Digital currencies seem to be an excellent solution for spending online, though they may also be a brilliant way to make money. This is because of the way that they increase in value. Take for example the most popular cryptocurrency in the world today which is Bitcoin. When it was initially introduced into the market in the year 2009, it was worth less than one dollar. Now, almost ten years later, one bitcoin is worth close to USD 2,500. Imagine that you purchased bitcoin in 2009, and chose to sell it in 2017? Your profit would be astronomical. Furthermore, the longer that you hold onto it, the more the value is going to increase. Here are 5 simple steps that you can follow to make money with cryptocurrencies.
In the stock market, it is possible to make money through day trading. The same principles apply when you are looking at trading with cryptocurrencies. When you think about the high volatility that you will find with these types of currencies, you will realize that there is an incredible opportunity to both buy and sell so that you are able to make a profit. To know when the right time is for you to transact, you should refer to charting and statistical tools as these will give you amazing insight.
- Consider Peer to Peer Loans
There are platforms online, such as Bitbond, that make it possible for you to explore the option of peer to peer lending of a cryptocurrency. Here, you can look for promising start ups, small SMEs or upcoming entrepreneurs and choose to make an investment in their ventures. This means that you take up the position of a bank or financial lender. The benefit of this is that you can fix an interest rate that will give you a viable return and you also lower the costs that would be incurred by banking fees. A promising venture will give you a healthy return in a limited period of time.
Here, you are able to make the most of automatic functions on your computer. You can set your computer to process bitcoin transactions, and to earn small amounts of coins as commissions while doing so.
- Online Bitcoin Casinos
As the most popular cryptocurrency, Bitcoin is now a cryptocurrency that is used on a large number of online casinos. Furthermore, these online casinos also make it possible for players to cash out their winnings in bitcoin. You will be at an added advantage if you start off with Bitcoin, and use it to deposit into your account, particularly due to its value. Then, all you need to do is make some well thought out decisions. You should be able to win more bitcoin while playing dice, slots, poker and a range of other games. Set a limit of how much you are willing to win to avoid losing to greed, and then cash out your Bitcoin while you are still ahead.
- Sell your Services
When you have something to offer, ensure that you do not make it available for no cost. You can actually channel funds from your internet content towards a digital currency wallet. These funds can then be used to increase your overall cryptocurrencies. Furthermore, you can choose to receive your payment in cryptocurrencies as well which will help to build your portion of these currencies. It is possible to communicate with customers with ease to let them know that this is a payment option which is available, and that they should make use of it.