Reasons Why You’re Not Making Money With Cryptocurrency
10 min read
- What is the main idea behind Cryptocurrency?
- How can you make money with the likes of Bitcoin?
We will deal with these questions as you read on.
In case you haven’t realized it yet, let me push you into a realization: the value of money is not really on its printed paper form or on its metallic coin appearance. Its value is on something that people made it to be.
Thus, if people believe it to be valuable, then it is valuable. If people believe something to be worthless, then it is worthless. What’s precious now, could be nothing tomorrow. It is for this reason that paper bills are invented because they are meant to represent anything of value in any period of time.
Today, almost everything that you can think of has a digital counterpart of some sort. Consequently, money became digitized too, and you can now buy and pay for things without spending any real money at all. Such a form of money is called cryptocurrency, and it is now making people of this present time rich, though it is actually a thing of the future.
You should really be starting to invest and earn with this digitized form of money, but you aren’t. Here are the possible reasons why is that so.
You don’t understand how Blockchain Technology really works.
What is cryptocurrency? The simplest answer is, “It’s a digital version of the money that we are used to spending.” It was founded by Satoshi Nakamoto in 2008. With the man’s efforts, Bitcoin, currently the most popular digital currency was created.
That’s just basically how crypto-coins can be defined. It wasn’t so hard to grasp was it? But the truth is, some people don’t understand yet what is it really all about, let alone figure out how beneficial it can be not only to an investor, but to the entirety of the economy as well.
Instead of putting it in banks, the data that represents your digital cash is stored in computer servers that operate in a decentralized way. This means that no single entity or organization is actually behind the transactions that take place as earnings are saved, traded, or sold. To make things truly transparent, cryptocurrency organizations store transactions on a public ledger called a blockchain, which can be viewed by everyone.
Cryptocurrency investors are so lured by the idea that no bank or government is behind the buying and selling of their digital assets. Most people who are unaware of how the system works often have severe distrust with the likes of Bitcoin. But from a mathematical and logical standpoint, everything that happens in the cryptocurrency business is highly feasible. It is safe, convenient, and not to mention, very promising.
But the better question would be, how can you make real money out of it?
Before we get into the nitty-gritty of the game, let’s first have some realistic viewpoints about cryptocurrency. Just like earning real money in the real world, there is no magical way of earning digital cash. In order to earn money, you have to invest resources and time on it. That’s the basic principle.
If you think about investing in Bitcoin and the likes of it and dreams of doing nothing while just waiting for income to flow through you, then you might just as well go back to dreaming. That setting is unrealistic, so remove it from your system.
The most ideal first step would be to have a basic understanding of Blockchain technology and to absorb the proven fact: that it can really change your life, and that it can truly make you rich… if you let it do so.
You hate using a digital wallet.
If you’re still not willing to put some effort into investing in Then read on. First, you need to acquire a digital wallet, this is where you will store money from the real world, and convert it into digital cash. There are lots of sites that can provide you with this. They will facilitate the safekeeping of your money as it moves along with the transactions you make. You can decide what digital wallet should you pick by reading this.
Once you have it, you can then transfer some money from your bank account there. Before you begin with the real steps on earning through cryptocurrency, you have to decide first on the amount of money that you’re prepared to lose. Just because we’re dealing with digital cash here, let’s not forget that it is still a real amount that could easily decrease depending on the rise and fall of the digital money trends.
Deciding on an amount to invest in cryptocurrency should be easy. In Bitcoin, for instance, you can start on the amount of 0.00000001 Satoshi. Whatever is the real value of that, the point is you can start at really small amounts… any amount at all of your choosing.
Another factor that you really have to think about is the platform in which you will sell or trade your currency. Just as there are scammers and swindlers that seek to rob you in the real world, there are also people who do the same in the digital realm. Some people think about Bitcoin as a scam, but that’s hardly the case. People get scammed in cryptocurrency because of the wicked people who are also in that business. If you will just exercise a little caution, your money will be safe. No need to have too much worry.
But maybe you feel like such a convenience couldn’t be real. How can the value of money that can be used to purchase real physical objects be entrusted with just a piece of software interface? Such a negative notion can’t really help you at all since you won’t be making digital cash because of it.
You have no patience for “hodling.”
Believed to be derived from a bitcoin investor who mistyped the word “hold,” this technique is mainly about setting a crypto amount and holding it until the time is right to let it go. This is a long-term strategy. The concept is simple, you buy an amount and then wait for a certain period when the price of a particular cryptocurrency becomes high. The moment you feel that your money has already risen to a satisfactory amount, you will then transfer it to your bank account so you can withdraw it.
It is important to bear in mind though, that the rise and fall of Bitcoin, as well as other cryptocurrencies, are so volatile. It could be very high today, but very low tomorrow. If you’re really serious about the amount that you want to hodl, you have to keep a sharp monitoring eye on your digital stash.
In order to have a successful investment with hodling, you need to invest on time and not to mention, patience. Maybe you are the impatient type, maybe you want to make it quick with money-making. That’s another way of failing as a digital asset investor.
You hate doing trading analysis.
If hodl is long-term, this one is just the opposite. Crypto-trading works in the same manner as trading in the real world. You give something to someone, in exchange for a certain object. Although in digital money, it’s all about numbers, numbers, and even more numbers. The concept of trading in cryptocurrency is due to people’s impatience in earning and in the ever-changing value of digital cash.
If you want to be even more serious about raising your digital assets, you may want to consider trading instead of hodling. This requires a great amount of work and time, so think about this option a lot before jumping into it.
