However, still, there are many legitimate ways to start in the world of cryptocurrency. Anyone can earn cryptocurrency and even can get free cryptocurrency. All you have to do is employ the right method. Therefore, we have arranged the following popular ways that you can use to get free cryptocurrency.

FEW WAYS TO GET FREE CRYPTOCURRENCY

There are various ways that can be used to get free cryptocurrency. Mining, staking coins, and earning cashback are some of the popular ways that provide a legitimate way of getting free cryptocurrency. Mining is the process of gaining free cryptocurrency while supporting the completion of transactions of cryptocurrency. Meanwhile staking coins means that your coins are serving as the proof of stake that validates a block on the blockchain of cryptocurrency. In this way, you get a percentage of your stake as a reward.

Lastly, cashback is an innovative way of getting free cryptocurrency. The biggest example of this is the cash-back rewards on your credit cards. Earlier people use to get cashback in local currency but now credit card companies are offering cashback in the form of bitcoins or other cryptocurrencies. Let’s check each method in detail and understand.

MINING

Mining cryptocurrencies is a great way of getting free cryptocurrencies. In this method, the person uses his device to support the completion of blocks in the blockchain. These blocks are the bits of data that are required to be completed to ensure the competitiveness of the transaction. Hence, it is like a fee or reward to the person against the provided support for particular transactions.

However, one should remember that the difficulty of mining is increasing as the blockchain code is becoming more difficult and it requires more devices to crack the codes. Furthermore, the return amount of solving the codes and supporting is decreasing. Still, the returns are very high. Therefore, a lot of people are turning toward mining cryptocurrencies. In fact, it is so lucrative that investors are turning toward mining to reap huge profits. They do so by investing heavily in technology to support more and more transactions.

TOP 4 Software for Mining Crypto Coins

• CudoMiner – compatible with Windows, Ubuntu and Mac OS
• HoneyMiner – compatible with Windows, and Mac OS
• MinerGate – compatible with Windows, and Mac OS
• Kryptex Miner – compatible with Windows

Recommend: Using a desktop, or game pc for mining. Laptop proven less profitable & may cause shorten lifespan.

STAKE COINS

In this method, your coins are staked to ensure the validation of the block in the transaction. In simple words, the coins of a person are locked and used as a proof of stake (POS) and in doing so the coins earn the reward according to a certain percentage of the transaction. It is a great way of earning free coins without investing in any cryptocurrency.

However, one should remember that although it is not investing yet one can lose cryptocurrency during staking. The most common reasons for losing cryptocurrency while staking are scamming, hacking and negligence. So, this method should be used with caution and proper evaluation.

TOP 2 Best Place to Stack Your Crypto Coins

• Celsius – return up to 13.30% APY
• Nexo – Return up to 12% APY

Remark: No locking period required, all you have to do just transfer your coins. Withdrawal any time.

CASH BACK

Everyone loves cashback rewards. They are free and can be received without any investment. Cashback is given by credit card companies or other companies whenever a person spends money to buy any product or service. Earlier, these cash backs were offered in the form of local currencies. However, the dawn of cryptocurrencies has paved the new innovative cash backs. Now, various companies including credit card companies are offering cash backs in the form of cryptocurrencies.

It means when you will spend your local currency to get products and services, you will receive cashback in the form of cryptocurrencies. Indeed, it is super cool and innovative. So, all you have to do is look for these companies in your region and start using their financial services. You will not have to put anything extra and you will get free cryptocurrency with the help of your right decision.

Best place to get your cash back card

• Crypto.com – Up to 8% rebate on your spending

BEST WAY TO GET FREE CRYPTOCURRENCY

The best way to earn free cryptocurrency depends upon your particular preferences and circumstances. If you are a computer guy and have a lot of computer power at your disposal then it is better to employ the mining method as it will help you earn a lot of free cryptocurrencies. However, if you love numbers and are the financial guy, then it is better to go for the staking coins options. All you have to do is stake your coins wisely and you will keep getting free cryptocurrencies.

Lastly, if you are a person who needs to do a lot of spending for business and other reasons, then consider the cash back of cryptocurrencies as the best option for you. Hence, it is quite clear that all the methods are very good and the best method will be the one that is best in your circumstances and is the perfect fit for your preferences.

WHERE TO BEGIN

The first few steps are always difficult. However, always remember that the journey always starts with simple steps. So, don’t try to do it all at once and don’t overdo it. Just check the above methods and see if any companies offer free cryptocurrency cashback rewards. If there is one in your area then start with that and store that cryptocurrency in your wallet.

Now you can use this free cryptocurrency for staking coins to earn even more profits. Once, you have done it and earned some good income, try to invest in computing power from your income and start mining. Hence, you will start small and free and will gradually go to other more beneficial ways.

Read: A Beginner’s Step by Step Guide to Cryptocurrency Passive Income

CONCLUSION

In conclusion, cryptocurrency is the future currency of the world. Those who will remain skeptical about the idea of cryptocurrency will be at the losing end of the deal. However, those who will start using it early and will get free cryptocurrency, will be able to fetch more profit with the help of the increasing value of cryptocurrencies. Hence, don’t shy away from it and dive into the world of cryptocurrency. Don’t worry! You will not drown and soon will be able to swim.

The internet flooded with news of price hike in the value of Bitcoin last week. News outlets reported a record increase in the value of Bitcoin, the largest cryptocurrency. 

A lot of excited users on social media reacted to the recent events. This has stirred new debate about the future and status of cryptocurrency. 

There are those who have already invested and reaped the rewards. Some have heard of it but steer clear of it because they have doubts. Cryptocurrencies are here to stay. Therefore, it is essential to know what cryptocurrency is and how it works. It will prove beneficial in the long run. 

What is Cryptocurrency?

Cryptocurrencies are digital currencies. They do not exist like notes or bills. All the transactions and retails related to cryptocurrencies occur online. 

Bitcoin, the first digital money, was introduced by a mysterious person or persons Satoshi Nakamoto. It is a pseudonym. They described it as an online transaction system based on cryptographic proof or electronic codes. 

Cryptocurrencies are virtual money that is secured by cryptography or electronic codes. They are based on blockchain technology. Bitcoin and Ethereum are the most popular digital currencies. However, there are more than two thousand different cryptocurrencies, according to Reuters Graphics. 

