I got my first Litecoin payment!

@yukimori I am using Coinpot too but I'm not mining (yet) as I still have XP and there is only so much that it can put up with. Many sites no longer work with it and Coinpot is one of them but I access that one from my tablet. I use faucets while I am doing other stuff online. I shall get more into it all next year once I get my desktop overhauled.

@mysdianait Interestingly Coinpot has an option where you can copy your link and visit the mining page on multiple devices to increase your earnings. I haven't tried it yet but the popup implies it works on mobile or tablet as well as computers. I wonder if they have a limit on how many can be used... I have a lot of phones I was using to run videos on Perk TV, but they fell out of use after we moved because of my new ISP's bandwidth caps.

Most of my holdings are Bitcoin right now. I'm most actively focusing on Litecoin but Coinpot offers faucets and mining for Bitcoin, Bitcoin Cash, Dogecoin, Litecoin, and Dash. I think I also have some Blackcoin on another microwallet site. Ripple is one that I'm planning to get into before much longer, just haven't had a chance to go after it. Once I have the wallets set up it should be less time intensive. Just a matter of finding reliable wallets and then figuring out how to get free handouts, because I don't invest money I can't stomach losing in anything.

It's a really simple process. Coinpot offers cloud mining, so all you do is open the page in your browser. It uses some of your processor power, and in exchange they deposit small amounts of the currency to your account. Beyond that, you need a wallet with a site like Coinbase to send your cryptocurrencies to. You can generate addresses that are linked to your wallet, and then just manually cash out when you're ready to.

@AkoPinay I'd look that one up.

I use Jaxx android app for Ethereum, Dash, etc ;)

@allen0187 I use Jaxx for my Steemit earnings. I sell Steem to Dogecoin (Jaxx) then Dogecoin to Peso via pinoybitcoinexchange.com. I avoid BTC this time because of high fees and transaction delays. Dogecoin has the lowest fee. Jaxx wallet is best for newbies who wants to exchange cryptos in fiat because it is easy to use. But for crypto-trading I use Poloniex. I use Coinpot LTC/DOGE wallet if I want BTC because conversion is free and 0.0005 BTC transfer to other wallets is free.

Pretty much, although there's also potential to lose if the market happens to drop. It's all a matter of weighing risks.

Bitcoin is stored in a wallet, just like pretty much every cryptocurrency out there. Your wallet has one (or more) addresses associated with it that allow payments to be received. To send a payment, you just go through the site that hosts the wallet and send the funds to the recipient's wallet address. Another option is to sell your Bitcoin (or other cryptocurrency) on an exchange and withdraw the amount to your bank in USD. To be honest, I've never sent a payment with Bitcoin, and I probably never will. I looked into it yesterday and they were calculating the associated fee as something like $17.50 regardless of the amount sent... so I'd say that selling and withdrawing the cash would be the better option, given that the fees are way lower. There are some retailers that accept it, though. I think it was an option on Overstock.com the last time I looked. I'm focusing on Litecoin right now because it's easier to get larger amounts than Bitcoin. It's not worth nearly as much, but it's one of the top cryptocurrencies and its value has been going up lately. Coinpot has made it really easy to collect that and a few other currencies, though. I've got another site I'm trying out, but I'm pretty sure it's not going to pan out based on the setup. It's one of those sign up, do nothing type things. Coinpot makes sense because it uses your processing power to help mine; this one I can close and come back and my balance is still going up. They seem to rely heavily on members paying to upgrade their accounts and earn more, so it's got that Ponzi feel to it. And upgrades start at 1 Litecoin, which is worth about $325 right now. It's taking no effort on my part, so I'll let it sit for a few more days and hit the minimum. I'll be surprised if I get paid from it. Thankfully the warning signs with fake cryptocurrency sites are pretty much the same as all the other crap sites out there, so there's that silver lining.

@yukimori Thanks a bunch. This is a very excellent explanation. I'm going to check out coin pro right now.

Thanks! If you need any info on getting started, feel free to ask.