What appeals to most people is how they can make money using the blockchain. We hear that people are earning a lot through blockchain technology. We will guide you in the right direction on how can you use your computing resources to earn money on the blockchain and how much reliable and accessible this process is.
Here’s what you need to know:
Blockchain is Decentralized
The first thing which you should remember is that: blockchain is completely decentralized. You can use your CPU resources to aid in the blockchain and get rewarded.
There are multiple ways you can earn money such as by sharing videos or photos, sending emails, browser websites, watch the ads or doing nothing but just keep your computer power on and allow its CPU ram to be utilized. The concept is very different from the centralized platforms like Google, Facebook and others which are centralized.
Selling Your Resources Online
There are many blockchain platforms which allow you to rent out our unused storage, internet bandwidth and CPU power and you can get paid in the crypto tokens of the blockchain platform that you have rented your resources to. Everything is controlled by decentralized blockchains and P2P network which eliminates the control from the centralized servers. Even you can monetize your data with these decentralized applications.
Earnings From Blockchain
With decentralized apps, your earning is virtually unlimited. Since you are paid in proprietary crypto tokens of the application, you can never estimate the returns. They could be 100x your imagination as the token price grows with the project development.
Since you are allowing the blockchain to use your storage, power and bandwidth there are costs associated with it. You will be consuming electricity to keep your computer on 24/7 which has a significant expenditure consequence depending on the cost of electricity in your area.
By sharing your data on social platforms you compromise privacy if something goes wrong. You’re required to keep the balance between sharing your data and losing your privacy.
Constant Price Fluctuations
Since crypto coin and tokens are mostly volatile, you will have to bear with it. You should know when to cash out the tokens in stable currency and when to hold them.
Another important risk factor is that you will come across many scams projects who may steal your funds or resources. You need to have a backup plan in case you face such a situation.