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Cryptocurrency 01

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Avatar for King74
Written by   37
2 years ago

The most popular method for earning cryptocurrency is mining! i am explaining the methods through Bitcoin, but the method is the same for all cryptocurrencies!

Mining

Bitcoin mining is not a very difficult task. The only computer you will be mining on is a trusted mining on that computer The program needs to be installed. E.g., NiceHash. Then you just need to install the program on your PC and run the software. You have to give your bitcoin address. Then just keep running the PC and your program, as long as you want to do mining. As much Bitcoin profit as you get, it will be sent to your Bitcoin address from time to time.

To do bitcoin mining, you need a computer with strong enough hardware. High end GPUs are much more useful for bitcoin mining and to solve these math problems than processors. In that case you will need a GPU powerful enough.


Another thing that comes to mind here is electricity. When you do bitcoin mining, your PC will need a lot more processing power. Your CPU, GPU and processor will then be working at almost 100% efficiency. As a result, your hardware will be much more power hungry than usual. Then your electricity bill is becoming another big deal.

Let's say you have a high end PC or a high end setup for bitcoin mining. The amount of bitcoin you earn every day from this setup is 5 US dollars, which is about 415 Bangladeshi rupees. In other words, the amount of bitcoin you can earn every month from this setup is worth 12,450 Bangladeshi rupees. But, let's say this high end setup consumes about 420 rupees worth of electricity per day. In other words, this setup of yours consumes 12,600 rupees of electricity every month. This is the biggest problem of bitcoin mining in a country like Bangladesh. So bitcoin mining should be done in a place or in a country where the price of electricity is low. So before you start mining bitcoin, you must calculate how much bitcoin you are earning. The rest of the profit after paying the electricity bill is not enough for you!

Cloud mining

The origin of cloud mining is to solve the problem mentioned above. Here you do not have to mine your own setup, you will invest bitcoin in any third party organization or company or website and they Bitcoin will mine for you using their hardware and mining setup and give you a certain amount of profit. For example, if you invest বি 100 worth of Bitcoin in a 1 year contact with them, they will pay you for the next one year. It will give you a profit of dollar 10 per month. Which, of course, made the video an overnight sensation. It sounds good to hear, but it has a bigger problem. That is, scams. Because, it is very difficult to find such a legit cloud minor site. 90% of such cloud mining websites are scams.

Crypto Trading


Suppose you bought 1 bitcoin from a broker or marketplace with a current value of $ 10,000. You noticed that the price of Ethereum suddenly dropped from 450 to $ 400!

So you exchanged 25 Ethereum with 1 Bitcoin, and after a while the price of Ethereum went up to 450 again. You had 25 Ethereum that cost $ 400 each for a total of 10,000 but now it's back to 450 and you're getting 50 more for each Ethereum coin! This means that if you exchange it for dollars again, you can earn around 1250. Or if you exchange with Bitcoin again, you will still gain 0.125 Bitcoin.

However, the matter is not so simple, suppose that the value of 1 bitcoin that you bought for trading decreased from $ 10,000 to 9,500! As a result, you lost $ 500.


I use these numbers to make it easier for everyone to understand, although the market value of a coin is usually not so low overnight!

So in the case of trading, both are afraid of profit and loss! Which is a lot like normal money trading or share market! You can go bankrupt overnight and you can become a millionaire overnight.


However, no one should think of starting trading without acquiring sufficient skills in trading!

Bounty hunting and airdrop


New cryptocurrencies are constantly coming to the cryptocurrency market, now numbering more than 1000! When a new coin comes on the market, they are quite a few in the first place When the project runs, those who work on these projects get several token rewards if the project is successful! Which you can exchange later!

However, it is a matter of time and money is less than time!

Once these new coins hit the market, some of them give away a large amount of coins to participate in this giveaway. All you have to do is sign up for their site and do some social sharing or referral. This is quite easy. This is the airdrop!


However, even in this case, out of 100 sites, you may get only 30 signs who are trusted. But still if you work on 100 sites a month If you get payment from 30 hours, it will be your 150-200 income.

To find a trusted airdrop site you need to follow a good quality trusted airdrop listing site and good quality youtubers.

Freelancing

Currently many freelancing sites, or many buy-sell sites pay with Bitcoin! You can also earn bitcoin by working on these sites.

These were some of the ways to earn bitcoin or cryptocurrency!

No one will enter the cryptocurrency market thinking of full time earning or lifetime earning. You can take it as a way of earning part time if you want.


How to receive butt payment after earning?

•Coinbase

•My Ether Walet

•Blockchain

Open an account on any one of them. Then one for the coin you want to receive payment for You will get a unique wallet address through which you can easily take your coins to the wallet.


Then if you want you can convert that coin into dollars and take it to your dual currency credit card.


Or there are some local exchange sites that will convert your coins directly to money, but in this case any of your coins before You have to convert to Bitcoin, because there is no significant site in Bangladesh for other coins! Then you can convert it into money and take payment directly to bKash.

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Written by   37
2 years ago
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