Welcome to part II of our Bitcoin article. We have a lot of information for you today. We take a look at the different kind of cryptocurrencies that exist beside Bitcoin and different ways one can make money from Bitcoin.
Bitcoin is the first cryptocurrency to successfully prove the viability of a cryptographic-backed public money supply that is open to anyone. From a market capitalization point of view and public adoption point of view, bitcoin is currently the most popular cryptocurrency. However, there are close to 1,000 different types of cryptocurrencies currently available on coin market cap, the most popular place to discover and track cryptocurrency prices. Among the many choices available, different cryptocurrencies provide different benefits over others. Some cryptocurrencies such as Litecoin provide faster confirmation times than bitcoin. Newer cryptocurrencies such as ether, refer to themselves as crypto assets and use their native token ether to power a decentralized virtual machine that can execute peer-to-peer smart contracts. Just like when shopping for a new smartphone, the best cryptocurrency is the one that fits your specific need that you intend to use it for.
Examples of Cryptocurrency:
The cryptocurrency market is only less than a decade old and still remains very small in comparison to the global financial markets of the world. These attributes (nascency and size) should remind investors to revisit a fundamental rule of investing: the higher the return, the greater the risk; the lower the return, the lesser the risk.
Higher Risk = Higher Return
An example of a high risk and high return cryptocurrency investment opportunity is to invest in a new cryptocurrency, with the anticipation that it achieve the same success as bitcoin.
Lower Risk = Lower Return
For those seeking a lower risk cryptocurrency investment opportunity, an example may include investing in a more mature cryptocurrency such as bitcoin that may not provide the same upward spike in value again, but may likely experience more natural and gradual growth over time.
An alternative to investing in cryptocurrencies, is investing in the underlying technology of cryptocurrencies, better known as blockchain technology.
Where to Buy Cryptocurrency?
Cryptocurrencies can be bought at many online providers, however, before you purchase cryptocurrency, make sure that you have a plan on how to store it in a cryptocurrency wallet. Most first time buyers often find the process of buying cryptocurrencies to be somewhat difficult, yet rewarding. Buying cryptocurrency through several of the exchanges online below can be done using a credit card or debit card.
Where to Trade Cryptocurrency?
rading cryptocurrency is different from buying cryptocurrency. Although many of the places to buy cryptocurrency online, also provide trading services, the two acts are fundamentally different in nature. The industry of cryptocurrency trading is also beginning to mature and exchanges are providing more powerful tools that closely resemble the same market trading tools commonly found in the capital markets. Below, we have featured several of the most prominent exchanges to trade cryptocurrencies:
For those who do not want to buy Bitcoins, there is an alternative solution – they can accumulate an entire coin while using various tools that explain how to get free Bitcoins fast.
1. Visiting websites or doing small tasks
Another way of receiving small amounts of coins is visiting Bitcoin-related websites or doing small tasks on the web. There are numerous websites which provide this opportunity to earn some free microBitcoins. For example, you can see BitVisitor or FaucetBTC. It can be anything that you get paid for, from just visiting the pages and staying on them during a certain amount of time to playing games and doing surveys. You can do the latter on BitcoinGet and BitcoinReward.
2. How to get free Bitcoins fast with Faucets
A popular word in the Bitcoin community is ‘faucet’. In other words, faucets can be called just giveaways. They work on the principle described above – you earn your free coins with a predetermined regularity, for example, every 5 minutes, or every day. The websites offer absolutely different kinds of activities for which users get paid.
While a few faucets offer fixed amounts of coins, other provide satoshis within a particular range. For example, FreeBitco.in offers payments in between 300-something satoshis to 0.3 BTC, and on Crococoin, you have a chance to win an entire Bitcoin. A majority of websites will offer visiting pages, watching videos, or even playing games.
Faucet is an important part of any respectable dice website in the crypto community. On sites like DiceCoin.io, you receive 0.00001 BTC or 1,000 satoshis every five minutes, but on the condition that your balance is empty. There is a similar condition on PrimeDice, but the amounts are smaller – 0.000002 BTC. Of course, you can multiply your coins by making bets and being lucky.
3. The Risky Way: Gambling
Bitcoin is thought to be perfect for gambling. First of all, it allows making small bets, which is good when you play for fun or as a hobby. As it has been highlighted above, one of Bitcoin’s strong parts is that it is highly divisible. You simply cannot deposit one cent in a real casino and start gambling with it, but you can do that when playing for Bitcoin (or Bitcoin fractions).
One of the most popular gambling websites for Bitcoins is SatoshiDice with Erik Voorhees as its creator. It is unique because you can play even without using their website – you just send the transaction to a particular address, and then you see whether you won anything or not.
Numerous poker sites, casino sites, slots, etc. are also to your service. Many of them offer faucets, but, in general, you have to know how to get free Bitcoins fast on your own. You can apply your own winning strategy or just follow your intuition. While you might be an experienced gambler, you should always be cautious and not bet more than you can allow losing.
4. Getting Bitcoins through Trading
Trading is one of the most popular ways to start earning a crypto-fortune. In some ways, it is similar to gambling, especially in the world of cryptocurrencies where the price of a coin might change in a blink of an eye. However, trading is more like a science with its methods, strategies, and tools. Many people regard trading as their main activity which allows them to earn a pretty good living.
If you want to know how to get bitcoins for free with trading, you should keep your nose in the wind, following cryptocurrency news, tracking price trends of Bitcoins and altcoins, choose the right trading platform and stuff. Usually, you might need an initial capital to start getting Bitcoins through trading, but the reward is usually higher than earning some Satoshis using other methods.
So in summary, with Bitcoins being pricey, it is always luring to find a way to get some for free. While some rely on faucets or little tasks they can do for a couple of hundreds of satoshis, others find more intriguing ways, such as gambling (where everything depends on the chance) and trading (where everything depends on your prediction skills). No matter which method you choose, you need to research as much as possible to make a truly informed decision.