Autor Cointelegraph By Jagjit Singh

What are crypto faucets and how do they work?

On blockchains like the Ethereum Mainnet, fees represented in the blockchain’s cryptocurrency units must be paid for transactions to be performed and recorded. From exchanges, one can purchase Ether (ETH), the native cryptocurrency of the Ethereum blockchain, and pay the transaction costs. However, alternative Ether distribution mechanisms are utilized on test networks like Rinkeby and scientific research blockchains like Bloxberg.One such method is a faucet, which grants users free cryptocurrency following some predetermined rules. In general, faucets provide a fixed amount of money for a specific time or block. For instance, Bloxberg Blockchain’s web-based faucet offers 0.2 ETH. Related: What is cryptocurrency? A beginner’s guide to digital currencySo, if you are still wondering, does “free crypto” really exist? The answer is yes! A crypto faucet is nothing more than a website that awards you token sums of cryptocurrency in exchange for performing easy tasks like solving quizzes, watching ads or videos, etc. But, what is the purpose of a crypto faucet? Crypto faucets are designed to provide users with free cryptocurrency to start learning about digital assets and eventually use them. For instance, the low-income unbanked population can access financial services through a blockchain-powered permissionless network.In this article, you’ll discover what crypto faucets are, their purpose, the types of crypto faucets, how they work and the various risks associated with crypto faucets.How does a crypto faucet work?A crypto faucet’s operation is simple—all you have to do is to register with a digital asset service or visit a cryptocurrency faucet website or app that rewards you with free crypto for playing games, taking part in surveys and watching videos or ads, etc. The earned cryptocurrency is then sent to your online mini-wallet by the crypto faucets’ website or app. A micro wallet is a type of wallet that is comparable to standard wallets but can hold only modest quantities of cryptocurrency assets. Micro wallets are typically established immediately when you sign up for a crypto faucet.Advantages of the mini wallet include:However, you can’t cash out until this micro-allotted wallet reaches a minimum level of rewards (say, $10 cryptocurrency). When that occurs, all of the cryptocurrency is automatically transferred to your actual cryptocurrency wallet. Please note that some websites may place a time limit on how long users have to claim their rewards. Also, if you use a faucet often, the benefits or rewards might grow over time and reach more substantial sums. What types of crypto faucets are there? If you want to know how to earn small crypto rewards through crypto faucets, you’ll need to look at various types of crypto faucets. However, please note that faucets are different from airdrops and bounties. While bounties refer to a list of reward-earning tasks (such as detecting defects in the code) offered by a blockchain project, airdrops are typically distributed to users utilizing a specific token or crypto wallet to increase awareness of a particular project.On the contrary, one can categorize crypto faucets based on the token type that is paid as a reward. For instance, Ethereum faucets reward users a certain amount of ETH for performing tasks like solving captchas, as required by Ethereum-faucet.org. Additionally, you can earn ETH tokens using Fire Faucet by mining websites and solving captchas. Another Ethereum faucet site that allows you to earn free ETH by completing challenges and playing games is Dutchy CORP. Like Ethereum faucets, users can earn rewards in satoshis, the smallest unit of BTC, by using Bitcoin (BTC) faucets. Other crypto faucet examples are Litecoin (LTC) and Monero (XMR) faucets. For instance, Moon Litecoin rewards users with free LTC for completing several activities like streaming videos. The micro wallet on Coinpot.co is used to hold users’ modest rewards offered by Moon Litecoin. Similarly, you can get rewards from Monerofaucet.info that are redeemable for between 0.000005 and 0.025 Monero tokens per hour.Zcash (ZEC) faucets, like other faucets, reward users with free Zcash for doing trivial tasks. For instance, every 20 hours, there is a free Zcash offer on the Globalhive faucet. The typical reward that can be claimed is 0.00003100 ZEC, which may be withdrawn immediately and put in your wallet.For Tron (TRX) lovers, Tron faucets like Xcolander.com could be an alternative way of earning free crypto. The number you receive while rolling out the wheel on the platform (i.e., Xcolander.com) will determine how many TRX coins you’ll receive.What are the risks of crypto faucets?Free rewards are not always legitimate; some are used to defraud users. For example, some cryptocurrency faucet owners refuse to pay consumers despite earning a ton of money from clicks on their advertising or video streaming on their websites or apps. Also, be aware of phishers that make their websites and offerings look licit via email. Never divulge private information to anyone, including your wallet’s address or your private keys, if you don’t know them by heart.Related: What is a phishing attack in crypto, and how to prevent it?So, if you want to know, are crypto faucets safe? The answer is to do your research before considering something lawful or illicit. Remember, if you are running towards high-paying crypto faucets without conducting your due diligence, then you may end up lending your priceless time for nothing in return. Therefore, be wary of websites that seem suspect and have high promises that seem too good to be true. Trustworthy, long-standing brands should be your go-to choices if you want to experiment with crypto faucets. Time amounts of free crypto could potentially lead to a significant sum if you use crypto faucets properly and frequently, especially if the market value of the tokens you’ve gathered increases.So, should you use a crypto faucet? It all depends upon your availability and the time you are willing to spend to earn free crypto. But, of course, for experienced people like blockchain developers, crypto analysts or researchers, spending considerable time on crypto faucets may not be an ideal choice. However, students or beginners looking to earn some passive income or free money can invest their time in completing various tasks, as mentioned above. Hence, depending on your experience in the cryptocurrency market and how you utilize it, a crypto faucet may be just a waste of time or a blessing for you.