Cryptocurrency performs all the tasks of physical money. You can buy goods or products and avail yourself services online. 

However, many people invest in cryptocurrency. The value of a digital currency varies. It can go up and down like stocks or gold. This is how people earn passive income by cryptocurrency. They sell it with profit after the prices soar. 

How Cryptocurrencies Work?

Cryptocurrencies are digital currencies that are encrypted (coded) and decentralized. 

Decentralization is simultaneously the most significant advantage and a drawback too. 

A central authority or bank regulates physical or real money. It regulates the inflow, printing, value, and distribution of money. 

Cryptocurrencies, however, are decentralized. A central authority does not control them. All the users or stakeholders play a role in deciding the value of a digital coin. Many other factors like the cost of production or minting also have a say in the value of a crypto coin. 

The transactions through cryptocurrency are recorded in blockchain technology. 

What is a Blockchain Technology? 

Blockchain technology is an open coding system that is very secure and efficient. 

As the name describes, every transaction is saved in the form of code or block. These blocks are attached to a broader, more comprehensive chain of all previous transactions of the particular currency. Thus the name blockchain. 

As soon as a transaction occurs, the whole chain is updated on supercomputers. It validates the transaction. 

The advantage of blockchain technology is its security. It is impossible to breach security with such an extensive and secure transaction system. Furthermore, there are many copies of a blockchain that any user can download because it is decentralized. Therefore, it is impossible to hack or tinker with the whole code. 

Market Capitalization 

The concept of market capitalization is essential if you are beginning or investing in cryptocurrency. It lets you decide which coins to buy and why. 

Market capitalization refers to the total or aggregate value of a cryptocurrency in the market. It is the full market share of a currency. 

Let us explain it in simple terms first. Just as all the stocks or shares combined give the total value of a company or enterprise, the market capitalization of a currency refers to the total worth of a currency. 

Mathematically, when multiplied by the value of one share, the total number of shares gives the total market capitalization of a business entity. 

Similarly, the total number of crypto coins multiplied by the value of one crypto coin gives the market capitalization of one cryptocurrency. 

Why is it Important to Understand Market Capitalization?

Understanding market capitalization is very vital. It helps you decide which digital currency to buy and which to steer clear of. 

A currency with better market capitalization is popular, credible, and easy to use. 

A better market capitalization also means that the currency is used often by other users as well. Therefore, it makes it easy to do online transactions. 

Market Volatility 

Market capitalization also decides the volatility of a digital currency.

Market volatility means that how aggressively the price of a utility, share, or asset fluctuates. 

The more the price fluctuates in specific durations, the more volatile the asset is. Similarly, the less the price fluctuates with time, the more stable or less volatile the currency is. 

Market Capitalization plays a massive role in the volatility of a currency in the market. 

The bigger the market capitalization of a currency, the less volatile it is. Similarly, the smaller the value of market capitalization for a currency, the more volatile it is. 

It is so because a lot of transaction happens in the currency with a higher market capitalization. It is very popular, and vast sums of investment go into a currency with higher market capitalization. 

You might wonder who takes the risk if the value of a cryptocurrency is so volatile. 

Suppose you look at it the other way around. In that case, volatility is the strength, and it is why people invest considerable sums in crypto coins. The volatility ensures that prices fluctuate. This way, sellers can earn profit from their sales. 

It also makes sure that there is a monopoly over the currency and it is distributed comprehensively. 

The volatility also indicates the decentralized nature of crypto coins. A central authority will regulate the value of money. In economics, the stability of a physical or real currency is very vital for growth. It is not the case with cryptocurrency. The prices fluctuate aggressively. The currency with minor market capitalization can also cash. 

Therefore, investing in coins with higher market capitalization value or market share is advisable. It will pay off big time.

What is Return on BTC or ETH? 

BTC refers to Bitcoin, and ETH means Ethereum. These are the two most popular, expensive, and widely used cryptocurrencies. They have the highest market capitalization. 

Return on Bitcoin or Ethereum refers to the profit one gain on the actual price of the purchase. 

It is similar to return on investment in stocks or shares. 

You can mathematically calculate returns. 

To calculate the return on cryptocurrency, you need to demarcate the current price and purchase price. 

For calculating the return, all you have to is subtract the purchase price from the currency’s current price and divide it by the purchase price. The answer is expressed in percentage. The value for return can be negative if the current price is less than the price at the time of purchase. 

It is an economic term. You can get the idea by calculating the profit only. You can simply calculate the profit by subtracting the price of the purchase from the current price. 

A negative value will reflect loss, and a positive will reflect the profit. 

How Can You Start?

Wondering how to start investing in digital currencies? This article is a good starting point. We have discussed some key concepts earlier. These concepts are central and vital to understand the world of cryptocurrencies. 

Fortunately, there are numerous helpful and useful resources online. The internet has made the world a better place. 

You can read numerous more articles like this one. There are YouTube tutorials from different experts, gurus, and mentors that guide and help a lot. 

Once you have grasped the key concepts, you are ready to buy and invest. You have to keep a vigilant and open eye on the market. You do not want to invest in a weak currency and incur losses on your lifetime’s saving. 

The key to excelling in the cryptocurrency market is to invest a little in the beginning. Once you understand the working of the market, you can easily navigate the complexities and technicalities of the market. Only the initial step is the hardest. You have to research and leave some to faith. 

After a few months, you will become a seasoned expert in the crypto world. 

Top 6 Platforms to Start 

There are numerous platforms and exchanges that you can use to buy, sell, invest and hold your cryptocurrency. You can also buy from peer-to-peer networks. 

Keep in mind that these platforms are not free lunches. They take a cut or commission by charging fees on each transaction. 

However, there are many competitors in the market to always move to the next one with the best offer. 

Some platforms charge a percentage of the transaction. At the same time, others charge fixed amounts on specific limits. You can decide what is better for you after thorough study and calculations. 

Binance (Best for Crypto trading)

Binance is one of the most popular platforms for crypto trading. Millions of transactions occur daily on this platform. 

It offers trading in a variety of coins. They offer transactions in more than One Hundred digital currencies. It is the reason for the popularity. It is diverse and effective. 

They have reasonable prices. They charge 0.1 percent on each trade. 

