Although there are a variety of ways to get involved in cryptocurrency, there are just as many ways that new users get scammed. With the promise of big returns, it’s easy to lose sight of the bigger picture and forego all common sense. This brief guide will show you some of the honest ways to earn cryptocurrency, and reduce your chances of being the victim of an investment scam.
There are several ways to invest in cryptocurrency, but always make sure to know that the person you are doing business with is reputable.
- Buying directly from another person who owns it
- Buying from a Bitcoin ATM
- Online exchange
- Purchasing mining equipment
Doing Bounty Work
There are all kinds of jobs being created in the cryptocurrency industry for those willing to put in a little hard work.
- Usually low skill jobs such as social media sharing or similar tasks
- Can be specialized skills such as translations or development
- Get paid in the currency you choose to work for
- Get paid in the currency of your choice in exchange for using your computing power to secure their network
- Since there are thousands of currencies, you can easily find smaller ones that are still mineable, even with low end hardware
Contests and Giveaways
- There are always contests and giveaways in the cryptocurrency industry
- People competing to get their currency into the most hands possible, as quickly as possible, will give away currency to accelerate the process
Although nobody is above begging when it comes to cryptocurrency, there are some general rules and guidelines you should follow:
- Don’t spam beg. Nothing is more annoying than someone plastering their deposit info repeatedly in the same place.
- Don’t use multiple accounts on each social medium
- This is a great opportunity to build a brand, which can end up being worth a lot of money.
- Be polite
- Don’t attack fellow beggars, because it will waste your time and theirs. Instead try teaming up with them.
- Be sure to have your cryptocurrency deposit addresses in all social media profiles, or blog posts. Some people even display their cryptocurrency deposit address on their clothing, and vehicle!
- Compliment and encourage people you intend to solicit donations from as opposed to asking them for money directly. A little flattery can go a long way!
- Don’t violate the rules on any social media site, or you may end up ruining the opportunity for everyone.
- Post compelling and unique content to maximize the amount of people interested in you enough to invest in your future.
- Create a free website or blog and ask your intended audience to click the ads. Many people do not realize this, but clicking your favorite website’s ads is a great way to support them financially, ensuring they are able to continue providing great content.
Bad Reasons to Get Involved in Cryptocurrency
- Investing with expectations of getting rich quickly
- Investing in teams with no business plan
- Investing in over hyped or over valued currencies that have set up a situation of greater downside risk of loss than upside potential reward
- Investing in a team that does not have a broad understanding of their ventures legality in countries which they operate, nor their legal obligations to stakeholders or compliance responsibilities
Good Reasons to Get Involved in Cryptocurrency
- Because you believe in a team and their vision
- To diversify your investment portfolio by making a small investment that would not effect your financial standing in the event of total loss
- To join a financial network of people from all around the world, and open yourself up to new business opportunities
- As a way to improve your financial standing over time
- As an alternative to current means of money creation; including fractional reserve banking, deposit multiplication, prommissory notes/derivative deposits, printing of physical currency, fiscal stimulus/quantitative easing, or debt monetization through the sale of treasury notes/bonds
- Because you want to learn more about innovation and technology