Finances

8 Most Efficient Ways to Obtain Cryptocurrencies Safely

img source: unsplash.com
Written by Quentin Hack

Cryptocurrencies have seen a phenomenal surge in their demand values. Everyone wants to be a part of this digital innovation. However, every innovation comes with a flaw. In this case, the safety aspect of cryptocurrency is always at risk. This article uncovers the ways in which you can acquire these cryptocurrencies safely and helps you in minimizing the risk factors.

Once you get acquainted with these ways, obtaining cryptocurrencies without any threats will become a lot easier and effective.

Time to Mine Cryptocurrency

Most of the people investing in crypto harbor wrong notions regarding mining. They believe that mining is a way to obtain and extract as many coins as possible. It is essential to know that mining coins is not a simple way to source unlimited coins.

Mining follows a series of complex mathematical equations to validate blocks of transactions. The need for validation arises because all cryptocurrencies are created based on a certain protocol. Therefore, the first user who validates these coins receives a fragment of these virtual tokens. Once they are validated, the rest of the coins become available to the public in the market.

Every cryptocurrency has different methods of mining. For instance, Bitcoins require high-end equipment. You can also join mining networks and save thousands of dollars.

img source: techgenyz.com

Start Staking

Sometimes mining is not possible due to various factors like the cost of mining. However, you do not have to worry because there are other methods through which you can acquire these coins. Validation of blocks can either be done by “proof of work” or “proof of stake.”

In the proof of stake system, a deterministic technique is used to confirm the creation of a new block. The more coins you have, the more are the chances that you are picked for this validation.  That is why this method resembles a lottery where your chances of being selected rise with the coins you put at stake.

Buying sources

This might seem like the most obvious factor. The site you obtain cryptos matter. Cryptocurrencies are generally secure because of their extensive blockchain technologies. However, the stringent privacy policies that obscure the transaction path pose a threat to the whole network.

Choosing credible sources to purchase these coins ensures that you do not fall prey to fraudsters. Read the reviews by other users and check out their safety and security parameters before signing up with them. Many trustworthy sites prevent shady occurrences, and finding them is the best way to score in this niche!

Img source: pexels.com

Cashbacks all the way

If you are looking for the means to earn crypto with the help of your existing coins, then this is the most efficient method you can employ. Digital Banking has gained momentum with the improvement in technology, and many platforms offer financial management applications.

We can perform transactions with the crypto coins and score some cash back. You can avail a card from a fintech company and use them on sites where they award cashback. Go through the privacy policies and offers rendered by these sites.

Crypto faucets

Investing in crypto can seem to be quite risky, with the uncertainty being predominant in this industry. The fluctuations are often too daunting, and you might feel that it is not worth risking it. That is where faucets come into the picture.

You can make money through faucets in such cases. However, it is essential to note that this way is time-consuming, and you need to put in a lot of determination to see fruitful results. You can join these faucets, and usually, the returns are in the form of Bitcoins and Ethereum.

Although it is time-consuming, the process is quite simple. All you have to do is fill out surveys, watch advertisements, and play simple games to earn rewards. Of course, there is a minimum withdrawal limit, and that is why it takes a lot of time to be converted into cash. This is a slow but safe process that requires minimal effort.

Take a chance with Airdrops

Airdrop campaign is a popular mode to gain notoriety, and this is the reason most projects use this strategy to build communities around them. This also is a significant advantage to crypto enthusiasts because they can receive timely updates about the impending projects and at the same time earn tokens of value.

The projects usually pay you project tasks when you perform a set of designated tasks. You can convert these tokens, trade them, or cash these tokens once the project is live in the market. The tasks are pretty elementary and usually involve following their social media pages, downloading their app, or sharing their posts. With these simple tasks, you can earn money easily without any risks.

Img source: pexels.com

A step ahead with Microtasks

Microtasks, which are also known as bounties, work well with Airdrops. By performing both these activities, you can increase the tokens you receive. Micro tasking takes Airdrops a step ahead by increasing the level of tasks that you might have to perform.

These might involve drafting press release articles or creating video reviews and testimonials. There are a plethora of websites that can help you in your hunt to find microtasks and Airdrops. With their help, you can get started with helping the upcoming projects and score some returns in this process.

DeFi Yield Farming

This is also known as Yield Farming and Liquidity Mining. Until now, you discovered ways that bring rewards upon bringing existing or upcoming cryptos into the market. However, this way is perhaps going to be the complete opposite of what you have seen until now.

By locking up your cryptocurrencies, you can score rewards! In a nutshell, it resembles the interest system in banks. When you lock up currencies, you contribute to enhanced liquidity to a Defi token in this case and earn legitimate interests.

Final Words

It all boils down to the safety factor in the end. You might be obtaining cryptocurrencies; however, it is essential to sign up with authentic sites. Thankful, the digital media has sites that provide a safe and secure platform for all the transactions and proceedings. With these ways in mind, you can now explore cryptocurrencies and earn rewards and coins seamlessly.

For more info check https://cryptogroupsoftware.com

About the author

Quentin Hack