If you want to invest in cryptocurrency, you can either buy it through a cryptocurrency exchange or P2P sites or earn it through multifarious ways. This guide will walk you through the different ways through which you can earn cryptos.
In this guide, I’ll tell you some of the easiest and risk free ways to earn crypto. Give a little effort and you can also earn lots of digital coins and earn your way to riches:
The easiest way to earn cryptocurrencies is to buy them. One of the main reasons why the crypto assets and blockchain industry gained popularity and prominence is due to the exceptional rise in demand.
This excess demand skyrocketed the price of Bitcoin and later other altcoins like Cardano (ADA), Dogecoin (DOGE), Polkadot (DOT), Chainlink (LINK) joined in. In fact, more and more companies are riding this wave and offering services that make it easier for you to buy crypto and enter the market safely. Another popular way of buying and selling cryptos is OTC trading.
Step #1: Select a Crypto Broker/Exchange
Almost all the crypto brokers offer cryptocurrencies for purchase. To choose any one of them, you have to look for certain characteristic features such as:
Once you have compared the services offered and fees charged by the different crypto brokers offering digital coin trade, you should choose the one that matches your financial goals.
Step #2: Open an Online Account with an Exchange
If you want to buy and sell digital currencies, the best way in which you can do it is through a broker. It will allow you to convert your fiat currency or any other digital currency into the preferred coin online with just a few clicks. You have to select a broker that will allow you to buy or sell your preferred crypto easily and securely.
Step #3: Buy Crypto Wallets to Store Multiple or your Preferred Coin
Once you have opened a brokerage account with a cryptocurrency exchange, it is now time to make arrangements for securely storing the digital coins you have purchased. If you are holding cryptos for a longer period of time, hardware wallets are preferred. This is because they are offline storage options and a physical device is involved in storing the keys.
You can either go for a cold wallet (including hardware wallet) or a hot wallet (including mobile/desktop wallet). It is not recommended to keep coins on your exchange because you may lose all your funds in case of a hack.
Wallets safely store your coins with a private set of keys. Cold wallets, especially the hardware ones, are the best because they provide you the highest possible level of security. You can purchase hard wallets from anywhere, even from sites such as Amazon. These wallets work like a flash drive that allows you to connect to a computer or laptop for transferring coins into a more secure wallet. The best part is that you can store coins offline, ensuring you’ve access to the coins all the time.
Step #4: Fund Your Account
Once an account is opened, you have to link a funding or payment method so that you can transfer the money from your source of payment to the concerned brokerage account.
Most brokers provide direct bank transfers and credit/debit cards as payment methods. Bank transfers are most cost effective because they come with almost zero fees. Depending upon the broker or payment method, it may take anywhere from a few hours to a few days for linking the payment source (including saving bank and checking bank) with the trading account.
Step #5: Buy Preferred Crypto
You can place orders for buying your preferred coin through your account with the exchange. You can place an order of fractions too. However, its specification changes from one coin to another. Check the current price and place an order. To purchase digital currency, you can place a wide array of orders such as Market Orders, Limit orders, Recurring orders, Stop-limit orders, and others.
Step #6: Transfer Coin to a Wallet once you have earned crypto
Once an order is fulfilled, the digital currency is transferred to your account. If you want to hold, you can secure the coins in a wallet by using your private keys. For long-term holding, storing cryptos on a hardware wallet is recommended.
If you are ready to invest in Binance Coin (BNB) or buy Bitcoins through online brokerage accounts, you can do so in a legit way by investing through cryptocurrency apps. You have to open an account with such an exchange, verify details (including basic personal information), and then fund your cryptocurrency trading account through bank transfer, credit cards, debit cards, wire transfer, and other payment options.
The easiest and most secure way to earn Bitcoin and digital coins is by mining them. The process is a bit complicated involving high computing power for solving complex mathematical problems, extremely high electricity demand, and validation of transaction blocks.
Once a miner or a mining company solves and completes this process first, he/she/the company receives a reward in terms of the same cryptocurrency. In the case of Bitcoin (BTC), the reward is currently 6.25 BTCs for every block of Bitcoin mined. The crypto rewards get halved after the creation of every 210,000 blocks of Bitcoin, which takes around 4-years time.
Just after the Bitcoin launch back in January 2009, the reward was 50 BTC, which got reduced to 25 BTCs in November 2012, again to 12.5 BTCs in July 2016, and finally to 6.25 BTCs in May 2020. The next halving will take place in 2024.
To start mining, you’ll need high-end mining equipment like ASIC (Application-Specific Integrated Circuit). However, they come at a high price. In fact, the extent of electricity consumption is also very high. Therefore, mining cryptos all by yourself may not be a viable solution for you. That’s why you should invest in a crypto mining pool. Some of the most renowned mining pools where you can buy a share of pool to earn cryptos are:
Besides Bitcoin, the other best cryptocurrencies for mining are:
There are two methods to validate cryptocurrency blocks:
Staking cryptocurrencies looks very similar to a lottery game. The more coins you hold and put them into staking, your chances increase for getting chosen to validate the transaction. To stake and earn cryptos, you have to hold several digital currencies in the first place. If you want to increase your stocks over a certain period of time, preferably long-term, crypto staking is the best way.
Some of the best staking as a service platforms are:
Cryptocurrency Trading Robots (such as NapBots.com) automatically scan the market in real-time and trades for you. They run 24×7, which means that you can keep earning your passive income even when you are sleeping. This gives you an edge over other investors as it enables the bot to book profits on your behalf when other investors are sleeping.
Smart crypto investors always remain prepared to get the best of a big market move. They don’t wake up suddenly. To remain alert round the clock, they use cryptocurrency trading bots so that they don’t miss any big market movement.
NapBots.com is a Trading Bot, cloud-based platform, on which you can connect to major exchanges such as Binance, Bitmex, Bitfinex, OKEX, Kraken, Bitstamp, and Bitpanda.
The best thing about the Napbots trading software is that you don’t have to monitor charts and candles to predict your next move. Any novice trader with zero skills can also start trading like a pro and earn money with this unique trading tool. Let Napbots take full control over your trades in just a few clicks. Now, sit back and enjoy earning money.
You may also check “Napbots Review – Simple Way To Increase Your Crypto Returns” before taking the plunge.
NapBots crypto trading software is special because it comes with:
With NapBots, you can enjoy financial independence by trading cryptocurrencies on autopilot mode and earn money automatically. To make it work on your behalf, you have to do the following:
Step #1: Connect to one of the available trust exchanges.
Step #2: Select from the unique list of performing Bots of NapBots
Step #3: Choose a plan that suits your investment style
Once you have completed these three steps, NapBots is ready to trade cryptos and earn money for you. Happy Trading!
If you still need assistance, you can refer to the following guides: