Beginners Guide to Crypto World
As a Beginner to cryptos, you guys might be thinking of going into Mining or Trading. This blog will help you decide which to choose.
Cryptocurrency mining has seen great growth in recent times as it is the main source to earn cryptos other than buying for cash. Mining needs lot of detailed study, high-end ASIC miners/graphic cards and some coding knowledge. Last year all graphic card prices incresed as many people started to mine and earn crypto which drived the demand for mining hardware.
Blockchain and Cryptocurrency , all started during the US Financial Crisis happened during 2008 that led to a great recession. Read My Blog about “The Birth Of Cryptos.”.
Since then cryptocurrency mining has become a major Industry because the early and famous Blockchains had the mining procedure to earn respective Cryptos. Bitcoin, Litecoin, Monero and even Ethereum are currently being mined seperately with different machines.
What’s Cryptocurrency Mining ?
If you know cryptos for a long time, you definitely should know about Crypto mining. It’s a process of running a specially designed miner ( commonly a gaming graphic card )to run and calculate complex calculations and record in the blockchain. As a result, block reward is given in the respective currency.
What’s trading then?
Trading cryptos include Buying and Selling Crytos in exchange for Money or Cryptos. you can buy Large Cryptocurrencies like Bitcoin and Trade it for Other small currencies or you can buy cryptos with you Debit or Credit card. Click below for a Trusted Bitcoin Exchange.
So what do I do? Mine or Trade?
I started to get into cryptos with mining Ethereum. Currently Ethereum is the second Largest Crypto, but when I started mining it was somewhere below top 20 list. Bitcoin was not my option as it was totally taken over by Large Mining Farms which made mining not soo profitable in small scale.
I started mining with a 300W Power supply and 1 * 4GB GTX 1070 Nvidia card. I used Asrock motherboard and 8Gb Ram. During my installation of the miner, Ethereum was below 10$. Everybody thought it will be the next big crypto following Bitcoin in 2 years. But while I waited for 5 more graphic cards from Amazon, it quickly skyrocketed from 10$ to 330$ within 2-3 weeks.
I was totally upset because the mining difficulty increased soo much which made my huge investment heavily questioning. ( IF DIFFICULTY INCREASES => ETHEREUM PER DAY REDUCES)
I made this GPU cards run continuously 24/7 giving half an hour rest each day. Still I managed to earn 3 & 1/2 Ethereum in 3 months.
It wasn’t a huge return. because I spent 300$ for electricity during mining period. Then I realised this isn’t gonna make enough profits in the future.
Then I Jumped into Buying Cryptos for Money………
Buying and Selling isn’t very hard as it looks. Until you know what is really happening inside blockchain and how payments happen, it’s all nightmare.
Once I got my Second Ether payment from mining, I had an idea of buying other cryptos as well. Because I want to see how a crypto to crypto exchange works. There is a exchanger called SHAPESHIFT who has an option to trade other coins for Ether. So my first transaction was to exchange Ether for Aragon (ANT).
From that moment, my mind was full of Buying small cryptos and storing until it becomes large in value. I didn’t get into Trading ( Same like buying and selling Stocks or Foreigh Exchanges time to time ) because I didn’t had time. I started to study all Futuristic Blockchains and cryptos. Started to invest in undervalued and yet to develop cryptos. I deeply read roadmaps , future announcements , investors to that specific crypto etc.
Things Started to Change…..
After 2 months, I bought 0.3 Bitcoins while it was 6800$. I put this amount and the balance Ethers which I earned earlier and bought 15 different small cryptos. All my Ether and Bitcoins were exchanged in this process.
I was scared after doing this as it was a completely a loss if these small ones don’t increase in value.
Believe me or not. Within 6 months time, all my investment tripled and gave me a 200X return. I never belived the cryptos I specifically targeted will get this high.
These monetary values shouldn’t be shared in public, but I want you to know which one made me rich.
CEX IS A 100% TRUSTED EXCHANGE TO BUY AND SELL CRYPTOS. VISA and Master card Accepted !! Click Here for Free Sign-up.
Which One I recommend ?
I’m 100% with Trading without any doubt. Don’t waste your time in buying equipments and mining soo hard. Instead, do a good research about the crypto Market and Trends, pool the money you are willing to invest and Buy Coins.
I didn’t do much Trading ( Buying and Selling in Exchanges full time ) as I am busy with studies. Making profits through trading requires full time involvement and risk taking ability. If you have other works to do Just Invest and Wait for prices to rise.
A Great Exchange to do Trading is Binance. Here is a link to signup for free. Its trusted, easy, and very low fees compared to Other large companies.