I am new to cryptocurrencies and did a lot of research but am still confused on how it works. Can someone be kind enough to help me understand how I can make money with it?
Thank you in advance :)
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There are several ways. On steemit you write or post something interesting and get reward from your peers by upvoting. The traditional way is to buy crypto and hold it until you find something you like better. Traders typical has a span of minutes to hours, while investors sit on their holdings for months and years. You can buy mining contracts and make them mine for you and some coins even have interest payments like a bank account. Still confused? Read. There is a ton of information to digest. You have to lest to set up a wallet, probably more. You have to learn to exchange or use tools to convert. It's not that difficult after you find tools that work for you.
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Thanks mate. Now I am partly clear and partly confused. How do I get money on Steemit? I did like and comment on a few things but no reward (I am not interested in rewards though, curious).
Coming to the original topic, what tools would you recommend that you have used and helped you? I would love to explore and understand further.
Thanks :)
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When your peers read your content and like it, they will upvote you. It is much like "like" on facebook, only here you get paid every time you are upvoted. Payment varies a lot. I just upvoted your comment now and you got about 0.1 steem from me. It will be paid out a week from now and you have to collect it in your wallet.
You will also recieve payment when you upvote your friends posts. That reward is smaller, but will give you more influence. It is called Steem power.
Just write some articles and post them. One very popular article is a post where you introduce yourself. Make some preperation and take a photograph of yourself with a note that says steemit and your username. That way everybody will know it is you and not a imposter. Tag the post "introduceyourself", it normally gives you quite much money.
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Wow! That was comprehensive bro! Will do it right away.
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Just be honest, truthful and post original content. And you are up and running in no time. If you play an instrument, record something. If you paint, paint something. If you like politics, discuss it. There is allsorts here. And much is based around crypto, so you will learn a lot.
Peace.
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Upvoted :)
If you are trying to learn the basics of investing in cryptocurrencies, you can follow my blog. I am planning to talk about that.
I have already posted 2 articles:
How to successfully investment in Crypto Currencies? A Beginner's Guide
Cryptocurrencies Investment - Rule # 1 : Look for REAL Value (part 1)
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Sure. Will check it out :)
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Upvoted :)
Also please do read my article and let me know how is it.
https://steemit.com/cryptocurrency/@the-master/the-age-of-crypto-confusion-and-scams
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you buy when the price is low and then you sell when the price is high. your reward is the difference. cheers ;)
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That I get.
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You buy them when the price is low and sell them when it goes higher than you bought it . This way you make a profit. (and you loose money if the price goes down but you can hold it and wait until it recovers)
For example if you buy a coin that costs 1$ and invest 100$=100 coins and the price of the coin rise to 1.2$ and decide to sell yours you will gain 20% profit 100 coins=120$ .
Hope i helped.
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Thanks mate. Makes sense. What site do you recommend for me trade on?
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Poloniex
Kraken and
Bittrex are the big players in crypto trade. Poloniex has the most users.
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