A cryptocurrency is simply money, it is just a digital asset existing virtually and designed to act as a medium of monetary exchange. Cryptograms are used as a measure of security to verify various transactions as well as control the creation of new units of cryptocurrencies. It is worthy of note that cryptocurrency transactions are recorded using blockchain technology, a virtual record keeping system that cannot be altered but only updated.
How to earn cryptocurrencies
When it comes to earning cryptocurrencies, trading and mining are the basic and probably the best ways but aren’t the only options to choose from these days, but let’s check out a list of how one can possibly earn cryptocurrencies.
- Trading. As mentioned earlier, cryptocurrencies are digital currencies and just like any other currency, buying and selling, also known as exchange of any of the cryptocurrencies you choose to deal with is arguably the fastest and easiest way to try and make some earnings. The value of cryptocurrencies fluctuate so much each day and with some proving to be highly variable by the hour, thereby creating a perfect platform for trading and making some good crypto money. The same way we have it in the stock market, cryptocurrency trading revolves around buying and selling. You buy a particular cryptocurrency; say Bitcoin at a low cost and then sell it off when the price appreciates. To pull this off, to be a trader, you need to be signed up to a reliable trading or exchange platform, usually websites, thereafter, you fund your account with some cash. For newbies, it’s advisable to begin with cash you can afford to lose. Once your trading account is up and running, you’ll then need to keep tabs with the trading market to know when best to buy or sell your currencies. After All, that’s what a proactive trader would do.
- Mining. Even though trading in cryptocurrencies by purchasing and selling is one good way of earning cryptocurrencies, Mining them can be very profitable. Now you might have heard about “Mining” in the cryptocurrency discourse but still do not have a clue on what exactly mining is all about. Mining cryptocurrency is all about verification of transactions on the blockchain, it requires quite a lot in terms of computer hardware resources to be able to earn you substantial crypto money. There are two options to choose from when it comes to mining, you can either opt for physical mining using sophisticated computer processing hardware or patronize cloud mining services like Hashflare, Genesis Mining or Eobot.
- Freelancing and online tasks. Another effective way to earn cryptocurrencies is by offering online services on platforms that pay in cryptocurrencies. There are many to choose from. Many argue that this is the best way to earn crypto money as it requires arguably no capital to start. Simple online tasks like sharing web links, playing games, downloading apps, responding to surveys etc are a few of the best ways one can earn cryptocurrencies.
Cryptocurrency, what it is and how to earn
Now let’s take a look at some popular cryptocurrencies
- Bitcoin (BTC): Designed as a peer-to-peer electronic cash system in 2009, bitcoin is considered the most prominent of all cryptocurrencies.
- Ethereum (ETH): Apart from being a crypto money, Ethereum is a decentralized asset that engineers the creation and dispatch of “Smart Contracts” that run in the Ethereum blockchain.
- Litecoin (LTC): Haven taken a cue from the Bitcoin framework, Litecoin which was developed in 2011 by developer Charlie Lee has fashioned itself as the main alternative crypto money to bitcoin. Think of it as silver, if Bitcoin were gold.
What is Cloud Mining?
We’ve talked a bit about cryptocurrency mining, now let’s take a look at another form of mining called “cloud mining”. Cloud mining is basically the process of mining cryptocurrencies virtually. Instead of setting up the physical hardware requirements, CPU power is bought from dedicated hardware resource centers who use their own equipment to mine cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc on your behalf.
Cloud mining is more or less an investment and its major selling point is in the fact that in-depth know-how about mining hardware isn’t needed, neither do you need to have a migraine over buying expensive hardware or obtaining classified devices. You also do not need to worry about the cost of power usage.
There are however many cloud mining companies who offer crypto money mining services, but the most reputable include www.hashflare.io, www.genesis-mining.com and www.eobot.com.
- Hashflare. Hashflare is a wonderful option when it comes to cloud mining as one of its major attractions is its low cost of entry coupled with mouth-watering mining contracts.
- Genesis mining. Founded in 2013, Genesis mining is considered the largest cloud mining company in the market. They offer hosted cryptocurrency mining services to cater for small scale and large scale investors.
- Eobot. Eobot is one the longest serving cloud mining services in the game. They are known to be the easiest, cheapest and most preferred way to mine multiple cryptocurrencies at the same time.
What is HYIP monitoring?
HYIP is an acronym that stands for High Yielding Investment Programs and these are fraudulent investment programs that are run online, going around promising incredibly high returns on investment to prospective investors. These investment programs secretly use monies from old investors to pay older investors but end up defrauding most investors after a short while. HYIPS could be profitable to daredevil investors who know how to outsmart the system and are able to cash out before the facilitators decide to close shop, but you never can tell when that will happen. This is why HYIP monitoring has become a common practice amongst daredevil cryptocurrency investors.
HYIP monitors are websites which are dedicated to listing and advertising HYIPs giving you tips on the best paying as well as the nonpaying ones in exchange for referral commissions and ads revenue. These monitors also disclose the payment statuses of HYIPs, telling you whether a particular HYIP is currently and truly paying it’s investors or not. However there is a twist, HYIP monitors do not always do what they promise. While just very few of them deliver on their promise of giving reliable information on the status of HYIPs, most do the direct opposite with the aim of misleading prospective investors. You might want to wonder what the rationale could be, well these HYIP monitors usually get bribed by HYIPs themselves in order to lure investors into injecting money into their programs.
- Ultra Profitable HYIP. This is a HYIP classification that promises the highest percentage profit daily allowing profit margins from 5% and above. These are considered the riskiest but the most profitable, however, they usually have the shortest lifespan.
- High profitable HYIPs. These HYIPs also usually promise high profits. The percentage starting from 2% to 5% daily is the second riskiest and second most profitable HYIPs after Ultra profitable HYIPs.
- Pseudo mining HYIPs. Pseudo mining HYIPs are high yielding investment programs that promise unrealistically high interest on cloud mining services. They usually appear as cloud mining service providers but are not, instead they pretend to be into the business and manage to pay investors using the Ponzi scheme model. Just like other HYIPs, they have a very short lifespan and make away with funds of investors in no time.
What are Bitcoin Faucets
Bitcoin Faucets also known as Cryptocurrency Faucets are websites or mobile apps that provide the opportunity to earn free little amounts of bitcoins known as satoshis as a reward for carrying out little tasks as demanded by the app or website. Bitcoin Faucets came into being in 2010 and were developed by a certain Garvin Andresen.
The rewards are distributed at various time intervals as rewards for finishing little tasks like captcha completion, games such as the bitcoin fidget spinner etc. The number of bitcoins rewarded tend to vary significantly in line with the current value of a bitcoin. Not more than 1000 satoshi is redeemed per time however, there are some Faucets in recent times who have begun paying significantly higher rewards.
The rationale for Faucets is largely to introduce bitcoins and other alternative cryptocurrencies to new people. Most times, the Faucet facilitators post in-depth information about bitcoins. They give out free bitcoins to people to have a feel of the usability of bitcoins
Also, Faucets are set up in order to generate web traffic. Since it is free money, there will definitely be massive influx of web visitors trooping in by the minute. So if the Faucet website has other bitcoin-related content it wishes to popularise, the Faucet will essentially be pulling the publicity project off quite well. One other purpose for Faucets is the potential to make money. Faucet websites leverage on the high level of web traffic they receive every day to offer advertisement packages to different clients. They aim at earning enough from advertising to cover the cost of the free bitcoins they give out on a daily basis.