first publicly traded cryptocurrency and marked the beginning of a new era in the development of the global financial system. Bitcoin constitutes approximately 55% of the total cryptocurrency market capitalization and is currently the most expensive cryptocurrency. The number of bitcoins is hardware-limited to 21 million and it’s the most trusted cryptocurrency among all. The creator of Bitcoin is considered to be Satoshi Nakamoto, but no one has ever seen him.

Ethereum

Ethereum is the second most popular cryptocurrency after bitcoin, which is a great success considering the pioneering status of BTC. It is worth more than 50% of all bitcoins in the world.

The distinctive feature of Ethereum is the smart contract functionality. It helps provide additional security and reduce transaction costs. Stored in the Ethereum blockchain, smart contracts are the exchange mechanisms that can carry out the direct transaction of value between untrusted agents. This technology is one of the reasons behind Ethereum’s success.

Ethereum is well-known for volatility spikes. On 24 June 2020, the currency briefly crashed from $319 to 10 cents only to rebound later that day.

Litecoin

Litecoin is one of the alternative cryptocurrencies, created after the initial triumph of bitcoin. You can think of Litecoin as bitcoin on steroids. The main difference between two cryptocurrencies is that Litecoin can confirm transactions much faster. Litecoin is not controlled by any central authority, has almost zero payment cost and carries out transactions at four times the speed of bitcoin!

Ripple

Ripple is a company, providing global financial solutions. It was a logical step for them to launch their own cryptocurrency. According to its creators, Ripple is the world’s fastest and most scalable digital asset. It can boast almost immediate transactions, ability to process 1 000 deals per second (66 times more than Ethereum) and unmatched stability.

Ripple is currently the world’s third-largest cryptocurrency by market cap.

Purpose of Cryptocurrencies

To be honest, there is more than one purpose or reason for the existence of cryptocurrencies. You know them from your daily life, for example, sending money abroad, which is expensive and slow. Sometimes even a transaction from a bank account to a bank account within one country takes a few days. Further issues are transparency and safety. In the traditional bank wire transfer, you never know what is happening to your money at a certain point. Also, you are disclosing numerous personal details.

With cryptocurrencies, the above problems don’t exist. All transfers are quick including payments to faraway countries and you don’t have to disclose any personal data. If you want to avoid bureaucracy or feel safe you can use cryptocurrencies. Cryptocurrencies are available at exchanges, either online or through special ATMs spread all over the globe. For example, bitcoin ATMs are installed in many major cities across the world.

Functionality of Cryptocurrencies

Of course, the functionality depends on a particular cryptocurrency. It usually involves an elaborate system which integrates the users or user groups. As far as bitcoin is concerned, the system is based on miners.

Users providing their hardware (PC) to verify payments receiving for each validated transaction a small amount of bitcoins were the core element in the past. Nowadays, this role is played by large computer centers. With capacity demands growing day by day it would be too difficult for a small user to pay the electricity costs for the running of all the hardware.

The system rewards the miner in the form of bitcoins which results in the continuous growth of the quantity of bitcoins. You can set a limit on the number of bitcoins in circulation and charge all transactions exceeding the limit. (Bitcoin is already introducing such a system but the transaction costs are still too low).

Investing in cryptocurrencies requires knowing the conditions and the system. However, if you invest in the most popular ones there is hardly any danger to be afraid of.

How to make money on cryptocurrencies

You can be a traditional user who exchanges money, for a particular cryptocurrency at a certain rate in the same manner as when exchanging dollars vs. euro or pounds for a holiday trip abroad.

Alternatively, you can use cryptocurrencies as a means of speculation in absolutely the same way as Forex. Forex trading is about the trading of foreign currencies, and cryptocurrencies are in principle the same as foreign currencies. Except that they are not backed by any state authority but a network of its users and software.

Cryptocurrencies require trust from the users. What helps them is the distrust in the traditional currencies such as the US dollar, British pound, euro etc.. When trading cryptocurrencies you can make use of both types of analyses, technical and fundamental. If you find cryptocurrencies appealing enough you can try out some of your trading strategies. From the trader’s point of view, cryptocurrencies are the same as other currencies (Be it the US dollar or Japanese yen, cryptocurrencies have the same specific features, which is nothing unusual in Forex).

Where to buy cryptocurrencies

The market value of all cryptocurrencies has recently reached the $200 billion point. It is now obvious that cryptocurrencies are not merely a hobby of IT geeks and a shady payment medium for illegal Internet goods. In a matter of years, cryptocurrencies can become an alternative to fiat money in all spheres of human activity.

Cryptocurrencies can be bought at several exchanges. Since not all of the exchanges are legitimate one should be cautious and use only those with a license as you choose brokers for Forex or binary options trading.

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