Home Building a Homestead Kitchen Corner Store

An Easy Guide to Start in Cryptographic Currencies

If you are looking for free Bitcoin (BTC) and mining power click here.

For a while I have been hearing about Bitcoin (BTC), Litecoin (LTC), and other alternative currencies but thought that I was too late to start making money from them. Being new to crypto currencies I did a bit of reading to find out how the system works and how I could make a profit from it. I found that there are a few ways to get Bitcoins, all with varying amounts of work needed to earn them.

Ways to earn/get crypto currency:
Buying
Faucets
Mining
Trading
Investing BTC
Selling goods/services
Getting tips

 

Buying
The simplest and quickest way to get Bitcoin is to purchase it. The easiest service I have found to purchase Bitcoin from is Coinbase.com by using the link you will recieve an extra $5 after you purchase $100 of BTC.

 

Faucets
Faucets are websites that offer small amounts of coins for free to help spread coin to new comers and distribute the coin. Not all alt currencies have this service but many do. Below is one that I use.

Qoinpro.com Earn BTC daily along with other currencies this takes no work to earn once signed up but it has low payouts.

List of faucets to visit daily temporarily removed.


Mining
There are 5 ways to mine Cryptocurrencies:

Deciding on what to mine

Mining coins such as Bitcoins (SHA-256) takes a good amount of work and is dominated by the ASIC miners. To make this worth mining you will need some good video cards and/or your own ASCI miners. Alternatively the use of cloud mining services will mine BTC and a few other currencies.

I'm more for mining scypt-based cryptocurrencies such as Litecoin (LTC), Fedora (TIPS), Dogecoin (DOGE) or one of the many x11 and x13 coins. The reason that I prefer these coins is that it is easier for my hardware to mine. I use Multipool.us and IPOminer.com for my mining the service checks on a regular basis and determines the most profitable coin to mine and mines that for you allowing for a better payout.

If you feel adventurous you can look to mine new coins that just came out. I was doing this with Flappycoin (FLAPP) it allows you to get in on the ground floor when the payouts are larger and not as many people are mining it. While you might hit it big it is possible the coin will not be worth anything in the future, that is what happened with Flappycoin. IPOminer.com takes the hastle out of finding new coins to mine.

 

Trading

Trading is much like trading on the stock exchange but you are trading one coin for another be it Doge for BTC or BTC for USD. More advanced trading is called arbitrage where you will buy on one exchange and transfer it to a different exchange that has better selling price, I will not be covering this method.

Trading services are useful when you mine alterniatve coins and want to exchange it for BTC.

I have been using Cryptsy.com they trade many different coins and have an auto trade function that will sell alt coins for BTC when they come into the account.

More recently I have mostly switched to using Bittrex.com.


Investing BTC
Investing can be completed with many services I will cover a few that I use.

BTCjam - Is a platform where you can invest in BTC based loans and earn interest plus your initial investment back. I have had good luck but occasionally people default on loans.

BitLendingClub - Same principal as BTCjam, but I have had less defaults here.