If you’re new to the crypto world, it can feel like you’re banging your head against the wall when trying to earn cryptocurrency. The process of mining and earning rewards takes time, sometimes lots of it, and it can feel like you’re getting nowhere when you’re really doing all the right things but aren’t seeing any positive results in your wallet balance or in your mining pool stats! If you find yourself frustrated with the process of mining and earning crypto currency, here are five tips that will help you earn crypto currency faster than you may have thought possible!
- Do Your Research Before Investing
When it comes to earning crypto currency, you need to do your research before investing. This means knowing the ins and outs of the currency, as well as the risks involved. Luckily, there are plenty of resources online that can help you get started. A good place to start is Coindesk’s Cryptocurrency Investing FAQ. Once you’ve done your research, use sites like CoinMarketCap or Coin Dance to see how much value a particular coin has at any given time and make sure that it’s worth investing in before you put money into it.
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- Spread Your Investments Over Many Platforms
When it comes to earning crypto currency, one of the best things you can do is spread your investments over many different platforms. This will help you mitigate your risk and ensure that you are earning the most possible. Here are five tips to help you get started 1) Invest in at least a few different currencies so that if one goes down, another might go up. Also remember to look at coins other than Bitcoin because some people believe Bitcoin may be in a bubble soon.
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- Diversify Across Multiple Coins
When it comes to earning crypto currency, one of the best things you can do is diversify your earnings across multiple coins. This way, even if one coin’s value dips, you’ll still have others to fall back on. Here are a few ways to help you earn multiple coins -Participate in ICOs and Airdrops: There are many ICOs and Airdrops that offer tokens that you can use for the services they provide.
-Mining: Bitcoin mining has become less profitable over time, but there are other coins such as Litecoin or Ethereum that might be more profitable to mine given their current values.
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- HODL - Don't Panic Sell When Markets Are Down
When the market is down, it can be tempting to sell all of your crypto currency in order to avoid further losses. However, this is often the wrong move. By selling during a down market, you're likely selling at a loss and missing out on the opportunity to buy low and sell high. Instead, HODL onto your currency and wait for the market to rebound. Keep in mind that cryptocurrencies are still an emerging asset class and so volatility is expected. That means that sometimes you'll see big drops like last week's $4000 dip but other times you'll see huge gains like when Bitcoin rose from around $8000 to $13000 in less than three weeks. The point is, don't panic when the markets go down - just stay calm and hold tight until they recover.
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5)Only invest What you can afford to lose
One of the most important things to remember when it comes to earning crypto currency is that you should only invest what you can afford to lose. This is because the value of crypto currencies can fluctuate greatly and you don’t want to end up in a situation where you can’t afford to pay back your investment. For example, if you had invested $100 worth of bitcoin back in 2011, by November 2013 it would have been worth around $1 million! That sounds like a good return on investment right? However, it also means that you could have lost everything too. So be careful with how much money you are willing to risk on crypto currencies before investing anything more than just an initial trial amount.
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Great post 🔥
Number 5 is very important 🔥😂
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