Every platform charges transaction fees, so do not worry. They offer a fifty percent discount if you transact through their own cryptocurrency called the BNB. 

you get a 5% bonus on the trading fees that your paid.

https://www.binance.com/en/register?ref=ZUPMOSGU

crypto.com (Best for rebate in Crypto)

The Crypto.com Visa Card has added additional rewards that are designed to fit the needs of consumers who are always on the move. Building on the existing travel rewards of the Crypto.com Visa Card, which include free and unlimited LoungeKey Airport Lounge Access, interbank exchange rates, and no overseas fees, select cards will have:

• Your Travel – In Style: 10% purchase rebate on each Expedia or Airbnb booking 
• Your Music:  Spotify. Get 100% rebate for your standard subscription plan 
• Your Movies: Netflix. Get 100% rebate for your standard subscription plan
• Best Spending Rewards. Ever. Up to 8% back on spending, local or overseas, no minimum or maximum spending required. Even the Midnight Blue Card now earns 1% back – a long standing request from our community.

Requirement for Crypto.com Visa Card

CRO Staking Requirements for the Crypto.com Visa Card will be expressed in local fiat currencies instead of fixed amounts of CRO. Please find the new CRO-equivalent fiat rates in the table below.

Register Crypto.com and get $25 USD 

https://crypto.com/app/5ymx5xjvsz​

Celsius Wallet (Best For Passive Income)

Celsius is one of highest earning wallet, which up to 17.78% Apy, a USD a $1000 you can Potentially earn $170 a year. Don’t forget you have pay transactions fees.

You begin to earn rewards as soon as any funds are credited to your Celsius wallet. You can follow our guide on how to set up your Celsius wallet here.

Rewards are calculated every Friday and distributed every Monday. That means that if you transfer funds to your Celsius wallet in the middle of the week, you will still earn prorated rewards on those assets through the accrual period on Friday. However, if you transfer your coins on Friday, Saturday or Sunday, then in that case your first reward payment will be the following Monday.

Register Celsius get $50 in FREE BTC:

* https://celsiusnetwork.app.link/1713773554 or use code 1713773554 in the app.

Coinbase (Most reliable exchange)

Coinbase is the oldest, most reliable exchange used for digital currency transactions. It is the most secure and conventional. 

It is used in over a hundred countries and almost all states of the United States of America. 

There have been instances of fake coins on other platforms. However, Coinbase has stayed clear of the muddy water. They are the oldest player in the game, and they know the rules. They have not yet indulged in any controversy. They have all the required licenses. 

They also have an active user support mechanism. Your complaints and reservations do not fall on deaf ears here. 

It also offers free bucks if you sign up. You get Five Dollars in Bitcoins to start off. 

The downside to this platform is the high transaction fees. Since it is used chiefly for Bitcoin, the transaction fees stand tall at five percent. 

However, there is a free version that charges a significantly lower fee. It is designed for veterans and seasoned experts of the market. 

BitFinex (For Experience Trader)

BitFinex is also an adequate exchange for trading crypto coins. It has unique and valuable features. 

You can avail yourself of the professional and commercial account that is useful for more significant transactions. 

They have a good community that is very helpful. They provide guidance and connectivity while you trade the risky path. 

They also have advanced graph features that help you guess or speculate the values and prices of crypto coins. It offers a sneak peek into the market. 

They have placed an effective reporting mechanism. So if anything goes wrong, customer support is there to help you out. 

The BitFinex terminal is beneficial. They use algorithms and previous transactions to help you form an informed opinion before a transaction. It enhances your market research and improves your productivity. 

They charge 0.1 percent on each transaction. 

Etoro (For Crypto & stocks)

It is the most popular platform for crypto coin exchange. According to official figures, they have Eighteen Million users in over One Hundred and Forty countries. Millions of transactions have occurred through Etoro. It is the most popular and the most secure platform to trade crypto coins. 

It is especially useful for beginners as it is easy to use. 

You can trade up to fourteen of the cryptocurrencies on this platform. 

It offers a demo account to help you understand the complexities and technicalities of the market. 

You can download the application or use the website version or domain. 

It only charges fees when you a coin. For Bitcoin, the rate of commission is 0.75 percent. 

How to Register 

The registration process is a little complex. Complex in terms that there are a lot of steps involved. Hopefully, you do not have to leave the comfort of your couch for this. 

The steps are varied and different, but the principles are shared. 

You need an email id or mobile number to make an account. You are required to verify the account through a mobile or phone number. 

You will also need an identity document like your identity or national card, passport, or driver’s license in some cases. Only one is required. An identity card is better. 

4 Ways Make Money from Platforms 

There are a number of ways you can make money from cryptocurrencies. You can earn money on the exchange platforms and also outside of it. 

#1 Holding 

Holding refers to owning or possessing an asset. 

Holding cryptocurrency means owning or possessing some value of cryptocurrencies. 

You can also buy or hold stakes in companies that have crypto assets like Tesla or IBM. 

Holding shares in such companies will shield them from market volatility. You will not worry about the fluctuation of price. 

Holding shares or stocks in such companies is also a good investment. You can earn profits by selling them. 

#2 Staking 

Staking, like the word suggests, refers to locking or holding crypto coins in return for rewards. 

For a blockchain to validate new transactions, it requires proof of work of proof of stake. 

Proof of work is when miners or coin producers solve a mathematical puzzle to validate the blockchain and add the new transaction. In return, the successful miner gains reward in the form of new coins. 

The delay or lag in the transaction is often due to this validation. 

Proof of work is energy-consuming, intensive, and hard to solve. It requires supercomputers. 

A more simple mechanism is the proof of stake. It requires holding coins in a Trust Wallet.

When a new transaction occurs, one of the users who staked their coins is chosen to validate the new blockchain. The stake of coins acts as a collateral. 

The more coins you stake, the better are your chances to get selected to validate the new transaction. You get rewards in the form of coins for staking too. 

#3 Trading 

Trading is the traditional buying and selling of digital currencies. 

You can buy or sell crypto coins on any of the above exchange platforms. 

You can buy at lower prices and sell at higher prices. It will earn profits for you. 

#4 Investing 

Investing in cryptocurrencies is a good option. 

It is the same as investing in stocks or shares. 

