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What is cryptocurrency bitcoin?

Cryptocurrency is the highly recommended investment, saving, & trading option available to everyone out of which bitcoins reached the volatile market these days. Cryptocurrency is the decentralized digital currency which is used nowadays in the form of exchange for goods and services, similarly like physical currency. But cryptocurrency supports more security as it developed with the main focus of local theft and unidentified sources of transaction.

The word “crypto” identifies about cryptography which works well to maintain the records of each transaction, and this currency is totally based on blockchain technology that helps building a classy security.

IMPACT OF CRYPTOCURRENCY

Cryptocurrency is surely the talk of the town these days. By now, there is hardly anyone who hasn’t heard about cryptocurrency. Having said that, it is also a fact that not everyone who has heard about it, knows about it. So, first let us know what cryptocurrency actually is.

What is cryptocurrency bitcoin,

What is Cryptocurrency?

The world is getting more & more digitalized every second & people just don’t want to rely on transactions through cash anymore because of obvious reasons of security & difficulty. So, besides credit cards, debit cards, or any mode of online payment, we have various cryptocurrencies.

Cryptocurrency bitcoin is an electronic digital currency that does not involve any usage of coins or bills physically until obviously if you want to convert it to physical token. It’s used as a mode of payment to avail any kind of goods & services & an online ledger secures the online transactions with the help of strong cryptography. Cryptocurrency is stored in a digital wallet & all the transaction details are registered in a public ledger.

Benefits Of CryptoCurrency:

  1. The transaction is one-to-one. So, there won’t be those tiring paper work, confusion as to who has to pay whom & extra fee or commission.
  2. The transaction history is totally confidential & no bank has any record of it. The people involved in the deal will have full privacy.
  3. The transaction fee charged is way lesser than it is usually for any other banking transactions.
  4. It is Based on BlockChain technology which encrypt all ongoing transections.

Risk Involvement:

  1. Now, we all have faced technical glitches while doing something online, but the technical glitch during transactions through cryptocurrency can be a welcome to financial debt to a person.
  2. Unforeseen changes in trade market can lead to drop in the value of cryptocurrencies.
  3. Market is not dependent on any Surface Value/ Base value [profit and loss] affected.

After knowing the benefits & risks in obtaining cryptocurrencies, let’s learn a few ways of obtaining it safely.

CryptoCurrency Buying Option :

Buying. Yes! You read it right. Anyone can obtain cryptocurrency just by buying it. Firstly, you need to get thorough with the rules & regulations of the country you live in regarding cryptocurrencies then you need to check for websites that sells the specific cryptocurrency you want to buy as every website does not sell every cryptocurrency. Then you can pay the price by card or cash & the mode of payment generally depends on the website.

Always try to know about the price details before setting up an account in any website. That will help you save time & little extra knowledge never disappoints anyone.

After buying it, you need to save it in a highly safe cryptocurrency wallet. This is where all the precautions for any probable mishaps should be taken.

CRYPTOCURRENCY FREELANCING OPTIONS :

What is cryptocurrency bitcoin,

This is as simple as it sounds. You work for a particular employer temporarily & get paid in cryptocurrencies instead of cash. This doesn’t involve any payment from you. No transaction fee required.

CRYPTOCURRENCY MINING:

No, you don’t have to literally mine currencies. This is for all the nerds out there. You need to solve complex numerical in your computer to validate the transaction blocks. Then you will receive a part of the digital token that you just validated which means you can obtain cryptocurrencies as rewards.

You can also do it in groups in few websites but then you have to share the reward.

LIQUIDITY MINING

You need to lock your fund & grant liquidity to a Decentralized Finance token which is part of a project then you will be rewarded with cryptocurrencies & sometimes you can also get additional benefits depending on the project. Few such projects are Ox, Compound.

CRYPTO REWARD/ AIRDROPS:

New emerging businesses reward people with cryptocurrencies for promoting their project. You may need to follow their social media page, share their posts & content, fill out feedback forms & create a buzz around their project to popularize them & you will be rewarded with cryptocurrencies.

MICRO-TASKS:

Various startups can require you to write testimonials, make videos regarding something & perform other duties which they reward with cryptocurrency. Places like Bounties Alert offer such opportunities.

FAUCETS:

There are faucets that you can join where you need to play games, see an ad, complete surveys & will be rewarded with cryptocurrency. No financial investment.

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Conclusion Line:

Cryptocurrency is the new rage of the town & people are very curious. There are various other ways like trading, staking for obtaining cryptocurrencies, but only few of the safest methods are mentioned. Having said that, one investing in cryptocurrency should always watch out for any ongoing scams, volatility, instability in the cryptocurrency market & be ready for any unforeseen financial mishaps.

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I hope you find this useful & invest carefully. Our next article will help you to make investment and analysis in crypto market.till than keep supporting and FOLLOW US @INSTAGRAM @TELEGRAM

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