How can you make money amid this lockdown using cryptocurrency?

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cryptocurrency

The recent coronavirus pandemic has shaken the world. The rate at which people are getting infected by the virus is quite high. And to stop the spread of the virus it is important to maintain social distancing, as guided by the medical industry. Due to that, various nations have declared a lockdown state. Also, the cases are constantly increasing all around the world, so nobody knows when this situation will come to an end. This condition has led to a stoppage in the operations of almost all the industries. Except for the essential services like food, water, etc. no other services are allowed to be unlocked. Even the travel services have been shut down. And because of this shutdown, people are facing financial difficulties. That is where cryptocurrency comes to their rescue.

Due to the nationwide lockdowns, many companies and organizations are experiencing less or no business. Also, several people have lost their jobs too. Which has made everyone to look for new and innovative ways to earn money. So that they can keep on maintaining their businesses or lifestyles. There are several ‘earn from home’ options available on the internet. But as we all know, the internet is filled with scammers. Which is why it is important to try out only the safe platforms. The best option in times like this is the cryptocurrency. Let’s see what is a cryptocurrency and how can one use it to earn money while sitting at home.

Cryptocurrency

cryptocurrency

Cryptocurrency is nothing but digital currency which is secured by cryptography. These cryptographic methods help in keeping the transaction of cryptocurrency safe to avoid any kind of duplicity or scam. Which why it is a safe medium of exchange. People have been trying to make cryptocurrency since the technology boom in the 90s. But due to a lack of security methods, they failed in their attempts.

Finally, in early 2009 someone came up with the idea of Bitcoin cryptocurrency. This currency did not have any central controlling authority, i.e., it was not connected to any centralized servers. It was just like the peer-to-peer file-sharing networks, which did not involve any 3rd party in the transaction of files. And as it lacks a centralized authority, so each person has to keep a track of their money. This is done with the help of blockchains, which is used to keep a ledger of all the transactions that happen in a network.

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Cryptocurrency for earning money in the lockdown

Now that we know what cryptocurrency is and how does it works, it is time to know how to use it in this lockdown period. Cryptocurrency can help people in earning a decent amount of money in the following ways:

Freelancing

Freelancing is the best way of earning through cryptocurrency. There are several websites that pay their freelances in cryptocurrency. All they need to do are some microtasks like completing online surveys, watching videos, app downloading, etc. If they want to get a notch higher,  they can also go for freelance writing or freelance tech jobs.

For freelance writing, they can contact various cryptocurrency websites, who might be looking for new writes. And for tech jobs, they can directly contribute to various cryptocurrency networks. These freelance jobs get them more money than the previously mentioned microtasks.

Purchasing

One can earn money by just purchasing some cryptocurrency. As the value of cryptocurrency keeps on changing, so it can be bought in lower rates and can be sold when the price is raised. This way, they can earn some profits. Also, some of the cryptocurrencies offer money to their currency holder. Buying those currencies can double the profit.

One thing to keep in mind is that this process can be a little risky. So, it is recommended to buy popular cryptocurrencies and perform a proper study of it before investing hard-earned money into it.

Transactions

If a business provides some kind of service that can easily be shifted to the online platform, then they can keep cryptocurrency as the payment option. Because a lot of people do not trust online payment, cryptocurrency can serve as a safe transaction medium. And the business can be kept running online.

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Trading

cryptocurrency

This is similar to the purchasing option, but a little riskier. As one needs to analyze charts and look through the ups and downs of the cryptocurrency. This way, they can keep on swapping their digital assets and can make a good amount of money. But for anyone who is new to cryptocurrencies, should not go for this option because it is not as easy as it sounds. And they can end up getting stuck in the process.

Even if they want to give it a try, they should first study all the friendly cryptocurrency trading methods. So that they can start off with a safer option. Also, looking for the best exchanges can help them in performing the trade seamlessly.

Running Master Nodes

This is one of the best ways of earning through cryptocurrency, as it yields a better income than any other method. The master node can be considered as a computer/node that is used to keep a complete copy of the cryptocurrency’s blockchain. This means all their transaction details. The cryptocurrency network pays the people who run their master nodes. But they also require them to hold a certain amount of coins for doing the job. If someone already holds these coins, they can find some easy ways to set up a master node and get started instantly.

Point to remember

Cryptocurrency can be really useful for earning decent money while sitting at home. But as the demand for cryptocurrency has increased in this COVID-19 lockdown, the risks have also increased. This is because many scammers and frauds have become active to look out for opportunities to trap people and gain profits. So people who are using cryptocurrency to earn money should keep an eye on all their transactions and make sure they do not end up in some kind of trouble. Otherwise, they can lose more than they had earned.

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