Cryptocurrency and the technology which it runs on, the blockchain is gradually becoming a necessity as it affects our daily activities more and more as the day goes by.
That said, after spending more than a year with this growing and life-changing technology, once in a while I have made attempts to introduce new users into this space, some were successful and others not so much but a similar question they all had in common at first was How much will I make if I put in a certain amount of money, say my return weekly or monthly?
I don't know if this is common in other places or just limited from where I come from, but you see before cryptocurrency became known, the main source of internet earning was via Ponzi, MLM, and other forms of a pyramid scheme and thus the question being asked above.
Well, I won't blame them after all the goal of entering into any business is profit-making and not the opposite. That said, to combat this question, users or newbies need to understand than crypto is not a Ponzi, get rich scheme or any activity that promises a 200% increment come year-end but rather a medium to exchange for services rendered just as you would with money, well we can call it a digital money but not governed by anybody or organization. Price is simply determined by demand and supply. When demand is much, supply reduces and thus affects price thereby creating a bull run and making your cryptocurrency worth more.
My little time spent here, I have found the below to be the best ways to earn cryptocurrency
- By Trading, this can involve short-term trading or long term
Short-term trading, this can be seconds, minutes or hours. The said user can make trade between bitcoin or any alternate coin against a stable cryptocurrency like USDT with the aim of selling when the cryptocurrency gains a price increment above the stable cryptocurrency (USDT)
Long-term trading, here the user holds the said cryptocurrency for a while with the hope of the price climbing to a more considerable amount than it initial worth, in crypto terms this is called hodl. This can be months or in some cases years
- Cryptocurrency Mining
Let me get a more concise definition for this term,
Cryptocurrency mining, or cryptomining, is a process in which transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledger. Also known as cryptocoin mining, altcoin mining, or Bitcoin mining (for the most popular form of cryptocurrency, Bitcoin), cryptocurrency mining has increased both as a topic and activity as cryptocurrency usage itself has grown exponentially in the last few years Webopedia
Miners, as they are called are paid a certain amount in the cryptocurrency, take into consideration the popular cryptocurrency called bitcoin, the miner who is able to solve or make the transaction go through first will be rewarded with a certain amount of bitcoin, the process is really complicated and thus requires high tech which is costly, in some cases, individuals bring funds together to set up this mines and when successful, reward is shared among themselves. Meaning for a newbie with no prior knowledge on cryptocurrency this is not the best process to start and any online or offline individual who promises you a certain amount of money via this mining process in most cases is trying to scam you.
- Staking
From my own perspective, this is like a modern way of mining fro a particular cryptocurrency, and the best part it does not require a high tech computer to get into this but more of a trust for a particular platform. By trust I mean you are willing to lock that said cryptocurrency for a period of time, meaning you won't have access to that said cryptocurrency until you make a request which usually takes few days to return and most don't return the total cryptocurrency on a GO but rather certain percentage over a period of time.
This can be related to the platform I am currently making this post on, three different forms of rewards are used here, STEEM, STEEMPOWER, and SBD which are the native form of rewards not until recently, but let us stick to these three different types of rewards for now. STEEM and SBD can be tradeable at all time but in other to start gifting reward to others, you need to have STEEMPOWER and to get this, you have to stake the STEEM, yes STAKE, your steem will be locked up and converted to STEEMPOWER which then grant you the ability to gift out rewards to other users and yourself.
The major rule guiding staking is that the higher the amount of that cryptocurrency you stake, the more reward you will be able to receive be it daily, weekly or monthly.
Gaming
Like it or not, this is somewhat similar to trading, I have played several blockchain games currently available on the crypto space, be it on EOS, TRX, ETH, STEEM, and other types of blockchain, what most have in common is creating crypto-collectibles which are then tradeable amongst players. This and then creating quests, and contests where top players are able to earn while gaming without the need to sell items (not all blockchain-based games supports this).
