Cryptocurrency; Up until late 2016, you might have been forgiven for not necessarily knowing what the concept means or what its inner working are like. Not anymore though as the cryptocurrency industry has blown up exponentially and is steadily increasing and spreading its tentacles with the advent of new coins and even more ways to earn or invest in this coins. Cryptocurrency is recorded on a public ledger system known as blockchain which contains every completed cryptocurrency transaction done and this is another reason why the industry is doing so well as the blockchain brings about transparency in the venture without any dangers of back dealings.
Now there are a lot of folks interested in taking a part of the cryptocurrency pie but most people don’t have the slightest idea on how to go about it and as with every industry that is at its peak, there will always be those bad eggs that seek to deceive and take advantage of people’s limited knowledge of said industry. This applies to cryptocurrency too as there are loads of ads out there that do not portray cryptocurrency for what it is.
The road to becoming successful in the cryptocurrency sphere is not unlike any other business venture as it requires patience, time and perseverance so it’s time to stop believing these fraudulent ads that preach near instant wealth as regards investing in cryptocurrency.
This article aims to list out 10 ways through which you could start your journey into successfully earning cryptocurrency and money anytime, anywhere. This is an industry which has the potential to increase your wealth bank if the right investments and decisions are made at the right time and also under the right circumstances.
1 Conventional Buying and Holding
This is the most straightforward way when it comes to buying and looking to make profits from cryptocurrency. It involves investing in a certain amount of coins you’re familiar with and holding onto your investment for a year or more until they’re mature enough or have reached a point where the return on investment might fall.
Now, the keyword here is familiar and as with anything worth doing well, research should go into determining what coin you’re choosing to set up shop with as it is unwise to go with just any coin without requisite knowledge and research. It is a wise dealing strategy to invest in more than one coin so as to cast a wider net thereby increasing your return on investment. This method signifies conventionality at its simplest as regards cryptocurrency.
2 The use of Cryptocurrency Trading Agencies
Just like conventional brokerage firms, there are also cryptocurrency brokerage firms that do trading for people who have little or no idea about the business. It follows the same principles as stock brokerage.
Individuals get paid dollar equivalents or in bitcoin on previously decided intervals. Some firms pay twice a month, others pay every working day in the week, the payment format is dependent on the firm you choose to invest with.
Also with this, thorough research is advised before setting up shop with any brokerage firm. Be utterly convinced that it is a legitimate organization and not a Ponzi scheme set up.
3 Trading exchanges
As it states in the title, this involves trading in cryptocurrency and even though it is a very viable venture, it is also a risky one. Much like the forex market, it is dependent on the starting and finishing market prices of the different coins available under the cryptocurrency platform.
As usual, thorough research is a necessary tool in making sure that you come out on the other side of the trade smiling as a lot goes into the rise and fall of this coins and as such it is needful to be adept at studying the market, knowing what makes it tick and also mastering the signs of knowing when to hold on or let go of certain investments.
Also here, caution is advised as to buying cryptocurrency from unofficial or unverifiable sources as many individuals have been scammed and defrauded through this process so care should be taken when attempting to buy cryptocurrency.
4 Blogging/ Vlogging
As the title connotes, it involves the use of blogging, video blogging curating contents as the tool through which cryptocurrency is mined. We'll to be frank. Although the process would be a slow and painful experience to go through BUT with persistence, effort and quality content, your hard work will pay off well over time.
If you are looking to earn passive income in the most legitimate and secured manner in the way that we do, content writing/vlogging is one way to rack up a long term return in cryptocurrency.
Steemit is a name that most of us might have came across with while making some research on cryptos. Steemit is works just like blogger.com and other social news platforms but, with one key difference. The website enables bloggers to earn reward in the form of Steemcoin through various way such as posting articles, commenting, and even curating materials for other Steemit users on the platform.
The more audience the traffic that a Steemer gets, the higher the earnings. Hence, it is very important to place high emphasis on well written, interesting and value adding contents so you can obtain large awareness in the shortest time possible. Oh, and whenever an reader upvotes your content or comments, you will get some Steemcoins too!
