Bitcoin is considered one of the most valuable crypto coins. If you look at the history of Bitcoin prices over time, you will notice one common trend. Bitcoin always closes out the year at a higher price. However, back in 2008-09 when Bitcoin was being launched, most people didn’t believe that decentralized currencies would be a thing.
Fast forward a decade later, and 1 Bitcoin is now valued at around $55,500 USD. In addition, if you own a few Bitcoins or a couple of Satoshis, you can earn bitcoin interest. In this guide, we will share some handy tips on how you can make money lending Bitcoin.
If you’re new to crypto coins, don’t worry as this guide will also help you purchase your first crypto coins. We will also cover some of the great benefits of investing in crypto coins such as Bitcoin or Ethereum.
Table of Contents
Benefits of Crypto Coins
Crypto coins have plenty of benefits over fiat currencies. Cryptocurrencies are split into two categories: crypto coins and stablecoins. Unlike crypto coins such as Bitcoin and Ethereum, stablecoins are immune to price fluctuations. So, if you’re looking to enjoy the benefits of blockchain tech without exposing yourself to risks, you should invest in stablecoins.
Read More: How old do you have to be to invest in Stocks
Cryptocurrencies are globally accepted. As such, you don’t incur expensive transaction fees when sending money from your trading platform to your bitcoin interest wallet. Other than that, you can send crypto coins to other users in faraway countries without any foreign exchange charges.
All cryptocurrencies are decentralized, meaning that users have 100% control over their assets. In addition, the currency is not monitored by any central government institution. Unlike the money in your bank account, the government cannot freeze the coins in your crypto wallet.
Purchasing Your First Crypto Coins
You need to purchase some crypto coins for you to earn bitcoin interest. There are plenty of crypto exchange platforms where you can purchase crypto coins. However, you will need to sign up for an account first.
The sign-up process is very simple. All you need is an email address and you’re good to go. After successfully registering your account, you might be asked to verify your identity before you can make any transaction. You can verify your identity by uploading a copy of your ID card or driver’s license.
Once your account is verified, the next order of business is to add your preferred mode of payment. Most crypto exchange platforms allow users to purchase crypto directly from their bank account using a credit or debit card. After you’ve added your mode of payment, you’re all set, and you can purchase your first crypto coins.
You can also purchase crypto coins from P2P services. P2P platforms allow people to purchase crypto coins directly from merchants. Peer-to-peer platforms often come in handy, especially if you’re in a country where banks do not allow transactions that involve crypto trades.
Most P2P merchants accept payment via mobile money services or PayPal. You will also need to open a private crypto wallet. Once you make the purchase, the merchant will send the crypto coins directly to your wallet. You can often find good deals on P2P platforms. However, you need to ensure that the merchants are legit to avoid getting conned.
How to Get Bitcoin Free Online
If you’re looking for ways on how to make free bitcoin, you will need to sign up for a pro-savings account on YouHodler. What is YouHodler? It is a crypto exchange platform that offers crypto pro-savings accounts and crypto loan services.
Whenever you store your Bitcoin on your pro-savings account, you get to earn free interest. The earned interest is deposited directly into your pro-savings account at the end of every week. YouHodler offers its users interest rates of up to 15%.
YouHodler also offers crypto-backed loans to its users. The idea behind YouHodler is to give crypto investors a platform to leverage their crypto coins without having to sell them. If you’re in dire need of cash, you don’t need to sell or trade your Bitcoin.
You can apply for either a crypto loan or a fiat currency loan. YouHodler uses your crypto savings as security for the loan. As such, if you have more Bitcoins in your pro-savings account, you stand a chance of earning bigger loans.
Bottom Line
Investing in crypto coins opens plenty of investment options. However, investing in crypto coins with high liquidity such as Bitcoin and Ethereum has its fair share of risks. Crypto coins are very volatile and their prices fluctuate a lot.
Make sure you do your research beforehand. Online crypto platforms often provide plenty of resources for beginners who are trying to find their feet. You can choose to invest in stablecoins instead, which don’t experience massive volatility. However, avoid investing in hype coins or meme coins.
