Coin Desk reported that Blockchain and Cryptocurrency Project have raised $6.3 Billion so far in 2018. This depicts the cryptospace is catching a lot of attention from both institutional and non institutional investors.
The companies that raised this bogus money do issue tokens to the investors who participated in their Initial Coin Offering (ICO). However, the tokens can also be bought on Crypto exchanges or used as a medium of exchange for goods and services.
It is important to know that although Bitcoin (the first mainstream cryptocurrency) is valuable and accepted by over 100,000+ merchants in the world, it doesn’t mean all cryptocurrencies are legitimate and valuable. There’s even a general assumption that 98% of cryptocurrencies are considered to be scam or Shitcoins(not valuable).
ALSO READ: A brief introduction to Litecoin Cryptocurrency
So how do you make money from Bitcoin and other Cryptocurrencies?
There are so many ways to make cool cash in the Crypto space, however, I will recommend you Trade, Invest or Provide Services for Blockchain Companies.
1. Trading Bitcoin and other Cryptocurrencies:
Trading involves buying Bitcoin or any Crypto and selling it for a profit, within a short period of time. It’s simply trying to profit from the volatility or fluctuation in prices of an asset e.g. Gold, Bitcoin, Cryptocurrency etc.
You can either become an active trader who trades every single day, or a passive trader who trades only when the market is most favorable for his trades.
It’s important I let you know that trading is risky and it’s often considered to be gambling, especially if you don’t know what you’re doing. You must have appropriate measures to manage risk, if you intend to be a successful trader.
You can start trading Cryptocurrencies on platforms like Binance and LUNO within minutes. However, I recommend you learn how to trade before you dabble into it, otherwise, you’ll have yourself to blame.
2. Investing:
A simple definition of investing is to buy a commodity at low price and sell high. Investors do focus on long-term trades, unlike traders who focuse on executing short term trades.
If you bought 1 BTC @ $1000 and sold it after 6 month @ $3,000 you’ve gained a profit of $2000 from your investment. However, you need to also realize that the same way prices go up, it can also come down.
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Moreover, Investing in Bitcoin is still much like gambling. You should not invest more than you can afford to loose.
ALSO READ: 5 reasons why you should invest in bitcoin
3. Provide services for Blockchain companies:
This actually the easiest way to make guaranteed income in the Crypto space. All you just need is to be proficient in any Digital Skills. This skills include; Graphic Design, Web Design, Web Development, Content Development, UI/UX, Proof Reading, Virtual Assistant, Video Editor, Marketer etc.
Having two or more digital skills will increase your chances of getting hired, since you can work remotely from anywhere in the world.
Share your thoughts on how you have been making money from Bitcoin and other cryptocurrencies in the comment box below.