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What determines the Bitcoin price?

Various factors impacting Bitcoin’s price include the supply and demand of BTC, competition from other cryptocurrencies and news, cost of production and regulation. Supply and demand Those with a background in economics are aware of the law of supply and demand. However, if you are unfamiliar with this concept, let’s help you to understand. As per this law, supply and demand market forces work together to determine the market price and the quantity of a specific commodity. For instance, the demand for an economic good declines as the price increases, and sellers will produce more of it or vice-versa. An event called Bitcoin halving impacts the Bitcoin’s price like the situation in which the supply of BTC decrease whereas the demand for BTC increases. As a result of the high demand, the price of BTC will move upward.  Moreover, Bitcoin was created by Satoshi Nakamoto with a 21 million BTC hard cap. That said, miners will no longer receive new Bitcoin for confirming transactions once that cap has been reached. The four-year halving of block rewards might not affect the price of BTC at that point. The things that will determine Bitcoin’s value will instead be its real-life applications. Competition and news BTC faces competition from altcoins like Ethereum (ETH) and meme coins like Dogecoin (DOGE), making portfolio diversification appealing to investors. Any upgrades by the existing cryptocurrencies might drive BTC’s price down in contrast to a completely different scenario in which Bitcoin was the only existing digital currency. Due to media coverage, you may want to buy crypto assets with a positive outlook and ignore those with a shady future.  Cost of production Production costs for Bitcoin include infrastructural expenses, electricity charges for mining and the difficulty level of the mathematical algorithm (indirect cost). The various levels of difficulty in BTC’s algorithms can slow down or speed up the currency’s production pace, impacting Bitcoin’s supply, which, in turn, affects its price. Regulation Cryptocurrency regulations are constantly changing, from countries like El Salvador accepting it as a legal tender to China formally banning crypto transactions. The price of BTC could decrease if there is concern over a specific government’s decision against cryptocurrencies. Additionally, regulatory uncertainty will create fear among investors, dipping Bitcoin’s value even further.

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Can you earn passive income running a Lightning node?

