Steps to make money on cryptocurrency

Often, beginners do not understand how to make money on cryptocurrency without investments. Below are step-by-step instructions that will help everyone make a profit from mining. You should carefully study the steps below to avoid popular errors.

Step1. Choosing a cryptocurrency and a service

Cryptocurrencies are much different from each other in the complexity of mining. At the same time, their cost is also at a completely different level. Therefore, the correct choice of cryptocurrency largely determines the level of incomes received.

Another crucial point – choosing the service to make money. The growing popularity of cryptocurrencies has led to an increase in the number of mining resources in the cloud. Some of them do not use fairly (gray) methods in their activity. When choosing a work service, you should pay attention to the following features:

  • The term of activity

  • Legal status

  • Availability of complete contact details

  • High quality support service, available 24 hours and responds promptly to questions

  • User reviews on the Internet

Step2. Service registration and software download

To register for the resources occupied cloud mining usually takes no more than 5 minutes. You will need to create verification and password as well as provide the email address for Bitcoin Revolution login. In some cases, more detailed personal data is required.

When the registration is complete, you still need to download the necessary software. It is provided by the service for which it is planned to operate or by a pool. Therefore, you will need to provide free space on your computer. Moreover, the download will take a considerable time.

Step3. Register an electronic wallet

The virtual money earned will have to be stored somewhere. For this you will need a suitable electronic wallet system. There are several types of cryptocurrency vaults:

  • Stationary (installed on the computer)

  • Mobile

  • Wallets online

Regardless of the type of storage that will be selected, it is important to ensure reliable storage of secret passwords and mnemonic codes. Care should be taken to ensure that third parties do not have access to classified information.

Step4. Install and configure the software

As mentioned above, work software provides the selected service. Here you can find full installation of commands. At this step, the main thing is not to make mistakes in this process, as well as in the configuration of the program.

Step5. Start mining (cryptocurrency exploitation)

You do not expect that the funds will begin to flow into the account immediately. Although there are services that promise that the income can be received one day from the beginning of the activity. In fact, the size of the profit is largely determined by the value of the investment. The rules for cloud mining are generally the same – than more hatches (power units) will be purchased, more funds will be raised.

Step6. Getting money

In fact, cloud mining is almost completely automated. The user only has to make sure that the system works stable and regularly check the settings with the necessary ones. An important point in this step is the conversion of cryptocurrency made into fiat money. To do this, you need to choose suitable equipment. If you complete each step described above exactly, there should be no problems with starting the job.

How much can you earn on cryptocurrency?

When choosing a method of winning over cryptocurrency, the first question that arises is how much will you win? It all depends on the market situation and the preferred investment option.

If passive modes of profit are selected, the value of the cryptocurrency affects the size of the income. At the same time, the higher the virtual currency unit acquired, the greater the profit. In such a situation, it is almost impossible to predict a potential income.

If you choose to earn mining, the profit will depend not only on changes in cryptocurrency rates, but also on the capabilities of existing or purchased equipment. It also depends on the size of investments and the costs of electricity. First, you have to buy a farm that costs 70,000 rubbles. In addition, considerable electricity costs will be required.

If you selected cryptocurrency as a way to make money trading, the rate will have the least impact on profits. Unlike passive methods of earning with active trading, you will earn money both on increasing the exchange rate and decreasing it. Moreover, the decisive importance is user knowledge and skills. It is important to be able to predict the right times for opening and closing orders.

About RJ Frometa

Head Honcho, Editor in Chief and writer here on VENTS. I don't like walking on the beach, but I love playing the guitar and geeking out about music. I am also a movie maniac and 6 hours sleeper.

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