It’s been over a decade since the arrival of Bitcoin, and since then a lot has happened. We started the crypto adventure with a single whitepaper, and now we have thousands of cryptocurrencies out there.
With that being said, we understand why you may have concerns about whether you should join crypto. And with the abundant information out there, it’s easy to feel overwhelmed.
But this is where we come in. In this article, we’ll tell you all the basic information you need in order to make your decision. So let’s start with the beginning.
What are cryptocurrencies?
Cryptocurrencies are digital money, similar to the funds that you have on your credit card. The difference is that, as opposed to the actual currencies (fiat), your cryptocurrencies are not linked to a bank account.
The only person who manages your income is you. And that’s because cryptocurrencies are available on a decentralized system. There is no pivotal party, with the coins circulating only between the users.
This is the magic of blockchain technology.
What are the benefits of cryptocurrencies?
Working with crypto gives you a lot more benefits than just the absence of third parties. This decentralized system comes with a set of features that aim to give users financial independence and freedom.
- All the transactions are anonymous – users get a public key (similar to an IBAN) and a private key (similar to a PIN). No other details are necessary;
- No inflation – once the cryptocurrencies are released, nobody can create more of them;
- It is very secure – in order to create false transactions, malicious actors need to have 51% of the total coins or network power, which is way too expensive and it isn’t worth it.
What can you do with cryptocurrencies?
There’s a lot of things you can do now with cryptocurrencies, especially after so many years of continuous development. Depending on your interest, you can:
- Exchange them into fiat;
- Trade them in order to take advantage of their difference in value;
- Use them in e-commerce;
- Pay at restaurants and coffee shops, like Starbucks;
- Buy videogames;
- Use Coca-Cola vending machines;
- And more.
There are cities like New York when you can even use crypto to buy real estate.
Cryptocurrencies are no longer seen with skepticism. Especially now that there are apps that can automatically convert crypto into fiat, whether the vendor works with them or not.
How can you get cryptocurrencies?
If you are interested in joining the crypto adventure, you probably want to find how to earn cryptocurrencies besides, of course, buying them with fiat. Well there’s a couple of ways to do that, but our favorites are the following:
If you have access to a powerful computer, you can validate blocks of transactions by solving complex equations. If you manage to find the right 64-digit hexadecimal code, you can get up to 6.25 BTC as a reward (the equivalent of $108,125 at the moment of writing this article).
But if you don’t have powerful mining gear, you shouldn’t worry. You can always join a mining network. This implies a joining fee, after which you can work together with other miners to solve the mathematical equations and release more cryptocurrencies in the market. However, you’ll also have to split the reward with them.
This is an alternative to mining, but it can be done by anybody. Here, in order to get rewards by sustaining the network, you need to stake (lock) a number of your coins – that will give you a daily revenue, until you unlock them.
There are crypto companies who reward their clients in coins or tokens if they help the company to increase its awareness – by following it on social media or sharing its posts.
Microtasks are like an advanced version of airdrops.
Marketing in the crypto world is tough, and competition is huge. That’s why many companies are willing to employ crypto enthusiasts to help them promote their product. This may come in the form of writing a review, recording a presentation video, or promoting them across certain channels.
Once you do so, the company will offer you cryptocurrencies as a reward.
- Join an ad network
If you are a webmaster and you have a great crypto website, you can always register as a publisher for a crypto ad network such as Coinzilla.
This means that you will display ads on your website to help promote various crypto projects, and in return you will be paid. Most ad networks offer a variety of withdrawal options (such as EUR, ETH, or BTC), as well as daily payouts and no transaction fees.
We wrote about some more in this article, so feel free to check it and find the method that best fits your personality.
We hope that this article answered all of your questions and it got you out of the train of worries. It’s very important to know the basics of crypto so that you can make a confident and ravishing entrance.
So, what are you waiting for?