The prerequisites to run a Bitcoin Lightning node include an amount of Bitcoin to fund your Lightning channel, fiat money to buy the hardware equipment(s), and a Lightning-compatible wallet. Remember that Lightning nodes are non-mining nodes, which means you aren’t mining Bitcoin but are vital to validating Bitcoin blocks. Validation Nodes are the most common name for these. MyNode and Umbrel are two of the most popular specialized hardware options for validation nodes. In just a few simple steps, you can set up a new myNode device. To begin, download the myNode image for your device type and follow the instructions on the download page to flash it to an SD card. After that, turn on the device and connect an external SSD. You’ll be asked to type in your product key. You can select that option if you’re using the Community Edition. Otherwise, enter the product key that was emailed to you or that you can find on the bottom of your device. The device will then start synchronizing the Bitcoin Blockchain! Depending on your device and network capacity, this process could take several days. The web interface of the myNode device will show you the current synchronization status. The device will automatically keep connected with the Bitcoin network and display the main application page once the initial sync is completed. The primary myNode home page will appear once your myNode device is ready. If you are comfortable with Linux, you can connect to your myNode device through SSH. You can connect to the gadget using its IP address or hostname. Use the default credentials as Username: admin and Password: bolt (it is recommended to change your password) to start using all the features myNode has to offer. The next step is to create a Lightning wallet on your myNode. Go to the main myNode page and click the “Lightning Wallet” button to create the wallet. After that, click “Create Wallet” to get a seed phrase. This phrase is crucial, and anyone who knows it can access your money. Make a note of this sentence as a backup, and don’t tell anyone! After you’ve written down your seed phrase, click “Continue.” Re-enter your seed phrase on the next page to ensure your backup was generated correctly. To make your wallet, click “Create.” If your phrase is correct, you will be redirected to the main Lightning page, where your Lightning wallet will begin syncing and setting itself up. The Lightning wallet should be ready in a few minutes, and you should see a page similar to this:

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What is StrongBlock (STRONG) and how does it work?

