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Month: September 2018

How You Can Acquire Cryptocurrencies

The cryptocurrency wave is not ending any time soon and we even some have governments thinking about official digital currencies for use by citizens. The idea of a digital currency is nothing new in this world as people have been using credit cards and merchant payment services such as PayPal and Visa for a long time. However, when most people hear the word cryptocurrency, all they can think about is bitcoin which happens to be the most popular and the oldest cryptocurrency. It is worthy to note that there are more than 1500 cryptocurrencies listed on major markets. How do you get a cryptocurrency? The following are simple ways through which you can acquire some of these digital assets.

    1. As a reward or payment

When you offer a service or sell a product, there are different forms of payments that the client can use. In some cryptos such as Bitcoin, people are rewarded for dedicating their computing power to verify transactions. This process is known as mining where you get paid for solving complicated problems within the network. You can also get paid for normal transactions using a cryptocurrency. You just need to know the current value of the cryptocurrency when compared to fiat money. You will also require a wallet to hold this money once the client sends it to you.

    1. Find someone who is willing to trade some crypto

There are many people who hold these cryptocurrencies and may be willing to release some. There are some websites that match buyers to sellers but you have to take your due diligence to avoid being scammed. Most people prefer meeting face to face to make such a transaction which is not always possible. In this case, it is like you will be trading your fiat money for a cryptocurrency. The hard part is locating someone who wishes to release these cryptocurrencies.

    1. Through exchanges

These are marketplaces where people can trade their cryptocurrencies for money and other digital assets. They function like forex exchanges only that they deal with crypto unlike the former that deals with fiat money. Not all exchanges are the same and you have to consider the security and ease of use of the platform in question. Bitsane is a popular exchange and this article has lots of positive reports about their service. Ensure that you check the reviews before you put your money on an exchange. Familiarize yourself with the crypto market to avoid losses.