Cryptocurrency is a popular and hot topic today. For many months, discussions have been going on about its advantages and disadvantages. If you have already decided and are interested in joining the world of digital currencies, the next question is: where to get the money for the investment, or how do you make some crypto coins? In this article, you’ll find the 5 best-known and most-used options how to get or earn through cryptocurrencies. This article is especially suited for bloggers and website or online magazine owners.
Selection of Cryptocurrency
First of all, you should decide which cryptocurrency you are interested in. Bitcoin is very popular, but in addition to this virtual currency, there are about 1600 different crypto coins currently available (and the number is still rising). Surely, you have already heard about Litecoine, Dogecoine, Ripple, Monero, etc.
Crypto coins differ in their value as well as in the technology on which they are built. So, if you decide, for example, that you are interested in Etherium, the number one option in this article is not interesting to you (web mining).
The efforts of today’s centralized institutions are to monitor financial transactions and review them. Some developers are willing and making effort to cooperate and provide transaction information to government institutions. This, for example, was rejected by representatives of Monero. If anonymity is your priority, consider this factor when choosing crypto coins.
Of course, you can have income through one cryptocurrency and then trade it on the market for another (the classic way of buying / selling). But consider the fact that some crypto coins cannot trade with each other, and you must first exchange them for Bitcoin or Ethereum and then exchange Bitcoin for your crypto currency you chose. This can cause you a loss (transaction fees).
How To Start?
With wallet. If you’ve already chosen a crypto coin, that’s interesting to you, to accept the transfer, you need an „Electronic Coin Manager“. I personally use Exodus. It has a simple and intuitive interface and a simple overview on the home page. The wallet generates a “unique address” through which you can accept the transaction to actually manage your virtual finances.
How To Make a Profit on a Website Thanks to Cryptocurrencies?
1. Web Mining of Cryptocurrencies
It cannot be said that it is literally an illegal way, but we can say that it is not very moral or fair to the visitor of your blog, the web, especially if they do not know. Many pages where you watch a movie online will alert you that they will take advantage of your computer’s performance while viewing the movie. The journal „Denník N“ was not that decent and for some period of time it benefited and used the computing power of its visitors.
There are several online calculators on the Internet to help you figure out your expected mining profits. For example, here you can find a calculation for Bitcoin, Ethereum, Litecoin and others.
How Web Mining of Cryptocurrency Works?
Simply said, you have embedded script on your website and it helps mining cryptocurrency. As a miner (one who mines a cryptocurrency), you are paid in the currency you mine, thus according to the number of transactions you get from each of them the proportion paid in the given virtual currency. The commission amount varies depending on the cryptocurrency.
But this is not the way you can mine Bitcoin, this one requires more challenging hardware, it’s built on another technology, and therefore this coin, web mining is not yet possible.
The best-known crypto coin that can be obtained by web mining is Monero, but there are others too. At the official developer site, you can see how to integrate the script into your website / magazine.
However, it is quite possible that with this step you also provoke your hosting provider, and he will take action against your website. Not because you are causing him a problem with hosting, but rather for the ethical principles of the company.
You also have to keep in mind that your profits are closely related to what is the traffic of your website. And after a certain time of using this method, you will lose part of your visitors. They will not know what’s going on, but they will feel that the web works “weird” and responds slowly, and they will stop coming back to your site.
I note that this option is not being used on this website. There are rather disadvantages for me. I needed to let you know. 🙂
If you do not want to start with the cryptocurrency mining, you still have the option to put the classic „donate“ button on the page. But you have to publish your unique code on your site (you can find it after you have registered in your electronic wallet. As I mentioned earlier, I use Exodus.) so contributors know where and how they can contribute.
In this case, you have the ability to work with different electronic currencies. You can accept payments in whatever currency you choose.
While mining is a little limited by choosing and you have to make a good decision on which internet currency suits you the best according to your information and where you get commission, in the form of voluntary contributions your hands are not tied.
Here, you should consider the charges for transactions. If the fee is high, the visitor will not be motivated to contribute. That’s why you’ll most often see the button “Donate Litecoin” on websites where the transfer fee is low, or also Neo, where there are no fees at all.
If you have a website or blog, there is always something you can sell. Consultation, e-book, service, product. Requesting a payment in cryptocurrency is not illegal.
But you have to consider the dynamic movement of the price of cryptocurrencies. Sometimes it is worth to sell 0.03 BIT, but it might not be a case in an hour or so and the website should have embedded features able to respond to these quick changes, otherwise you will lose.
4. Become a Member
Ripple and Monero offer a form of cooperation where, if you write and spread the enlightenment of their virtual currency and your promotion will be effective, they will pay you. You can find terms of cooperation and other detailed information on developer sites.
5. Affiliate Coinbase
The best-known affiliate program to help you make a profit in connection with cryptocurrency is provided by the Coinbase exchange. If you have a website or other online presentation and a new user is registered on the website through your link, you and a new user will receive a $ 10 bonus.
In this case, you do not have a profit in cryptocurrency, but what you earn by affiliate program can be exchanged for cryptocurrency and then you can start trading if you wish.
How Much Is It Possible To Earn?
You should not have exaggerated earnings expectations, but if you get some crypto coins, you can already start trading and thus be successful and profitable. For you, it may be a way to a decent, not just a side (passive) income.
Donate is not a “futile solution”, although it is realistic to get maximum of 100 sponsors a year (depending on traffic, the higher it is, the more potential sponsors), it is at least something.
If you decide to sell, profit may be faster, but consider that sooner or later you won’t avoid taxes.
Web mining is not very ethical. But it works, and you can earn more like that than by selling products (if you have a website with good traffic).
If you want to be a member of the Ripple or Monero team, it’s best if you agree individual conditions, but it’s not a very profitable business.
As for me, I have chosen the second option for my earnings on my website, and hence “Donate”.
Didn’t you find what you were looking for in the article? Then try to look at the discussion forum. There may be some interesting information on this topic.
What is your opinion on the mining of digital currencies? Is this in your view ethical? Which of the abovementioned method do you use in your blog/website? Or do you know any other way how to earn cryptocurrencies? Do you have any experience with that? If so, write it to the discussion.
As for me, I have chosen the second option for my earnings on my website, and hence “Donate”.
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Hi, my name is George and I currently work from home. I am an online marketer for an internet shop. I also work on various other projects; one of these is this website. I like to search for legitimate opportunities to make money online; it´s my hobby. I have been doing this for over 7 years now and in that time I have tried various online projects. I have therefore gained enough experience to be able to spot what is a legitimate money earning opportunity, and what could be a scam. I believe my experience and the information on this website can be of help to you, the reader, by saving you time and money that you might otherwise invest in a scam. I also hope that because of the information on this website, you might find a means of generating additional income.