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    Monday, 29 January 2018

    Make Money using Cryptocurrency- All you need to know about Bitcoins

    What is Cryptocurrency?
    Cryptocurrency is an encrypted decentralized digital currency transferred between peers and confirmed in a public ledger via a process known as mining. The technology that was brought forth by Bitcoin is essentially a decentralized public ledger system, known as the Blockchain. This cryptographic Blockchain technology is what makes Bitcoin, Litecoin, Darkcoin, and other Bitcoin-alternatives a “cryptocurrency.”

    Ways to make money off Cryptocurrency

    1. By Trading– Trading though profitable is very risky and requires patience, gut, and perseverance for you to succeed. There are different platform you can use to trade. You can use the Bittrex or Poloniex platform to trade the currency you desire.
    • Zebpay
    • Coinbase
    2. Micro Earnings– Although micro-earnings is the easiest method in which to earn Bitcoin, it is also probably the most time consuming of all the methods discussed, especially when taking into consideration the amount of money to be made. Micro earning websites pay you in Bitcoin for completing small tasks. In return you can get a (very) small amount of Bitcoin.

    The most popular forms of micro earnings are as follows:

    3. Bitcoin Mining– Mining Bitcoin is the process by which new coins are created. Mining is carried out using certain computer programmes and utilises the processing power of the miner’s computer.

    More about making money

    • 1. There are different exchanges that will allow you to buy coins to keep in your wallet. One of the most popular exchanges is Coinbase. Coinbase offers a super clean user interface and is one of the best ways to get started if you have no prior experience in cryptocurrencies. While talking about the most common and secure transaction for cryptocurrencies in India is Zebpay. It will allow you to invest in Bitcoins and Litecoins. All you need to do is verify your profile by uploading your bank, PAN card and Aadhar details. Once you are done with this, you are ready to transact.
    • 2. Another way to make money with cryptocurrencies is to accept them for payment. If you have a business where you sell products or services, you can accept payment in the cryptocurrency of your choice. You need a digital wallet, and to work with people who are willing to pay in cryptocurrency. All cryptocurrency wallets will provide you an address using which you can accept payments.
    • 3. Finally, it’s possible to mine your own cryptocurrency coins. However, we aren’t in the days where you could just use your home computer to work on mining Bitcoin. Today, with so many miners working with their rigs, it can be difficult if you want to make money with cryptocurrencies through mining. You need to invest in graphics cards and the right setup for the best chance. You need to know how to build a computer. Once you get it set up, you will be using more electricity.

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    Author: Prayas Mittal 
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