There has been alot of ways to earn money online. Making money with bitcoins and digital currencies is currently hot in 2016. Im going to provide a few stratigies to make increase your wealth and make a few bucks.
Buy and Hold for the Long term
Making money with bitcoins doesnt have to be complicated my first stratgy is to buy bitcoins at the lowest price i can get them. If you want to invest alot into bitcoins then set a dollar amount each month to spend on bitcoins and slowly each month add to your holdings. The dollar cost average over a long period will ease out any volitiiy. Although this is a simple method …buying and holding for years on end is tricky. If you want to use this method i would hold it for 20 years or more . but it will require a serious amount of patience. Its hard to predict the price in 20 years but i think it would definitely be above $3000 per bitcoin .Coinbase has a Bitcoin Vault that could be use for long term storage , however i personally recommend you look after your own bitcoins and private keys. Sign up with Coinbase and you recieve $10 worth of bitcoins.
Make Money Trading with LocalBitcoins
Trading your way to making more money is abit more tricky and abit more effort, but sometimes you have to make effort to make money. Local Bitcoins is probably the fastest and easiest way to buy and sell bitcoins. Localbitcoins is a peer to peer bitcoin exchange. Whatever country you might live in there will be someone on local bitcoins willing to do a trade with you
Trade Bitcoin like the Pros with Etoro
If you want to trade bitcoins like the pros you will need to use more professional tools. If you want to make decent money trading bitcoins you will need an edge over the market. Most professional traders will use a combination of technical and fundamental analysis to get the winining trades.
If you want technical indicators and prices charts then Etoro is the place to be. eToro is a social trading and multi asset brokerage company that has registered offices in Cyprus, Israel and the United Kingdom. eToro allows its users to watch the financial trading activity of ther users, copy them, and to make their own trades.
One great aspect about Etoro is that its Social. You have all the best traders in one place so if you need any trading advice Etoro openbook is the place to hang out and talk with other Bitcoin traders.
If you arent a professional trader that is ok . Etoro has an excellent Copytrader function . What this means is that you can search openbook for the best bitcoin trader and copy all the wining trades that the trader does. All of this done on automatically on the etoro platform. If used right the Copytrade can turn a novoice trader into a profitable bitcoin trader.
Everyone does dumb things in there lives. Last month i did something that ranked pretty high in the dumb list..I hold a some digital assets and one of my baskets of assets was 10354 SJCX . At todays prices that would be about £800. SJCX for those that dont know is a digital token on the StorJ Network. Storj is a decentralised cloud storage solutions built on Blockchain technology. Earlier this year when i heard about the project i wanted to test the application. However to be part of the test group you had to hold 10000 SJCX which at the time was relatively cheap at only about £100.. i thought what the hell 😉
I had these coins sat in the wallet for ages… they had gone up in value over the months i had them….and in the end they became worth about £800…Which is a 8X increase pretty good gains i thought. I dont know why , i thought to myself what would happen if i tried to transfer the SJCX into my Coinbase wallet. After all a Storj Wallet is a extension of a bitcoin wallet… I also thought that id be able to transfer them oout if anything went wrong since coinbase have a good support team.
Without really thinking what i was doing i went and transfered ALL the SCJX to a coinbase wallet i own 1Cr563rzct219VZL1sHoVSNGNuMU128swE. Only when i went and opened my coinbase wallet i had a horrible feeling i messed up bad.
Once i had realised what i had done i rushed to email coinbase support to see if they could assist me somehow..this was the response i got from coinbase.
JUN 23, 2016 | 04:21PM PDT
Robert Reid replied:
Unfortunately, it’s not that easy. Our keys are locked up in our own secure key storage system. This system is only able to sign Bitcoin transactions and can’t do anything else. We tied our hands on purpose with respect to these private keys. So it’s really hard for us to sign non-Bitcoin transactions. Obviously, it’s possible, but it requires a ton of engineering effort to code up, test, and deploy a solution. And it is not worth it for us to do this for the small amount of money people lost to this.
We have had many people that have sent altcoins to our Bitcoin address, and we were not able to help them retrieve them.
I am sorry for any inconvenience this caused and for misunderstanding your initial question.
Customer Support Agent
It may be the case that the SCJX is suck in Coinbase forever or maybe oneday a coinbase engineer with the private keys will scope up my lost SCJX. So the lesson learn from this experience is not to sent Altcoins like Storjx to Coinbase or you will lose them FOREVER.
XRP has been my favourite digital asset since the invention of bitcoin. I have been keenly following Ripple since 2013 and it has done an impressive amount of work on the ripple protocol. Here are my top 5 reasons to invest in XRP .
Impressive list of Investors
Ripple is well funded Startup with over $42 million from Venture Capital money. Big names such as Andreessen Horowitz, Google Ventures and Santander have all got stakes in Ripple. More venture capital is predicted to be injected in the future since most startups go through several rounds of funding.
Digital Asset with no Counterparty Risk
This is a real special property of XRP. Counterparty risk is the risk to each party of a contract that the counterparty will not live up to its contractual obligations. Counterparty risk is a risk to both parties . In most financial contracts,counterparty risk is also known as default risk. for example the dollars and pounds in your bank have counterparty risk. Bitcoins and XRP are digital assets that have no counterparty risk and that makes them very special indeed!
More Economical and faster then Bitcoin
One thing i love about ripple is that the security of the network does not rely on the “Mining” process like bitcoin. Personally i feel that Bitcoin mining, although serves a purpose of securing the network, is a complete waste of electricity. This is the reason that will hinder the growth of the bitcoin network. I think Ripples concensus is far more sensible way to secure the network and alot more greener. Also faster transaction confirmation is a benefit to the ripple network taking seconds rather then hours.
More Major Banks joining the network
In 2016, Santander became the first U.K. bank to use Ripple for cross-border payments, offering a simple payments app running on Ripple’s underlying technology. Santander, UniCredit, UBS, ReiseBank, CIBC, National Bank of Abu Dhabi (NBAD), and ATB Financial are among the latest banks to adopt Ripple to improve their cross-border payments. Ripple is the only enterprise blockchain solutions, Ripple’s growing, global network includes 12 of the top 50 global banks, ten banks in commercial deal phases, and over 30 bank pilots completed, among many others also using Ripple’s solutions.
Store of Wealth
i am sick of my wealth being inflated away by our current financial system. The currency in our banks have inherently have no value , they are not a store of wealth which is an important characteristic of sound money. to make things even worse we have central banks that print money with every financial crisis which just erodes value. XRP and Bitcoin are now being used as a store of Value because you cant print more of them… there will only be a certain amount of XRP. XRP is infact a deflationary money which by definition will become more valuable as time go on and thats one of the reason to invest in XRP early before the prices get high.