Today, cryptocurrency is becoming more and more popular. Everyone thought about how you can make money on cryptocurrency.
Now I will tell you about several types of earnings on cryptocurrency:
Cryptocurrency trading
By simple words you buy a cryptocurrency for 1 dollar and sell it for 5 dollars.
However there is a risk that your cryptocurrency will not grow and you will lose money.
First step: you need a start-up capital. The entry threshold of a cryptocurrency exchange depends on the exchange on average it is about 10-20 dollars. For a good start in my opinion 100 dollars is enough.
Second step: choose the exchange where you will trade. there are many crypto exchanges such as OKEx, Binance, Kraken.
A list of exchanges can be found on Coinmarketcap. I advise you to choose an exchange from the top 20 on this website.
Third step: after you have registered on the exchange and made a deposit you can buy cryptocurrency and start trading.
Fourth step: when you trading cryptocurrency, you need to remember a few simple rules
- Do not invest all your money in one coin, it is better to buy several coins
- You need to diversify your crypto portfolio
- Put a stop loss so as not to lose all your investments
- Transactions should be made without emotion
- leave part of the money for averaging
Cryptocurrency mining
Mining is the activity of mining a cryptocurrency such as bitcoin or ethereum by using power of your device. Your device performs a computational action for which it receives a reward in the form of cryptocurrency. For mining, you can use video cards or ASICs. You can also use the power of your computer or phone but the profit will be less since the power of the phone or computer is less than the power of the video cards. Today it is better to mine such altcoins as Dash and ethereum.
Cryptocurrency faucet
One of the most famous and easy ways to get free cryptocurrencies it is Crypto faucet. Crypto faucet is a website that gives cryptocurrencies as a reward for completing simple tasks. There are various cryptocurrency faucets. Exists Bitcoin or litecoin faucets. One of the most popular faucets is the freebitcoin faucet. You can start without investment. However, to work with cranes, you will also need to install a crypto wallet for micro-payments. This crypto wallet is needed to avoid paying a commission for the transfer of small amounts. One of the most popular wallets for microtransactions is fauceitpay. I prefer this wallet.
Take part in airdrop
Airdrop is the distribution of a cryptocurrency token for free. This is a great option for beginners. it does not require any investment. The cryptocurrency that you received can grow well in price. But you have to be careful because you can meet scammers. https://airdrops.io/hot is a website where you can view airdrops.
Scammers
While working with cryptocurrency everyone thought about how not to get caught by scammers. One of the most popular ways to get cryptocurrency is to fake the exchange's website. Scammers create fake websites of popular exchanges. This is done to steal user data. The trader goes to the fake website of the trading platform and enters a username and password on it. The information gets to the attackers, after which they can use it to gain access to the user's real account. You need to follow a few simple rules which will help you not to lose your savings. 1. Check all the information on verified websites. 2. Do not click on unreliable links. 3. Write down all the passwords on a piece of paper and store them in a safe place because the computer is unreliable.
In conclusion I would like to say that you can make money on cryptocurrency but you need to be careful as there are many scammers who want to steal your cryptocurrency.