The digital financial environment continues to develop almost every second, which is no surprise to those in the crypto sector. Among such technological advancements, a new project called StrongBlock has popularized the concept of the node as a service (NaaS) on the blockchain. NaaS is an alternative to running entire blockchain nodes on your own; it provides developer infrastructure and tools for setting up and managing blockchain nodes.Connected blockchain nodes relay, transmit and store decentralized blockchain data. But, what is a blockchain node? A node, also known as a Full Node, is a device that stores the blockchain’s whole transaction history. But, who is behind the creation of the StrongBlock ecosystem?The StrongBlock team includes CEO David Moss and chief technology officer Brian Abramson, who are enterprise software and blockchain veterans. Corey Lederer, chief product officer, is also among the StrongBlock founders’ team and has extensive experience in managing technology products.Related: Dangers of hosting your own Ethereum 2.0 node, explainedStrongBlock sees the blockchain as the way of the future, but unless you’re well-versed with this technological breakthrough, it can be a risky place to enter. As a result, StrongBlocks’ objective is to make it easier for anyone to support and participate in blockchains.This article will deep dive into the NaaS concept and explore what makes StrongBlock unique, how to make money through StrongBlock and how to buy the STRONG token.StrongBlock explainedStrongBlock is a blockchain platform aimed at revolutionizing the way blockchain networks operate. The reason for its simplification is the simple NaaS tool, which allows users who aren’t well-versed in blockchain to build a blockchain-compliant node quickly while compensating them for running it.Before StrongBlock’s NaaS, running Ethereum nodes required an extensive understanding of blockchain as well as the ability to code and a server capable of running the node throughout the day. In summary, diving into nodes before StrongBlock required either a lot of effort or a high level of knowledge to make it simple.In addition, rewards were reserved for miners that solved complex mathematical problems, whereas no such monetary rewards were distributed to nodes. There is no way to assess the performance of nodes. To address the above issues, StrongBlock automated all of the processes, allowing everyone to participate in the blockchain revolution. Users can create a node in seconds using the StrongBlock platform. They can also add their node to obtain daily STRONG token rewards. STRONG is StrongBlock’s governance token, which developers use to enable token holders to contribute to determining the protocol’s future.What are Strong nodes?A Strong node is a node that supports the Ethereum network. It rewards node operators a “Node Universal Basic Income” (NUBI) based on the number of Ethereum blocks they contribute to the network’s upkeep. However, the number of nodes, token price, node revenue and nonfungible token (NFT) ownership are all factors that influence rewards; they are variable and not guaranteed.Related: Nonfungible tokens: How to get started using NFTsStrong nodes are run as a service; therefore, they do not require hardware and this allows anyone, even non-technical people, to build a blockchain-compliant node in seconds and get paid for running it.How does StrongBlock work?The StrongBlock protocol is designed to give NUBI continually. NUBI rewards are currently paid in STRONG, and in the future, the company will be paying them as NFTs. The protocol is then governed by those who have obtained STRONG in this manner. Potential reward shortfalls can be rectified by the community in a variety of ways as the protocol grows.The rewards are measured based on ongoing contributions per node, burning STRONG for NFTs, renewal fees, lowering NUBI and creating different NUBI classes. Furthermore, there are two methods for using nodes within the StrongBlock protocol. Bringing your own Node (BYoN) offers additional flexibility and the ability to further personalize your node, whereas StrongBlock NaaS is faster and easier to set up.Both approaches offer the same base NUBI incentives, but future additions may give BYoN nodes more opportunities than NaaS nodes. Also, the monthly fee for NaaS is $14.95 (paid in ETH), whereas it varies in the case of BYoN.What is a STRONG token?The STRONG token (now referred to as STRNGR) is an Ethereum-based ERC-20 token that runs on the Ethereum network. The coin is a governance token that will eventually lead to StrongBlock’s decentralized system.While the team generated 10 million STRONG tokens, they burned roughly 95% to develop a correct tokenomics for the system. The system continues to burn extra STRONG tokens with each new node deployed to maintain a deflationary token supply.How to launch a blockchain node using StrongBlockTo launch a blockchain node using StrongBlock, ensure that you have a digital wallet. StrongBlock’s NaaS platform is compatible with MetaMask and does not support multisig wallets. To cover the transaction’s gas fees, you’ll need to buy some ETH. Connect your wallet to your preferred crypto exchange and purchase 10 STRNGR tokens. MetaMask can be downloaded as a browser extension from the MetaMask website. Customers can choose Chrome, Brave, or Firefox browsers.Check the gas fees by connecting your wallet containing 10 STRNGR to the app.strongblock.com website. The Etherscan Gas Tracker can be used to check gas fees, which vary based on the crypto-economy.Setting up or launching a node costs 10 STRONG tokens plus gas fees. Each node is then rewarded with 0.091 STRONG tokens, which can serve as a source of passive income. To create blockchain nodes using StrongBlock, follow the steps below:You’ll be able to pay node fees, see your accrued awards, and claim rewards after your node is created. The first monthly node fee is included when you create your node. After that, you’ll have to manually pay the node charge every 30 days. However, the node fee payment structure has a 90-day prepaid restriction.If you are not able to see the created node, check for the approved, pending or canceled transactions to speed up the process.What are the tax implications of StrongBlock?Because of the nature of StrongBlock and the impossibility of selling the asset, Ethereum node services cannot be classified as an asset in the crypto and tax worlds; instead, they will be classified as an expense.As a result, when you buy StrongBlock, the first purchase will be considered a business expense, and everything you earn from it will be considered a taxable income or earning. The taxable rate will depend upon the country of your residence and can be determined by your present income level. To understand your taxable obligations, you may consider reading Cointelegraph’s guide to filing cryptocurrency taxes in the US, UK, and Germany.Is StrongBlock a good investment?If you are a blockchain lover, you may find StrongBlock a promising project with which to launch Ethereum nodes and earn passive income. However, considering the sky-high gas fees and crypto market volatility, you should always conduct due diligence before putting money into any project.That said, if you think that your financial objectives, the organization’s vision and the return on investment are aligned, then you may become an active participant in the project and get rewarded with STRONG tokens. Nonetheless, do not forget the risk exposure you are willing to take.The platform intends to support other protocols like Ethereum’s consensus layer upgrade (previously ETH 2.0) soon. It also plans to introduce features such as NFT gamification and a marketplace, which may encourage blockchain enthusiasts to participate in the blockchain revolution led by StrongBlock.

