Let’s be honest – despite the recent drop in prices, everyone knows that a spike is on its way and that we should not miss out when it does happen. At the same time, we are aware of the uncertainty of the crypto market and are naturally reluctant to lose our hard-earned cash.
In this blog, we attempt to resolve this dilemma by discussing the several ways that you can use in order to earn a bit of crypto without a great deal of risk or effort.
1) Purchasing:
As is the case with almost everything, the easiest way to get it is through buying – and crypto is no different.
The tremendous crypto popularity during the last few years has seen its demand soar. Therefore, a lot of companies are now providing services that you can use to safely and easily make your way into the cryptocurrency market. You can buy bitcoins through the bitcoins trading apps like bitcoinxapp.
But the real question is – how do you make a crypto purchase?
Bitcoin is the easiest crypto to buy: all you need to do is visit any Bitcoin ATM and use either credit or cash to make a purchase. Other coins are a bit less accessible and can only be bought through a crypto exchange.
An important factor, however, is the transaction fee. With online exchanges, the transaction charges will constantly vary based on the market fluctuations – but thankfully, the charges are always pretty low.
ATMs, meanwhile, have significantly higher transaction fees – which is why we recommend using exchanges to make your crypto purchases. Along with the lower transaction fee, these exchanges also have an easy and straightforward process – sign up and verify, and that is it.
2) Mining:
Mining is an excellent way to get your hands on a bit of crypto. The downside, however, is that mining will not work for every currency.
A lot of people think that mining is all about getting the maximum number of coins possible – the actual process is slightly more complicated.
Basically, mining involves the use of computers to solve complicated mathematical equations validating transaction blocks. Every cryptocurrency is already produced in a protocol; all that is needed is the validation to make them market-available.
The first person to validate the currency will receive a percentage of the validated coin as a reward.
So, are there any special requirements for mining?
The answer to this question depends upon your mining objectives. If you want to mine Bitcoin, you will need sophisticated equipment such as Application-Specific Integrated Circuit (ASIC). Most other coins, meanwhile, can be mined using only regular computers.
Even if you want to give Bitcoin mining a shot, you will not necessarily need to pony up thousands of dollars for high-end technology. Instead, go for mining networks – these networks will only require a small joining fee and will allow you to work with other members of the network. The drawback, of course, is that the rewards will also be split amongst the members.
Ethereum, Dash, Monero, and Litecoin are some cryptocurrencies that you should consider mining.
3) Staking:
If you want some coins that are not mineable, don’t fret – there is yet another way.
You can validate blocks in two key ways: Proof of Stake (POS) and Proof of Work (POW).
With POW, you need to mine blocks and confirm transactions purely through computational power. POS, meanwhile, operates in a completely different manner.
In the POS system, a deterministic manner is employed to choose the person who created a new block – the person who already holds the most coin will be chosen.
So, the more crypto coins you have, the greater your chances of validating the transaction.
Final Word:
To conclude, there are several ways to earn crypto, and this blog discussed three of them. We hope that the information will help you in your crypto-earning quest.