All you have to do is buy some coins or a percent of it. Hold it for a longer term, and receive a return if the prices soar. 

You can also choose to sell and reinvest in better currencies. 

How to Reduce Risks

Here is a pro tip if you are just beginning. 

The market volatility and uncertainty make things hard to understand and can compel you to stay away. 

However, investing in diverse coins is advisable. 

The prices of each coin fluctuate independently. It does not depend on another coin. So if you hold different currencies, even if the price of one falls, the others can rise. It will cover your losses. 

The demo account on most platforms I also a good starting point. Learn everything that there is to cryptocurrencies from the demo account. It will make you a pro without you having to part ways with your money. 

Why You Should Start Today 

Cryptocurrency has the potential to become the monetary system of the future. Larger enterprises and money sharing platforms like PayPal have expressed openness to transactions in cryptocurrencies. These are certainly good signs for the future of the crypto coins market. 

Now is the best time to start investing or buying cryptocurrencies. Those that have invested time and money in it in the past are now reaping the rewards. They have received healthy returns on their investments in crypto coins. 

The world is fast engulfing itself in digital evolution. Every aspect of our life, from social to political, is digitalized. Technology has a huge role to play in the financial sector. Therefore it is better to start off now. 

Businesses are shifting their ships online.  It will not surprise many if the transactions for daily products and services move to digital currencies. It is a more natural and secure option for them. 

The recent pandemic has also highlighted the importance of digital platforms. While people were quarantined, the digital marketers and tech savvy people had the most benefits. 

The digital currency was also preferred due to social distancing. 

The best thing is that they are effortless to understand. All you need is some research or watch a few videos. It requires no investment in terms of time. 

Final Words 

Cryptocurrencies are the new norm. They are also the future of the monetary system. While some have expressed reservations, most people seem to welcome the advent of digital currencies. 

Cryptocurrencies are not very technical. They are easy to use. The exchange platforms make it all more easily. There are also some brilliant people online that guide and mentor you along the way. 

However, there is no denying that it has turned people into millionaires. The money is virtual, but the profits are real. 

Millions of people use digital currencies daily for everyday products and services. They have gained profits, set up a business, or advise others on technical terms. 

You should not miss out on this great opportunity. 

What is digital currency? It is defined as: money stored and transferred in digital form. Sounds simple enough, but how does it all work?

This type of currency is thought to be good to use for making purchases on the internet because if it works the way it was meant to, transactions should be rather anonymous and untraceable back to the payer or user.

This means that hackers would no longer be able to gather personal information from people who use their credit cards to make online purchases. This would obviously decrease the number of stolen identities that happen every day.

To help you understand more of, “what is digital currency?” I have done quite a bit of research on the subject and have found that there are several different types out there, each with it’s own unique qualities.

Here are just a few with their descriptions following:

1. Digital Gold Currency – This type is backed by gold stored in vaults. The gold provides an extra measure of security and if you hold this type of currency, you could possibly directly exchange it for solid gold bullion.
2. Centralized Currency Systems – these are like PayPal and these companies allow you to send money all over the world as long as you have money in the account. For some services provided by these types of companies, you get charged a fee on the receivers end of the transaction.
3. Decentralized Currency Systems – Like Bitcoin are all based on cryptography and/or trust networks. Also called Hard Electronic Currency, it is intended to be more like using cash to make your transaction but your transaction is non-refundable once made. This type of system only works in one direction.

The E-cash idea has evolved along with the evolution of the Internet. People just do not feel comfortable with giving their personal credit card information over the Internet when making a purchase.

Too many bad things can happen like identity theft. No one wants their identity stolen.

So, many companies have attempted to create this type of payment or monetary system to minimize the risks of shopping online.

Many countries have successfully created systems for “in-house” use such as Hong Kong’s Octopus card. This card works just like a sort of debit card where the user loads money onto the card and then all the money is deposited into a bank. They can then use the card for anything they need to use it for.

Some countries are working on or have systems that allow the user to transfer money through mobile devices. I think this is somewhat like what Chase lets their customers do. Their customers can take a picture of their check, front and back, with their phone and make their deposit electronically.

I do hope that this gives you some idea of what is digital currency and how it is attempting to take it’s place in the world of e-commerce. There may be a little more to it than I could describe in just one small article but I think you can get a good idea.

Is much better off purchasing $8000 worth of Bitcoin and holding it for the next 10 years. Mining Bitcoin is extremely made complex, and the earnings margins are extremely slim.

What is Cryptocurrency Mining?

The term crypto mining suggests acquiring cryptocurrencies by resolving cryptographic equations through using computer systems. This procedure involves confirming information blocks and including transaction records to a public record (journal) called a blockchain.

What do you need for Cryptocurrency Mining?

• Get a crypto wallet.
• Make sure you have a strong Internet connection.
• Establish your high-end computer in a cool area. By cool, I imply “low temperature” and not “stylish.”.
• Select the hardware to utilize based on the cryptocurrency you want to mine.
• If you wish to mine solo (not suggested), download the whole cryptocurrency’s blockchain. Be prepared; for fully grown cryptos, downloading the entire blockchain may take days.
• Get a mining software package.
• Join a mining pool.
• Make certain your costs aren’t exceeding your rewards.

What are the best cryptocurrency mining software?

• Finest Overall: CGMiner.
• Best for Customization: BFGMiner.
• Best for Ease of Use: MultiMiner.
• Finest Centralized Management: Awesome Miner.

Best Mining Software for Mac. (Install & Earn)

• MinerGate
• Honeyminer
• CryptoTab

How much you earn from crypto mining and alternatives?

you can presently make a profit over power costs, but you aren’t making money till you’ve covered your hardware costs minus the resale value of the hardware, we saw BTC climb over 10% in the last 24 hours, if you purchased 8 grand (like the OP has to invest) worth of BTC a week ago that BTC would be worth about 10 grand right this second, we are in the beginning of a booming market, there will be cost dips along the way however this thing is gon na be huge over the next year before the bubble bursts, hell if history repeats itself as it has after every previous halving even when the BTC bubble bursts a year from now it likely will not go listed below where it presently is, the most affordable point in a cycle has actually never ever been lower the peak of the previous cycle, so the previous cycle peaked about 20k BTC back in December 2017, so any place this peaks at in 2021 after that new peak it will not drop listed below 20k, if it follows the patterns of the old cycles.

