Now that you are familiar with what cryptocurrency is, its
now time to learn how to get started earning your first cryptocurrency! This is a very exciting time and it is
important because the hardest part of any venture is taking the first
step. If you follow this guide, step by
step, you will be able to create a strong financial future with
cryptocurrency. Remember, you won’t get
rich overnight, but with hard work and persistence, you will become wealthy in
due time. Let’s get started.
Setting Up a Wallet
Before you earn your first cryptocurrency, you will need a secure place to store your coins. A digital wallet is a specialized platform that securely holds your desired crypto coins. It is only accessible by you and you alone. When you create a wallet, you will be given a 25-phrase password which you must keep private and secure at all times. We recommend writing it down and storing it in a safe place. There is desktop, mobile, and even hardware wallets for you to choose from. Coinbase is a very popular wallet that also allows you to trade to another cryptocurrency. BitPay allows you to store your crypto as well as conduct transactions with a Bitcoin debit card. Exodus is a very secure desktop wallet and Ledger has a hardware wallet which is a physical device to store your bitcoin or other cryptocurrency.
Holding or Trading Cryptocurrency
The next step, once your wallet is setup and verified, is to
decide whether you want to hold the currency and gain interest or trade it for
another coin. There is heavy debate on
both ends, but if you want to see how a certain coin performs on the market,
hold it in your wallet for a few weeks and watch the values change. You can also look at historical graphs to see
how well the coin has gone up or down in value over a set period of days, weeks,
months, and years.
Popular exchanges will allow you to trade your Bitcoin to another currency if desired. Much like the stock market, each coin is volatile, meaning its value will change frequently. Cryptocurrency is more volatile than traditional stocks, however you will see increased gains if you trade them correctly. Don’t know how to trade cryptocurrency? A unique app called Circle Invest, will allow you to invest a minimum of $10 into a collection of different cryptocurrency coins. The coins are then traded automatically and you earn based on the different investment portfolios you choose. Sounds easy!
If you want to buy Bitcoin directly, there is a great website called LocalBitcoin, that will convert your local currency into Bitcoin with a few clicks. For experienced traders, we recommend any of the exchanges listed on our website to start trading immediately.
Earning Free Cryptocurrency
To be honest, yes there are ways to legitimately make money with cryptocurrency without having to invest. The methods we recommend we are currently using and verify. If you have a decent computer with a strong graphics card, you can potentially mine different cryptocurrency with a platform called MinerGate. Note that laptops and mobile phones are not optimized to deal with the intense load of mining so we only recommend doing so on a high-end computer.
Another method is using the CryptoTab Browser extension from Chrome. It is free to download and once you have done so, you turn it on and keep browsing like your normally would. Over time, you will earn free cryptocurrency. You can even invite your friends to increase your earnings potential even faster!
Let us know in the comments if you have different ways of
earning, trading, or investing Bitcoin and other cryptocurrency. The more consensus as a whole that we develop
with our community, the more people will be able to adopt this new form of acquiring
wealth. Your opinion matters just as
much as ours, which is why we invite you to share, comment, and like content
that you find helpful.