But wait, the excitement doesn't stops there.
Once you have successfully registered a Steemit account, you will also gain access to Steemit's sister sites which are Dtube and Busy.org. Dtube is a decentralised version of Youtube whereas Busy.org is a decentralised version of Twitter. Double cheers to more opportunities to earn Steemcoins!
This is a truly revolutionary way to look at social media which made us think about how profitable that this could be in the near future, if Steemit becomes a mainstream medium.
Anyway, let's put Steemit aside for now. There are also other ways where you could monetise your WordPress website or blog by curating contents on cryptocurrency.
1) Monetize with cryptocurrency advertising network
As much as we love monetising blogs and websites with Google AdSense, there's absolutely nothing to lose to also tap into other suitable ad networks. Here are some options to adopt in building some cryptocurrency reserves.
The Bitmedia advertising network generates a unique code for you to place on your WordPress blog page, post and widget. Relevant ads will automatically be served to the users. Whenever a reader clicks through one of those ads you will earn a small fraction of Bitcoins.
A-Ads.com has incredibly lightweight ads that will not clutter or slow down the loading time of your website. This is one key feature that we value most as a blogger, so to avoid annoying visitors with gradual placing of ads on the site. There are also other interesting features about A-Ads and CoinURL* in which, we will reveal in the following article.
2) Setting Paywalls for premium contents
Let's illustrate this from a reader's perspective. A reader stops by your website and reads say, 15 articles before seeing a paywall probing for membership subscription or to revisit tomorrow as the maximum view per day is reached. A paywall is a blocking module that restricts the person from reading any more articles. Sounds familiar? Bloomberg is one classic example.
Most well established website adopts this method, requiring visitors to make payment for premium videos, forums, or eBooks. There are other options for receiving micropayments from users of course. To implement this system on WordPress site, you will need to sign up for a Bitwall.
3) Answering questions
Basically, this is about completing surveys digitally. At 21.co, all you need to do is to answer a list of questions and you will earn some Bitcoin at completion.
4) Promote cryptocurrency affiliate programs
The Bitcoin Affiliate Program is one of the highest reward paying approach when it comes to monetising your online platform from cryptocurrency. We will cover this as a standalone article at the end of this post.
5 Gaming/ Gambling
When cryptocurrency came and took the world by storm, analysts predicted that it would significantly uplift one particular industry with an estimated revenue worth of $108.9 billion in 2017. That industry is online gambling.
Cryptocurrency gambling is particularly attractive to players who wish to keep their profile anonymous, preserve the privacy of their financial details, bank account, credit card or came from regions where online casinos are against the country's legislation. Even then, traditional casinos are relatively guarded which made cryptocurrency online gaming an excellent alternative.
Cryptocurrency gaming is a fairly straightforward, easy to use and fun way of earning altcoins as it involves playing games on your smartphone or technological devices. Registration and the speed of transaction could be as fast as 3 minutes with zero turn down rate.
The rules are simple here. Players will be rewarded with small fraction of cryptocurrency for every time you win a level or gain higher score. Whether it is betting, card games, poker, lotteries, virtual casinos and multiplayer games, cryptocurrency games are one of the most fun way to earn cryptocurrency which is why is also referred to as “fun faucets”.
So, what are the popular cryptocurrency gambling and betting sites that are available? This article lists few of the sites that ace our criterias in search for the best cryptocurrency gambling sites:
✓ Fair Gaming- allowing both gamers and the casino to verify all bet outcomes to ensure results are accurate and fair.
✓ High Player's Profile Anonymity- with no request for personal information
✓ Exciting Bonus & Prize Giveaways
✓ Great Content, Wide Games Selection & Beautiful Graphics
✓ Available to Residents of United States of America
✓ Easy to Play, with Low Games Loading Time and minimal Technical Error
✓ Quick and responsive Customer Support
There are two main types of cryptocurrency gaming, namely Casinos and Sports Betting.
Betchain is powered by Bitcoin, and is voted as one of the most popular and trustworthy crypto casinos online. It uses the latest encryption and secure servers to ensure that customers’ money is always safe.
