A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. Many cryptocurrencies are decentralized systems based on blockchain technology, a distributed ledger enforced by a disparate network of computers. A defining feature of a cryptocurrency, and arguably its biggest allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation[sos].
Cryptocurrency has been a hype since the rise of Bitcoin (BTC) in 2016. Many have join the hype, hoping to get involve in the revolution of blockchain technology.
This post is to guide those who wanted to join the hype of revolution but didn't know where to start from.
First thing always, do your own research (DYOR). Cryptocurrency is a high risk investment. Before start investing your hard-earned cash, remember "Invest only what you afford to lose".
There are few ways to obtain crypto coins. I will explain in the following:-
There are few ways to obtain crypto coins. I will explain in the following:-
- Mining
- Mining crypto is the earliest way of getting crypto coins.
- Many types of algorithms in market
- Costly (Hardware and Electricity)
- Returns are determined by the difficulties (difficulties increase when many are mining the same coins)
- Purchasing
- Purchase can be done in a crypto exchange or P2P trading.
- There are many crypto exchanges out there.
- Verification (KYC- Know Your Customer) is usually needed.
- Faucets
- A reward system that give rewards in crypto.
- There are many crypto faucets out there.
- Claim crypto coins after doing captcha or task offering.
- Time costing.
Above is the main ways of obtaining crypto coins. I will show more details in the next post for each of the ways.
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