How to Earn Cryptocurrency for Beginners: A Comprehensive Guide for Bitcoin, Ethereum and Other Coins

    In the old days, if you wanted to make money online, the only way would be to start your own business. But with the ease of access to the internet, anyone can start their own business, create a digital product or create a website. You don’t even need a business to make money online anymore. You can simply invest in cryptocurrencies and watch your money pile up. However, as with any investment, you need to do your research and be prepared to wait.


How to Earn Cryptocurrency for Beginners: A Comprehensive Guide for Bitcoin, Ethereum and Other Coins

    That said, it is not as difficult as you think to start making money with cryptocurrencies. It is easier than some people think. If you follow these simple tips, you will be well on your way to making money with cryptocurrencies. Keep reading to find out how to earn cryptocurrency for beginners.


Save Up Your Money

    This one is a no-brainer. The most important thing you can do to earn money with cryptocurrencies is to put your own money into it.

If you want to earn money with cryptocurrencies, you need to have some to start with. The most common way to acquire coins is to buy them from an exchange. You can also purchase a cryptocurrency mining contract or invest in Initial Coin Offerings (ICOs). But the easiest way to start is simply to buy some.


    To save up money for your first purchase, you need to get yourself organized. If you have been using money exchange services or services that transfer money between bank accounts, get yourself into the habit of putting away a portion of your monthly paycheck.


    Once you have the money saved up, it is time to find a cryptocurrency exchange that trades your preferred currency. There are many to choose from, but generally speaking, the best exchange is the one that has the highest volume of trading.


Buy Your First Cryptocurrency

    This one is easy. You can simply go to a cryptocurrency exchange, buy some coins and wait a few days for them to be delivered to your digital wallet. If you have been tracking the progress of digital coins for the last few months, you may have noticed that some coins are trading at a higher price than what they were when you first got interested in them.


    If you are interested in investing in a specific coin but the price is a little high for your liking, you can simply buy some more. However, make sure you are investing in a coin that has a good chance of seeing a price increase.


Sign up for a Trading Platform

    Now that you have purchased some coins, the next step is to sign up for a trading platform. A trading platform is what allows you to trade cryptocurrencies. Most trading platforms are browser-based, meaning you can access them from any computer with an internet connection. Some trading platforms, like Coinbase, also provide mobile apps for you to access your account from any mobile device.


    The best trading platforms have low fees and provide the best experience. Some of the best platforms to use for trading cryptocurrencies include:


  • Bitfinex
  • Binance
  • Kraken
  • Bitstamp


All of these platforms have low fees, provide excellent support and have a great platform for users to create and manage their accounts.


Create an Account with a Cryptocurrency Exchange

    Once you have signed up for a trading platform and created an account, it is time to deposit your coins. Generally speaking, the easiest way to buy coins is through an exchange. Exchanges act as a middleman, buying coins for you and then selling them for the currency you want. There are a few exchanges to choose from, and generally speaking, the best exchange is the one that has the highest volume of trading.


    To deposit coins into your exchange account, you will need to provide some personal information, like a national ID or proof of address. This is to prevent money laundering and other illicit activities with your account. After you verify your account, you can start depositing money.


Get to Know the Lingo

    Since you are going to be trading and investing in cryptocurrencies, it is essential to get familiar with the lingo. If you are new to the world of digital money, there are a few terms you should learn.


  • Bitcoin is the original cryptocurrency that was released in 2009. It is currently the most popular cryptocurrency and has the largest market cap.
  • Ethereum is second only to bitcoin in the market cap stakes. It was originally designed as a platform for running applications, but it is also the second most popular cryptocurrency after bitcoin.
  • Ripple is a third cryptocurrency that was launched in 2012 and is used largely for cross-border payments.
  • Litecoin was created as an alternative to bitcoin. It has a faster rate of transaction compared to bitcoin and is also used for various other applications.
  • Altcoins are alternative cryptocurrencies to bitcoin and other top coins. Generally speaking, they are less popular than bitcoin and other top coins.


Write and Launch Your Own ICO

    If you are interested in making money with cryptocurrencies but don’t want to sit on the sidelines and watch other people make money, you can consider launching your own ICO. An ICO is an acronym for “initial coin offering,” which is a new way of raising money using blockchain technology.


    While ICOs have been around for a few years, this is the first year they have seen widespread use. ICOs are similar to IPOs (initial public offerings) in that they are large amounts of money raised using cryptocurrencies. However, where IPOs raise cash for companies to grow their business, ICOs are used more for technological innovation.


    Like IPOs, there are several risks to conducting an ICO, including poor project development, security issues and unethical practices. While some ICOs have been legitimate and successful, many have been nothing more than scams designed to take money from investors.


    You can find several ICOs on our website, The ICO Watchdog.


Conclusion

    Now that you understand the basics of earning money with cryptocurrencies, it is time to get started. With a little bit of savings and some time, you can easily learn how to earn money with cryptocurrencies.


    You will need to do some research, purchase some coins and sign up for a trading platform. After that, it is simply a matter of following the instructions and getting started.

The only question that remains is, “what are you waiting for?”

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