The argument of mining vs purchasing comes down to a basic concern, when do you think the peak will strike? like take a look at just how much BTC you could purchase today and ask yourself do you believe you can earn that much BTC from mining BEFORE completion of the bullrun, I personally (based on historical record) see the bull run peaking towards the end of this year so that makes it real difficult to earn back the BTC amount you could purchase today. Thats not to state you can’t make some money with GPU’s just that you would make more cash buying, BTC moves in 4 year cycles the time to start mining is just after the rate peak, not in the last months leading to the peak.

The way to look at Mining is to take a look at it as a method to purchase BTC for LESS then it would cost you to buy it directly, so if you are paying less in electrical energy then it would cost you to purchase the same amount of BTC then it is technically lucrative, but like prior to the very best time for that is AFTER the peak, take the PROFITS from selling the peak and use them to invest in hardware to mine and make for the next peak 4 years from that peak.

The bottom line: is that mining is enjoyable and educational if you don’t care about the money. If you mine established coins, you may break even after a year or 2 or perhaps make a few dollars if you’re lucky. If you mine shitcoins, you’ll most likely never come close to making back your money, but you have a really, really small lottery game ticket opportunity at making major $$ if you occur to mine the next big thing before it’s huge. Either way, unless you have low-cost hardware and power, you’re generally much better off from a purely monetary point of view if, instead of putting your cash into mining, you use it to purchase the exact same coins on an exchange.

Honeyminer is an American business. The headquarters are located in Hoboken, New Jersey. The one-page website provides the basic info about the platform. On August Honeyminer currently had 50,000 users registered. The present variety of users is unidentified.

How Does It Work?

First off Honeyminer is a mining app. Presently, it’s readily available just for Windows, however iOS variation will be included future. Also, there is Linux-based Honeyminer Max however I’ll cover it at the end of the article.

Today the home mining is rather unprofitable because individuals can’t compete with incredible hashrates of industrial mining farms. However, some solutions still exist. Mining pools integrate the powers of private miners and successfully discover new blocks. The rewards get divided between the participants. Honeyminer runs with the CPU and GPU power that users grant offer mining. The procedure is very basic: you set up the app, set the portion of power you prepared to compromise for mining and press the start button.

The app is working while you still can use your gadget as usual. The main processes occur far from the eyes of users. All we can see is benefits in BTC coming to the user balance.

So what occurs after we begin the procedure? Honeyminer utilizes the GPU/CPU power to mine the most successful currencies (the app switches from coin to coin immediately within approximately 10 minutes period). It means that it mines numerous altcoins– allegedly always the ones that have much better market price but low difficulty– so the process is implied to be as profitable as it possible.

The mined altcoins are inexplicably get transformed to Bitcoin (most likely Honeyminer has some amount of Bitcoin so they can send out the “benefits” directly to users, gathering the altcoins mined by users rather). Considering the truth that Honeyminer is not an open-source platform and all the procedures are not transparent (I ‘d said that users know nothing about what’s actually going on when they mine) we can presume that the computing power of Honeyminer users can be utilized for any purposes besides mining (for example it can be rented to third parties), however let’s believe that Honeyminer is an honest company that helps individuals to mine altcoins and receive the Bitcoin rewards.

On the Honeyminer site, you can discover the following statement: “Our very first objective was to develop a ‘set it and forget it’ app for anyone to mine the most successful coins.” That can be among the reasons the work of this app lacks openness (details can make seem the presentation too complicated for those who do not have mining experience).

The whole design of the app and the mining process attract those who do not want to find out much about mining and just want to tap on the start button and let the app do everything immediately. The business promises to broaden its functionality to make Honeyminer more appealing for all sorts of miners consisting of the knowledgeable ones, however let’s see which choices the platform provides today. Currently, users can’t even select the currency they wish to receive as a benefit and required to get Bitcoin.

Just How Much One Earn With Honeyminer?

Naturally, whatever depends on the user’s hardware. Typically the day-to-day profit changes from $1 to $3 per GPU. It’s much better to use several GPUs with Honeyminer because of fees– the company holds 8% of earnings as a fee if you use a single GPU, and 2.5% if you use 2 GPUs. It’s not known just how much Honeyminer takes if you utilize more than 2 GPUs. Anyway, we need to admit that the fees on Honeyminer are much higher than on other pools such as Suprnova (1%), MinerGate (1– 1.5%) or others.

There’s a calculator on the site but it’s not precise, ’cause it’s based on typical numbers. So, it’s type of hard to understand why this calculator is even there. There’s no benchmark choice on Honeyminer. You will make as much as Honeyminer lets you. There’s no chance to check anything because the platform is not transparent.

What About Security?

Security along with accessibility is one of the silver linings of Honeyminer. All the rewards waiting on withdrawal are kept in freezer (it suggests that the coins you have actually earned are kept without the connection to the Internet). Honeyminer reports the suspicious log-ins and keeps an eye on the sessions. Conscious users have a chance to switch on 2-step confirmation in order to prevent their accounts from the log-ins of hackers. The strong passwords are needed however outside the platform, Honeyminer can not prevent users from becoming items of phishing website, hacks, and so on. That’s how hackers can get users’ passwords. In that case, 2-step confirmation is the only way to conserve coins. All the information is encrypted and protected by SSL (Secure Sockets Layer). Good!

Honeyminer Max & Honeyminer Pro

Honeyminer Max is a Linux-based mining app for BTC mining that withdraws benefits every 2 hours without costs (but there’s a subtlety). The app is available just for owners of powerful processors. Subtlety is that you get cash only if you handle to mine at least 0.005 BTC in 2 hours. If you fail then you need to start mining once again. So, this deal might be rewarding for a little group of individuals having a truly huge computing power.

Honeyminer Pro is yet to be released. This version is devoid of all of the flaws of the basic version: users will have a chance to select altcoins and will be enabled to have more control over the mining process, so it’s a step towards transparency.

How Can Honeyminer Be Utilized By Humankind?

