Everyone wants to earn free money. In this blog we'll be talking about how you can make your money with cryptocurrency, So if you haven't already read the last blog, check out our cryptocurrency blog.
You don't have to pay me, just watch me doing things that might help you and if you have the mentality that “oh it is way too late and I will not be able to get in there as well” but this is far from the truth, I think we are still in the developing ages of the crypto. I have seen many people making hundreds and thousands of bucks by investing in cryptocurrency. So the best thing you can do is to start now with firststands.
HOW TO SELL AND RECEIVE CRYPTOCURRENCY?
If you want to send money to someone you might use PayPal or Venmo, so these app works very simply and includes the third person or known as banks, and we hear everyday news that someone's bank accounts got hacked because there are several entities that are not in our control.
But here comes the best part while doing transactions with cryptocurrency there are no such threats. For example, bitcoin will provide you a set of numbers and alphabets to your wallet known as a wallet address, that can be used to do transactions which is the most secure method available on earth believe us. as it's 100% in our control not under any other entity.
We have talked about blockchain in short in our last blog. Now we are gonna talk about the transaction process or called blockchain. Blockchain itself could be a very confusing topic but the easiest way to explain is that it's just a database. Let's understand it in the step form:
1. A new transaction is entered.
2. The transaction is then transmitted to a network of peer-to-peer computers scattered across the world. These are the people who are going to be mining these types of data so that this type of transaction can go through.
3. This network of computers then solves equations to confirm the validity of the transaction i.e. the user who is doing the transaction is capable of doing the transaction or not economically.
4. The transaction is complete.
5. These blocks are then chained together creating a long history of all transactions that are permanent.
6. Once confirmed to be legitimate transactions, they are clustered together into blocks. And this cycle goes on every time you make a transaction.
IS THIS POSSIBLE TO GET FREE CRYPTO?
So there are a ton of companies out there that have created platforms to trade cryptocurrencies. Many companies are gonna offer you an incentive to sign up, for example coinbase will give you 10 dollars, crypto.com is gonna give you 25 dollars for signing up. What we would recommend is signing up in both because there are times when a platform will go down, this doesn't just happen with crypto but also with the stock market or with Robinhood. In this kind of situation, you want to take your money in or out but you are not able to do so, due to the shut down of the app itself. So we would recommend you to use at least 2 platforms in case.
Now you know pretty much how to start investing in crypto as a beginner. Everything that I said in this blog is evergreen meaning what happens in 2021 is gonna be applicable in 2022 2023 2024, so no matter what time you are reading this blog, it is still gonna be the same principle that will not be going to change anytime soon. If you want advanced info about trading, must read our technical analysis blog, contact us on firststands.
Firststands gives the best business ideas and helps founders to launch, manage and grow their business across the globe. Our business ideas will help you build a more profitable business and take back control of your life. We are business coaching and advising the community that helped many business owners like you across dozens of industries to rapidly scale your business, double your growth rate, and drastically reduce your company’s reliance on you.we value time, freedom, and lifestyle above all else. What's the point of growing a successful company if you sacrifice your living and the things you care about the most in the process.