The sky is falling all over the Crypto world. What should I do? Start getting involved.
Who wants to miss out on another rise in the price of crypto coins? Everyone wants to earn some cryptocurrency. The problem is that the cryptocurrency market is uncertain, and most of us don’t want to risk losing our hard-earned money.
1. Buy cryptocurrency
The most straightforward way to earn crypto is to buy them. Buying cryptocurrency is now easier than ever, with many options available. As the industry gained a lot of interest in the past couple of years, its demand increased.
How can you buy cryptocurrencies today?
To buy Bitcoin, for example, can be as simple as going to an ATM that offers Bitcoin and getting it with credit or cash. There is one thing you should consider – transaction fees. Though other crypto coins aren’t so easy to grab, you can only buy them via crypto exchanges.
On most online exchanges, the transaction fees update in real-time, based on the market fluctuations. And the costs themselves are pretty low for some cryptos. ATMs, on the other hand, tend to charge high fees. So it’s usually advised to buy BTC (or other cryptocurrencies) through exchanges such as Coinbase, Binance, or Crypto.
Sign up for an account, verify, and you’re good to go. Some exchanges require unique verification from your bank, and this process can take up to several days. You may want to check the automatic sign-up and verification process.
2. Start mining crypto with your computer
Mining crypto doesn’t work for all cryptocurrencies. Mining is a great way to obtain cryptocurrency tokens. But the whole process is a little more complicated than some of our other options. Through mining, a person uses a computer to solve complex mathematical equations that validate blocks of transactions. People believe that mining is about gathering as many coins as possible; it’s not just that.
All the cryptocurrencies get created inside a protocol. They need to be electronically validated to be made available on the open market. As a result, the first person that validates it receives a fragment of the virtual token they validate.
What do you need to be a miner and start digging?
It depends on what you want to explore. While Bitcoin mining requires expensive equipment such as Application-Specific Integrated Circuit, others get mined with just a gaming strength computer.
3. What Is Crypto Staking?
There are two methods of validating blocks – Proof of Stake and Proof of Work. While Proof of Work requires users to mine the blocks and confirm the transactions through pure computer calculation power, PoS works differently.
In a PoS system, the person confirms creating a new block based on the number of coins he already holds. The more coins you control and put into staking, the more chances you have to be chosen to validate the transaction. But to a stake, you need to hold several crypto coins, so this method works great only if you want to increase your holdings.
4. DeFi Yield Farming Can Earn You Crypto
DeFi Yield Farming, also known as Yield Farming or Liquidity Mining, Decentralized Finance projects come with a reward system that resembles the bonds market in away. In the most straightforward understanding of this process, Yield Farming generates rewards from locking up cryptocurrencies. Depending on the project, you can get additional tokens besides the high yield. As you lock in your funds and grant liquidity to a Defi token, you will get rewards and interest.
Some of the most popular DeFis that you can mine are:
Kyber Network (KNC)
5. Join a few airdrops to earn crypto-coins
Airdrops are a great way of taking early advantage of emerging projects.
Most projects use airdrop campaigns to gain an initial level of notoriety and create a community around their project. Airdrops are an excellent tactic because it helps crypto enthusiasts find out about upcoming projects while also providing them with something of value.
In exchange for performing a specific set of tasks, users receive some of the tokens from the project.
Once the project hits the market, those tokens can be traded for other coins or sold. Some everyday tasks include:
Downloading their app;
Following their social media channels;
Signing up on their platform.
These are just some of my views and in no way financial advice. Always consult a professional before any investing.