Many people are looking at the news these days and wondering what they can do with their money. They are either looking to protect it or trying to figure out if it is a good time to invest. There has been special interest in investing in cryptocurrency since it has long been seen as a way to protect your money during times of crisis.
Any investing is risky and cryptocurrency is no different. However, this is a good time to be thinking ahead and make some financial plans. There are a number of ways to make money with cryptocurrency and you don’t even have to know how to buy Dogecoin in Canada or any other cryptocurrency of choice.
In this article, we will go over several ways that you can be making money by getting into cryptocurrency in the coming year.
1 - Investing
It’s no secret that cryptocurrency is very volatile. It can hit new records in a matter of weeks seemingly out of the blue. Then, it can also see all those gains wiped out in a matter of hours. This makes it a risky investment, but when there are times of crisis, it is usually very stable.
This means that it is not directly tied to how the stock market performs. When there is a global economic crash, it is likely that it will at least not lose as much as the market, and could even see some decent gains since more people will want to buy when their currency is looking like it will devalue.
There have been several crashes in the last few years that have made it a nightmare for those that are looking to shorten their investment but those that are playing the long game have done well. Those that have bought when it crashed have seen some steady gains.
The best thing to do is to get highly informed so you can make educated decisions. Although nobody can accurately predict what will happen in the future, you can look for the signs of an uptick in value. Understand the things happening in the world and stay abreast of what’s in the news. There could be an announcement from a government that they are lifting restrictions on investing which leads to a rise in value. Or, there could be the opposite announcement that there will be restrictions made and a drop in value is imminent. That would be a good time to buy once it drops.
2 - Become an influencer
When you are somebody who knows a lot about a subject or is looking to become an expert, you can often build up a following of people who want to learn from you. The cryptocurrency topic is something that is not only very closely followed by people all over the world, it is also very lucrative.
If you can work the social media platforms and make a name for yourself. You can become an influencer on cryptocurrency and make quite a bit of money. It will take some time to build a following that you can monetize but it is completely achievable to make money this way.
Start out by creating accounts on social media platforms where people that are interested in cryptocurrency like to hang out. Then, create interesting content that people will like and share. Find a small niche to work within like a particular currency that not many people are talking about. Or, talk to a segment of the population that is interested in cryptic but often ignored. Seniors are a market that is ripe for somebody to enter.
Follow that up with making some good Tik Tok and Youtube videos to take advantage of their favorable algorithms. Lastly, build up a podcast and promote it on your Youtube channel and social media. This is how you make a name for yourself that can be monetized through sponsored posts, advertising, and affiliate marketing.
There are a lot of cryptocurrency exchanges that will pay high commissions on clicks from your links on your Youtube channel or social media that convert into sales.
3 - Get paid in cryptocurrency
Just about everybody these days is looking for a side hustle to make extra money. In most cases, this involves doing some work online since you can do it from the comfort of your own home and on your own time.
There are a lot of different ways to work online that can then pay you in cryptocurrency. For example, freelancing is a good way to use your expertise in a subject. For instance, if you are a programmer then you could pick up clients to do some coding work and then ask them to pay you in cryptocurrency when you send them an invoice.
Then, you can add the cryptocurrency to your digital wallet and not cash it out right away. If it increases in value, then you are going to make even more money for the project without actually doing more work to make it.
Of course, there is always the chance that you will lose money if it loses value, too. However, keeping cryptocurrency over the long term is usually a good way to make sure that you are not selling when it is lower than it was when you were paid. The idea is to earn money that you may not need right away so you can use it as an investment.
If you do rely on that money to survive and pay bills then you may want to only have a portion of it paid in cryptocurrency to protect yourself.
Cryptocurrency is a very interesting topic on so many levels. It is something that has now been around for a while and shows no signs of ever going away. It’s a great idea to get involved with it in one way or another. If you are thinking of trying to make some money then now is as good a time as ever to do so.