Top cryptocurrencies such as Ethereum and Bitcoin have been in the spotlight for the last few months. This is mainly because of the many profit-making opportunities these cryptocurrencies provide us with.
While these cryptocurrencies were launched as means of exchange for a digital age, their volatile nature has attracted a lot of investors and traders. From crypto API to directly buying and selling on an exchange platform, from investing in crypto assets to day trading, there are many different ways of making money through cryptocurrencies.
Volatility refers to the ability of these cryptoassets to gain and lose value significantly over very short periods of time. A lot of people have made fortunes because of such swings in the crypto market. If you can buy top cryptocurrencies when the price value is low, and manage to sell it at the right time when the price value surges high enough, you could make huge profits too.
While investing in cryptocurrencies carries risk, it can still be a profitable venture for you if you do enough research and buy and sell at the right time. However, today, we will look at how to go about these processes of buying, earning and selling crypto assets.
Buying Cryptocurrencies
This isn’t as difficult as it sounds. You can find plenty of places on the internet that allow you to buy cryptocurrencies like Ethereum and Bitcoin, in exchange for fiat currency, of course. These places are known as crypto exchange platforms. Look for a reputable platform before you decide to buy.
Apart from Bitcoin and Ethereum, exchanges, such as Binance and Coinbase, offer other lesser-known cryptocurrencies as well. It is worth noting that most of these simple and straightforward platforms that are secure come at a price, as buyers and sellers are required to pay small transaction fees.
Many trades use these exchange platforms to frequently buy and sell cryptocurrencies. Fortunately, the crypto market is open 24/7. All the tools available on these platforms make the processes of buying and selling much easier for the users. For instance, if you’re looking to buy Bitcoin, all you have to do is fund Bitcoin wallet with a reliable exchange platform and use their tools to perform transactions.
Moreover, you can also invest in cryptocurrencies by buying on these exchange platforms and holding onto them for a longer period of time with the hope that there will be an increase in the price value of the cryptocurrencies. However, it is important that you store your crypto assets somewhere safe. Online wallets are susceptible to hacking, so you might want to invest with a cold storage offline wallet.
Easy ways to earn Bitcoin and Ethereum
There are a number of different options for those who are looking to acquire cryptocurrencies. Perhaps the most straightforward option is to work for them. Many IT-based roles and jobs exist where employers are looking for potential employees who are willing to be paid in cryptocurrency. However, as these are IT-based jobs, these are not for everyone.
One other way of earning cryptocurrencies is trading. Exchange platforms allow cryptocurrencies to be bought, sold and exchanged for other cryptocurrencies. Crypto traders can earn cryptocurrencies by buying when the price is low and then selling when the price value increases. However, given the volatile nature of cryptocurrencies, this option is only for those who have enough experience and knowledge of trading and can afford to take risks.
Another way of earning cryptocurrencies like Ethereum and Bitcoin is by freelancing and performing microtasks. Microtasks are like bounties, and it is perhaps the easiest way to earn crypto. Cryptocurrency projects offer cryptocurrencies as rewards in exchange for performing small tasks. These tasks are mainly promotional and can include taking surveys, watching ads/videos, and writing articles. However, it is important to note that the amount of cryptocurrencies that you will earn with this method is small and it might take you years before you can earn a good amount of crypto.
Spending Cryptocurrencies
Bitcoin, Ethereum and other well-known cryptocurrencies are not as widely accepted as fiat currencies. However, there’s a growing number of ways and places to spend your cryptocurrencies. With the adoption of Bitcoin and Ethereum by many online businesses and merchants, we can expect that spending cryptocurrencies on everyday purchases will get even easier in the near future.
You can also download a mobile crypto wallet to make transactions using your mobile phone device. For example, with a mobile Ethereum wallet you can make quick transactions from your mobile phone whenever you need to.
Many retailers have made the bold move of accepting Bitcoin and Ethereum as a payment method. For instance, Expedia lets you book flights and hotels using Bitcoin. There are some other big companies and businesses that accept cryptocurrency payments, these include Microsoft, Amazon, Tesla and even Starbucks with their new Bakkt App.
Moreover, Overstock allows international customers to pay with Bitcoin for all their products, including jewelry, furniture and electronics. Many other online merchants and businesses accept payment in the form of well-known cryptocurrencies like Bitcoin and Ethereum.
And if all of that still seems too limiting, then PayPal with their massive user base of around 370 million has announced that they will be accepting Bitcoin as a means of exchange. PayPal users can already buy and sell Bitcoin and Ethereum on their platform.
It would not be wrong to say that cryptocurrencies like Ethereum and Bitcoin really are the future of money. Instead of looking at cryptocurrencies just as an investment opportunity, we should look at the different benefits they offer. And the more widely accepted cryptocurrencies become, the more their price value is likely to increase.
