First of all, I will like to start by giving an insight to what a crypto currency is to some people that don’t know.
CRYPTO CURRENCY is a digital or virtual money which uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. It is not easy to counterfeit a crypto currency because of this security nature. One of the prominent feature is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.
Bitcoin happens to be the pioneer of all crypto currencies that exists today. The purpose of this post is to inform the readers of 3 ways to make money from crypto currency.
- BUY CRYPTO CURRENCY
This is obviously the first option you have to consider. There are different exchanged which will allow you to buy coins to keep in your wallet and one of the most popular exchanges which i also use is Coinbase. You can use a digital wallet on iPhone or Android and purchase any crypto currency of your choice. All you need to do is pay the market rates and hold onto the coin until it has appreciated in value and you are ready to sells. The best way to buy crypto currencies is to invest with them when the price is still very low. For example, I invested in ripple with it was just $1, as today one ripple is selling for $3. Lets say you bought $1000 worth of ripple sometime December last year when it was $1, now that the value has appreciated to $3, the money in your wallet will move from $1000 to $3000, making you a profit of $2000 within a short period of time. As the price of ripple keeps rising, so is your money increasing.The secret of buying crypto currency is buying a crypto currency with potentials at the lowest price. Some people will already be wondering which crypto currency is most suitable and affordable now to invest in, I will cover that in my next article.
- BE A CRYPTO TRADER
This is the best and easiest way to make money. Trading crypto currency is very similar to forex trading, using the same fundamentals and technical analysis to predict price movement on any crypto currency of your choice, but different in that crypto trading has high volatility and that is where the money is. In the crypto market at the moment, you should only look to buy because most of them are in a very strong uptrend, so all your analysis should be on how to buy and not sell, this is one advantage crypto currency trading has over forex. I have been actively trading crypto currencies for the past 4months and I must tell you I have no regrets. Do not worry about the amount you need to start with as the good thing about cryto currency is that you can start with any amount. Below is the beore and after analysis of a trade I analyzed and took on #ETHEREUM.
- MINE YOUR OWN CRYPTO-CURRENCY COIN
Finally, it’s possible to mine your own crypto currency coins, but it does not come cheap though. Mining is simply solving complex mathematical problems with the help of your computing power and get rewarded with these coins for solving the problem. However, we are no more in the days where you could just use your home computer to work on mining Bitcoin. Today, with so many miners working with their rigs, it can be difficult if you want to make money with crypto currencies through mining. You need to invest in graphic cards and the right setup for the best chance. You need to know how to build a computer. Once you get it set up, you will be using more electricity. No matter what method you use to make money with crypto currencies, though, you have to be aware of market conditions. You are free to ask any questions where you need guide or do no understand.