The world of cryptocurrency is constantly evolving, attracting many young people to the industry. Some of them believe that starting a career in cryptocurrency is only possible if you have a university degree. Nonetheless, the situation is quite the opposite. You can study and earn money at the same time. Do you know how you can do that?
Cryptocurrency is a type of electronic money. This asset class does not exist physically but is created virtually through computer technology.
Because of the advancements in the crypto industry, it is now possible to choose a convenient way to profit from working with digital coins. In most cases, this necessitates specific knowledge as well as start-up capital.
How do you get into the cryptocurrency industry?
Everyone with Internet access has heard about the magical world of cryptocurrencies, where ordinary people become investors and repeatedly increase their initial capital.
Some of them enter this niche with no idea of what to buy, where to store it, or how to use it. There are different types of cryptocurrencies to choose from now. The biggest of them include:
Each of them has millions of investors. Some of them succeed, while others quickly lose all of their savings and begin to claim that cryptocurrency is a deception and an attempt by world Freemasonry to extract money from people.
As a result, before embarking on your journey into an uncharted niche, it is critical to gain at least a basic understanding of it and study the fundamental principles of working with it.
What is the purpose of cryptocurrencies?
The original goal of developing virtual currencies was to provide an alternative to physical money. However, cryptocurrencies may have a broader range of applications:
- Conclude smart contracts;
- Make global cashless transfers;
- Rent computer resources;
- Rent out the free computing power of your hard drive to the cloud;
- Confirm ownership of an asset.
The scope of cryptocurrency applications is constantly expanding. As businesses master the cryptographic space, ordinary people have more and more opportunities to use digital assets in various transactions and purposes.
How to start in cryptocurrency?
Cryptocurrency is expected to change the business and consumer world forever with the advancement of technology.
Students understand how important it is to have extra money on hand, not only for entertainment but also for assistance from writing service websites such as Trust My Paper.
As a result, if you want to start a career in the industry and get additional income, now is the time to do so. What is the best way to get started in cryptocurrency trading?
Step 1: Getting a wallet
You will need to create a cryptocurrency wallet (which is safer than storing coins on an exchange), register, and verify a profile on the cryptocurrency exchange. There are several types of wallets. Each has its advantages and disadvantages.
- Paper wallet. It is one of the simplest and most reliable methods of storing cryptocurrencies. Because the paper is not connected to the Internet, the possibility of your coins being stolen as a result of a hacker attack is low (except if you do not store a photo of the data sheet on the phone).
- Hardware wallet. This method is extremely reliable because your keys are stored on a small device that is usually well protected from physical influence. Furthermore, it is not linked to the Internet. A hardware wallet, like a paper wallet, is good for long-term storage because you can swap out dozens of smartphones and computers without losing the keys.
- Mobile and desktop wallets. It is one of the most unsafe, but most convenient, methods of storing cryptocurrency. Your coins will be available at any time on the computer or smartphone application. As a result, transactions can be completed more quickly than with other methods.
Step 2. Registration and KYC verification on cryptocurrency exchange
To begin trading cryptocurrency, you must first register on a cryptocurrency exchange. First, examine whether the exchange is vulnerable to hacking and how conscientiously it operates. When you have decided on the best cryptocurrency exchange for you, you will need to register.
KYC (Know Your Customer) is an important procedure that allows the exchange to ensure that its services are provided to trustworthy customers who do not use crypto trading to launder money. KYC will require you to confirm your identity and address with the appropriate documents.
Step 3. Making money
Being a student necessitates being economical with money, whether you spend it on custom writing services like SupremeDissertations or on everyday necessities.
Keep in mind that cryptocurrencies are a highly volatile asset class. Therefore, you should invest money that you can live without and will agree to lose forever. There are several ways you can make money on cryptocurrency:
Purchasing digital currencies for long-term retention is regarded as a traditional method of earning that does not necessitate extensive market participation and is also fully passive. Cryptocurrency has a high payout over a lengthy period of time.
It is a wonderful solution for individuals who do not want to invest their own money but would like to obtain cryptocurrencies by doing various tasks. There are services that pay with digital currency in exchange for installing a mobile application on their device, a social network subscription, viewing ads, likes, making reposts, leaving comments, etc.
Stacking is a method of getting passive income, in which users store coins on the Proof-of-Stake (PoS) algorithm and ensure the operability of the blockchain. It gives them the right to receive remuneration. Stacking involves purchasing cryptocurrency and storing it in a special wallet. In this case, the yield will range between 1% and 20% per year on average.
As you can see, cryptocurrencies are a means of making payments and conducting other transactions that do not necessitate the engagement of intermediaries such as banks. Moreover, this money offers a high level of security. In the future, they will continue to evolve and improve, providing novel answers to a growing variety of issues.