I think the mission of Honeyminer (and many other miners with an easy to use user interface) is to draw in more people to mining and the world of cryptocurrencies in general (we ought to keep in mind that the entire civilized world will probably become the world of cryptocurrencies soon). Individuals are frightened of intricacy, they afraid of something absolutely new and absolutely various from what they know. Honeyminer is not about mining due to the fact that this app does all the task without user’s participation, it’s rather about the most convenient method to get some BTC. Honeyminer offers the capability to hang on to numerous Satoshis in your palm and understand that there’s nothing special in having some BTC, it’s a totally OK thing.

Those thinking about a much deeper understanding of blockchain and mining will barely be pleased by the current performance of Honeyminer. You learn nothing from pressing the ON button and withdrawing the Bitcoin portions to your BTC address. You can’t even show that the mining occurs here and you can not switch to a different currency.

So, essentially, Honeyminer is a weapon of crypto propaganda. And a good one.

Best Bitcoin Mining Software

• Best Overall: CGMiner
• Best for Customization: BFGMiner
• Best GUI Front-End for Multiple Tools: Easyminer
• Best for Centralized Mining Management: Awesome Mine

Bitcoin is among the most popular and well-known types of cryptocurrency. However how do you get Bitcoin? You can either buy Bitcoin or you can “mine” it.

The mining procedure includes using devoted hardware (e.g., ASICs, FPGAs) that utilize processing power, as well as software application applications, to handle these rigs. If you’ve chosen to enter into cryptocurrency mining, here is a few of the best Bitcoin mining software application to start with.

• Best Bitcoin Mining Software
• Best Overall: CGMiner
• Best for Customization: BFGMiner
• Best GUI Front-End for Multiple Tools: Easyminer
• Best for Centralized Mining Management: Awesome Miner

Finest verall: CG

Miner

CGMiner has actually been around for a while and is still going strong. With a myriad of functions and active community assistance, it’s easily the best Bitcoin mining software out there.

Written in C, CGMiner is a cross-platform Bitcoin miner that supports Windows, Mac OS X, Linux, and many other platforms. Suitable with both FPGA and ASIC hardware, CGMiner is a command-line application that has complete monitoring, fan speed control, and remote interface capabilities.

It comes with a scalable networking scheduler that can scale to hash rate of any size without network delays. CGMiner avoids stagnant work submission on new blocks and supports several pools with smart failover mechanisms. There’s a menu for on-the-fly management of a lot of settings and self-detection of brand-new blocks with a mini database for slow/failing longpoll circumstances. Submissions can likewise be cached throughout short-term network blackouts.

From Hexfury and BlackArrow to Cointerra and Minion, CGMiner supports a variety of ASIC mining hardware.

Best for Customization: BFGMiner

If you have a thing for tinkering and are trying to find a personalized Bitcoin mining software, look no further than BFGMiner. Written in C, it’s a modular FPGA/ASIC miner that has vibrant clocking, tracking, and remote interface abilities.

BFGMiner features built-in stratum and getwork proxy server, and its greatly threaded code distribute work retrieval and work submission to different threads, so that working services are not impeded. The program supports “getblocktemplate” decentralized mining procedure (without proxy), and can preemptively produce work prior to the conclusion of existing work.

BFGMiner features a watchog thread that can restart idle threads but doesn’t crash the maker if they stop working to react. It displays summed up and discrete data statistics of requests, accepts, turns down, hw errors, and effectiveness and energy. If there is hardware assistance, the program can keep an eye on device temperature level.

BFGMiner has numerous device drivers for Bitcoin, consisting of Drillbit Thumb and Eight, Twinfury USB stick miner, and Ztex’s FPGA boards. There are also device drivers for scrypt, such as GAW War Machine and ZeusMiner systems.

Finest GUI Front-End for Multiple Tools: Easyminer

Different cryptocurrencies have various command line mining tools, and this makes handling them a chore. This is where Easyminer enters into the picture, making things simpler.

Easyminer is a visual, open-source mining software application that lets you mine Bitcoin, Litecoin, and other cryptocurrencies. It supports minerd, cudaminer, ccminer, cgminer, and ASIC mining for Bitcoin. Easyminer includes a devoted “Moneymaker” mode, which is committed to the mining of LTC by itself stratum pool. There’s also a “Solo” mode, which enables users to choose a swimming pool of their own, along with a custom hash algorithm corresponding to the coin they want to mine. Easyminer uses the NHIL (Network Hardware ID Layer) procedure to provide an additional layer of security for the pool stratum and wallet architecture.

It’s worth discussing that Easyminer just works on Windows.

What Is Bitcoin Mining Software?

Bitcoin mining software application is used to keep the decentralized digital cryptocurrency safe. Miners are rewarded with Bitcoin for tracking and securing transactions referred to as blockchains. Mining is a method to earn bitcoin without paying for it, making a trade for it, or putting any money in advance– and software application helps you do this

The Bitcoin mining software application operates in combination with Bitcoin mining hardware, which are specialized computers built to mine cryptocurrency. The software application is how you link your hardware with your mining pool. The mining pool is basically mining together to discover the bitcoin and after that splitting the payout with everyone in the pool.

How Does Bitcoin Mining Software Work?

Bitcoin mining software is rather complicated and is generally utilized by those who are tech-savvy, have experience mining cryptocurrency, and have the time and interest to do so. The software application’s objective is to help you get bitcoin as a payout. The Bitcoin mining software application is generally a desktop app, and there are many different variations, some for novices and the rest for advanced users.

It guides you through the mining procedure, helps you establish a wallet where you keep your bitcoin benefits, and assists you select a swimming pool where you mine the Bitcoin. The software application is typically compatible with other mining gadgets. Some software application can be totally customized, and some can likewise mine other kinds of cryptocurrency.

How Much Does Bitcoin Mining Software Cost?

Bitcoin mining software costs vary. Generally, they can range anywhere from having a free version to just a few dollars each month per Application Specific Integrated Circuit (ASIC) to the software application charging 1% to 2% of your hashing power, which is created utilizing an algorithm. Bear in mind that you may likewise need to buy Bitcoin hardware and a special wallet.

How Do You Make Money Mining Bitcoin?

You can generate income mining Bitcoin by completing blocks of confirmed deals added to the blockchain, which secures the Bitcoin deals. In exchange for mining, you receive Bitcoin as a reward. Overall, hash rates are high, which means that it isn’t simple to make money from mining Bitcoin. It can be a fun hobby, however it can likewise be hard to make any considerable revenue.