TokenPocket is a multichain wallet that grants its users the ability to store their crypto assets. By multichain I mean, the number of assets users are able to store at any time is more than one, which includes some of the most popular cryptocurrency (BTC, EOS, ETH, TRX, IOST, and others) alongside their tokens as well.
Let's go back to the process of earning I mentioned earlier
This is one of the early processes of earning on cryptocurrency and as we mentioned above, this can be short-term or long-term or even change from a short-term trade to a long-term and vise versa, it all depends on the user, at what point can they really say a profit has been made
TokenPocket is not just another multichain wallet as we mentioned above, but more. Up until recently, it acted as a gateway to different types of Dapps not until TPexchange was launched.
An exchange that offers a lower trading fee of 0.095%, provide real-time purchasing order and their prices at all time, using three top exchanges to achieve this and creating an incentive for users to onboard families and friends. You can read my review about it here https://steemit.com/exchange/@otemzi/tokenpocket-exchange-feature-is-live
As we mentioned above, this requires a large sum of money to purchase high powered computer while consuming electricity at an incredible rate, you can do a google search on it or probably a video search on YouTube, this is not something a newbie into the crypto space should be aiming for at first.
This is an advance or a futuristic form of mining a particular cryptocurrency as opposed to the rural or default means of mining, it requires users staking a large sum of the said cryptocurrency to get a good return. That said if you are the patient type and willing to wait for a while, by a while I mean days or even months then feel free to use this and it is not limited to just thousands of that cryptocurrency, even with hundreds and fifty's you too can stake but rewards differ.
TokenPocket Dapp page provides not one but more than two different staking options with a good return percentage. Individuals who are willing to lock up their cryptocurrency for a period of time can click on discover, scroll to investment and select any of staking pools available there. By staking, the coins are still yours but not sellable until you see it fit to withdraw. While the coins are locked-up, users will be paid a certain amount of that cryptocurrency daily, weekly or monthly.
Some of the staking pools available there are TPools (BOS), NewPool (EOS), and many others all marked with the yearly return users would receive when they choose to stake their cryptocurrency on that pool.
This is one of the best ways I have found, as users don't need to put their cryptocurrency at risk, the private keys to your wallet still remains yours at all time, you are simply trusting that blockchain to be worth your initial investment come years or even worth more, depending on how long you are willing to stake it.
This is rather fairly new to the crypto space and currently growing at a rapid pace with different partnerships been announced daily to provide the best earning, fun, and worthwhile playing experience for their consumers. We have even seen games that were developed without blockchain features shifting into this space.
Gone are the days where you had to sit for hours, all night playing with no incentive the only joy was discovering a new game item or probably moving a level, the new era of gaming is blockchain-based and users don't just upgrade to a new level or find new items but they are able to earn while doing this, not just earn, but able to communicate with other users and also sell or gift items found while gaming, simply a remarkable concept blockchain brought into existence.
TokenPocket dev team made this somewhat easy for new users to easily navigate. Blockchain games are not just placed in discover mode but properly arranged alongside their blockchains name and those with special features like 0 CPU usage on the EOS chain are further divided to create the best atmosphere for gamers or newbies coming into the blockchain world.
There have been cases where users reportedly made thousands of dollars while playing this blockchain games.
Unlike the other forms of earning, gaming covers all and more. There are certain games that allow staking of their token and pay users a certain amount daily or weekly, and the trading of items falls under the term trading.
The only disadvantage one might talk about blockchain gaming is the time spent online, but this is no different when you play other non-blockchain based games.
With the above and many more other points, TokenPocket is definitely the wallet you would want to invite any new user into the crypto space with, it saves you time by providing the tools you will need and also equip you with many other types of informations not listed above.
You can download TokenPocket here https://www.tokenpocket.pro/en/
Available for IOS, Android, and PC
Join their telegram group here https://t.me/tokenPocket_en
Follow their recent tweet here https://twitter.com/TokenPocket_TP
Till some other time, stay safe and have fun.
Happy New Month