3 Ways of Making Profit in Your Bitcoin Investments Aside from Trading
We cannot deny that Bitcoin (BTC), for the last decade since its launch in the digital finance market, has led to the growth and popularity of all cryptocurrencies in the market. This growth and popularity caused a great number of followers, resulting in the current competition. The competition in the cryptocurrency trade market has always been tight. Getting into the right trade positions at the right time to profit is also highly competitive. To have to outsmart the market to earn profit.
We know that the competition in the digital finance industry is tight. We cannot know and say for sure when the prices will fluctuate. There is just no way of predicting it. However, we know and say that there are various ways and opportunities to gain profit in the cryptocurrency market.
There are many ways to gain profit, and taking the easy route is not always profitable. However, this article has compiled three effective ways to profit from your cryptocurrency investment to make it easier for you. So, by the end of this article, you’ll be able to grasp which ways of making a profit will work best for your financial status and goals, as well as your skills and experience.
3 Ways of Making Profit in Your Bitcoin Investments Aside from Trading
Here are the three ways of making a profit from your Bitcoin investment aside from trading it.
Buy and Hold
If you are looking for ways to profit from Bitcoin without putting much effort into it, you can always opt to buy and hold. The only drawback of this is that it will take too long to profit, maybe a year or so, to get your profit. So, buying and holding is never an option for fast traders who want quick money. However, holding Bitcoins saves you from trading costs and other fees that come from trading it since you are just holding onto it. If you take into account the number of times you trade, you will realize how much you spend on transaction fees.
If you look at it as putting your money in the bank, the only difference is that you are converting your fiat to Bitcoin. The good thing is that when you place your money in the banks, you don’t gain as much profit from the interest common banks give you for trusting your money in their hands. If you look at it from this perspective, don’t you think it is much better to hold Bitcoins rather than put them in the banks? If you are worried about crypto becoming obsolete, experts say it is here to stay and will be a part of finance until the future.
Here is how it works. The first step is to buy Bitcoin with a bank transfer or any other mode of payment. It can be done by registering on trusted and legitimate crypto exchange platforms like http://coinbase.com, http://kraken.com, or https://bitcoin-up.io. Once your fiat is converted to Bitcoin, the next step is to hold onto your BTC and wait until it skyrockets in price. The key is never to be impatient, whether it is months or years, no matter how long it takes. Don’t worry because this is a popular Bitcoin profit strategy, and many Bitcoin enthusiasts do. It has even trended under the name – HODL.
Taking advantage of affiliate marketing
Another easy way of gaining profit from Bitcoin is through affiliate marketing. Many companies use this type of marketing to bring in new clients. So, how will you gain profit from affiliate marketing? How does it work?
To profit from affiliate marketing, you must get other people into the platform you are currently in, whether it is your family or friends. Take this scenario as an example: you registered into Paxful and want to gain more Bitcoins; you can send invites through a link and get them to sign up for the platform. Once they are on the platform, you get Bitcoins as incentives, too. The more interested crypto investors you can get to the platform, the more Bitcoin incentives you can get.
There will be many Bitcoin platforms that offer affiliate marketing and give out cryptocurrency as an incentive, so carefully study each before you get your entire family and friends into it.
Accept Bitcoins as payments.
Due to continued Bitcoin popularity, more companies and businesses are accepting BTC as payment for their products and services. If you are already running your own business and you know your way around Bitcoins and how to profit from them, why not try accepting Bitcoins as payment?
Integrating Bitcoins into your payment system will surely widen your customer reach and make your business more accessible. Bitcoins exist around the globe, and they have fewer transaction fees than the usual money transfers from banks and credit cards. Another good thing about it is that if you know your way around Bitcoins or if you already have an account, it will be incredibly easy to start accepting Bitcoins as payments.
For example, if you are running a physical establishment, you can easily put up a sign at your storefront and beside your cash register. Suppose you are running a page on different social sites or any websites. In that case, you can put up a banner on your homepage or use a payment intermediary to integrate it into your business payment system. At some point, your customers can directly put their Bitcoin payments into your digital wallet.
Conclusion
Through this article, you have learned three other ways of making a profit from your Bitcoin investment aside from the usual way of trading it. However, make sure that before you invest in these ways of making Bitcoin profits, you understand how it works and how to manage your finances so you can still achieve your financial goals.