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How to get a job in the Metaverse and Web3?

Can you work in the Metaverse?The Metaverse is the next big career path on which to land an ideal job with firms like Meta, Roblox, Microsoft, OpenSea, The Sandbox (SAND), and the many others constructing it. So, if you want to know how to land a job in the Metaverse, you need to be aware of what your role may look like. Essentially, your job will involve a combination of blockchain, artificial intelligence, 5G, gaming and other Web3 technologies like augmented reality and virtual reality.In this article, learn the basic steps to landing a career in the Metaverse and Web3 fields.Build the required skill setThe first step toward exploring jobs in the Metaverse is to gain the required skills and knowledge. For instance, a 3D character artist developing avatars will need to know Blender, Maya, Cinema 4D and have some expertise in creating skins and gaming. Most Metaverse jobs like those involving engineering-related work require a competitive skill set such as knowledge of NodeJS, Javascript, application programming interface (API) integrations and React. You can build the above skills by applying to a university that offers metaverse-related courses or learning at no cost or through financial aid on platforms like Coursera and edX. Networking with like-minded people is essential for landing entry-level Metaverse jobs or internships. You can find out about local metaverse events on meetup.com. Additionally, you can meet participants in hackathons such as those hosted by MIT Reality Hack.Build your brand, improve visibility and earn money in the MetaverseAfter acquiring the desired skill set, start building your brand and ensure that your portfolio is up-to-date. Look for job opportunities in the Metaverse at TheMetaverseJobs.com. To get noticed in the industry, start writing in-depth, thoughtful pieces on the Metaverse and get them published on platforms like Cointelegraph, Forbes or other renowned publications in your jurisdiction.It is vital to note that writing for renowned publications means that they will accept the bylines as guest posts, and there is no monetary reward involved. So, how to make money with the Metaverse? There are plenty of other ways to make money in the Metaverse. For instance, play-to-earn games like Axie Infinity (AXS) allow gamers to earn smooth love potion or SLP tokens by battling monsters or other players. Players can also sell their nonfungible tokens (NFTs) to earn a profit.Related: How to convert your digital art into NFTs and sell itHosting metaverse events is another way to make money in virtual worlds. For instance, massive crowds can be attracted to live performances by well-known musicians, and organizers might charge users in the form of paid tickets. Many architects and designers are developing 3D representations of buildings due to the rush of brands and companies aiming for a Metaverse presence; therefore, you can become a metaverse architect or designer to earn money. What are the job opportunities in the Metaverse and Web3?Jobs in the crypto industry involve remote Web3, Metaverse and NFT jobs, to name a few. You can explore such careers here and can also find out Web3 developer or Metaverse job salary ranges, in particular.If you want to understand how to get a job in Web3, be aware that most jobs in crypto require:The most required job titles in the Metaverse and Web3 space include NFT social media and community manager, content writers and editors, blockchain developers, frontend and backend engineers, media reporters, growth marketing managers, project managers, and gamification strategists. Additionally, many scholarships are available for women in Web3, like the Girl with Secrets (GWS) program. The GWS scholarship program offers free education sessions, podcasts, and the opportunity to participate in hackathons.Alternatively, go to cryptocurrencyjobs.co to search and apply for jobs in the blockchain space. It is again reiterated that to land jobs in Web3 or any other crypto jobs, you need to make yourself visible by participating in community forums, industry-led events and hackathons. Opportunities are huge in the Web3 space but blockchain enthusiasts should stay up-to-date on industry requirements and apply for Metaverse internships or NFT jobs as soon as possible.Related: In the Economy 3.0, metaverses will create jobs for millionsWhat are the various ways to apply for jobs in the Metaverse and Web3?While there are still a few roadblocks to overcome before we reach a point where the virtual job market is brimming with opportunities, the Metaverse is expected to evolve gradually and rather effortlessly.The more people who use the internet become accustomed to the deeper integration of technology