With all the misconceptions out there, many have come to acknowledge the fact that being a stay-at-home mom is far from a relaxing job. It is in fact incredibly hard-work with minimal recognition.
The pressure of being a stay-at-home parent and the physical exhaustion go unnoticed as it is mostly considered a part of everyday duty and also with no cash remuneration involved there are fewer opportunities to evaluate the task.
Moms who work 24/7 at home can easily earn money through crypto trading. All you need to begin with is an active internet and a couple of spare hours in a day. You would also need to learn more about MONEY TRANSMITTER LICENSING for crypto. In this article, we will guide you to understand the basics of cryptocurrency, ways to trade them, and some challenges that you might face in the process.
What are Cryptocurrency and Blockchain?
Cryptocurrency is a digital asset. In simple terms, crypto is like a token that can be exchanged for real money and can be used to buy actual products. There are different cryptocurrencies that are used in trading.
Blockchain technology is being used by all of the coins. The transaction list which is also known as blockchain is open for everyone to see, so nothing can be created. Technically speaking, mining coins can also be done. Thus a decentralized currency system is generated free from the Government’s regulation.
This game-changing technology has its own merits and demerits. Cryptocurrencies are safe as they cannot be duplicated. These virtual currencies can solve real-world problems. Aiming for a decentralized economy, reliance on financial institutions will decrease and thus trading can become fully digital with no inflation. However, the whole technology is based on an incredibly complex algorithm.
What Coins Should You Buy?
Before investing in crypto, you need to know the different types of coins that are involved in this trading. For a better understanding of the technology, the stay at home moms needs some extra time off from her regular schedule and spends them on analyzing articles online. Youtube videos are also a source to guide on cryptos. The following are the most popular coins:
- Bitcoin
- Ripple
- Ethereum
- Litecoin
- Bitcoin cash
Bitcoin:
For moms who want to start focusing on digital trading from home, could start off with bitcoin, as its market capitalization is higher than all other coins. It started in 2009 and in the last few years, its value has increased a lot. These coins are worth its value. The evolution and rise in value for these coins are unbelievable.
Are you wondering is Bitcoin Profit Fake? Of course, with any investment, there is risk involved. But, it’s best to use a platform that is primarily intended to make trading easier.
Ethereum:
It is a bit advanced than bitcoin and has a lot of real-world usages. Ethereum is a free source platform for applications that are decentralized. It works as a network system with its own internet browser that enables users to create decentralized applications on the ethereum blockchain.
How Can You Actually Trade Crypto?
A wallet is required as a trading prerequisite. They are available in different exchange options, of which some of the popular trading platforms are as follows.
- Coinbase
- Binance
- Robinhood
For beginners, coinbase would be the best option as the platform is very easy to use. For a more technical approach, other crypto exchanges would serve the purpose.
Coinbase:
It is a free account that comes both on the website as well as the app. Moms who spent most of the time working relentlessly at home can take up coinbase to start crypto trading. An Internet with fair speed, a computer, or a smartphone is all that is required.
Coinbase can give insurance on your money with some conditions and can be used as a trading platform also as a wallet. For signing-up, some personal information and a photo ID are required.
Coinbase will take the money transferred by debit card or from a bank account and put it in their own account. From there you can use the money to buy cryptocurrency. It works as a wallet where you can keep money and transfer back to your checking account. Coinbase offers insurance upon trading but the coin options are limited. Nevertheless, it is reliable and trusted.
Binance:
Now if you are into actual trading of different cryptos, you need to be in the Binance as it is the biggest crypto exchange in the world. It offers trading with different coin options. Price change for the last 24 hours can be checked as well.
When you are buying these coins, the way to make money can be figured out by whether you want to hold it for the long term or for the short term. You can hold the coins for minutes, hours, days, weeks, or months. So based on your strategies, trading can be done in different ways.
Robinhood:
It is mainly a coin based exchange and is popular for stock trading with fewer options for cryptocurrency.
Challenges of Crypto Trading
Crypto is a complex process and it is hard to understand it fully. Reading the whitepaper will assist in comprehending the coins. It is a pdf guide to know the ins and outs of the coins.
Trading cryptocurrency demands a lot of study and brainwork. Its value is created and it is extremely volatile. Time for trading and market research is important. You can face credit loss due to buying and selling at the wrong time.
Nevertheless, investing and trading crypto by analyzing current market conditions will lower that risk. According to popular studies of the past few years, it has already made a lot of people millionaire.
In short, if you are a mom who got a full-time job taking care of the household and wants to make money, then crypto trading can be one of your reliable options. Understanding the technology is important before investing in it.
The key here is to browse the Internet and study its white paper to understand the details of each coin. You can also look at the tons of articles available online to know the value of the coins. As a beginner, bitcoin and coinbase would be the best option as the interface is extremely easy to use and has got promising scopes.
Bitcoin works on blockchain technology, which is the most sought after technology in the whole world. The thing with Blockchain technology is that it works on the public ledger concept, which makes it very transparent for everybody on the network.
Interesting Michaela I did not know that (or think of that!) There’s also Mint.com and there is always QuickBooks, but the latter is not free, but very robust that should have an accounting program attached to it!
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