Digital money (or cryptocurrency) like Bitcoin, Litecoin, or Etherum has been hitting the news. If you’ve jumped onto this digital bandwagon, you’ve probably realized several benefits of using these invisible tokens.
6 Ways to Benefit from Digital Money
Introduce Digital Wallets
One of the easiest ways to leverage digital money is to let people pay you via digital wallets. This is more applicable when you own a small business that sells unique products or services to a particular clientele.
Conduct a bit of research to identify those open-minded clients who regularly use crypto coins and then assess their willingness to make these coins’ transactions to your wallet.
Start by introducing a digital wallet that allows buyers to make payments with their preferred coins, and you’ll be one step closer to making handsome benefits from using digital money.
Avoid Fraud Chargebacks
Another way this can benefit you is by avoiding fraud from chargebacks. Sometimes customers purchase your products/services, use them, then ask for a full refund from the credit card company – many times for falsified reasons. Business owners often take this as a cost of doing business.
With crypto payments, there are no chargebacks. The sale is complete when you receive the transaction from the customer. As a good business practice, if there’s good reason to refund if you deem it a business-worthy decision, and it’s way more convenient that there’s no requirement to give any chargebacks if you suspect a fraud is involved.
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Lower Transaction Fees
It’s undeniable that credit card charges can sometimes be very steep, especially in international transactions. Charges can range from 2 percent to 5 percent or even higher in a single transaction.
Paying a few hundred dollars as transaction fees has been a norm for business when accepting overseas clients’ payments. Nevertheless, such pain can be eliminated just by using blockchain technology, bitcoin, or other digital money. The fees will be much lower, sometimes zero.
If you’re a numbers person, one who is comfortable with analyzing charts and trading, swapping digital currencies can earn you a lot of profit. You can even land a full-time job as a trader, but the profession itself can also be a dangerous slippery slope.
Arbitrage is the process of buying one digital currency on an exchange at a low price, holding onto them, and eventually selling them on another higher price. The price will vary greatly depending on the demand for a particular currency in certain markets.
Trading digital money can be pretty lucrative if done right. However, there’s a fine line between earning and losing: price can fluctuate drastically around thousands for some currencies. That’s why professional traders always take extra care to the price variations and follow the markets’ changes closely.
Before making a presence in the crypto markets, spend some time studying technical analysis methods and charts. The markets operate 24 hours a day and seven days a week. So it’s never too late to have the fundamental knowledge to play the highs and lows correctly.
ICOs from Well-Established Businesses
Along with the initial public offering (IPO) in the stock market, there’s another initial offering with digital currencies – initial coin offering (ICO). New start-up ventures receive their fundings through ICOs. Fundings involve crypto coins and the blockchain – the underlying fabric of most digital money.
ICOs pose an opportunity to earn these coins at base price when they’re first introduced and later give returns in multiples to your original investment.
Take this one modest ICO; for example, the coin BitSerial was first introduced at just $0.75 (Nov 2017) and peaked at $7,95 (Dec 12, 2017). That is well over 10 times gain or 1000% in your ROI (return on investment).
But then, most ICOs are start-up ventures with no history (BitSerial fell miserably and now sits at just $0.0004), so it’s necessary to monitor the market’s reactions when new digital money is introduced. Consequently, it will be easier for you to picture the value variations and whether you should hold or sell.
Anxious with trading and want a steady and daily stream of side income? Lending platforms (or high yield investment platforms(HYIPs)) give you a chance with just minimal effort.
Get started with acquiring crypto coins (earn or buy) then lend your coins to a lending program. The greatest attribute of lending programs is that there will never be a negative return (variable daily profits from 0.00% up to 2%), which provides a better alternative to trading – as with trading, there are days of losses.
Bitconnect is the pioneer and well-known platform in crypto lending. Its business model makes it possible to gain a sustainable passive income stream from digital money volatility. Since Bitconnect’s collapse, there has been a wave of new lending platforms, so some research is worthwhile before starting any lending properly.
With its outstanding advantages, digital money is increasingly proving its position. Which of these smart options will you choose to make handsome profits with digital money? Let us know your choice in the comment section!
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