It is human nature to strive to provide the best possible living conditions for oneself and one’s family. Today, there is almost no man who does not do extra work or does not have some additional source of income from renting real estate or something similar. There are many who see the opportunity to make money in sports betting and casinos, but what attracts special attention are cryptocurrencies. This digital money, or as many call it, digital gold, gained great popularity 13 years ago when Bitcoin was created. From then until today, this and many other currencies are almost constantly of interest to new investors. Even many global companies are happy to enter this capital, having the opportunity to earn fabulous figures. But let’s start from the beginning.
Bitcoin is literally in the hands of the people. That is the basic difference between Bitcoin and fiat money issued by the government.
What are cryptocurrencies?
Cryptocurrencies are currencies that have only a digital form. Nevertheless, their value is not in the least questionable. What is interesting is that no one has authority over it, neither the Government nor the bank, which also makes it suitable for money laundering and other embezzlements. Since the principle of operation is based on blockchain technology, it is considered very secure, and traders keep their identity secret, while transactions are performed peer-to-peer, ie without the mediation of a third party. Although bitcoin is considered the originator, today there are thousands of different crypto coins that people around the world are happy to enter – Ethereum, Ripple, Litecoin, Neo, and many other currencies. Of course, Bitcoin is still far ahead of everyone in value. Visit cryptobenelux.com to learn more about cryptocurrencies.
Where can I buy them?
As their popularity grows day by day, so does the number of crypto ATMs in the world. However, on most of them, you can only buy bitcoins. All you have to do is swipe your bank card and buy bitcoins that way. Another, very popular way is to buy in exchange offices, although you will need a little more time for this, and you will have to disclose your personal data, which is not the case with the previous method of purchase.
Either way, the next step is a crypto wallet.
What is a crypto wallet?
It is a digital wallet that can be hot (one that requires internet access) and cold (hardware). Many opt for hot because it is practical to use, although a cold wallet is much safer when it comes to hacker attacks. Either way, it’s up to you to choose.
What can I do with cryptocurrencies?
There are two ways you can invest your money and try to make money – trading and mining. Trading is simpler and faster, and is the most common choice for beginners, especially because today there are many software applications that help the trader to do so using artificial intelligence.
On the other hand, we have mining, which is profitable, but also long-lasting. Keep in mind that this type of investment also carries with it high costs of electricity, and is therefore not considered environmentally friendly.
I got a large sum, how do I raise it?
The wait paid off and you earned a large amount and now you want to raise it. How can you expect a payout, especially when it comes to a large amount of money? There are several possibilities:
- Peer-to-peer crypto-to-fiat exchanges are one way. There are many applications through which you can do this. Of course, be prepared to pay a commission for the service of using this application. The amount of commission depends on the amount you change, so it can be quite large on large amounts. Peer-to-peer exchanges are basically types of online marketplaces where individuals can trade crypto assets with each other directly and on their own terms.
- Crypto exchange is probably one of the most popular ways. This transaction process is considered to be quite reliable and fast, as the money goes to your account within 3-5 days.
- OTC is another way to change cryptocurrencies into fiat money. It is especially recommended for changing large amounts. What is different about this method of payment is that you are able to communicate with the customer service desk, and wait for the moment to offer you a better deal. The commission is lower than in the previous ways, but the payment is a little longer. The OTC broker is in charge of connecting the buyer and the seller and it must be a person of absolute trust. Get ready to pay for his services.
- Payment of money at the bitcoin ATM (sale of bitcoin at the ATM) is possible at BTMs which are 2-way, ie which enable the purchase and sale of bitcoin. Today, it is easy to sell bitcoin in various ways, so it is possible that ATMs have lowered the commission a bit.
We have learned that there are many different services that you can use to sell Bitcoin and many other cryptocurrencies, and it is up to you to choose the method that you consider most appropriate.
Cryptocurrency also has the function of protection against inflation, namely in today’s monetary the central bank system, if necessary, generates money out of nothing at a relatively fast pace leads to money losing its value. Bitcoin is the first historical cryptocurrency on which all others are based and still represents the mystery of the digital age.
We have seen that investing in cryptocurrencies can be very beneficial and profitable, but that does not mean that there is no possibility of fraud. In addition to the fact that it is important to have a secure wallet, it is also important to choose a reliable platform to which you will entrust your money. There are many fake applications on the market, so caution is needed when choosing. Only if you invest safely will you be able to expect earnings.