One of the most significant advantages of owning digital currencies is the ability to generate passive income from trading and investing in the market. The most notable example of this is Bitcoin, which not only has the potential to become a legitimate store of value but has also proven to be a profitable investment for many large-scale players in the financial industry.
However, there are plenty of other options available to cryptocurrency owners who want to make extra money. Some of these options generate revenue solely via marketing, while others may require a little more effort to earn rewards. The truth is, it really depends on what you want to do and how much time you want to invest in achieving financial freedom.
Create a Product And Get It Seen
The easiest way to make money with cryptocurrencies is to create a product and get it seen by as many people as possible. One of the more popular cryptocurrency exchange platforms, Changelly, offers a service that makes it easy for anyone to launch a product or service and get paid in cryptocurrency for its exposure. Using their platform, you can even let your audience know when you will be releasing a new product or service and give them the chance to get it before the general public. This way, you can generate revenue even when there is no direct purchase taking place.
However, with this money-generating strategy, you must be extremely careful not to over-promise on what the product or service will deliver. People will not only lose trust in you but also expect a lot more than what you are willing to provide. On the other hand, under-promising can have the opposite effect and cause you to lose revenue as well.
Monetise Your Social Media Accounts
A lot of people have made a lot of money from social media. The key to making money from this source is to have a large following on social media channels and then use those channels to promote goods and services that you believe in. You can then encourage your audience to use your special discount or affiliate links to make purchases and get paid by sharing your content with their friends.
Unfortunately, it’s not always easy to know how much revenue you are truly generating from your social media efforts. Sometimes it can be difficult to quantify exactly how much a specific post, tweet, or Instagram picture is worth. However, you can use tools like Google Analytics to track the effectiveness of your social media content and gain a better understanding of how much money you are truly making. By combining this data with some common sense, you can decide if this is a route you want to pursue.
Trade Forex
Investing in foreign currency is a solid strategy for generating passive income, especially when coupled with a reliable Forex broker. The most prominent cryptocurrency exchanges such as Binance, HitBTC, OKEx, and others offer high-quality Forex pairs which trading platform users can access. Through CFDs (contracts for difference) you can gain full access to worldwide Forex markets and track the performance of up to 100 different currencies against the US dollar. The spread on a CFD is usually lower than that of an ordinary investment, which makes Forex a bit more appealing for amateur traders looking to get in on the action.
Create An Online Store
E-commerce and online stores are another popular way to generate passive income. The key to this strategy is having a wide variety of products for sale that people are interested in. Once you establish a store, you can integrate several payment options so that customers can use their credit cards, PayPal accounts, or any other means of purchase to take advantage of your online store. You can then use a service like Shopify to build your store and take advantage of the many in-house features their platform provides.
As a general rule, try to establish your store in a country with favorable business regulations and a secure digital currency environment. When deciding where to establish your online store, do not only consider the ease of doing business but also look into the currency and regulatory environment of the location you are considering. For example, if you are considering opening an online store in Indonesia, it would be best to establish an account with either PayPal or credit cards as there are no official payment processors available in Indonesia. In addition, digital currencies are subject to regulatory controls, so it would be best to avoid storing any funds in an exchange that is located in Indonesia. Hopefully, with time, these regulatory concerns may decrease, making it an ideal location for online businesses of all sizes.