There is a lot of talk about cryptocurrency and Bitcoin in the news these days but not for the right reasons. A few months ago the talk was all about the record highs that Bitcoin had achieved as it approached $70,000 in value for one Bitcoin. These days the talk is about the crash of Bitcoin and what the future holds.
If you are still not super familiar with how cryptocurrency works and have no idea how to buy ETH in Canada or anywhere else then you may think there is no way to be making money with it these days.
The reality is that there are lots of ways to make money with cryptocurrency. Just like anything else, there is always a risk when it comes to making money with something that has the kind of volatility that cryptocurrencies are known for. In this article, we will go over what several of those ways are so that you can also make some money from cryptocurrency if you decide to go for it.
Investing
The most obvious way to make money with Bitcoin is to buy it and sell it at a later time when it is worth more. This may actually be a good time to buy since the value is much lower than it has been in a long time. Of course, this is the riskiest of the ways to make money off of Bitcoin.
One thing to keep in mind, though, is that the last time that Bitcoin crashed this hard was in early 2018. That is when it went from a record high of over $15,000 to around $3,000 just a few months later. This crash saw Bitcoin go from a value of over $67,000 to its current low of around $37,000. At its low right now it is still ten times what it was back after the last big crash.
This means that there is likely going to be some room to grow. If you buy when it is at its lowest then it will likely go back up at some point in the future. The keys to doing so are to not invest more than you are willing to lose. And, to make sure that you are patient enough to wait until it does rise. You only lose money if you actually sell when it is worth less than what you paid, after all.
Get paid in Bitcoin
There are ways to get a hold of some bitcoin without actually needing to take money out of other investments or savings to buy it. You can actually get paid for goods and services in bitcoin or your cryptocurrency of choice. This reduces your risk as you can always find ways to make extra money with bitcoin and then sell it later on if it gains in value.
For instance, you can do some side gigs like copywriting, logo design, or virtual assistant for people and request to be paid for these services in bitcoin. If there is a fluctuation in price right away, you can sell and you already made more money for the same job without having to work any extra. Or, hold onto it until it reaches its next record high.
If you are even more of a hustler, you can do things like scour the flea markets and look for vintage goods that people are spending money on. Then sell them online either on your own website or even on things like Facebook Marketplace. When it comes time to collect your pay, ask them to pay you in Bitcoin and the process repeats itself.
Just like with investing, you have to be prepared to lose that money if the value decreases and you’ll have done the work for nothing. In this case, at least, the only thing you lose is your time.
Create a blog
Blogging is a great way to make money and is something that can be done in your spare time. If you have any interest in a topic you can write articles around it and the traffic that comes to the site will make you money.
In the case of cryptocurrency, the topic is very competitive. Yet, this just means that there is a lot of money being spent on this topic so there are a lot of blogs about it already. This means that you only need a little bit of the traffic that they get to make money.
It takes time and patience to create successful blogs and the more competitive the topic the harder it is. When you do succeed the payoff is very big, however.
The way that it works is that you will create a website and look for keywords to write articles about. The best way to get started is to look for smaller and less searched keywords that have less competition. The big players often ignore these keywords because it won’t bring them enough traffic. For the new blog, however, these keywords can bring in the amount of traffic that you need to be able to make money.
When you write articles with SEO in mind, you will get traffic from Google. Social media is also a good way to get traffic to your blog so make sure to have a good presence and build a following.
To make money, you can have advertising on the site that is going to pay pretty well if you have good enough traffic. An alternative to that is to sign up for some cryptocurrency affiliate programs. When somebody uses your link to go to an exchange and they buy some cryptocurrency you will get a percentage from that transaction. Ads and affiliate combined can make you quite a bit of money even with limited traffic.
With enough patience and time, you could end up being up there with the big players in the cryptocurrency space.
