You’ve heard of the crypto-investing for token marketing craze but don’t know where to start. In this post, we’ll outline exactly how you can turn your passion for cryptocurrencies into a full-time job, and even earn up to $100,000 a month or more as an affiliate marketer with profit sharing. You won’t learn everything in one sitting—the process is long and hard work—but it’s worth it in the end.
1. Choosing the Right Niche
Here are the six possible ways you can earn money from your crypto investing:
- Trading:
Buying and selling bitcoins and other cryptocurrencies in exchange for profits. This is the most straightforward way to go about it, but it’s fairly difficult to make money at. You’ll have to set up your own bitcoin trading platform or buy a popular bitcoin trading exchange like Coinbase or Kraken. It might also help if you’ve already made some investments in other altcoins, as these tend to be quite volatile. If you’re good at trading, and especially if you have an information advantage, this is a good route to go.
- Mining:
Creating new bitcoins by solving complex mathematical equations. If you’re interested in mining cryptocurrencies, then there are some hardware requirements you should be aware of before doing so:
- GPU (Graphics Cards):
Used for mining any cryptocurrency that uses a Proof of Work consensus mechanism.
- ASIC (application-specific integrated circuit):
Used for mining cryptocurrencies that use a POW consensus method but with more efficiency and hashing power in comparison to GPU mining. They are faster and more power-efficient than GPUs but cost a lot more money due to the fact they are designed specifically for cryptocurrency mining. ASICs are also difficult to obtain since they are very specialized and come in a few different brands.
- CPU (Central Processing Unit):
Used for mining any cryptocurrency that uses a POW consensus mechanism.
- FPGA (Field-Programmable Gate Array):
Used for mining any cryptocurrency that uses a Proof of Work consensus method. First, you’ll have to purchase hardware, but once that’s all set up, you can mine cryptocurrencies using your computer. This will require an expensive mining software that can mine multiple algorithms at the same time; this process will require the installation of several different types of computer programs and drivers. Site detail is here.
2. Buy Bitcoin
Once you’ve set up the system, it’s time to start running it. It’s important to note that you can’t mine bitcoins on a computer or mobile device—the process requires specialized hardware.
- The first step is to buy bitcoin. You can start with as little as $5, but in order for bitcoin mining to be profitable for you, you want at least $100.
- Once that’s done, you’ll have a supply of bitcoins that will generate new coins on a regular basis—that’s how bitcoin “mining” works. As long as the value of your bitcoins is higher than the cost of electricity and hardware (and maybe cooling), then it should be considered profitable from a financial perspective.
3. Set up a Bitcoin Wallet
Once you’ve got your bitcoin wallet set up, you’ll have to set up the mining pool with which you’ll be working for manual link building. There are several pools on the market for this purpose, but we’ll be using NiceHash as an example:
- NiceHash is one of the largest mining pools in existence at present and is trusted by over 3.5 million users across hundreds of different countries worldwide; its verification process takes little to no time at all, which is nice if you need some quick cash.
- To use it, simply open your bitcoin wallet, paste in the mining pool address (nicehash.com:3333), select the number of threads you want to run, and hit “Start mining”.
- Spend Your Bitcoin or Sell Them for Fiat
Now it’s time for the real deal—the part where you turn your mined bitcoin into real money. You can either hold onto them in hopes that their value rises over time, or spend them on other goods and services. At current market value, a single bitcoin is worth almost $12,000; that’s a lot of money to be throwing around!
- The best way to turn your mined bitcoins into fiat is by selling them on an exchange like Coinbase. With Coinbase, you can sell bitcoins for dollars and convert them directly into your bank account.
- Alternatively, you can convert your bitcoins to other cryptocurrencies like Ethereum or Ripple, both of which have higher liquidity and are worth far more than their bitcoin equivalent. You’ll need to use a cryptocurrency exchange site like Coinbase to do that as well.
- If you’re looking to get rid of your bitcoin completely, then it’s easy enough to sell them on one of the many crypto currency exchanges available right now in the market.
Summary:
You’ve got a nice bitcoin wallet set up and have purchased some bitcoin mining hardware. You’ve also set up the pool with which you’re working, and are now able to start mining for profit. Next, you’ll have to either convert your bitcoins into fiat or sell them for other altcoins on an exchange.