If you are interested in digital currencies, then you should have thought about how to earn money with blockchain.
But if you are unaware what blockchain is then we will give you some basic knowledge you need to know
What is blockchain?
We can think of blockchain as a chain of blocks joined together. These blocks hold digital information, or we can say that the blocks which are present in blockchain are made up of digital information pieces.
Block can consist of 3 parts
- Transaction information is stored in blocks. This information includes the date and time of transaction and the amount of any product you purchased from Amazon in dollars.
- It stores the information of those who participate in transactions. If you purchase something, then it will have the record of your name. keep in mind this is not the actual name but a unique signature which eliminates any sign of identification.
- The information stored in blocks differentiates them from one another. one block can be differentiated from another using a unique code known as hash generated by special algorithms. Hash is a cryptographic code. The blocks having two identical details about transactions done by the same person can be differentiated based on their hash values. The information on both blocks can be the same but the hash values are different.
The data stored by one block of bitcoin can be 1MB. If the transaction size is not large, then one block can contain thousands of transactions in it.
Working of Blockchain:
You should be familiar with the working of blockchain if you want to know how to make money from the blockchain. When new data is stored in the block, then the block gets added to the blockchain. The name of the technology itself suggests that many blocks are sprung together. If you want to add a block in the blockchain then 4 things must happen otherwise the block cannot be added to the chain.
Those 4 things are
- The occurrence of a transaction is necessary. Thousands of transactions can be stored in a block. So, if you make a purchase then your transaction details will be combined in the blocks which contain transaction information about other users as well.
- Verification of transactions is compulsory. Once a purchase is done, then verification of a transaction is required. A network of computers checks the details of the transaction once it is done. Confirmation of the date, time, participants, and the amount is done.
- Storing the transaction in a block. Once verification is done, a green light is given. The details of the transaction get piled up with thousands of other transactions in a block
- Give a hash to the block. After the successful verification of a transaction, it must be given a hash value to identify it uniquely. It can also be given the hash of the block which was added most recently. After completing the hash process, we can store the block in the blockchain.
Now let us come to the part that how to make money from the blockchain.
Getting a job in the blockchain:
One of the convenient ways to make money with blockchain is to get a job related to it. It is an emerging technology. Still, people are unaware of the potential uses of blockchain. According to health insurance companies, blockchain is a way of sharing health information across different networks for cutting down the costs of healthcare in areas that do not affect the care of the patient. The security advocates for voting consider as a way of ensuring secure elections without any tampering. However, even still blockchain is mostly used in the crypto world as compared to other areas.
On the internet, you can find jobs related to every sector in blockchain all over the world. Crypto jobs list is a site that helps you in finding these jobs. With the increasing popularity of blockchain technology, there is an important need for blockchain developers and coders all over the world. If you possess this skill, then it can change your life forever. As compared to the median salary of the U.S, blockchain salary is nearly 62% higher. It can be even higher for those who can build this technology or programs it uses.
Do not worry if you are not a developer or coder. You can still get a job. These companies look for social media managers, specialists of risk assessment, marketers, and much more. Micro tasks can also help you in earning cryptocurrency. You can do freelance tasks and receive Ethereum coins or you can earn stake coins.
Alternative ways to earn crypto:
For owning cryptocurrency, you do not need to buy it. There are chances for you to receive some random airdrops if you already own a small amount. This will help you in growing your wallet. But if you do not own it, there are still some ways in which you can earn it. If you watch a video or take any survey then there are chances that you will be paid with attention tokens. Cryptocurrency faucets reward attention tokens of a small amount to the users for their attention.
Mining is also a prominent way of earning cryptocurrency but you need to buy special equipment for it and a lot of electricity is needed. You can also buy stake coins which can help you in earning interests. You can also get additional airdrops.
Many apps reward people with tokens or other digital assets who play games. These assets can have real-world value. You can give storage space of your computer on rent to those who want to store cryptocurrency. Or you can allow them to mine by renting the computer power.
They allow you to mine bitcoin by downloading their app. All you have to do is to open the app and mine the bitcoins automatically.
It is a blogging and social media platform. It pays users for posting their content. Post your photos or publish your posts and earn cryptocurrency.
It is a website where you can earn tokens for viewing adverts.
So, these were some prominent ways to tell that how to make money from the blockchain.