How to Increase Your Exposure to Cryptocurrcenies Without Purchasing Them?

The First Art Newspaper on the Net    Established in 1996 Tuesday, April 16, 2024


How to Increase Your Exposure to Cryptocurrcenies Without Purchasing Them?



Cryptocurrency investing can sometimes seem a little like a roller coaster ride. If you’ve ever seen the price of Bitcoin fluctuate, you know what we mean. That’s why it is important to make sure that your overall financial plan and goals are in place first and always consult with a financial advisor before making any decisions on how to invest in cryptos.

Cryptocurrency is an asset class that is highly volatile and carries risk. But as with any investment, there are ways to manage the risks associated with crypto assets.

For example, bitcoin is often compared to gold because many people view it as an alternative store of value or digital gold. It happens to be digital rather than physical gold bars or coins, although there are some physical bitcoin tokens available if you look hard enough. So what are the ways to have a reduced risk in cryptos and yet invest in them?

Bitcoin Mining

Bitcoin is “mined” by computers which get rewarded with tokens for completing a series of complex calculations. This process validates transactions on the network and adds new coins to the system. Mining is an essential part of the cryptocurrency ecosystem, and it makes the system more secure and reliable.

To mine Bitcoins, computers need to be powerful enough to handle very complex computations. Until recently, only large companies with extensive infrastructure could afford this task. However, now you can join online mining pools where many miners pool their resources together and share any rewards earned.

It is worth mentioning that mining can seem to be a tedious task for many. For such individuals, the option to buy cryptos is always available apart from the others mentioned here. If you are looking for a specific trending currency like the Polkadot (DOT), you can punch in - what is DOT, or why should I buy DOT?

If you are opting for this path, it is essential to understand how to buy Polkadot too. You will find several resources while looking for options on how to buy DOT via an online exchange.

Claiming Airdrops

Airdrops are free coins distributed by ICOs or cryptocurrency projects to grow a community and raise awareness. And no, they are not scams- they're legal and legit.

Companies distribute tokens to users who complete simple tasks such as sharing links on social media, writing blog posts, etc. These tasks push the word out about the project and generate buzz.

Once you've completed the task and proved your value, your wallet will be credited with free coins to use however you wish!

Forking Currencies

Forking is the process of creating a new cryptocurrency from an existing one. In many ways, forking is just like cloning a repository on GitHub to create a new project.

In simple words, when the blockchains get split into two different versions, it is called forking. The users of the old version will continue their transactions in the old blockchain, while the other users will be carried forward to the new chain. The original chain remains active, and all previous transactions are valid.

The fork can get broadly categorized into two types: hard fork and soft fork. Hard forks happen when there is a radical change in the protocol that makes previous blocks invalid, whereas soft forks involve changes to rules, making them backward compatible with old nodes. Soft forks do not split the chain and instead work by having Nodes running updated software reject blocks created by older software until they get upgraded.

Gaming and Gambling

It's a fun and exciting way to earn cryptocurrency using your skills.
● Look for a gambling site that lets you claim free coins/tokens by doing simple tasks such as watching ads, answering surveys, etc.
● Sign up for an account to get started.
● Once you're in, start claiming your faucet. Some sites allow claims every 5-10 minutes, so it's best to keep track of time or set reminders on when you can claim again.
● Accumulate as much as you can until you have enough to exchange them into BTC.
● Your BTC will get sent directly to your wallet (your wallet should be compatible with the gambling site).

Lending Cryptocurrencies

It's one of the easiest methods of making money that exists.
Several online platforms facilitate lending transactions. On these sites, lenders can offer their cryptocurrency at whatever interest rate they desire, and borrowers can use this currency for multiple purposes, including margin trading or exchanging one coin for another.

Once the loan period is over, the borrower repays the principal plus interest, and both parties walk away with some extra cash. A technical term for this process is "making bank."

Interest rates vary from platform to platform, but most hover around 2% - 5% per month. If you lend $10k worth of crypto on a 5% monthly basis, $500 will be deposited back into your account after 30 days.

Simple maths dictates that if you keep doing that over several months or years (depending on how much you're willing to invest), you'll be able to collect some pretty significant passive income. And don't forget—cryptocurrencies typically appreciate over time! It's like getting a double whammy of profit heaven!

Create a Faucet Website

If you are a person who is fond of creating websites, this method may be for you. The technique is quite simple. A faucet is a website that gives away free cryptocurrency to its visitors and earns money via ads displayed on the site. Since most of these sites display several ads at once, they can make a good income from their traffic.

So, if you have an AdSense account or some other way of placing ads, you can create your faucet websites and earn crypto instead of cash. You will need to use a different address for each site so that people can’t simply visit all of your sites with one browser.

Conclusion

There are several ways to increase your exposure to crypto without investing in them. Apart from the above, one option is to become an affiliate of a platform that offers these coins. If you sign up with the right company, you'll earn commissions on all purchases made through their site. This income can then get used to purchasing cryptocurrencies through an exchange or brokerage service rather than having to purchase them on an open market yourself.










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