Home Business How to Earn Some Extra Money With Cryptocurrencies

How to Earn Some Extra Money With Cryptocurrencies

by Dangula Bingula

A new era brought a new way of earning. Dealing with cryptocurrencies became popular all around the world. Cryptocurrencies are digital money and the difference between it and regular money is that the state does not stand behind it and it has only electronic form.

The first and most popular cryptocurrency is bitcoin. It was represented as a peer-to-peer electronic cash system. This currency is decentralized. This means there are no servers involved, but also there is no central control authority. This concept corresponds to a peer-to-peer (no intermediaries) file-sharing network. In every decentralized network like bitcoin is, each participant must do particular work.

This is done through a blockchain-public registry of every transaction that has ever taken place within the network, accessible to all. Hence, whoever is connected in the network can see every account balance. The transaction is considered to be a database consisting of the sender’s and receiver’s public keys and the transferred coins numbers. In the end, after the confirmation, the transaction is being transmitted in the network.

What can you do with cryptocurrencies?

source:pexels.com

In the past, it was practically impossible to find a trader who accepts cryptocurrencies, but today you can pay in bitcoins almost in every place, whether it was online or not. Many traders deal with it so you can afford yourself a flying ticket, jewelry, accommodation in hotel, computer parts or even to pay yourself a university education! Other currencies are still not that strong and popular like this one.

Now we know that you can use cryptocurrencies for shopping, but there is more. It can be used in investing. Many people got rich. Bitcoin is the strongest digital currency and last year it was estimated that the worth of 1BTC exceeded 800$! If you are thinking about investing in digital currencies, bitcoin is the best solution. To find out more about it click here bitcoineras.com. When you have digital money, you have to find a safe way to store it. Exchange offices offer a wallet service, but it is safer if you keep the online wallet on your hard disc. This is the safest way to have control over your money.

Mining

source:pxfuel.com

Miners play a very important role in digital trading. They provide bookkeeping services for their communities. They contribute with their computer power to solve complex cryptographic tasks, which is necessary for confirming transactions and seduction in a distributed public register called a blockchain. But how do miners earn? As much as they accumulate computer power, they have more chances to solve cryptographic tasks. Once when a miner solves a task, he gets rewarded for it, but he also gets reimbursement for the transaction.

If you have a company and you are in search of potential new clients, the acceptance of the cryptocurrencies might be a solution for you. Interest in cryptocurrencies increases every day. Also, the number of crypto ATMs is to increase every day. At the moment, there are approximately 1800 ATMs in 58 countries. What you should do is to inform your clients that you accept digital currencies and the payments can then be accepted using hardware terminals, a touch screen application, or simply a wallet address using QR codes.

How and can I buy bitcoins?

source:unsplash.com

If you are interested in purchasing it, there are several options. Some of them are the usage of a gift voucher, cryptocurrency exchanges, investment funds, or even trading face-to-face. Crypto ATMs are becoming increasingly popular in the world. All you have to do is to put the money in the ATM and scan your QR code for a digital wallet or you might receive the paper with codes and instructions about transferring the money in your wallet. Having in mind that BTC is becoming popular, such ATMs have the potential to become one of the easiest and most popular ways to buy cryptocurrencies.

The exchange office might be too complicated. Location is perhaps the most important factor when it comes to choosing the right one. It depends on many other factors as well. The exchange office must be regulated by the government, as well as to meet the protocols of knowing your customer and anti-money laundering. Therefore, to place an order and start trading at any existing exchange office, it is necessary to go through long bureaucratic procedures.

For instance, many exchange offices will demand you to link an existing bank account before start trading, and it usually requires the provision of detailed personal information, which deprives customers of their anonymity. However, exchange offices offer various options for trading.

No matter if you are looking for a full platform for institutional traders or a simpler one-time trading solution, we are sure that you will find an exchange that fits your needs. Moreover, many platforms are accessible via computers and mobile phones, allowing users to trade from any place in the world. Exchange offices differ in types of payment they accept, levels of security they provide, limits of purchase, fees, requirements for verification, and many others.

Peer-to-peer enables you to keep your transactions private. If you live in the city, you don’t want to go through a complicated process in a bank and you don’t want to share the information about transactions with anyone, this is the right choice for you.

An investment fund is a form of collective investment whereas the investor’s money is gathered with the sale of a fixed number of shares. The fund is the one that finally issues when it is launched. Bitcoin investment fund is the first one of its kind, and that significantly contributes to its overestimation. There were some ideas about other almost identical structured funds with a possibility of entering the market, but BTC remains the most serious player in such business. As long as the cryptocurrency market is developing, similar funds will try to enter the market without any doubt, which will not only bring great pressure on BTC but will also confirm the status of bitcoin as a world-recognized currency.

Advice about BTC buying

source:unsplash.com

One of the most important things for a buyer is to keep the private key safe (comparable with PIN on ATM, this should be treated as a secret and used only for approving BTC transactions). Some exchanges got the idea to offer “multisig vault” for key keeping. The principle of working is that the multisig addresses allow more people to control the address (but only partially)using a public key. So, if someone decides to spend bitcoins from a personal account, these people are the ones signing the transaction. The number of signatures required is usually determined by agreement when the address is made.

Leave a Comment