HOW TO MAKE MONEY WITH CRYPTOCURRENCIES
Cryptocurrencies are a hot topic which is filled with lots of controversies in the news nowadays. People dream of becoming a millionaire by investing in these coins and tokens. While you can do that, the basic thing that you must know is how to invest and earn these coins or tokens. If you do not know that you can never make money out of crypto trade. Here are some ways about how you can invest in or earn these digital currencies in order to become rich.
There are many ways in which you can make money with cryptocurrencies but here are the three primary ones:
1. Buy/ sell or trade cryptocurrency: in order to start with, first, you should buy coins from an exchange. There are many exchanges in existence that will allow you to trade or keep coins in your wallet. Coinbase is a popular one. It has a super clean interface and is simple to use. If you want to get started with blockchain then this is the best one to choose.
Create your account in an exchange and buy coins by paying the market rate. You can then, of course, sell them when you want as and when the price goes up. But be cautious as the prices of cryptocurrencies fluctuate a lot. Even litecoin and ethereum are highly preferred. Choose a safe and reputable exchange and keep backing up the digital wallet.
2. Accept your payments in cryptocurrency: in order to make money with cryptocurrencies, you can accept them as payment instead of any service or product. If you have an online business where you sell some services or products then in the payment gateway you can give the option of cryptocurrency of your choice. A digital wallet can help you do that or work with those people who can pay in crypto.
This is not a difficult thing to do and you can find customers and clients that would pay you by transferring through the blockchain. You must make an approximate estimate of the value of your products and or services in terms of this coin or token. This is because the volatile nature of this market does not allow to make accurate estimates. After receiving payments in cryptocurrencies, you can use it to make payment to others or sell the coins for USD or keep it till its value rises.
3. Mine the cryptocurrency coins: the third possible way to earn crypto coins is by mining on your own. The crypto industry has gained popularity and now it is not possible to use the home computer to mine bitcoins. There are many miners now that are working with their rigs so some people might face difficulty in mining cryptocurrencies with a low configuration machine and poor internet connection.
If you want to mine coins then you must invest in graphics cards and have a high configuration system. You should also know how to build a computer. You would be using more electricity in mining. Some coins might get mined faster as compared to others. But these coins are not getting much value when you sell them. This is because these coins are not much popular in the market.
No matter which method you choose to make money with cryptocurrencies, you should keep a check on the market conditions. Do not make any hasty decisions and research well before you put in your hard earned money. There are cases when you can make a lot of money or lose completely. Keep researching about cryptocurrencies to know about the latest happenings in this market.