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Making money with crypto: the ins and outs in a row

June 7, 2022

What is important to know if you want to start with crypto, for example with bitcoin, ethereum or other currency? Be well informed: knowledge is the first step to successfully earn money with crypto. Who knows, you may soon earn a nice amount for a new car, or a nice piggy bank for later.  

How do you get started with cryptocurrency? 

How do you start with crypto? Getting started with cryptocurrency is easy in itself. You open an account on a reliable exchange and you can immediately purchase btc or other cryptocurrencies. Of course, this is only the beginning: you can start responsibly with crypto by delving into it, for example by reading about it.

How does cryptocurrency work?

Cryptocurrencies are different currencies that use a complex digital encryption to verify transactions. There is no central body that regulates this, only a decentralized network.

What is crypto and what coins are there? 

In addition to the big names like bitcoin and ethereum, there are plenty of other coins, some with specific uses of their own. These vary greatly in value and can also vary greatly from day to day. 

Everything you need to know about cryptocurrency

What are the things you absolutely need to know about cryptocurrency? That also depends a bit on what you want to do with your crypto. Do you want to start trading actively? Then it pays to gain substantive knowledge about the coins. If you mainly want to put money away for the longer term, you usually choose the more famous names, of which you know that a solid team is working on it in the background. It is also useful to choose crypto that you can “stake”, bet on the network so that you receive a compensation for it: this can yield quite a bit. 

Starting with crypto: which crypto currency do you choose? 

Which crypto currency do you choose to start with? That depends on the market conditions at the time. It is useful to start with a crypto coin that you have confidence in in the long term, and to buy it at a time when the price is a bit lower. You never know for sure whether the price will not fall further or will suddenly rise sharply. However, you can overcome this problem by investing a little each month, or consciously keeping some money on hand to get in after a strong decline. In short: you look at the market conditions and your knowledge about a crypto currency. 

How do I get started with bitcoins? 

Even at bad times in the market, a bitcoin is still worth quite a bit. You may then wonder whether bitcoin is still an interesting currency to get into. Perhaps the bitcoin itself is less interesting to make tens of percent profit in a short time, it is, however, a coin that retains its value quite well, even in bad times. Moreover, the mechanism behind bitcoin is such that the currency becomes increasingly scarce over time. As a result, you can expect (although it is not certain) that your bitcoins will become worth more in the longer term. Choosing a smart purchase moment is therefore important to achieve a good return when you want to start with bitcoin.