How We Chose the very best Bitcoin Mining Software

We chose the four finest Bitcoin mining software choices by first examining and researching numerous Bitcoin mining software alternatives and after that picking the leading competitors. We made these Bitcoin mining software options our leading choices based on how simple they were to use, the features and tools they offer, how personalized they are, if you can mine other cryptocurrencies, and more.

A cryptocurrency (or “crypto”) is a digital currency that can be used to buy products and services, but uses an online journal with strong cryptography to secure online deals. Much of the interest in these uncontrolled currencies is to trade for profit, with speculators at times driving rates skyward.

Here are seven things to inquire about cryptocurrency, and what to look out for.

1. What is cryptocurrency?
Cryptocurrency is a type of payment that can be exchanged online for products and services. Many business have provided their own currencies, typically called tokens, and these can be traded particularly for the great or service that the business offers. Think about them as you would arcade tokens or gambling establishment chips. You’ll require to exchange real currency for the cryptocurrency to access the good or service.

Cryptocurrencies work utilizing a technology called blockchain. Blockchain is a decentralized technology spread throughout numerous computers that handles and tape-records transactions. Part of the appeal of this innovation is its security.

2. The number of cryptocurrencies are there? What are they worth?

More than 6,700 various cryptocurrencies are traded openly, according to CoinMarketCap.com, a marketing research site. And cryptocurrencies continue to proliferate, raising cash through initial coin offerings, or ICOs. The overall worth of all cryptocurrencies on Jan. 27, 2021, was more than $897.3 billion, according to CoinMarketCap, and the total value of all bitcoins, the most popular digital currency, was pegged at about $563.8 billion. (You can examine the existing cost to buy Bitcoin here.).

Finest cryptocurrencies by market capitalization.
These are the 10 biggest trading cryptocurrencies by market capitalization as tracked by CoinMarketCap, a cryptocurrency data and analytics company.

3. Why are cryptocurrencies so popular?

Cryptocurrencies interest their supporters for a range of factors. Here are a few of the most popular:.

Advocates see cryptocurrencies such as Bitcoin as the currency of the future and are racing to buy them now, presumably before they become more valuable.

Some supporters like the fact that cryptocurrency eliminates central banks from handling the cash supply, because with time these banks tend to lower the value of money via inflation.

Other advocates like the innovation behind cryptocurrencies, the blockchain, since it’s a decentralized processing and recording system and can be more secure than standard payment systems.

Some speculators like cryptocurrencies because they’re going up in worth and have no interest in the currencies’ long-term approval as a way to move cash.

4. Are cryptocurrencies an excellent financial investment?

Cryptocurrencies may go up in worth, but many investors see them as mere speculations, not real financial investments. The factor? Just like real currencies, cryptocurrencies generate no cash flow, so for you to benefit, somebody needs to pay more for the currency than you did.

That’s what’s called “the higher fool” theory of financial investment. Contrast that to a well-managed company, which increases its value over time by growing the success and capital of the operation.

“.
For those who see cryptocurrencies such as bitcoin as the currency of the future, it ought to be kept in mind that a currency requires stability.”.

As NerdWallet writers have noted, cryptocurrencies such as Bitcoin may not be that safe, and some noteworthy voices in the investment community have advised would-be investors to avoid them. Of specific note, famous financier Warren Buffett compared Bitcoin to paper checks: “It’s an extremely reliable method of sending money and you can do it anonymously and all that. A check is a way of transmitting cash too. Are checks worth a lot of cash? Just because they can transmit money?”.

For those who see cryptocurrencies such as Bitcoin as the currency of the future, it should be noted that a currency requires stability so that merchants and customers can determine what a reasonable rate is for goods. Bitcoin and other cryptocurrencies have been anything but stable through much of their history. For instance, while Bitcoin traded at close to $20,000 in December 2017, its value then dropped to as low as about $3,200 a year later on. By December 2020, it was trading at record levels again.

This rate volatility produces a dilemma. If bitcoins might be worth a lot more in the future, individuals are less likely to invest and distribute them today, making them less practical as a currency. Why spend a bitcoin when it could be worth three times the value next year?

5. How do I buy cryptocurrency?

While some cryptocurrencies, including Bitcoin, are readily available for purchase with U.S. dollars, others need that you pay with bitcoins or another cryptocurrency.

To purchase cryptocurrencies, you’ll require a “wallet,” an online app that can hold your currency. Usually, you create an account on an exchange, and then you can move real money to purchase cryptocurrencies such as Bitcoin or Ethereum. Here’s more on how to buy Bitcoin.

Coinbase is one popular cryptocurrency trading exchange where you can produce both a wallet and buy and sell Bitcoin and other cryptocurrencies. Likewise, a growing variety of online brokers provide cryptocurrencies, such as eToro, Tradestation and Sofi Active Investing. Robinhood provides complimentary cryptocurrency trades (Robinhood, Crypto.com is offered in many, but not all, U.S. states).

Register Crypto.com and get $25 USD 

https://crypto.com/app/5ymx5xjvsz​ to

Binance

https://www.binance.com/en/register?ref=ZUPMOSGU

6. Are cryptocurrencies legal?

There’s no question that they’re legal in the United States, though China has actually basically banned their use, and eventually whether they’re legal depends upon each individual nation. Likewise make sure to consider how to protect yourself from scammers who see cryptocurrencies as an opportunity to bilk investors. As constantly, buyer beware.z

7. How do I protect myself?

If you’re aiming to purchase a cryptocurrency in an ICO, checked out the fine print in the company’s prospectus for this information:.

Who owns the business? A recognizable and popular owner is a positive sign.

Are there other significant investors who are investing in it? It’s an excellent sign if other widely known financiers desire a piece of the currency.

Will you own a stake in the business or just currency or tokens? This difference is important. Owning a stake indicates you get to participate in its earnings (you’re an owner), while buying tokens merely means you’re entitled to use them, like chips in a casino.

Is the currency currently established, or is the business aiming to raise cash to establish it? The further along the product, the less risky it is.

It can take a lot of work to comb through a prospectus; the more detail it has, the much better your opportunities it’s genuine. But even authenticity does not mean the currency will prosper. That’s an entirely different question, which requires a lot of market savvy.

