On Hodling: Best Seven (7) ways to Earn Beam

Scarletmedia
May 19 · 6 min read
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Hello World,

Did you know, there are many ways to earn Beam? There are seven (7) ways to earn yourself a lot of Beam coins but first, for the sake of those just joining us (I mean the blockchain newbies), I am going to briefly explain what a cryptocurrency is and the role Beam plays in this space.

Cryptocurrency defined

A cryptocurrency is first, a digital currency. It is a medium of exchange that leverage blockchain technology to gain decentralisation, transparency, and immutability. This transaction/exchange between two parties is done using Private or Public keys. More on cryptocurrency can be found here.

It is worthy of note that every transaction on the blockchain is visible to the crypto-verse. Indeed the blockchain is decentralized and borderless but what this means is that your transactions are also borderlessly visible. Look at it this way; you acquire a Mercedes Benz of the latest model and pay with Bitcoin (a type of cryptocurrency). The world will be able to see that you bought a Mercedes Benz and not just that, the amount for which you got it for will be clearly stated. It’s like your bank account statement being pasted on the streets of New York for the world to see. This is where Privacy comes in.

The Phenomenal BEAM

Beam is a cryptocurrency under the category of privacy coin. It implements the mimblewimble protocol. A privacy coin possesses all the features of Bitcoin except the infringement of privacy. Beam has successfully solved the privacy challenges of Bitcoin by obfuscating key elements of each transaction on the Beam blockchain. Important elements such as wallet addresses and amount being transacted are not stored on the blockchain.

Transactions on Beam are peer-to-peer, meaning both sender and receiver have to interact for there to be a transaction. This also means less information will be stored on the blockchain, hence making Beam scalable. So, Beam is a peer-to-peer, scalable confidential cryptocurrency.

The long-awaited HOW

As earlier stated, there are seven (7) effective ways that you can earn Beam. They are;

  • BeamPay
  • Mining
  • Faucet
  • Community Engagement
  • Trading
  • Buy and Hold
  • Beambet

We will tackle them one after the other.

BEAM PAY

Beampay is a payment processor that allows for easy integration with your online store to automatically receive payment with Beam. It was designed by a Beam community member known as Vsnation. As can be seen on this page, there is a growing number of businesses around the world accepting Beam as payment for goods and services rendered. What this means for you is that if you own a business, you can contact Vsnation on Telegram, and he’ll help set up your business to receive Beam as one of the forms of payment for your goods and services.

Your business will then be added to this list and congratulations, you’re set to earn in Beam. There are some perks to receiving payment in Beam, your business will be covered by the PayinBeam account on Twitter that promotes businesses that receive Beam as payment, and also, your business will be listed on the Beam Accepted Here page on the official website.

If you understand my definition of cryptocurrency and Beam, you would know what this means for your business. First and most importantly, your competitors cannot see how much you make and who your customers are. Your business’s financial situation is known only by you. Lastly, for African nations with weak fiat currencies, earning in Beam is a great way to have your finances in a deflationary currency.

MINING

One of the most scalable and sustainable ways of earning Beam is by contributing to the sustenance of the blockchain. This is done by securing the network and to process every Beam transaction, this is achieved by solving computational problems which allows them to chain together blocks of transactions.

According to this article written by Beam’s Community Support: Raskul, Beam can be mined using software called GMINER but you will need to have a “suitable GPU in your computer with at least 3GB of memory”. Watch this video to learn the 10 step guide to solo mine Beam.

Once you successfully set-up a mining rig, you’ll earn some Beams as a reward for processing Beam transactions.

FAUCET

The faucet was designed to give little amounts of Beam to people who just downloaded the Beam wallet and are trying to test it out. To use the faucet, you simply input your wallet address, and the faucet sends some Beam your way. So, did you just download the Beam wallet and want to try out the functionality? Then use the faucet!

The faucet was first only available on the Beam community website, but it has now been integrated into the Beam wallet and the Telegram Beambot. To access to the telegram faucet mechanism, you first have to join the Beam Telegram group, download the Beam wallet and copy your wallet address. Now, go back to Telegram and register with the bot. In the chatbox, type in the following command: /faucet [YourBeamAddressHere].

That’s it! Your FREE Beam is on the way.

COMMUNITY ENGAGEMENT

Beam is a growing global project that advocates for privacy on several fronts, we have a regular video update on “Why Privacy Matters” which highlights privacy stories making headlines around the world. We also have an engaging community filled with passionate privacy and crypto enthusiasts that are interested in Beam, and what the project represents.

Members of the Beam community are hodlers of the coin since they are passionate about promoting Beam, they tend to be generous towards other members of the community who carry our valuable activities in promoting Beam. There is also Beam Africa for the African Community. In this community, various kinds of engaging activities are held periodically. Recently, Beam Africa held her first-ever Mobile Wallet Quiz Competition where winners went home with Beam in their wallets. All others in attendance caught Beam through the Red envelope, while others got some tips in Beam.

There is always a reward for actively participating in the group and contests which makes it a very promising way of earning Beam.

TRADE Beam

Beam can be traded on Binance. You can buy low, sell high and repeat the process to make a profit. There is also the Atomic Swap feature which is currently only available on the desktop wallet. It allows for users to swap their Bitcoins for Beam in a decentralized way without the need for centralized exchanges. I should also mention that it takes less than a minute for Beam transactions to be complete and most importantly, this happens confidentially.

BUY AND HODL

Now, this is my style. Traders also adopt this method which is good for investment purpose, if you’re hoping to use Beam as an investment vehicle. If you have a spare $10, you can buy Beam and store it in your Beam wallet. When the market is bearish and you have another spare, say $20, you can also buy and hold. Beam can be bought through Binance, and as you may know, you can now use your local Africa fiat currency to buy Beam directly from Binance.

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BEAMBET

The last but not the least is Beambet. This is a centralized betting platform also developed by Vsnation. The signup process is easy and hassle-free, after which you generate an address and place your bet to win big on the Beambet platform. So, if you have a healthy risk appetite and a betting /gambling fan, this is an opportunity you don’t want to miss.

CONCLUSION

So, ladies and gentlemen, this is where I draw my curtain for today. The above are seven (7) proven ways by which you can earn and own yourself as many Beam as your heart desires. I hope this article helped explore Beams earning methods.

Thank you for reading. Till another time!

For more information about Beam, do check out the links below:

Beam Africa

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