How to get cryptocurrency?
Methods of obtaining cryptocurrency have been changing throughout its existence, over the years their number has increased so much that even a beginner will find a suitable option for themselves. Nevertheless, each way has its own nuances and subtleties, which you should be aware of in order to minimize the risks and losses.
Below we will tell you about the most common ways to get crypto today without or with costs, as well as the pitfalls of these ways.
Buying cryptocurrencies
Most people take their first steps into the world of cryptocurrencies through exchanges. Many of them allow you to directly convert dollars, euros, or other fiat money into cryptocurrency.
Depending on what kind of coin is needed, certain crypto-exchanges are used. For example, Binance has the largest trading volume on some popular trading pairs, and a huge number of coins available for purchase. Binance has also set up a SAFU fund, which is funded by a 10 percent deduction from all exchange fees and serves to replenish funds lost by users when they are hacked. Binance has its own BNB token, which serves to save on user fees and many other purposes within the ecosystem.
Another option is p2p exchanges. On these, users trade directly with each other and the platform acts as a guarantor. Any user can place an ad to buy or sell coins or respond to an existing ad.
You can also buy crypto, for example buy busd, in payment systems, with cryptocurrencies, special Telegram bots, as well as cryptomats.
Free receipt by means of cranes or games
A faucet is a website or app that offers a reward system by distributing cryptocurrency for free among visitors in exchange for solving a captcha. There are cranes for both Bitcoin and altcoins. The very first cryptocurrency crane was called The Bitcoin Faucet, and gave out 5 BTC each – now for obvious reasons, the rewards have decreased by thousands of times.
In addition, a popular way is to get cryptocurrency through games. Here we can distinguish 2 main directions: Bitcoin games (allow earning small amount of satoshi for the achievement of game successes) and NFT-games with the Play-to-Earn model.
Mining
Mining is the process of creating new transaction blocks on a cryptocurrency network, for which a reward is paid. New coins encourage miners to continue to maintain the network because the blockchain cannot work without generating new transaction blocks.
The main types of mining are:
CPU – on the CPU. Today it is in demand only for the newest currencies. In the beginning, even Bitcoins were mined in this way. Nowadays the complexity of popular networks is too high for mining to be any effective, so using a chip for such purposes will only lead to its unnecessary wear and tear.
GPUs – on video cards. Miners assemble whole “farms” from video cards, mining mainly Zcash, Ethereum Classic, Litecoin. You need high-end graphics cards to work effectively, while the rest of the farm is less important.
ASIC – on “asics”, specialized equipment designed to work with one particular algorithm (there are rarely models for several similar algorithms), while the video card can work with any mining algorithm by virtue of its technical device. The most popular ASIC firm on the market is Bitmain, but it also has competitors (Innosilicon and others). The hash rate of ASICs is initially very high, but if the selected cryptocurrency falls in price, it will be impossible to sell the device.
Other ways to earn cryptocurrency include alternative cloud mining, investing in IEO or IDO, airdrop and bounty programs, educational programs on cryptocurrency exchanges with financial bonuses, affiliate and referral programs, freelancing with payment in crypto assets and much more. Now you know how to buy tfuel or get free bitcoins. So choose the way you find most effective and join the community of cryptocurrency owners.
