Hello friends, This is P. S. Rawat, admin of this website. Today, I’m going to talk about a topic which was in my mind since a long time. That topic is – “Are cryptocurrencies useful for online money making in India?” If yes, How?
I’m working on this specific page to create a place where I can centralize everything related to crypto currency. So, Let’s start…
- Cryptocurrency – A brief Introduction
- Importance in online money making
- Step by step guidance
What is cryptocurrency in simple words?
Cryptocurrency is a digital currency which is generated by coding. Unlike real currencies such as USD, Rupees, Euro etc., cryptocurrencies are free-flow currency, no any specific country or organization handled it.
These currencies are basically an open-source software spread worldwide on many different computers.
There are various cryptocurrencies in market now-a-days. The price of a cryptocurrency decided by open market. People trade in market and based on the supply and demand the price decided.
Top 4 cryptocurrencies are:-
Why are we discussing cryptocurrency here?
Because it is important. Question is certainly popping up in your mind- Why cryptocurrencies are important in online money making? and What is the need of this page?
Here is the answer. Cryptocurrencies are important for 2 reasons-
1. as a Withdrawal option
We reviewed several money making platforms. One common issue in many platform is “withdrawal option.” Many platforms are providing good opportunity to earn money but they do not support payment processors who do business in India like Paypal, Payoneer etc. In that case it is almost impossible to withdraw money from those platforms. That is the reason many Indian users have to stop working in those platforms.
Cryptocurrency is a solution of this issue. A user can withdraw funds using preferred cryptocurrency and convert it into rupees and other services offered in India. I’ll explain it later in this post.
2. as a Money making opportunity itself
There are few small scale money making opportunity developed along with the rise of cryptocurrency. One of the opportunity is “faucets”. This is an alternative of traditional PTC websites. There are some other opportunity, too like mining, trading etc. But i only promote “faucets” because it is risk free and no special instructions needed.
Currently, This page is centered around Bitcoin and Litecoin only. Till now, we didn’t find any earning opportunity which needs other crypto-currencies besides these two.
STEP BY STEP GUIDANCE
Register in best crypto-wallets and crypto-market
Crypto wallet is a address where you can store your cryptocurreny. These wallets are different for different cryptocurrenry. You can not store “bitcoin” in “etheruem wallet”. Only bitcoin will be stored in bitcoin wallet, etheruem in etheruem wallet, dogecoin in dogecoin wallet and same with other cryptocurrencies, too.
How to create a bitcoin wallet?
There are various ways and platforms to create bitcoin wallet. You can choose whatever suites you. But I HIGHLY recommend PAXFUL.
Paxful offers 2 services. It offers bitcoin wallet and a market where people can trade bitcoin with different types of assets like real currency, other cryptocurrencies, e-commerce gift-cards and many more other options.
This is safe and it is logical to store your bitcoin in a place where you can convert it with your preferred asset directly.
Follow easy steps & generate bitcoin address-
- Register in Paxful (Go to “wallet” tab and you will get a alphanumeric code. This is your personal bitcoin address
- If you can’t see it click on “add/receive” button. You will certainly get it.
How to create a Litecoin wallet?
Setting up a Litecoin wallet is different than bitcoin wallet. You need a mobile phone or a computer.
Follow these steps & generate litecoin address. These stpes are little bit trickier.
- Click here to download and install litecoin wallet app in android phone
- Click here if you want to download litecoin wallet in windows pc
- Now follow the instructions as provided.
- Note down every “code”, “text” and “pin” in the same order. (Important)
- These codes will help you recover your wallet if you ever lost it.
- Finally, after follow every instruction you can get Litecoin wallet address by clicking “receive” tab.
Crypto-market is a online market where you can sell your cryptocurrency towards real currency in bank account or other services like mobile or DTH recharge, e-commerce gift cards like Amazon, Flipkart etc.
I reviewed several platforms who provide/host wallets and/or crypto-markets. Based on my research I find out best web-platforms and listed that below. There is “NO REGISTRATION OR HIDDEN FEES”. I highly recommend to give it a try.
We already mentioned paxful above. If you’ve already created bitcoin wallet in paxful then you automatically became a member of paxful market.
Market in paxful follow manual mode because you’re basically dealing with other users of paxful. Paxful is only providing you a safe platform to make the deal. There would be many trader in the list. You have to choose best trader yourself who is giving you best deal.
Bitrefill also includes 2 features. One is a bitcoin wallet and other is a automated crypto-market. But we only recommend it for crypto-market only.
Automated crypto-market in bitrefill is very different from paxful crypto-market. It is comparatively limited to paxful.
In bitrefill, you do not deal with other users. Instead, The services offered by bitrefill itself. You can convert your cryptocurrencies into E-commerce gift-cards, Mobile & DTC recharge etc. Direct rupee transfer option is not available.
Register in platforms from where you can earn cryptocurrencies or you have to withdraw your USD earnings through cryptocurrecies.
I listed down some platforms below which I reviewed and find out good. You can give them a try-
|PLATFORM||FULL REVIEW||SIGN-UP LINK||TYPE|
|Kolotibablo||read more..||Join||Bitcoin & Litecoin|
|Faucets||Top faucet list||Bitcoin & Litecoin|
Understand, Earn & withdraw wisely
Now start exploring these platform. Read the instructions carefully. Do honestly whatever you do.
When you reached the minimum withdrawal limit choose one crypto option to withdraw your earnings.
Bitcoin and Litecoin is our most recommended options. Try to choose between these two as per availability and situation. For more details about specific platform click the “read more” link in the list above.
Put your wallet address of preferred cryptocurrency in withdrawal form. You will receive an amount of crypto in your wallet in some time. This amount is decided by the market rate of the crypto type. Now you have to convert these crypto into India based services or Indian rupees.
Convert cryptocurrency in your preferred option such as Indian rupees or e-commerce gift cards or mobile/DTH recharge etc.
Paxful and Bitrefill both are good. I recommend Bitrefill if you want to purchase services which you generally purchase in normal life. If you want to convert cryptocurrencies in rupees than paxful is only option.
- Check the complete list of providing services in “browse products” section.
- After choosing, click on it to proceed to next step.
- Select your desired amount from the list and cryptocurrency type in which you want to pay. You can choose any currency and It doesn’t matter that wallet is hosted in bitrefill or not. For example- you can pay for bitrefill products using paxful wallet.
- Add selected product to the cart and checkout. Now you will see a “scan code“, a “wallet address” and a amount.
- Now complete this process by scanning this code by your wallet app or sending the amount manually yourself.
- Decide how much bitcoin you want to sell and with what method you want to receive your money. You can find this information in “Sell bitcoin” page.
- After that you have to choose the best vendor to deal with. I recommend to choose the one who has high “positive rating” (thumbs up) and charge lower fees.
- Fill in the form how much bitcoin you want to sell. Paxful put that bitcoin into an escrow.
- Chat with vendor and give him/her your information where you want your money like bank details etc. This is necessary to receive money. DON’T SHARE ANY SENSITIVE INFORMATION LIKE PASSWORD, ATM PIN ETC.
- Once vendor sent you money in your preferred account, Release the bitcoin put in escrow. RELEASE BITCOINS ONLY AFTER YOU CONFIRM THAT MONEY BEEN RECEIVED.