It’s 2022 and the world continues to change.
The new, alternative finance movement encompassing the blockchain and cryptocurrencies, not more accurately known as Web3, continues to grow.
To participate in this exciting new version of the web, embracing the power of the metaverse rather than exploiting one’s data, nominal amounts of cryptocurrency will be needed to pay what are known as gas fees (gas fees are like the banking fees used in conventional, traditional finance but typically much smaller and faster).
In the future, instead of “login with Facebook” or Google, you’ll see a simple button that says “connect Wallet” instead. This has multiple benefits as it allows accounts to be created and used that are at once both public and private: transactions are published on an open ledger called a blockchain, but they are anonymous.
Many of these blockchains feature their own tokens, such as ETH (Ether) on the Ethereum blockchain.
As more and more apps, websites & metaverses embrace Web3, it becomes more readily apparent that buying and holding some cryptocurrency is a good idea, not least because of rewards for holding and increases in value.
Here’s how to buy some cryptocurrency:
BUYING CRYPTO 101
Bank Transfer – some exchanges (of which there are centralised, for-profit business exchanges and decentralised exchanges that charge less fees but are riskier) allow fiat currencies to be sent via traditional bank transfers that can then be used to buy any cryptocurrency offered by that exchange.
Credit Card – of course, one of the easiest ways to simply buy some cryptocurrency is to whip out your card and purchase some via an account on an exchange.
Exchanging – certain things such as time, data and other currencies can be swapped for cryptocurrencies. There are even websites where you can earn rewards and cashback in cryptocurrencies.
Earning – there are many websites now that will give users small amounts of cryptocurrency for playing games, watching videos and completing surveys.
Faucets – faucets, so-called to represent a dripping tap, reward users with tiny amounts of crypto (ostensibly for testing or development purposes) for completing a captcha, usually once an hour.
Mining – there are many complex takes on mining, but simpler and more user friendly options include cloud mining via free apps for your computer or smartphone.
Once you’ve used one or more of these methods to get your hands on some cryptocurrency – and you can use all of them – you should hold it in a website that provides interest to help create a passive income. These are often free, so DYOR (do your own research) into finding the right one for you.
Enjoy, and happy Holding!