Digital versions of currencies have been pointed out as forms of investment ever since they were conceived. Despite the pursuing downfall of prices across most market charts, the vast majority of enthusiasts in the space continue to regard crypto as a means of value saving. Ironically, the value of most crypto assets, Bitcoin included, has been dropping for over a year now. Even the hardware part of the blockchain industry is suffering, with miners and node operators feeling the heat even as their equipment degrades and withers away, with no money to replace it. It is a very difficult struggle to keep the value up and affordability, much less the actual returns achieved on mining digital coins, given that volumes of trading have fallen.
But despite the generally dreary outlook on crypto prices and the development of the sector as a whole, most people believe the entire domain will undergo a rebound and prices will start rising. With the global economy experiencing not the best of times, it is difficult to see how that is going to happen, especially in light of the fact that crypto assets are construed as investments after options of making entry into traditional commodities such as gold and oil have been exhausted. Still, many people still look for ways to get crypto currency.
Fortunately, there are plenty of trails for one to take in order to get cryptocurrencies. But every path to crypto starts with signing up to a wallet service that provides a link to the blockchain. The wallet gives access to exchanges and other applications, which function as hubs of crypto market activity. But apart from engaging in the vast and uncertain domain of trading, there are many other approaches one can take to get crypto currency.
How to Get Crypto Currency
For one to get hold of a coin or token, the market offers some main approaches – mining, trading, direct purchase, and airdrop. Each of these ways has its own caveats and entails some actions that users will have to take in order to achieve the desired results.
Mining is likely the most challenging of the ways one can expect to earn some cryptocurrencies. First of all, it will require users to buy technically complex and pricey equipment that requires constant attention and a large electricity bill. The overall profitability achieved from mining is under question and has been since the rise of major farms and the general slump in mined asset prices, rendering the whole endeavor unprofitable for average home miners.
Trading entails the need for considerable knowledge, patience, as well as a large startup capital to ensure that any inevitable losses are covered. However, trading is still the most widespread way to get cryptocurrency, since this way is cheaper and entails just some investments.
The approach of making a direct purchase means users have to sign up to a crypto exchange application to deposit some fiat onto an account balance after passing the necessary KYC verification process. This approach is the most popular of all, since it is fully under the control of the user.
Airdrops are the last way to get some cryptocurrency. It requires users to join the online communities of a select crypto project and fulfill certain actions. The rewards are meager, since the amount of crypto handed out will be small. However, if users sign up to many projects, they can expect to earn a bit more.
Key Takeaways
The ways of getting cryptocurrencies are many and diverse in nature and affordability. But in earnest, none of them guarantee a spike in appreciation over any foreseeable period of time. Just holding onto some portfolio of meager assets is half the story, since trading is the only way right now to have any chance of getting profits on the crypto market.
