Anyone Can Earn Cryptocurrency.
How I made my first $5000 in crypto.
Around the end of 2014, while I was looking up some ‘magic potion’ online, I found myself on the darker side of the internet. The e-commerce websites out there are similar but with way better customer service.
I had heard about Bitcoin before but didn’t understand much, there was no drive either. This time was different; Bitcoins were standing between me and the ‘magic potion’.
Legality was never an issue back then, but I had so many questions — Where do I buy from? How do I buy the coin? Is it the real Bitcoin? I had to get around this.
Bitcointalk wasn’t so crowded back then and luckily I came across some genuine help.
1 BTC was valued at $500 in 2014, but even back then you could tell how huge it’s going to be. It was just a small transaction, but my first cryptocurrency transaction, it didn’t feel any different from a regular money transfer on the surface.
Although behind the scenes, everything was different! Its fundamentals and technology challenge our current system, and it worked! A lot better, in my opinion.
Today,1 BTC is around $11,000 and is always fluctuating.
Now I wanted to get my hands on more of Bitcoin and other alternative currencies which were gaining momentum at that time. I didn’t have anything to trade with so I figured I had to earn cryptocurrency organically. To get started, I had to buy-in or work for it. When I mined my first coin, I used what I had, a mid-range graphics card. It paid for itself and more!
Here’s how I made my first $5000 in cryptocurrency.
Mining
Since the currency is decentralized its necessary for miners to exist. If this sounds confusing, check out this super simple explanation.
To be a miner you need processing power. Cryptocurrency miners share their power to the network and are rewarded with tokens of that particular network.
You’ll find a ton of content on how to get started, optimize and earn by mining. If you have some hardware and want to get started right away, check out what to mine.
It’s hard to say how much you can earn by mining as the tokens constantly fluctuate in price, but a combination of trading and mining helped me gain better profits.
Trading
If you like playing around with stocks, Crypto will give you better returns. The average return on stock investments is around 15% to 20% whereas trading cryptocurrency can easily get you return up to 300%.
I once managed to get a broker cut of $800 for a profitable trade suggestion.
But keep in mind that trading is high risk, high reward. Play with what you can stand to lose.
Binance and CoinBase are good exchanges to start with. Although I recommend WazirX if you aren’t restricted by your geographic location. Their user interface is amazing, considering the fact that most trading apps are a bit complex. WazirX was the first to launch an auto-matching P2P transfer, which has made cashing out easy, look at how they made it!
Gaming
Blockchain games are something I’ve gotten into quite recently. I see huge potential in it. There’s a high probability that majority games will eventually integrate cryptocurrency as it’s just so convenient for developers and gamers both.
Talk about earning cryptocurrency by gaming! Incentivizing players and cross-platform tokens are definitely the next big thing in gaming.
Games are much safer than trading as most games will give you assets in exchange for your investment. You can also trade these assets with other players when you leave.
I would recommend playing Cropbytes, a crypto version of Farmville. It has an open market, mini-games, and some more cool features. I started with 500TRX and made about 3000TRX in 3 months. Investing more will get you more!
In another major game Crypto kitties, The first highest selling cat was sold for 246.9255 ETH (~ $117,712)
You may think its too late to get in, but the game is only getting started. Make small, informed investments in cryptocurrency.
You can trade, mine or game all of it will help you understand a little more.
Invest time in learning about Tokens, markets, the working and the application of the technology.
You will be amazed by what the future holds.
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Cheers.