into their daily lives; the more opportunities will open up. Similar to how the internet emerged gradually, Web3’s development would most likely be transitional, with increased access to creative jobs as technology and culture progress. Related: Crypto job market holding up despite tech industry cutbacksIn hindsight, being an early adopter is simple. However, various risks include lost opportunities in time, money and attention. Keeping up with the latest developments in the crypto space, such as new applications or protocols, is costly and time-consuming. Despite this, the benefits of participating in the Web3 space, such as competitive salary, and further learning opportunities, outweigh these cons. Here are the various ways to become immersed in the Metaverse and Web3 worlds, as explained below.Become an intern and find a crypto buddyInterning is the quickest way to see if you enjoy a particular field. If you’re a student at any level and have the opportunity to intern, this is probably the best option as you will learn about the Web3 space while getting some hands-on experience. Additionally, find a person that shares your passion and collaborate with them on any of the crypto-related themes. Learning from your peers is a great way to clear your doubts, develop confidence, become innovative and stay informed of the opportunities available in the crypto land.Participate in free mentorship programsTo land a career in the Web3 space, you may want to begin by developing or polishing your skills by participating in the 18-week DLT Talents program by the Frankfurt School Blockchain Center, which focuses on the professional development of women in the blockchain ecosystem. Another program, called the DeFi Talents, prepares participants for a career in the decentralized finance (DeFi) space.Through such programs, you will get access to various job opportunities available in the Metaverse and Web3 fields. Additionally, you can stay abreast of the industrial developments and take the required action on time.Participate in crypto communities and join a DAOFurthermore, Web3 is all about the community, and decentralized autonomous organizations (DAOs) are the most trending community-owned type of business model in the crypto space. Community-focused DAOs encourage automation, which relieves humans of tedious and unpleasant chores, mostly linked to bureaucracy, while promoting speedy decision-making.This technology allows groups of people to enter this virtual environment with low-cost devices, hang around and form communities. Within these communities, hiring managers can find enthusiastic talent, or job seekers can apply for vacant positions. Therefore, join a DAO or participate in the Discord communities of other DeFi projects to be aware of job opportunities available in the crypto space.Many DAOs, such as Sushi, Index Coop, Rarible and Yearn, include distinct working groups for various people. Developing experience and demonstrating that you can bring value to a product/protocol in a DAO is an excellent method to gain experience, improve your visibility and build a portfolio while also potentially being compensated by the DAO for your contributions.Stay active on CryptoTwitter and apply for partner programsMoreover, various companies need help with technology consulting, product development, or admin work. To find out what those organizations are, stay active on Twitter. Participants and individuals who ask pertinent questions are valued on CryptoTwitter. As a crypto enthusiast, you should: CryptoTwitter often highlights job opportunities, recent trends in crypto, tips and tricks to get hired in Web3, which can help you land a career in the Metaverse. Also, staying active on CryptoTwitter and giving back to the community will open more opportunities for you.Additionally, apply to become a partner with the leading companies in the blockchain space. For instance, Algorand (ALGO) has an expanding network of collaborators or partners who are powering every aspect of the blockchain ecosystem. Alternatively, you should register with your favorite companies like Microsoft or Meta for job alerts to stay tuned for upcoming job vacancies in the Web3 space. Choosing your interest and getting involvedYou can begin seeking work after you have a good idea of which skill set you can bring in. And discovering those fantastic possibilities begins with identifying the specific area of Web3 in which you are most passionate. Furthermore, to get involved in the crypto space, stay active on CryptoTwitter, participate in Discord communities, or join a DAO, as explained above, in your free time. Becoming a helpful and valuable member improves your visibility and helps you to land a desired job in the decentralized world.

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