Both Bitstarz and Fortune Jack is regulated by the gaming commission of Curacao government which adds a peace of mind to gamers. Bitstarz accepts multiple currencies- both cryptos and fiat currency. Deposits can be made via Mastercard and various altcoins methods making it highly accessible to users worldwide.
Betmoose is a peer-to-peer prediction betting platform where users can make predictions and bet on anything that has a verifiable outcome. Forming a group of communal alliance is made possible here, encouraging cross transfer of knowledge and sparks conversations alike.
2) Sports Betting
The websites featured here allow players to create anonymous accounts from any part of the United States. Deposits and withdrawals requests will be processed instantly for payout. On top of that, banking services is also provided completely free which makes it easier to transfer money in your player account. Players can place bets on every major league in the USA, UK, Europe, Australia and Asia, including the NFL, NBA, AFL and the English Premier League.
Nitrogen Sport is a biggest and most established Bitcoin-only bookmaker, offering both extensive sportsbook & casino betting site. It was established in 2012 and does not require any sign-up. This site provides exciting monthly parlay promotions and monthly jackpot too.
CloudBet was established in 2013 and are well known for competitive rates, quick payouts and a wide selection of in-play betting markets. The site is well developed and compatible with the iOS, Android and Windows. Best part is that Bitcoin deposits and payouts happens almost instantly and involves zero transaction fees.
Anonibet facilitates anonymous sports betting. The service does not limit users based on their jurisdiction as users are expected to self-comply with their local laws. They even offers an affiliate program software known as Post Affiliate Pro.
Cryptocurrency gaming has underwent a total change by enabling players to gamble, place bets and play poker with safely and easily online. Nevertheless, it's a big ocean out there so take your time to choose one that suits your needs and play with care.
6 Crypto Faucets
A Crypto Faucet is a type of website that gives rewards in the form of tiny amounts of Bitcoin for every ads placement and interactions made on the ads posted on the website. A win-win situation is formed here as the website owner makes money by placing ads on their website and the individuals who visit the ads will get paid as well from watching a video, complete survey, play a quick game or even answer some quizzes after typing a capctha.
You'd be surprised that as at present, this industry contributes to over 50% of the traffic on leading cryptocurrency websites and there is no sign of slowing down.
Having a rewards based system works like magic as it enables visitors to earn a very small percentage of an Altcoin and incentivises the same visitors for every new visitors that came in with your referral code. Each Altcoin faucet gives coin rewards specifically to that faucet. For example, a Bitcoin faucet gives Satoshi whereas the Ethereum faucet pays out Ether.
Now, it can be a little troublesome to visit so many faucets and click on each ads, one-by-one. A faucet rotator saves time by allowing users to quickly visit different faucets without opening a new tab for each websites and earn a commission fee via a chain of rotation links for each faucet visited, with just a click of a button.
Unfortunately, you cannot simply rely on faucets to earn good money as it works in similar to Pay to Click (PTC) websites where the highest possible earnings that a user can make can simply be no more than an average of USD1.5 a day.
7 Microjob (Coinworker)
Micro jobs are quite similar to crypto faucets in the sense that they both rewards users with a small fraction of cryptocurrency for each completion of relevant tasks. The only difference is that micro jobs requires a certain mental skill set to complete day to day micro-task, which indirectly leading to a decentralized micro-job marketplace ecosystem.
The idea of this establishment is to increase efficiencies at the workplace at a very minimal cost. It's exactly like hiring a freelancer who works from home with an internet connection.
Typically, the assigned tasks could take as less as 2 to 3 minutes to complete and ranges from test driving a plugin to find out if its compatible with a web browser, proof-reading, copywriting and more. In a micro-task platform like Coinworker, users with high tasks completion accuracy would stand a chance to secure higher value jobs which pays a a greater amount of Bitcoin.
Though the incentives are small it, provides a better opportunity to earn a little bit more than the crypto faucets or PTC websites.
