The first step toward financial freedom within the cryptocurrency industry is about learning how to setup crypto mining at home.
However, if you are a beginner I am guessing you have a few questions about the industry in general and how to earn passive income with crypto.
So…
- What is a cryptocurrency?
- What is crypto mining?
- How is it possible for someone like you to create a passive income from bitcoin or crypto mining?
- And how is it possible that the world is in the situation that we would even need to consider using a cryptocurrency?
What is a cryptocurrency?
Cryptocurrency or crypto is the future of financial transactions.
Unlike your bank, crypto is owned by everybody and nobody. There is no organization or entity controlling the movement of any of the transactions. Also, all transaction are transparent and available for everyone to see.
This is what makes it so powerful and interesting for those who have coins in their crypto wallets.
But how did we get to this situation where cryptocurrencies were even needed?
Good question.
The economic development of the world started even before the concept of any form of currency existed. And for several thousand years the bartering system was the main way of making transactions for goods and services. It is likely that the Mesopotamia groups started bartering about 6000 B.C.
The first concept of a valued currency was when the use of salt was used to buy and sell services by the Romans. The reason salt was used was because it had great value and was somewhat stable as a payment method.
The first known currency was about 5000 years ago by the Mesopotamian shekel. However, the first real mint did not emerge until 700-600 B.C. when armies were first paid in silver and gold coins.
Nevertheless, even when the use of money was becoming more common, bartering was still used in transactions.
The use of coinage has continued into the 20th century even though they are not generally made from gold or silver. However, there is a small issue with coins and that is that they are heavy and nobody wants to carry them around. The solution to coinage was the introduction of banknotes in China in the 7th century. They were called promissory notes and they allowed merchants to make transactions without delivering heavy amounts of copper coinage. Even though this could arguably be a form of banknote it does not emulate the banknote of today.
History of the modern banknote
The introduction of the modern banknote was the next stage of financial development. One of the most commonly known is the £1 and £2 (pound note) introduced during the French Revolutionary Wars in 1797. Earlier there were larger denominations such as the £1000 notes introduced in 1725 and discontinued as, late as 1943.
Since the development of the internet and advanced bank systems the use of cash and credit cards has improved the speed of all transactions.
There is one aspect that all of these historic money transactions have in common and that is a centralized entity such as a bank. The role of the bank is to administer and keeps a record of the transactions. This system for some time has been a trusted way of doing business and making transactions.
However, in 1971 everything changed when the US dollar removed its currency from the gold standard. In the past most global currencies were supported by gold because of its stability. For the first time the largest and most dominant currency in the world the US dollar was not.
Over the last 50 years the US dollar has been slowly devaluing under the pressure of greed and corruption. This has only made the rich get richer and the people with low-income. and the middle classed poorer.
The development of a completely transparent currency
In my opinion, if the world’s financial institutions were not so greedy and corrupt we would not need to have a cryptocurrency. However, that is where we are and that is why the smart investors are returning to the volatility of Bitcoin rather than traditional banking investments.
But why?
Rather than have your money being manipulated by governments and institutions with no culpability. Instead use a global system that allows everyone to get a piece of the pie rather than only the top 1%.
You may have noticed that it is becoming harder for people financially to survive in the present monetary system. This means that we as a society and as individuals need to change our way of thinking where people like you and me can take control of the money in our lives. By sharing our knowledge and computing powers with others we can achieve great things.
The key to financial freedom in the digital world is to take action and take personal control away from the irresponsible banking, financial institutions and corrupt governments.
How do I get into cryptocurrency?
For the beginner there is really only two choices:
- Cryptocurrency investing and trading.
- Cryptocurrency mining.
How to get into stocks and crypto from home?
We all know from the very start, even in the best of days crypto trading is risky. However, with the high risk comes large earnings, so have it in your mind from the start that it is going to be a long term investor.
This means do not spend what you cannot afford to lose.
If you are intending to take the crypto trading routine use a trusted exchange to do your investments. I would highly recommend Binance.
What is Binance?
The Binance exchange is the world’s largest cryptocurrency exchange. Its trade volume is one of the fastest growing in the world. For many it is the best place to buy crypto currency and to hold your money. A Binance account comes with a bank card giving the account holder instant access to their funds.
How to setup crypto mining at home?
If this is your first time and you have seen people with a large home mining rig setup and have ideas of doing the same, think again. This would be of course great if you have enough finances to build such a mining rig in the first place. However, if you are like most of us consider starting small and building up to the full scale mining rig later if you feel the need.
What is the best crypto to mine at home?
There are a few options, however the easiest and most simple is Monero (XMR). The reason is because you can mine Monero using your computer’s CPU or even a powerful laptop.
Why mine Monero (XMR)?
- You can use a computer with a CPU to mine Monero (XMR).
- Monero can be traded with other currencies such as Bitcoin.
- Monero uses less power during the mining process.
- You can mine Monero on your smartphone or pad.
What is the best mining method for Monero (XMR)?
The unique aspect of mining Monero (XMR) as we mentioned is the ability of using your computer’s CPU on a crypto browser mining. This means using a web browser to mine a cryptocurrency.
How great is that!
What crypto browser miner can be used?
The best home crypto browser mining platform is called CryptoTab or the CryptoTab browser.
The CryptoTab browser is a web browser that incorporates a mining feature so anyone can mine Monero (XMR) from their home computer. So, when you are online watching a video, working online and catching up on Facebook, you can also earn a passive income by mining crypto.
Final words about how to setup crypto mining at home
The world is changing and so we need to change with it.
Consider for a moment the pandemic of 2020-22 and the war in Ukraine as examples of how life has become unpredictable. So, having the ability to create wealth that supersedes financial institutions and governments has got to be an asset. While we are living in this polarizing world ensure that you and your family can protect itself by either mining or investing in crypto.
If you would like to learn more about how to setup crypto mining at home and creating a passive income click on the button below and take control of your future today.