Piece by: Keith S. Littlefield
It’s never a great idea to start investing in any market without prior knowledge. This is particularly true in the cryptocurrency market, which is not only a relatively new area of investment, but is also one that involves many risks. In case you’re a fledgling investor and have no idea what cryptocurrencies are in the first place, you can refer to the cryptocurrency 101 guide previously posted here on Oval. It's best if you do not go any further until you are reasonably well versed in the crypto universe.
Now, if you are familiar with terms like mining, blockchain, and digital coins like Bitcoin and Ethereum, read on. This article is where you can learn how to grow your crypto investment. Aside from selling and trading crypto assets, there are many other interesting ways you can profit off of your investment. For the purpose of uniformity, we’ll talk mainly about Bitcoin.
Be a lender
The cryptocurrency market is similar in many ways to the stock market, because investors can also opt to borrow shares (or coins) in order to do margin trading. But unlike in stocks, where stock brokers are the lenders, regular Bitcoin users can also act as lenders in crypto trading. Cryptocurrency is decentralised, and both lender and borrower remain anonymous. Therefore, you have the power to lend your Bitcoin on crypto exchanges like Bitfinex and BitVC, and even offer it at an interest rate and a specified maximum period of lending.
Get paid for online activities
Did you know you can get paid in Bitcoin in exchange for simple online activities like watching videos and listening to the radio? There are several platforms you can register for to start earning your very own Bitcoins. On sites like Floot.gg and Earncrypto, you receive points for streaming videos or completing surveys. Once you reach a certain number of points, you can have them exchanged for Bitcoin. Meanwhile, Bitradio, which gives points for listening to the radio, requires you to sync up your crypto wallet with your account. These activities are ideal for people who spend a lot of time in front of their screens during the course of a day.
Help people with queries
Oddly enough, you can also get paid in Bitcoin to answer simple questions posed by people online. Bitfortip allows users to earn coins for answering questions posted on the platform. These questions usually require tips and information, so having a wide knowledge of topics is ideal. The website receives more than a thousand visitors a day, so if you feel like being a good Samaritan everyday, then this is a great way to grow your Bitcoin stash.
Why grow your Bitcoin investment?
The cryptocurrency market is highly volatile, so relying on trading alone can be risky business. Losses are unavoidable, so it would be smart to find alternative methods of earning Bitcoin. Many online merchants are already accepting crypto payments, so growing your investment is not a useless goal.
There are several benefits you can enjoy when making Bitcoin transactions, which are what gave rise to Bitcoin-based businesses in the first place. Nowhere is this more apparent than in the world of online gaming sites, where users are generally anxious about making transactions. Coinwire details that cryptocurrency transactions address this concern by providing anonymity and security, thanks to the blockchain technology that it is based on. For those who are worried about making online transactions in general, using Bitcoin or any other cryptocurrency seems sensible. There is also no middleman involved when making payments, thus allowing users to enjoy direct transactions. These same benefits can be felt in a slew of other Bitcoin and blockchain-based transactions, from real estate and gold trading, down to ordering pizza or sending gift cards.
While cryptocurrency casinos can reward users, they do have the similar risks to cryptocurrency trading. Such activities can give you a large amount of Bitcoin in a short amount of time, but only if you're lucky. If you want to stick to the safer side, opt for activities like those mentioned above.
While it may be a while before we reach universal acceptance for Bitcoin, we can still revel in the fact that many merchants are opening up cryptocurrency options, meaning that growing your cryptocurrency 'stash' is good preparation for the future.