As what’s evidenced by the success of those who invest on Forex and the Stock Market, trading can really make huge increments of your investment, especially if you have a thorough understanding of the rise and fall of certain currencies. But in order to make that happen, you need to stare at charts for very long moments so you can make some analysis about how the market is doing.
Maybe you hate that task, and it is one that will hold you back with making it big with crypto-trading.
You don’t want to invest in crypto-mining.
Although many cryptocurrency experts might insist that mining is an entirely different method and shouldn’t be categorized with the 2 mentioned above, it is actually a very famous activity within the digital money industry. Many miners are actually gaining substantial revenue with such an act.
To understand how it works, let’s figure out what a miner is. It is a person who solves complex numerical cryptocurrency problems, and other related tasks that make the system safe and secure.
As a reward, the miners are paid with tokens that actually represent a certain value. One of the main purposes of a miner’s job is to make sure that every single transaction is verifiable and legit.
Furthermore, they can even approve a transaction to take place. With thousands of miners working within a cryptocurrency system, scammers and swindlers find it very difficult to commit fraud and deception.
Now you might wanna ask, how does a crypto-miner solve those math problems?
Do they use calculators or write complex formulas on chalkboards? No. They use mathematical software installed on a computer. So even if you’re not a math wizard, you can still be a Bitcoin miner because the computer will do the calculations for you. All you have to do is issue the right commands and the computer will obey.
Apparently, an ordinary computer can’t stand the processing tasks that mining requires – they often malfunction due to overheating, and the energy consumption and other expenses are just too much for the revenue to be earned. For this reason, typical computer systems are replaced with crypto-mining machines that are designed more specifically for the job.
Such machines are equipped with processing chips and programs that can handle mining tasks better and more efficiently. Today, many crypto-investors purchase them just to earn money through mining. Of course, they are not priced in the same manner as ordinary computers. The cost of typical Bitcoin mining boxes ranges from $1000 to $4000. You can view some of them here.
Once a mining machine is installed and configured, it will do nothing but mine, mine, and mine. Without spelling out too many details, let’s just say that it will deliver your earnings to your digital wallet. You can then cash them out into the real world whenever you are compelled to do so.
What if you want to be a miner but can’t afford to buy a mining machine? Is it possible? Yes. You can be a miner without investing in that very expensive custom computer. The answer to this is Cloud Mining. With it, you can just register into a mining pool which is actually a web platform where you can pay for a certain amount.
By choosing a certain setting of computer power and some other technical specifications along with a corresponding payment, you can just leave it to the hands of some handlers. You can then just wait for your money to grow. You will be provided with a certain personal account page where you can monitor your earnings. Read this to learn more about it.
If you hate the idea of buying crypto-mining equipment, that’s understandable given the fact that the’re expensive and impractical for a typical home-based setting. But if you also hate putting up some investment in online platforms that could facilitate the mining for you, then you don’t have the ideal traits of a successful crypto-investor.
You don’t know about the efficacy of Bitcoin and its alternatives.
Many people still perceive Bitcoin as a scam. That negative point of view actually stems from the knowledge that matter of factly, some people are actually scammed by other villainous people who take advantage of the power of cryptocurrency as an effective mechanism for deception. It can’t be denied, there are actually innumerable numbers of scammers out there who are always in the prowl to take your money from you with no mercy, if you are not careful in choosing a crypto-investing platform.
But here is something that you have to instill in your mind: Bitcoin and its related forks, as well as the biggest names that are similar to it are not scams – it is actually those wicked swindlers out there who are making it a scam. Just as it is said in the Bible that “The love of money is the root of all evil,” it’s not the very essence of money that’s bad. What makes it extremely bad is how it’s used by people who prey on the innocent and the uneducated.
If you think that competing against Bitcoin investors is very tough, you’d be correct to some extent. But if you find the leading crypto-coin to be too saturated already, you might want to choose other alternatives that are similar to it. Some of them are still new and has quite low monetary equivalents for the time being, but they will sure be great means of augmenting your income if you just equip yourself with the appropriate wisdom needed.
Here’s a long list of Bitcoin alternatives, check them out to know that there are actually a lot of them that you can choose from.
You don’t want to participate in crypto-blogging platforms.
For sure, you have heard about blogging to earn dollars. But you haven’t heard about blogging to earn cryptocurrency, have you? With conventional blogging, you will earn through advertising and affiliate marketing. But a new blogging trend is actually rising, and it is blogging while earning crypto-coins. What you’ll be doing on platforms that support such a method is you’ll be posting articles that you wrote, or curating other people’s content.
As you delve into that habit, you’ll be getting tips from other people who’s also into that same habit. What’s really cool about it is that it requires no initial invest amount. You can just sign up, get rewarded, and use those rewarded points to participate. By commenting methodically, reading other people’s posts, and by giving tips, you’ll see that your own earnings will grow exponentially too.
Though such earnings will not be as big as the ones you’ll get if you are actually trading, it is really a brilliant way of side hustling. You can earn some little amounts that when accumulated over time, you could use it to invest on some platforms like Qubittech.Ai – a passive income generator crypto-platform that augments your investment at around 25% per month.
I can say that I’m a living witness to the benefits of such platforms. To have a deeper understanding about the likes of Steemit and Hive.Blog which are the most popular crypto-blogging social media sites, read this.
As a conclusion let’s ponder into the question, is cryptocurrency just a trend that will soon go away? A definite answer to this is very hard to give. But think of this, when coins and paper bills were invented, they changed the way business is conducted forever. The methods of attaining them change from generation to generation, but the main concept of money remained the same even in these modern times.
Digital technology is here to stay. For this reason, Bitcoin and its counterparts are here to remain as well and will continue as such for a long time to come.
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