Sunday, August 25, 2019

Cryptocurrency Rags To Riches – Part 1

I’ve been thinking for a while now about starting a new series showing our readers ways to make money with cryptocurrency. There are so many different ways to make money with crypto and most of them don’t even take much effort. My goal from this series is to go from $0 to $1000 all while documenting my journey.

I will be exploring all sorts of different money making methods such as bounty hunting, trading, investing, affiliate marketing and anything else that comes across. In this series we will be utilizing many money making methods mentioned in our Top 10 Ways to Make Money with Cryptocurrency in 2019 article, so make sure to check that out. Without further ado, let’s get started.

Creating a Bitcointalk Account

The first step for us is to create a Bitcointalk account. If you happen to have one then you are already at an advantage. The goal here is to create an account and post once a day. This will allow you to accumulate activity for your account which will raise its rank. Once your account is a high enough rank you will be able to participate in signature campaigns and complete various bounties, allowing you to earn money with that account which is essentially an asset.

Go to bitcointalk.org and sign up. Save your account info somewhere so you can remember it and commit to making one post a day. Even though I have a higher ranking bitcointalk account, I created a new one for this journey.

My account is nulltxmark and I will post once a day. One of the easiest ways to post is in the press section of the forum, you can simply submit a news story that you find worthy which both contributes to the forum in a positive way and allows you to reach the one pots a day quota without much hassle. Alternatively, you can participate in various discussions and use the opportunity to familiarize yourself with the various projects on the forum.

Let’s talk a bit about account activity and ranking. Every new accounts starts with 0 activity and has a rank of “jr member” In order to participate in signature campaigns your account usually has to be at least a “member” level. Activity is calculated as follows: activity = min(time * 14, posts). The time stands for number of two-week periods in which you’ve posted since your registration. Since it takes the minimum of either the amount of posts, or time since you’ve last posted, the maximum activity you can get every two weeks is 14. This means that making one post a day would be the most “effective” way to increase activity. See the table below for a breakdown on rank, activity and merit. Don’t worry about merit too much as you don’t need it until you are at least a Member which will take a bit over two months, assuming you get the maximum activity every two weeks (14).

Rank Required Activity Required Merit
Brand new 0 0
Newbie 1 0
Jr Member 30 1
Member 60 10
Full Member 120 100
Sr. Member 240 250
Hero Member 480 500
Legendary 775-1030 1000

It’s also important to not focus on activity too much, just make sure to post once a day and try to get involved with the community. When I first got introduced to Bitcoin I used to spend most of my time on that forum, usually looking for brand new altcoins to mine / trade.

Setting Up Electroneum Cloud Mining on Your Phone

If you are not familiar with Electroneum, it’s a mobile centric cryptocurrency that has an awesome cloud mining app. We are going to set up the Electroneum mobile app and passively earn coins over time. It requires zero effort, the only thing you have to do is check in on the app once a week and tap a button in order to keep the miner going.

For more information on how exactly to set up the app and what steps to take, see my Electroneum iOS App Review, if you have an android the same steps will still apply.

Create a Steemit Account

Steemit is a content sharing platform that rewards you with tokens for good quality content. It’s extremely popular and has tons of activity, think of it as the cryptocurrency version of reddit. On reddit, you can get upvotes on your post which increases your account’s karma, on Steemit if you get upvotes you get tokens which you can later cash out on an exchange.

There are two ways to set up your Steemit account right now, you can either submit your email and desired username and wait in a queue that can take about two weeks, or you can pay a small sum and get the account instantly. Since we aren’t looking to make any investments with this journey, I recommend signing up the free way.

I already have a Steemit account from 2017 (@themerkle), so we will be using that to post. The goal here is also to make a single post per day, whether it’s an article, a meme, or even a short paragraph about some event or observation. High quality and engaging content is the key. We will circle back to cashing out your earnings on Steemit in another part, for now we are going to simply focus on providing great content.

Create a Pocketnet Account

Continuing with our account creation process, we are going to sign up on Pocketnet which is also a content sharing platform that pays you. It’s very similar to Steemit, but the benefit with Pocketnet is that it’s a much newer project which isn’t even listed on an exchange. By joining the project and community while Pocketnet is still in its infancy, we can start accumulating coins early and once the project gets listed on an exchange we cash out. To read more about Pocketnet, check out my article on “Why I’m Excited About Pocketnet

I already have an account on the platform, and if you are looking to make one please join using my referral link: https://pocketnet.app/index?ref=PU7X2aKRpLEYm9TwimgXwe163dhcfMFJG9. Make sure to shoot me a follow and I will follow you back.

Create a Twitter Account

If you don’t have a twitter account already, make sure to create one. The goal here is also to get the followers up, but what’s more important is follower engagement. I already have a twitter account (@maratarguinbaev), feel free to follow me and I will follow you back. I will commit to doing at least one tweet a day. More importantly, we are going to also share our posts from the other platforms on twitter in order to expand our reach.

