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Author: bmotrader   |   Latest post: Mon, 29 Mar 2021, 10:16 AM

 

What Is Crypto Trading And How To Win Free Cryptocurrency

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The potential of cryptocurrencies to change or revolutionize the broader financial landscape resulted in them being impossible to ignore, even leading to the opening of investment and trading opportunities. It’s true, despite the vast majority of countries worldwide still not accepting cryptos as legal tender.


To understand it better, the difference between established fiat currencies and cryptocurrencies (or shortened as cryptos) is that the latter is a currency unregulated by any regulatory authority, central bank, or country. In other words, they’re decentralized assets.

Existing Cryptocurrencies On The Market

A range of cryptocurrencies is available on the market today, with some more popular than others. Each of them also has varying degrees of volatility. Blockchain technology powers the majority of cryptocurrencies.

These are the most common crypto markets you can trade at exchanges:

  • Bitcoin: This is, of course, the ‘original’ cryptocurrency. Bitcoin is also still the most valuable kind in the market.
  • Ethereum: It’s a more ambitious cryptocurrency project which aims to change how the internet works fundamentally.
  • Bitcoin Cash: This is a standalone cryptocurrency. It resulted from the first ‘hard fork’ in the original chain of Bitcoin.
  • Ripple: It’s a cryptocurrency created to address the speed of international payment solutions and versatility issues.
  • Litecoin: This crypto is designed for supporting cross-border payments, having faster transaction times.

Things You Should Know About Cryptocurrency Trading

When major cryptocurrencies like Ethereum and Bitcoin entered the mainstream, cryptocurrencies as an emerging market have increased in popularity. Thus, many are mulling over the markets of cryptocurrency trading.

The following are its basic characteristics:

  • Crypto trading is a 24-hour market.
  • A crypto exchange isn’t part of any regular stock exchange.
  • The market for cryptocurrencies is incredibly volatile.
  • Beginners could prefer trading cryptocurrency stocks for starters.

Things You Need To Start Trading

If you’re interested in the cryptocurrency world and want to begin trading or earning crypto but unsure of how it works, this guide is for you. To help you get started, you’ll first need to ensure you have the following before you can begin trading cryptos:

  • Access to a cryptocurrency exchange that will allow you to perform crypto buying, selling, or trading. Of course, you should do your own homework and check out a cryptocurrency forecast before making your moves.
  • A cryptocurrency wallet. Note that crypto wallets are available in hardware, software, mobile, or paper forms.

How Does Trading Cryptos With An Exchange Work?

Exchanges typically work in the following ways:

  • Users either use the crypto exchange to buy cryptocurrencies with fiat currency or transfer their existing cryptocurrencies to their exchange account. Note, however, that the option to purchase crypto with fiat currency isn’t provided by all exchanges.
  • The cryptocurrency exchange holds on to the user’s cryptocurrency.
  • Users watch other available cryptocurrencies’ prices.
  • Once users have chosen the desired trade, they place their purchase or sell orders.
  • The exchange finds a buyer or seller to match the user’s trade.
  • The exchange completes the transaction.

How To Win Free Cryptocurrency

Many people are interested in getting free crypto. Yes, it’s possible to get it for free. In fact, there are several methods to get your hands on some, as listed below:

1. Earned From A Crypto Exchange

Yes, some cryptocurrency exchanges provide free crypto as a sign-up bonus for those members who join their platform through the referral links of their friends. You can also join a free crypto competition, compete against others, and win real cryptocurrency.

2. Obtained Through Online Wallets

A blockchain platform distributes free crypto coins in what’s known as a cryptocurrency airdrop. You need a crypto wallet that’s associated with that blockchain to receive such airdrops.

3. As Interest On Crypto Holdings

There are now various expanded financial products available in the crypto/fintech market. It only proves that the market has already matured enough. Thus, cryptocurrency saving accounts paying relatively high interests are now considered as one of these new product classes.

At a traditional bank account, you’ll get a measly 1% or less APY. On the other hand, a crypto savings account pays up to 8.6%, which is insanely higher.

Crypto holdings work in the following steps:

  • Sign up for a cryptocurrency savings account
  • Deposit cryptocurrency into it
  • Your cryptocurrency automatically earns interest

 

4. Collected With Crypto Faucets

How do crypto faucets work? They distribute tiny amounts of cryptos for actions taken, usually by playing games, completing micro tasks, or looking at ads. What happens is that faucets share their revenue from advertising back to the users, but in cryptocurrency form.

Note, however, that crypto faucets require so much work. Looking at advertisements for small amounts of cryptocurrency may not be worth it if you assess the return of investment closely.

Final Thoughts

Whether you’re looking at trading or earning free cryptos, note that it comes with risk. Even at the best of times, the cryptocurrency market can be volatile. Ensure that you’ve done your research before making any move.


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