Bitcoin is a possible investment opportunity for people who want to make money on the side. With this type of passive income, you won’t have to quit your day job and still get a decent return for only a few minutes each day.
Here’s a short guide on how you can start your Bitcoin journey.
Table of Contents
Get a Guide
Despite people and experts saying that you won’t need knowledge to start trading Bitcoin, you should at least have an inkling of what it is, Bitcoin’s price movement, and its current status, price-wise. That said, you can get a reliable bitcoin guide to learn the ins and outs of trading, particularly how you can make a profit.
Aside from a complete bitcoin guide, it’s recommended that you supplement your learning by reading blogs and videos on the world wide web. Only when you’re confident enough to put in a significant amount of capital should you proceed to the next step.
Set Up Your Crypto Wallet
A crypto wallet is a special kind of wallet designed to hold cryptocurrencies, including Bitcoin. Drilling down, there are two types of crypto wallets- soft and hard wallets. Soft wallets can be in the form of a software or an app, while a hard wallet can be an offline storage device or even a piece of paper.
Dedicate A Few Minutes Daily
Most of the profit from investing in Bitcoin will come from the trading part, i.e., buying Bitcoin at a low price and selling the digital asset at a higher price. Bitcoin’s value is volatile, which means it tends to rise and fall in a short span of time. In some cases, Bitcoin’s value can rise or fall several times every day.
Cycle Your Gains
You can create a ‘snowball effect’ by cycling your Bitcoin profits and re-entering them into the market by buying more Bitcoin. This way, you won’t be spending any more capital out of pocket and allow your side hustle to scale up. Once you consistently make a profit, then you can transfer a percentage into your bank account or a hard wallet for safekeeping.
Back Up and Transfer Your Profit
Follow the profit-reinvest-transfer process until your Bitcoin endeavor has built up sizeably. The money you make this way can either be used to fuel other investments, e.g., purchase promising cryptocurrencies, or for your basic needs. You can use a cryptocurrency exchange platform to turn your Bitcoin into cash.