8 Crypto Lending
Crypto lending platform is designed based on the traditional way of how lending is made at the bank but with a slight chance of position in terms of the identity of the lender, borrower and what is being exchanged. In essence, the platform acts as an intermediary website to enable owners of cryptocurrencies assets to generate good returns without losing ownership of the assets to borrowers who would utilise them to make investment strategies.
Due to the unregulated system of cryptocurrency, the coin lender benefits from higher interest received than standard bank in the short term without losing sight on capital appreciation in the cryptocurrency market at the same time.
However, there may be a risk of default by the borrowers due to the unregulated nature of the transaction and the cryptocurrency itself. In the event of default, there would be little recourse available to the lender.
Recognising the that the risk of default would be of concern to both the lenders and the platform, collaterals are required to provided by the borrower prior to the transaction. The crypto assets lending platforms that are currently available in the market are Bitbond and Lendingblock.
9 Cryptocurrency Mining
Cryptocurrency mining is the process by which new digital currency are created and released into circulation. This process requires a miner's computer processing power ("CPU") to record and verify transactions on the blockchain, which forms the basis of a decentralised network system. Transactions are verified upon the solving of complex mathematical equations, which keeps the blockchain network functional. For every successful verification and processing of transaction, miners will receive a predetermined amount of new altcoins.
Trace back to the early days when Bitcoin was first released in 2009. Early individual miners to the Bitcoin industry were able to make significant fees through mining thousands of Bitcoin with just a PC or a laptop. Eventually, Bitcoin mining was seen as a gold mine. This has caught the attention of companies and they too joined the wagon by acquiring expensive, high performing mining processors to generate coins on a large scale- making it increasingly difficult for individual miners to compete.
The swarm of a large pool of miners and a rise in demand for cryptocurrency has pushes the value of Bitcoin to where it was today. Even then, Bitcoin mining becomes much harder with limited supply. Every successful mining of a Bitcoin requiring greater processing power and can no longer be done without specialized equipment.
Moreover, the introduction of Application Specific Integrated Circuit ("ASIC’s"), which are chips designed specifically to mine bitcoin, acted as a further impediment to mining bitcoin on your PC. Not everyone can afford to invest a minimum of $5000 in up-front hardware costs, which may potentially earn yourself $50 per day..
Let's be realistic.
Although the aim of mining bitcoin as a side income on a computer has became unfeasible, but it is still possible to successfully mine other cryptocurrencies with just your PC. In the long run, you may find yourself lucky and earn something without needing to be physically there- if you stick to the 4 Golden Rules to maximise your profitability in cryptocurrency mining in the following. This article further reveals the best cryptocurrency that you can mine with your PC in 2018.
1. Mine Scrypt-based cryptocurrencies
For beginners, we would recommend to start with Litecoin, Dogecoin and Feathercoin as they are the best cost-benefit as the time of this writing and you only need your home's PC.
Litecoin is the most established script-based coin in the market and you may earn a considerably decent profit ranging from $0.50 to $10 daily, followed by miner's new favourite Dogecoins, Feathercoins and Peercoins.
If you have bigger PC capacity or is willing to invest in higher performing hardware, do look into Monero and Vertcoin. Monero is the most advanced anonymous digital currency and it is relatively easy to mine this coin from home. Whereas the Vertcoin an open source peer to peer digital currency that enable instant payment to anywhere in the world. This coin focused heavily on decentralization and has been been growing exponentially under radar with partnership and collaboration.
Good news is, most altcoins mining which we will reveal below, are designed with certain specifications that make it difficult for specific hardware used by ASICs miners (Bitcoin miners) to tap in.
But then again, what are Scrypt-based cryptocurrencies and why mine Scrypt coins? That brings you to our next point.
2. Maximise profit by keeping mining cost low
Currently, there are two types of mining algorithm method adopted in the mining industry. The SH-256 and the Scrypt.
