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There are many different brands of Cryptocurrency, sometimes referred to as digital money. If you have not read my previous blog about what Cryptocurrency is you can find it HERE..
Before you can get some Cryptocurrency you need a Cryptocurrency wallet to keep it in. A cryptocurrency wallet is a secure digital wallet used to store, send, and receive digital currency. Most Cryptocurrency's have an official wallet or a few officially recommend third party wallets. It is up to you to decide what kind and where you want to keep your wallet. You can get a software wallet for your mobile device or your computer, a dedicated hardware wallet, a web based wallet or you can actually have a paper wallet. The way you want to use a wallet determines which kind you should have. If you want to buy and sell online you need a wallet on you computer. If you want to buy at brick and mortor stores you need a wallet on your mobile device. You may decide that you need more than one.
Before you can do anything with Cryptocurrency you have to have some in your wallet. You do this by doing something that causes a deposit to your wallet. This deposit comes to you digitally in a long string of random characters that belong to you and you only.
You cannot go out and do some work for someone or sell them something and have them hand you some Cryptocurrency because it is not physical. It is not a piece of metal or paper that can be passed around. It is composed of bits of code that when displayed on a computer monitor looks like an incoherent string of many, many random characters. Cryptocurrency itself is not actually “stored” in a wallet. Instead, a private key (secure digital code known only to you and your wallet) is stored that shows ownership of a public key (a public digital code connected to a certain amount of currency). So your wallet stores your private and public keys, allowing you to send and receive coins, and also acts as a personal ledger of transactions.
Bitcoin was the first decentralized cryptocurrency in 2009. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative and some of their names are: Zcash, Auroracoin, Blackcoin, Coinye, Dash, Dogecoin, Ethureum, Monero, Nxt, Peercoin just to name a few.
Now that you have a place to put your Cryptocurrency and store it, until you are ready to buy something or maybe sell it to obtain some fiat currency of you choice, there are several ways that you can acquire Cryptocurrency:
You can buy them. This is the easiest way. To do that though you have to join a bitcoin exchange such as Coinbase or Gemini and prove your identity. Then you can exchange your fiat money for bitcoins through their approved exchange medium (Credit Card, ACH transfer, money wire, etc.).
You can Mine for them. This is the most complicated because you will need a powerful computer and software program to solve difficult algorithms while validating transactions. Plus the more popular Cryptocurrency becomes the more difficult it becomes to mine for a profit.
You can Faucet for them. There are many, many websites out there that display an amazing amount of ads (so many that you can’t believe how there’s room for anything else), and in exchange for going to that site, you get free bitcoins. Not much, but it adds up (eventually). They are easy to find just search for “bitcoin faucets”.
You can “Gamble” for them. If you are a good gambler! It is not for sure, like they says, “It's a gamble”. There are sites that you can spend Bitcoin and play a hi-low game, sometimes winning a ton of money, sometimes losing a ton of money. To find Bitcoin gambling sites just go to a faucet, you’ll find tons of ads for them.
You should have a pretty good understanding about what Cryptocurrency is and how to get it. For more information go here.
Reference: blog.makemoneywhileyouwork.com/ and cryptojunction.com
Dennis Roeder
cryptocoin20.com
Skype: daroeder