But beyond those concerns, simply having cryptocurrency exposes you to the risk of theft, as hackers attempt to penetrate the computer networks that maintain your assets. One prominent exchange stated bankruptcy in 2014 after hackers took hundreds of countless dollars in bitcoins. Those aren’t common threats for purchasing stocks and funds on significant U.S. exchanges.

Bitcoin

$ 54,548.00

$ 54,548.00

3.81%

Ethereum

$ 2,549.08

$ 2,549.08

4.59%

Tether

$ 0.999822

$ 0.999822

1.1%

Cardano

$ 1.27

$ 1.27

6.47%

XRP

$ 1.40

$ 1.40

21.77%

Polkadot

$ 34.04

$ 34.04

6.41%

Chainlink

$ 36.15

$ 36.15

6.04%

Uniswap

$ 39.85

$ 39.85

12.93%

Cosmos

$ 22.39

$ 22.39

9.65%

VeChain

$ 0.204233

$ 0.204233

10.59%

Elrond

$ 178.81

$ 178.81

10.01%

Compound

$ 681.81

$ 681.81

10.67%

Crypto.com Coin

$ 0.192274

$ 0.192274

4.45%

Celsius Network

$ 6.15

$ 6.15

1.01%

Algorand

$ 1.26

$ 1.26

7.11%

REN

$ 0.882416

$ 0.882416

9.25%

PAX Gold

$ 1,795.67

$ 1,795.67

0.76%

Should you buy cryptocurrency?

Cryptocurrency is an incredibly speculative and unpredictable buy. Stock trading of recognized companies is usually less risky than purchasing cryptocurrencies such as Bitcoin.

I know a lot of times we may feel they have missed their opportunity to profit from the crypto market, but the opposite is true. 

Cryptocurrency is just beginning and still has a lot more room to grow. However, before you begin throwing all your money into this market it’s important to do the proper research. 

Ask yourself the following questions:

1) Do I understand what Bitcoin?

2) What problems is Bitcoin trying to solve?

3) How does Bitcoin value determining?

4) What is risk Bitcoin?

The more you understand what bitcoin is the more you’ll understand how other coins, such as Ethereum, work. You can research all this yourself through, Google and Youtube. There are tons of video online. 

The Market

Make no mistake, Cryptocurrency is a market and it behaves like any other market. The stock market, Real estate market, tulip bulb market and now the Crypto Market all behave the same and the basic principles can be applied. It’s important you understand this and don’t believe that this is “different” and the rules don’t apply here. BTC has gained 45% in one day and lost -36% in another, invest in crypto feels like taking roller coaster ride. 

Read more: 

Investing Rules

Not everyone will agree with me here, but I highly believe the best and SAFEST way to make money is long-term holding. Below are the strategies for long-term investing.

1) You can’t time the market. No one has ever successfully timed the market consistently over multiple stocks and the crypto market is no different. Stay away from being a day trader and avoid trying to “guess” the highs and lows. Sure, some people have better luck than others but the risk/reward is high in doing this.

2) Don’t sell/buy on emotions. A quick search in this community and you’ll find story after story of people panic selling when the price drops or buying high because they are afraid of missing out. Don’t make this mistake! If you truly believe in what you’re investing in and you are holding for the long-term then it doesn’t matter what happens from day today. When the price drops, that is a perfect opportunity to buy more, not sell. If you can’t handle the ups and down of the Crypto Market then you probably shouldn’t invest. Don’t be one of those guys who buys high, sells low.

3) Invest only what you’re willing to lose. This seems like common sense, but it needs to be said nonetheless. You don’t throw all your retirement money, savings, etc. into the Crypto Market (really, any market) no matter how much you believe in it. If you have so much invested that it’s causing you to have restless nights, affect your health or mood then you’re investing more than what you should. I invest 10% of income, 20% if I have no debt. If you are young with no family you may be able to invest more. Use your best judgement!

4) Diversify your Portfolio. We all heard the saying “Don’t put all your eggs in one basket” and that applies here too. If you want to make it simple, just invest in your top 10 and put a bigger percentage in the safer coins such as Bitcoin and Ethereum. By diversifying your portfolio, you decrease your risk, and that is what we’re all trying to achieve.

5) Understand the coins you’re investing in. You’d be surprised how many people go to Reddit and see a highly voted comment saying “Buy XYZ” and they listen and buy it without doing any research. If you see a coin that is popular take that as the first step in researching the coin and then makes an informed decision. What problems is the company trying to solve? How active are the Devs? Do they have a community online? How active is it? These are just the basic questions you should be asking. There is a post on this sub that goes into more details about this. You can find it HERE

6) Stay away from ICO’s The book “A Random Walk Down Wall Street” goes into detail about IPO (Initial Public Offering) and how there is substantial evidence to stay clear from them. ICO’s (Initial Coin Offering) are like IPO’s but much riskier. There are many “Coins” who are taking advantage of this and are making some easy money.

Anyone can make a whitepaper, build a bootstrap website and then fill it with pseudo technological jargon terminology; and it’ll seem legit enough for a community to follow it and give them millions of dollars in mere seconds.

Wallets & Exchanges

You did all the research, you know what coins you want to invest in and are ready for the next steps.

• Crypto.com
• Binance 
• Celsius

Conclusion

Thank you for reading this far! I know there are a lot more details I could cover but this is meant to be a basic beginners guide. If I missed anything or am wrong about any details I provided please let me know.

EDIT: I wanted to add a few things for clarification.

Dollar-Cost Averaging (DCA)

This is another tip you can do if you are uncomfortable investing all your money at once. If you have a $1,000 you can invest $250 every week on the dips. For example, if you bought XYZ at $40 one week and $30 the next week your average price would come out to $35.

Risk Factor

Please keep in mind that investing in anything will always come with a certain degree of risk. The goal is to minimize that risk as much as possible. Last year I was heavily invested in crypto.com CRO, thinking of stable return of 20% a year. When they make announce decrease the return, most people sell the CRO and the CRO decrease 50% value in matter of days. There is no such thing as getting rich quick schemes and the Crypto Market is no exception. Sure, a few people get lucky but more people to lose everything believing in getting rich quick.