Dealing in Cryptocurrencies may or may not be legal in your country. Please check with the rules & regulation of your country before you read this article or make any decision in this regard.
The internet is truly a wondrous thing. With a smart device or computer and an internet connection, almost all of humanity’s discoveries can be accessed with just a click. While the internet does have its fair share of cons, the freedom that it offers makes it all worth it.
Cryptocurrencies such as Bitcoin and Ethereum are perfect examples of just how the internet can be used for the betterment of mankind. Sounds over the top?! Well, maybe not.
The decentralized nature of cryptocurrencies means that they are free from any and all kinds of government interference. This offers users a degree of pseudo-anonymity which ensures that their privacy is protected.
What was once the domain of hackers, criminals and deep web surfers has now become a modern-day commodity. Since 2017; a year which saw Bitcoin explode in both popularity and price, cryptocurrencies have firmly embedded themselves in the mainstream realm. From trading cryptocurrencies with sites facilitating international trade it is now safe to say that crypto is here to stay.
Recognizing the potential of cryptocurrencies, we at Insidetechno.com have taken a look at how a new generation of entrepreneurs are capitalizing on this new movement. Here’s a guide to how you can earn money with cryptocurrencies.
1. Trade Cryptocurrencies
Trading or buying and selling is the basis of all business. As a rule of thumb, you want to buy low and sell high in order to make a profit. By taking advantage of fluctuating market conditions, you’ll be able to capitalize on any sudden price changes.
Back in 2017, many speculators were turned into instant millionaires overnight when Bitcoin valuations increased by over 1500% within a matter of months. When trading crypto, care needs to be taken to ensure that your gamble pays off.
Keeping an eye on current and global events is a good way of keeping abreast. Remember, the crypto market is an extremely volatile one. Also, always purchase crypto from reputable exchanges or brokerage sites and read reviews on them. The unregulated nature of the industry means that fraud is endemic.
2. Accept Crypto Payments
If you have a skill or talent, you can always consider freelance work. Sites such as Upwork and Fiverr provide freelancers and clients with a platform to advertise jobs or get hired. In countries like Africa, cryptocurrency payments are taking off in a big way. Coupled with the interconnectivity brought by the internet, freelancers can easily choose to be paid in Bitcoins or any other cryptocurrency.
By receiving payments in cryptocurrency, you’ll be able to trade them on an exchange to earn cash. If you’re looking to invest, you could always hold your cryptos until a later date with a view that they may appreciate.
When setting your prices in crypto, it’s best that you get some research done beforehand. Take into account the type of crypto as well as the effort required to obtain said crypto. These should all be considered when setting prices.
3. Build a Portfolio of Cryptocurrencies
Just like how you can invest in a portfolio of shares, it’s also possible for you to invest in a portfolio of cryptocurrencies. A cryptocurrency portfolio consists of different varieties of coins and tokens in which you profit from their sale.
Ideally, your crypto portfolio should be a balanced one which has a good mix of high and low risk coins. This minimizes your risk exposure in the event of a sudden drop in prices.
4. Mine Cryptocurrency
In the past, cryptocurrency mining was a literal gold rush for many investors. Nowadays, the prices of Bitcoins make it extremely difficult to make a profit mining. From the massive initial investment to the high cost of electricity, the crypto mining industry is now dominated by various consortiums based in China.
However, mining still does have some potential. If you’re interested, you could always purchase a share in the many crypto mining pools that are in operation. However, you should always exercise caution when investing in a mining pool as many mining operations are regarded as scams.
Dealing in Cryptocurrencies may or may not be legal in your country. Please check with the rules & regulation of your country.
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