We all would love to make more money, and even better if we can achieve this with little or no active effort on our part. Thankfully with the prevalence of the internet in our lives and the technology made available to all of us in our pockets via our smartphones, this is infinitely more achievable to the average person than it was a generation ago.
One exciting opportunity has emerged in cryptocurrencies. Here we will detail how to make money with cryptocurrency without actively doing much.
Divert Traffic to Crypto Sites
Numerous websites offer services buying and selling a variety of cryptocurrencies. We can make money buying and selling coins, turning around our stock over short periods known as day-trading, where a trader buys and sells coins on the same day.
The disadvantage of day trading for our purposes is that it takes a lot of monitoring, and since we are after low-effort options, maybe not for us.
What we can do is divert traffic to these sites for a small referral fee. If you have a website or blog, this is easy to do as you just insert a simple link that tracks your commissions.
As well as trading in coins, you can get involved in mining for new coins. This is how all new cryptocurrency comes into existence, users solve complex mathematical equations that provide security for all transactions on the network, and users are rewarded with new coins.
If done manually, this would be a phenomenal amount of effort, however we can use computing power to achieve this, either on our machines or through cloud computing where we hire capacity.
We briefly discussed how trading cryptocurrencies was far too time-consuming for our purposes But, looking at strategies we might take from our general money skills, it’s possible we may want to consider HODLing?
This approach is where we take a long-term approach to trading currency. We buy or mine coins and hold on to them for an extended period, only selling when market conditions are what we desire.
This can take weeks or even months and does not require the constant monitoring that more opportunistic methods, such as day-trading, require.
Accept Cryptocurrency as Payment
We should not discount the potential of cryptocurrency to replace systems we already have in place. If you run a business where payments are taken, you may be in luck. Cryptocurrency coins can replace cash or digital transactions.
There are incentives to do this. It is possible to save a large amount on transaction fees, especially with international money transfers, where hidden fees can end up causing huge problems.
If nothing else, it gives your customers a further payment option and can even attract new demographics that you would never have considered in the past.