The SH-256 algorithm is used to generate Bitcoin. This algorithm involves writing the new transaction on the go, hence, requires a large amount of processing, memory and RAM power. These requirements alone, has made the priviledge of owning such capital intensive and highly extensive hardware belongs to only large mining companies. These companies sets up a mining operations in regions with significantly low electricity fee and makes profit by maximising their economy of scale from buying large amounts of processing hardware at an extreme discount. China mines over 60% of Bitcoin making it the the largest Bitcoin mining country, followed by the european countries like Georgia, Sweden and the US.
The costs of electricity used to supply these state-of-the-art equipments is shocking. A research reveals that it takes a day's power supply of a country size like Morocco to mine Bitcoin today.
In comparison to SH-256, the Scrypt solves mathematical algorithm for transactions by just adjusting the number of variables in the equation. It speeds up the entire mining process by inviting more miners to join the network to contribute in solving the equations and reduces the power overhead required per miners. That means lower energy is used as the total network is lesser. This method is used to generate altcoins other than Bitcoin, hence, the name Scrypt coins.
The production of Scrypt coins maximises the efficiencies of your home PC, optimise cryptocurrency mining cost (hardware and electricity) and increases profitability.
3. Join a mining pool
A stronger hardware gives you a competitive edge by boosting block search and confirmation speed in a mining pool. The first miner who search, solve and confirm the block, will get full payout of that block and other miners have to move. The entire cycle repeats. CoinEx and MultiPool are a good mining pool to start with in mining Dogecoin.
4. Set up a strong mining operating system
Here are a general guide on what you need to start mining cryptocurrencies:
(i) A CPU- Laptops are not suitable for mining as they overheat quite easy and the battery supply life is relatively short. As you can't access the CPU while it is mining, it's best to utilise your laptop for personal use and the former for mining purposes.
(ii) Download the official Desktop Wallet from the cryptocurrency website- Remember to encrypt the wallet to ensure the safety of your coin.
(iii) Purchase compatible Graphics Card- Graphics card increases your computing power so that you can mine more coins and boost your earnings. AMD and NVIDIA graphic cards work best for most altcoins. Go for Network 2 if you have less than two graphics cards whereas Network 1 suitable for miners with a larger hash rates a.k.a processing speed. Then, input graphic card into the hardware that you are using i.e CPU or GPU.
(iv) Download a suitable Mining Software- Depending on which altcoin that you intend to mine, most coins have their own mining software. Monero has its own Monero mining software. If you are using GPU to mine Vertcoin, our best pick would be CGminer, CudaMiner and GUIminer. Whereas for CPU, you may look into CPU miner which is free to download.
(v) Join a Mining Pool- Again, choose one where your computing power would give you an edge.
(vi) Purchase extra Fans- Comes in handy especially if a few graphic cards are utilised during mining operations.
(vii) Stay updated with Software Updates- With stolen coins crime rates on the rise, software updates works in two ways. It protects yourself from any vulnerabilities and potentially increase hardware's mining efficiencies. Mining software developers, cryptocurrency wallets and mining pools provides regular updates occasionally so make sure to keep an eye on it.
10 Affiliate Marketing
Technological advancement has enabled everyone to share with the world on what they are passionate about, with just a touch on a smart device. The seamless flow of information has bred the perfect catalyst of growth and demand for great online content. By participating in affiliate programs, you can earn passive income from the comfort of your home if you have anything on the web which attracts visitors. We have recently created an article that outlined the list of popular cryptocurrency related affiliate program. If you would like to explore further, have a look at this article
There you have it!
A list of the most basic ways through which you could also get a piece of the action as regards earning cryptocurrencies. As stated several times in this article, avoid pitfalls such as expecting massive ROIs immediately as the cryptocurrency road can be a long and arduous one that in the long run pays massive dividends.
Rather, through efficient and thorough research carefully place your investments and be patient enough even though the return of investments at the start might be a trickle. As a wise man once said, nothing good comes easy.
In closing, it’s taken the cryptocurrency world quite a while to achieve the popularity and fame that it currently enjoys and it has gotten to this point through three very important tenets that have been hammered upon throughout this piece which are patience, time and perseverance. These are the tools you should arm yourself with as you dive into the world of earning cryptocurrency.
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