Earning money is quite complicated.

What NOT to do to earn beer money

Free crypto-it all seems too simple when tens and hundreds of ads appear on our screens daily. They promise us that in just 4 years, you'll be earning up to 4x your money, or something crazy like that. Unfortunately, not all of these ads are in the best interest of the viewer. In this post I will discuss what not do do if you're looking to earn money.

#1: Cryptocurrency faucets

A bitcoin faucet-it's a waste of time

Ah yes, we've all heard about faucets from time to time. We see ads about them everywhere. We hear them getting reviewed everywhere. We see content about them everywhere. Unfortunately, from a logical point of view, faucets aren't the way to go. For starters, the pay is not what you'd call great. Faucet claims are usually the equivalent of 10-100 satoshis(0.0000001-0.000001 bitcoins). The second thing about faucets are that they distract you from day to day life. Instead of living as usual, you're now staring at the claim timer, prepared to click on that claim button the second the timer ticks down to zero. This is really distracting and can hurt relationships, and can especially hurt when you're meant to be studying but instead clicking on a ton of sites, trying to earn the most money possible. How do faucets give you money? It's no secret, they do it via plain old ads. You view around 6 or 7 ads, you get an amount that was probably 100 times less than the ad revenue the faucet operator got. Another secret that is rarely spoken about is the minimum payout. Sites like FreeBitco for example have a minimum 30,000 satoshis withdrawal limit. As you claim more and more, you get discouraged and move on with your life. This is a ploy that stingy faucet owners use. This unclaimed money (essentially) goes right back to the site, and they get free money in the form of ad revenue without having to pay anyone.

#2: Paid surveys

Don't get misled by the relatively high payout that surveys give you

Often, when beginners decide to explore a faucet further, they find that in the offerwall section, there are surveys. The are tempted because the surveys appear to give a lot of money. Easy money, right? Well the reality is not so simple. To start with, faucet owners take a big cut of the survey's pay. This can be up to 60% for some survey sites. Another thing to keep in mind that an average person only qualifies for a survey 1 in 5 times. This means that you are giving away free data when you are almost finished, but the survey disqualifies you(check the T&C, not all survey companies do this). A survey's length can also be misleading, as 99% of the time the duration stated on the front page of the survey doesn't match the time stated by the offerwall. Therefore surveys aren't a good option if you want to earn money(I mean, the top earners of surveys only earn $500 a month, and they devote up to 8 hours of their day doing it).

#3: Get rich quick schemes

You all know this one. An ad says "Click here, you will double your principal in 24 hours". This is false, since all of us would be rich by now if this were the case. The ways you can identify these sites are:

1) They ask that you "prove you're human" by revealing all your personal details

2) They claim that they've hacked the blockchain. This is a downright lie, as all of our money would've been gone by now if that was the case. 

3) They tell you to give a fee. This is just plain trickery. Don't give them money.

4)They promise high returns in a short period of time. 

#4: Cryptocurrency Mining

Contrary to popular belief, cryptocurrency mining DOES have a benefit in that transactions wouldn't be possible without it(in PoW cryptocurrencies) and mining does support the crypto network, but if you want to make money by mining, your thinking is flawed. First of all, the equipment that is used to mine is freaking expensive($2500USD for an Antminer S19 currently). And when you consider the electricity cost, the profits don't even reach 10 dollars in a day. This is not a good outlook, since the difficulty of bitcoin is very likely to rise, meaning that it is unlikely that you will at least break even. You might argue that bitcoin might rise to the point that the value of the mined crypto is worth more than the actual miner itself. There is a much better way to earn money. Just buy yourself $2500USD worth of crypto, and you will net a much larger profit if the price of cryptos does rise(in fact, I will be talking about this in my next blog post).

So there you have it guys. The most common ways that people make money online aren't the best, and this guide shows you that the popularity of the strategy doesn't equal more profit. 

Thanks for reading my post!

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Hi, I am a new blogger. I am keen to share knowledge for all of us to know.

Ultimate guide to earn money
Ultimate guide to earn money

This blog teaches you how to earn money. It also recommends to you what you shouldn't do to earn money. Don't expect to make a living, but these tips will help you earn a little more(and even side income, it depends how successful you are)

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