Create a Stocktwits Account

If you haven’t heard about Stocktwits, it’s pretty much like twitter but focused around stocks. There is also a great cryptocurrency community on the platform which we can tap into. The goal here is the same as for our twitter account, build followers and engagements.

I’ve created a stocktwits account (@nulltxmark), feel free to follow it and I will follow you back. We are going to be sharing our posts from Tradingview to Stocktwits and also participating in discussions relating to various crypto markets.

Create a Reddit Account

Moving on, we are going to also create a reddit account. This will be used as part of our “becoming an influencer” strategy, where the goal is to generate a large social following in order to monetize it later.

Once you create the reddit account, subscribe to r/Bitcoin and r/Cryptocurrency, the goal is to build up your account to meet the requirements to be able to post on both subreddits. For r/Cryptocurrency, “Accounts must have a minimum of 20 comment karma (not post karma or combined karma) and 10 days age to post comments” and for r/Bitcoin, you can start posting right away. Begin by building up your karma on r/Bitcoin and once you meet the above requirements, transition by posting on r/Cryptocurrency.

I’ve created a brand new account (nulltxmark). I will commit to doing at least 2 comments per day, feel free to check my posting history to get an idea of what to post.

We are also going to link up our twitter account with reddit, which will allow you to automatically share your reddit posts to twitter. This will increase activity on your twitter driving more followers and engagements to you.

Create a Tradingview Account

Tradingview is an extremely popular discussion platform for cryptocurrency traders. The goal here would be to either post your own charts, or if you aren’t too comfortable with technical analysis, at least participate in discussions and engage with the platform. Having a large following on Tradingview helps our end goal of having an audience.

I already have a Tradingview account (nulltxmark), feel free to follow it and I will follow you back. My account is an upgraded Pro version, all that does is allow you to have more tools when doing technical analysis and a few other features. It’s not required to upgrade your account, many successful traders on the platform have a regular account.

While you can’t link your Twitter account to your Tradingview account, when you make a post there is an option to automatically share it on twitter as well, make sure to utilize that option.

Create a Telegram Account

Telegram is by far the most popular platform for crypto projects. Almost every cryptocurrency project will have either a telegram or a discord group. Telegram is a bit more professional as Discord is usually used for gaming more than business. Having a telegram account will allow you to participate in various airdrops and to join crypto projects’ groups.

Whether you already have a telegram account or if you just created one, make sure to join the group Crypto Rags to Riches which I created specifically for this series. Use this invite link to join: https://t.me/joinchat/E6nnVxCLyzGt2XblHSWZQg.

Recap

In this part we created accounts on various platforms. Make sure to save all the accounts’ information somewhere safe so you don’t have to look for your password every time. Set a daily notification on your phone to remind you to make posts for these accounts. Most of these tasks can be done from your phone and shouldn’t take more than 10-20 minutes of your day. The key to building a following is consistency, it might be hard to stick to it the first couple weeks, but once you get into the habit of posting every day it will become part of your routine.

You might say: “Isn’t the goal for these series to make money? None of the above tasks made me any money.” We are playing the long term game here, while you can go a spend all day long clicking buttons on cryptocurrency faucets and earn fractions of a cent, you are performing a monotonous task that always gives you the same payout. There’s no progress with that money making method, which is terrible to begin with.

With our method of building the accounts, we are growing them with a purpose of performing tasks which are actually worth your time doing, and whose payouts increase with time.

Think of this almost like a game. Your account needs to be a certain level to do certain missions. Think of these accounts like different characters that we are trying to level up in order to take advantage of more advanced missions which give a higher payout. The tasks we do each day is a way of grinding those levels.

Let’s do one last thing and recap our daily tasks, see the table below for the breakdown:

Platform Activity per day
Bitcointalk 2
Electroneum 1
Steemit 1
Pocketnet 1
Twitter 2
Stocktwits 2
Reddit 2
Tradingview 1
Telegram 0

In total we have 11 things we have to do per day. While it does seem like quite a bit, most of these tasks shouldn’t take longer than a minute. The biggest time sinks are going to be Steemit, Pocketnet and Tradingview, assuming you decide to create posts rather than simply commenting. You can always do a post on one platform and comments on the other if you aren’t feeling up to it a certain day.

The most important accounts are going to be: Bitcointalk, Twitter and Reddit. Those have the reach to the biggest communities so it’s important to focus on them.

Let’s Do It!

That’s it for part 1. You should be excited for this journey as the potential is limitless! In part two I will present a few airdrops, signature campaigns and other potential ways to monetize our accounts.

Make sure to join our telegram group to not miss out on part 2 and to join the discussion: https://t.me/joinchat/E6nnVxCLyzGt2XblHSWZQg

Image(s): Shutterstock.com

The post Cryptocurrency Rags To Riches – Part 1 appeared first on NullTX.



Cryptocurrency Rags To Riches – Part 1

Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.


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