The year 2020 surprised humanity and turned everything upside down. People started to rethink elementary things and consider alternative businesses. Crypto exchange is one such business, and this guide was created to get a better idea of how it works.
Let’s go further!
Ways to Use Cryptocurrency Exchange for Business
Cryptocurrency exchanges can help make a profit, and these are the ways to do it:
Direct Buying & Selling
- Staking. Staking is the act of locking your coins in a wallet to support a crypto platform while you earn returns (interest).
- Holding. Holding is the method of hoarding coins for a while with the expectation that there’ll be growth in the price of the coins.
- Trading. This is the daily buying and selling of crypto with fellow traders.
Indirect Ways of Earning
- Micro-tasking. Micro-tasking is the process of completing simple tasks for crypto platforms in order to make gains. Common tasks include filling in surveys, watching clips, & sharing posts.
- Working/selling for crypto. This involves working for or selling the products of a specific platform.
- Joining a referral program from a platform/exchange. Users have a huge say in the profits made by an exchange, so sites (especially new ones) offer rewards for referring more users.
How To Store Crypto
Now that you are aware of ways to earn from crypto platforms, how do you store coins that you earn? Let’s see.
These are wallets with no connectivity to the internet.
- Hardware wallets. This is a type of cold wallet that saves the transactional facilities (codes) of a user in (most likely) isolated and secure hardware.
- Paper wallets. A paper wallet is simply a piece of paper with the user’s access codes printed on it. Whoever is in possession of this paper can access your account.
These are wallets that are connected to the internet.
- Desktop. A desktop wallet is installed on the desktop and has to be protected with antivirus software. Usually, it is used for large amounts of crypto coins.
- Mobile. A mobile wallet is installed on your mobile phone and may be the easiest wallet type to use. It’s quite secure because of the constant connection to the internet.
- Web. A web wallet can be accessed from the internet browser of a desktop or mobile, as long as the details are known. There are hosted and non-hosted wallets, and it’s better to use the latter in order to control your capital.
A Practical Step-by-Step Guide to Coin Exchange
Now we are going to exchange Monero for Bitcoin using an XMR to BTC calculator:
- Select the currencies from the homepage. In You Send, fill in your Monero coins, and in You Get you’ll see your Bitcoin ones.
- Enter the wallet address that you wish to transact with.
- You’ll be provided with a wallet address to deposit your coin in; the exchange rate will be locked for 30 minutes.
- When your deposit is confirmed (usually in a few minutes), your exchange will be complete.
There is an apparent wider interest in crypto-exchange activities, mostly in trading, staking, holding, referral, and micro-tasking. Crypto platforms are becoming the way to go for crypto owners who are not interested in investing. For zero fees, you can subscribe to these services and start earning.