Sirwin
Sirwin

5 best ways of getting into Crypto

By Davorr | Crypto by Davor | 11 Mar 2022


I know, I know, I hate these titles myself and there's always something either missing or too much in the article. Very often it's just a way to promote someone affiliate page or something like that. I do have some affiliate links here, but to be fair, mostly I want to add to the pool of articles that aren't saying that there is some easy crypto out there, because there isn't. I do mention some of those things, but notice the position and weight given to them.

So, the big 5:

  • Purchase
  • Stake
  • Mine
  • Write
  • Luck
  • Bonus

Purchase

I know this is the least popular result you want to see when googling how to make money online, but the sooner you learn that you can't get anywhere with no investing the better.

We have just had one such period when the purchase was smart. I did one batch of purchases when the prices started going down and one batch of purchases just about when they started going back up. I mean, I could have done that one at the lower point, but with the value of crypto changing in real-time, it's very hard to do or predict what will happen in the next 5 minutes, let alone a whole day.

For entering the game, you should find some low purchase options. I like the Kraken wallet because it lets you buy 10 USD and up, some ask for a 100 minimum purchase if I understood this right, but I found Kraken very early in the game and was satisfied, didn't experiment much with other kinds of purchases. And it would be really strange if you were to buy 100 USD worth of SHIB, for example. I do hope it works, but for 25 USD you can consider that a lottery ticket and keep around 1.000.000 SHIB just in case some ridiculous jump happens.

You can try to enter the market with some coins like BTC, ETH, SOL, BCH, KSM and such, high value coins. And while it is advised to get some of those when the market is right (when the prices are going down), I wouldn't really invest too much at once. To be fair, you need to know when to stop. If the value drops, that's good, if it drops again once or twice, that could be fine, but do not invest blindly that is only dropping.

The coins I would also suggest people with no large sums of money to buy are the lowest value coins. Like I said, 25 USD could get you 1.000.000 SHIB or so. You get a huge amount of coins for little cash and you can just leave them sitting there, not selling unless they reach some crazy value. Similar logic can be applied to XRP, ADA, DOGE, CRO, TRX, XLM, HBAR, Mina, Ravencoin, APENFT, SPELL, AMPL and STA.

I do not have all of those, because Kraken doesn't offer some of these, but if it did, I would certainly buy Raven and SPELL. It is not because I believe in them, but because you can probably afford that long-term lottery ticket, so that maybe your large quantity of coins which you purchased for next to nothing explodes in value.

Stake

If you can stake those coins and increase the number of purchased coins, even better.

So, next to purchasing, staking is the next best thing. This way you earn interest on your purchased coins. What it does, it takes your funds and uses it and pays you to be able to do that. Annual Percentage Yield or APY for short is different across the platforms and you may get the much higher somewhere, but it may be due to the reason that some platforms are locking your funds for a certain amount of time and some you can cancel at any time, which I am able to do on Kraken. Also, you will get the least APY on the biggest coins, so BTC will be something like 0,25%, while there are some giving over 20%. 

Having locked staking is beneficial because it gives you more returns, but a bit more dangerous in the sense that if you need to sell it for some reason, you can't do that.

Kraken has warned me about staking ETH. Basically, I could stake ETH, but I wouldn't be able to pick it up until it goes to ETH 2.0, whatever that is, I honestly didn't have the time or will to read up on it. So your ETH may be locked for a month, maybe for a year or forever. So only lock what you are willing to part with.

Now, I do like Kraken a lot, but some APY is a bit low or they don't even offer some currencies. While I did buy SHIB on Kraken, it couldn't be staked there, but I did stake some on Binance.

Mining 

Mining is obviously the next best thing, but there are things to think about. Do you want to be mining at home or do you want to be cloud mining?

For mining at home you will need either an expensive computer or an expensive mining rig, like some sort of ANTMINER. For the computer, the 3 most important things are GPU (the graphic card), CPU (the processor) and cooling. All sharing the first place, 2nd place for RAM and then everything else on 3rd place. ANTMINER is already optimised for what it's intended to do, so you're not thinking about the components there. 

In both cases you are thinking about money. Basically, you are now making your own money, but you need to be aware that you are also spending it. First you need to buy the rig or the PC, then you need to pay for their power usage, all before you make even 1 cent. Then you will need to think about their life span because machines that are intended for this use do not have a long life expectancy.

You decide what would be better. I would need to research what you can get with a rig and what with a cloud miner, but if they are anywhere close in gains, then I would opt for cloud mining because I wouldn't need to deal with the equipment, bills, noise and heat it creates.

MiningOneBitcoin actually paid out, which I didn't expect. It wasn't much, just a 0,02 USD because I withdrew very fast, so I can test if they would do it, but I'm not certain about getting to any big amounts with this. It's no strain on the PC though, so why not.

People suggest that if you opt for farming you don't go for the most popular coin - BTC, but go for something that is faster mined and easier to withdraw.

Write

OK, this looks a bit like sucking up, but if you can get paid for writing articles, like you can on Publish0x, then why not do it? I mean, you would tweet your opinions and post Facebook statuses, sometimes even some serious ones, for free, so why not get paid here to do it? Whatever the cost, it's a better platform for such things than living off likes.

Luck

Here I will just mention some games you can earn your money with. And by that I don't mean games demanding your focus, I mean lottery-style games.

BC.Game will let you spin a WoF once every 24 hours for a chance of winning 1 BTC.

BetFury is another website I visit for WoF, but they will let you spin it once every 12 hours, again for a chance of 1 BTC.

Freebitco.in you can roll every hour.

SatoshiHero and SatoshiMonster will let you roll every 30 minutes.

Bonus

I actually do not believe this is one of the best ways, but I did mention in a few articles that I do believe it might be worth someday, especially Pi and Bee, and since it doesn't demand any action from me except a click once a day, then I don't mind them (in brackets you can see referral codes, some will give you extra coins): Pi (DavorPavlic), Bee (davorr), Shib World (davor1), Dogecoin Mining (Davor), CoinX (Davor), Cloud Earning (zysxanpy), Mine Shiba (19669666), Bitcoin Miner (davor).

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Crypto by Davor
Crypto by Davor

Some thoughts about crypto currency from the perspective of someone new to it.

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