Sirwin
Sirwin

Cryptocurrency for Beginners

By NoMonero | typo | 8 Feb 2022


 

 

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You may be a serial investor or know enough to dispute otherwise but why do you need to have several digital wallets?

You need too many wallets for the simple reason that there are tens of thousands of different coins on offer everywhere and of course everything as you can see is becoming tokenised for capital including work, play, even exercise. If you don’t have the corresponding wallet for a typical coin or token that you wish to earn, you may lose out at least that’s what we are being told. But why invest in something so intangible in the first place? It’s not so easy to turn an obscure coin back into cash in your pocket.

First of all, You will need to have a sufficient ammount of each of your crypto coins in your wallet at all times if you want to make any kind of crypto exchange - for some ethereum based coins you need to have other tokens in your wallet - and on top of that you need to keep them topped up by one method or another, be it via your bank card or just plain digital begging. Basically you have to keep pumping the funds in to your wallet to feed that crypto dragon. It’s as simple as that.

If you have ever used a faucet - I tried faucets over one hundred times in the last couple of years - that can mean spending a minute or an hour at a time - you will know well that you can ‘earn’ crypto.

Faucets promise you the idea - let me stress it’s only an idea - of getting rich. But, the payouts are miserly and they require your undivided attention while you take part. The only thing that is rich on these sites is the graphics and the web developers that produce these diversions. That is anything but a recommendation.

You really need to work hard at these faucets - filling out surveys that mostly have shady terms and conditions which you are required to accept if you wish to continue earning ‘points’, playing games with poor graphics that usually need to be downloaded to your phone - these games don’t always work on your desktop, and when you do run them, most of the time they will crash or slow your device, in effect that you will have to buy a new smartphone or computer, sooner rather than later.

Another method of earning points is clicking on promoted advertising - spending a significant amount of time closing pop up windows - these promoted ads usually require your browser ad blocker shields down otherwise they will not work and if you are unable to complete the tasks you do not get your coins. Good also to mention the insurmountable number of permanent storage cookies that these click throughs leave on your computer. Best of luck removing them!

Playing faucets needs to be done daily or hourly for several weeks or months if you want to make enough points to withdraw to your crypto address be it btc or some obscure token funny money.

Half the time you can only withdraw your funny money to a middleman before you can have enough to withdraw to your actual wallet. When the crypto funny money finally reaches your crypto wallet it has gone through a kind of supply chain of sorts where each and every person in that chain has charged you a fee for each transaction. So in the time between you sitting down to play a game or do a survey or beg for dopecoin or some other worthless token to the time you hope to withdraw to your pocket, you may have surrendered not only your precious personal data, your money - because time is money of course - and maybe even the life of your computer processing power or those private keys. Now where did i put them keys??

You will find that you will need to open even more crypto accounts to feed your habit as newer coins arrive on the scene, the harder it will become to keep track of those bits of paper with 12 and 24 word seed phrases, passwords and so on, not to mention the endless emails filling up your inbox with all the subscriber account spam.


I don’t care much for Non Fungible Token Art but i have generated some. No one is buying them though. Not because the artwork isn’t any good, but only because NFTs are a niche market. Buyers are only interested in making a profit so they buy and sell the NFTs that are currently trending. So i purchased a few but only with crypto earned on faucets, no investment and it took a hell of a long time. So, no you can’t get rich from faucets!

On that note i will leave it to you and to be fair - because all is fair in love and war - it takes a hefty investment and a broad understanding of cryptocurrency if you want to make any kind of realistic gains for certain. At least that is my understanding, but I would not really know about that. For sure you know you will know better. Be wise and spend your cash and your time responsibly.

 

Originally published at my blog https://personable.medium.com/

 

Typical Payout from a Faucet

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NoMonero
NoMonero

Interests: World Cinema, Science, Politics and Human Rights. Keeps up to date with trending news stories in different formats, Global news, Cryptocurrency, the NFT Marketplace. Open to diverse viewpoints.


typo
typo

Curious Blogger. Primary Interests: Photography, World Cinema, Science, Politics, Art & Design, International Development and Human Rights. Keeps up to date with trending news stories in different formats, Global news, Cryptocurrency, the NFT Marketplace. Open to diverse viewpoints on all issues. Thank you to Publish0x platform for invitation to participate.

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