How The Blockchain Can Help Your Side Hustle Effectively – 2023 Guide
For decades, people have been devising new ways to earn extra money and secure the future of themselves and their families. Some see an opportunity to do so in gambling, others in investing in real estate or stocks, and an increasing number of people are opting to invest in cryptocurrencies.
Cryptocurrencies are available to everyone and there are over a thousand different ones. Among them, bitcoin stands out, although experienced investors say that others, which have a much lower value, can be a very lucrative business. Cryptocurrencies are decentralized but central authority. Although they exist only in digital form, this does not diminish their value and popularity. While some find themselves in cryptocurrency trading, others prefer mining.
Still, this is a “game” for a little more experienced and patient investors. It is important to note that the operation of cryptocurrencies is based on the principle of blockchain technology, which makes them very secure when it comes to investments.
What is blockchain technology?
This technology has proven to be very useful when it comes to many other industries, not just cryptocurrencies. Simply put, a blockchain is a book in which all transactions are recorded. Since there is no intermediary in the transaction, it is considered safe and practical. For a blockchain, we can say that it is a book that records all transactions, and the records are based on mathematical cryptography by writing a series of codes divided into blocks that together create a chain. Its main purpose is to store data, but it is also a place where cryptocurrencies are exchanged and stored.
Blockchain technology is considered extremely secure because it is not possible to change the data. After all, the blockchain is not in one place, but everyone has their copy of the book.
If we look at the blockchain as a whole, we will realize that using this technology has many more advantages than disadvantages. By storing data on multiple devices, the system is highly protected from hackers. Contributing to this is the fact that data is stored on multiple devices, very often on hundreds or thousands of different ones. Also, transparency is important, which enables monitoring in a public, decentralized book. In other words, it is not easy to change the data because it is open source and handling is simple and fast. Of course, the fact that there are no intermediaries plays a big game in everything. This technology is supported by 24/7 availability, which is not the case with other financial institutions that have certain working hours.
Unfortunately, there are also some disadvantages of blockchain technology, although many consider them negligible. One of the most important things that don’t go in favor of this amazing technology is the fact that post-transaction data can’t be removed and that the network can be controlled by those who own 51% of the nodes. This leads us to the conclusion that in such cases an individual can act as a bank.
How to increase the chances of earning?
There are a few things you can do to increase your chances of successful cryptocurrency trading, and these are the following:
Choose the right platform
There are several things that each individual can do to increase their chances of earning. The first and most important thing is to find the right platform for it. Many of them have easy access via a computer or a generous application. This makes work a lot easier because you don’t have to be tied to your home or office, since today almost every person has a smartphone and constant internet access. When choosing a platform, it is important to pay attention to the interface itself, ie to investigate whether it has all the options you need and whether you can easily cope with all the presented data and diagrams.
Many people want to earn extra money this way, but do not want to give up their free time. That’s why many opt for software applications that will do all the work for them. Many are still skeptical about these applications, but we will only say that they, thanks to artificial intelligence, can recognize changes in the market 0.03 seconds before humans. It may sound insignificant, but in the world of trading, it is more than enough to bring you a good income.
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Invest in several currencies
Successful traders advise that you should never invest all your money in one currency, but distribute it to several different ones. This can prevent you from losing everything you have, because, as we know, the value of cryptocurrencies is unpredictable and prone to multiple ups and downs even in one day. However, there is less chance that the value of any one currency will fall at the same time.
Shop online with bitcoins
There are many ways to increase the amount in your digital wallet. Buying online gives you the opportunity to earn extra coins, as many stores offer bitcoin as a gift for online shopping.
Choose the right wallet
This will not bring you extra income, but it will definitely make your digital money safe. Probabilities meet that there are two types of digital wallets, and they are hot and cold. Although used by many, the hot wallet is suitable for hackers because it requires access through a browser. In any case, neither the Desktop nor the mobile hot wallet are safe to keep money for just that reason. On the other hand, we have a so-called hardware cold wallet, which can be quite a large investment, but keep in mind that it is a useful investment that will save your crypto money.
So, there are many things you can do to increase your chances of making money. If mining is your choice, it is definitely advisable to join a mining pool, as research has shown that your chances of winning increase. It is also important to monitor changes in the stock market and to enter wisely.