Are Cryptocurrency Viable Ways Of Making Money?

Ever since I uploaded the video on setting up a Ripple system (http://www.masterresellrights.com/access/index.php?p=product&id=6354) I have had a good number of emails asking me about crypto-currencies and whether they are a good way to make money or not.

It isn’t a question that has a simple answer as crypto-currencies are a huge subject full of intrigue, speculation and concerns.

The simple answer is yes, they are worth it providing you only invest money you can afford to lose or you mine and find them yourself.

Now for the longer answer.

Crypto-currencies are a new idea and their value is still being debated. Bitcoin is the most well known of these currencies and their value has sky rocketed in the last six months. However, there have been some high profile thefts amounting to millions of dollars with the major Bitcoin exchange declaring bankruptcy and admiting to losing over $200 million!

Saying that, there have been good and bad stories relating to them. One person remembered he had a wallet with some Bitcoins in and sold them. He bought a house with the profits! Another person was left crying in to their milk as they threw away a hard drive containing a Bitcoin wallet worth several hundred thousand dollars!

Bitcoin has grabbed the most attention, perhaps due to its links with nefarious websites and its wildly fluctuating prices. There are many other different types of crypto-currency out there, of which Ripple is just one.

Mining crypto-currencies are done either on your home computer or on specialized hardware. Basically all these currencies have mathematics as their foundation and by crunching through equations you “mine” coins.

The trouble with the well established currencies like Bitcoin is that mining is no longer possible without very specialized hardware due to the complexity of the equations to be cracked.

All of the currencies have limited amount of coins available, to some degree. The supply of coins helps to determine the value of the coin and as the supply diminishes so it becomes harder to mine the coins, like mining ore out of the ground.

My advice for crypto-currencies is it is worth speculating in them. Look at the various currencies and find one you can mine on your home computer and set the mining program running in the background as you have your computer switched on. It’s not likely to make you rich, but it will make you a little bit of extra cash and if the currency takes off like Bitcoin did you could be sitting on a small fortune!

To your success,

Connor

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