Cryptocurrency has been the leading industry globally in recent times. No other industry has seen that much growth compared to cryptocurrency. Earlier, people had little or no knowledge about cryptocurrency. The most they knew was about bitcoin because it is the first cryptocurrency ever, but today, there are hundreds of crypto coins present, and this number will go to even thousand in no time. New coins like, defi, BNB, Dogecoin and BTC price etc., are emerging very fast because the trend of cryptocurrency is taking everything by storm. Talking about the kucoin- it should be noted that kucoin is one of the most legit exchange platforms working in around 200 countries with thousands of expert dealers in it.Looking at the current demand and hype for cryptocurrency, everyone would suggest you invest in the cryptocurrency, but before going with the flow, proper knowledge and practice are a must; otherwise, bankruptcy will be at your doorsteps.
Cryptocurrency Earning Model
Cryptocurrency is nothing more than a digital asset like other digital assets. There are various crypto coins available. Each currency has its value; some are highly valued, and some are low. Some coins’ value increases, and some coins’ value decreases. However, the process of earning through cryptocurrency is simple yet complex. First of all, any person willing to invest in cryptocurrency has to make an account on any cryptocurrency exchange, be it Binance, coinbase, kcs, etc. After creating an account, a person needs to verify himself; after verification, the next step is to buy the coins.
Once the coins are bought, hold these coins for quite some time. When the value of that coins increases, immediately sell them and earn some profit. Here raises a question where to trade those coins and where to cash out that amount?
Trade Crypto Against Cash
To cash out the cryptocurrency, you need to sell these coins, and these coins are sold on a crypto exchange. In simple words, it’s a trade deal between the one who wants to have crypto coins and the one who wants to have some. Cash holder transfers cash to crypto coins holder. Similarly, a crypto coins holder moves coins against money to trade off the deal.
There are two ways to cash out the payment. One is fiat currency, and the other is the local currency.
When you sell your digital coins, you get options to get the cash in fiat currency like dollars and euros or get the money in your local currency. It’s up to you which way you want to go. Most people prefer cash in local currency. In this way, they do not have to pay the exchange fees from fiat to local currency.
Cryptocurrency is a good source of income subject to proper knowledge of crypto. If anyone doesn’t know much about crypto and wants to earn on these platforms, it may be difficult for them to stay in the ring. However, a person coming to make a living from cryptocurrency must get basic and advanced crypto knowledge. Once they learn and master this knowledge, it will be easy to cash out a bundle of notes from any crypto exchanges.