Introduction
If you are new to the world of cryptocurrency, you may have been quite confused by the terminologies and procedures related to cryptocurrencies.
I'll try to give you some basic tips and pointers to help you familiarize yourself with digital currencies and how to build wealth from them.
What is Bitcoin?
Cryptocurrencies are basically digital forms of money, which means they are scarce, valuable and transferable (primary characteristics of money) like money, but with the distinctive ownership that they are easy to transfer and are not controlled by any entity.
Swapflare/Stateless Wallets
It's quite easy to earn bitcoins as a new user; to play safe, users are advised to use stateless-wallets.
Create one at https://www.swapflare.com
Stateless-wallets are different from static wallets because they are able to swap your assets to the most progressive form at every point in time.
Your assets always appreciate and can never depreciate because all the crypto-currencies can not be falling at the same time. A fall in one means a rise in another.
You can create static bitcoin wallets at
e.t.c.
However to make profits, you need to create a stateless-wallet.
You can get one at
Stateless-wallets are also called smart/fluid-wallets.
You may use any of the above listed exchanges for buying and exchanging bitcoins for money.
For this guide, I am going with luno as it is easier and more accessible to new users from non European countries.
You can adapt this part to work with coinbase,remitano,paxful,localbitcoins,binance or whatever services you use.
The links are already provided above.
Create a luno wallet with your correct details from https://www.luno.com
or use the mobile app.
Earning Methods
(1) You then buy bitcoins from luno and transfer them to your Neutflare/Stateless-Wallet that you created in https://www.swapflare.com
Give it a few weeks of swapping and transfer the margin earnings back to your luno wallet or any exchange of choice; from there, you can withdraw directly to your local bank account.
NB: I choose the Swapflare stateless wallet here because it is easy to use, understand and manage, especially for new users.
(2) There are bitcoin faucet sites that pay you to view the ads, but the payout is very low.
(3) Other methods are ICO (Initial Coin Offerings). New coins are usually very cheap in the beginning, if you buy them cheap and wait, the value can increase later in more folds.
Where you then sell it for profit, but it's dangerous because you don't know which currency will go up or down and you could end up with a loss.
(4) Another is currency trading:
this requires cutting-edge experience in market forecasts.
If you don't know what you are doing, don't go there.
But you basically use your experience to predict which currency will rise or fall at what point. Then you will know when to sell or buy.