If you’re looking to make some extra cash on the side, cryptocurrency could be the perfect side hustle for you! But, what makes it so lucrative?
Cryptocurrency is a type of online currency that exists in the form of cryptography or codes, and can be used for investment purposes. Unlike paper money, the value of cryptocurrency is based on availability and demand, meaning the value can change very quickly. This means that money can be made very quickly (or lost), making it an excellent way to make some quick cash on the side.
That said, it is vital that you have the right know-how if you want to monetize your cryptocurrency, as well as understand how it works and why it can be such a great investment. So, keep reading to find out!
10 Reasons Why Cryptocurrency Is The Perfect Side Hustle
1. The Value of Cryptocurrency Is Rising
When Bitcoin, the first form of cryptocurrency, came into existence in 2009, very few people knew anything about it. Those that did, however, either thought it was a load of rubbish, or became very, very rich.
When Bitcoin initially came out, it was worth next to nothing and was famously used to buy two pizzas. Nowadays, one Bitcoin is worth nearly $$50,000! Its rising value can be attributed to the fact that more countries are accepting crypto as payment, including business Mogul’s such as Elon Musk.
Musk is now accepting Bitcoin as a means of paying for the new Tesla, and this is only the beginning!
2. Money Can Be Saved Mining
When it comes to the actual mining of cryptocurrency, electricity is the essential component. Depending on where in the world you live, the price can vary.
Certain countries such as Venezuela, Belarus, and Serbia have incredibly affordable electricity, meaning that mining in these places can be highly profitable.
That said, other countries such as Germany and Denmark will set you back quite a bit more, as electricity prices are significantly higher.
The best thing to do is write down a list of expenses so that you can gauge whether or not crypto mining is worth the investment. If you stay in a country with cheap electricity, then don’t waste the opportunity!
3. Pool Mining Is An Excellent Avenue For Beginner
If you are wanting to mine and trade crypto as a side hustle then pool mining is one of your best options.!
Pool mining involves joining a group of crypto-miners joining together to achieve the same goal.
While you obviously won’t make as much as you would mining alone, this option is much more doable as a side option and can still earn you a decent side profit.
As a beginner miner, it’s also a much smarter move to join a group of experienced miners rather than starting on your own.
When it comes to money and credit, your entire history is analyzed and recorded and used against you (depending on your habits, of course)!
With cryptocurrency, however, each transaction that you make is between two people and this is on your terms and much more confidential.
This also helps to protect you against identity theft and other types of financial fraud, which is a bonus.
5. Easy Transactions
Whenever you are dealing with money, legal reps or brokers there will always be added costs that can accumulate very quickly.
Unfortunately, broker commission fees, transaction fees, and tons of paperwork are par for the course when dealing with cold, hard cash.
When it comes to cryptocurrency, however, you don’t have to worry about any of these problems. Transactions happen between two individuals on their terms, and this makes things much less complicated and expensive.
Another benefit of these simple transactions is that audit trails are much easier to keep track of as there is no middle man.
Essentially, it’s a simple transaction that takes place between two trusted parties through a secured network, which makes things incredibly convenient.
6. 24-Hour Trading
Since cryptocurrency does not have any control from the government, you can trade at any time of the day, 7 days a week!
The only time where you may not be able to trade is during market updates, but this doesn’t happen regularly.
7. Crypto Lending
Another great aspect about cryptocurrency is that you can engage in what is known as crypto lending.
This involves a borrower and a lender with an agreement that the borrower will pay back the lender with interest.
The crypto is used as either collateral or the value point, and in return, the lender receives interest off their loan in the form of crypto assets.
So, if you have the assets to lend, then this can be a really smart way to make some extra coin.
8. Provides Opportunity
When it comes to money, the banks watch your credit score like hawks as a means to determine whether you are eligible for a loan or any kind of assistance.
Since we’re all human and make mistakes, it’s not uncommon for people to damage their credit score when young and inexperienced.
As a result, they find themselves unable to progress in life due to this. With cryptocurrency, however, nobody is discriminated against.
This means that cryptocurrency is the perfect opportunity for those who would otherwise be shunned by the big banks, and this can be the difference between someone succeeding or living a life of poverty.
This change in technology and finance can also help to redistribute wealth around the globe, and can help to eradicate poverty. Exciting times!
9. You Can Generate Funds Through Altcoin Crowdfunding
Crowdfunding is yet another ingenious method of accumulating extra funds for blockchain-related side hustles.
This is done through an ICO, which stands for initial coin offerings. How it works is, coins are sold through an ICO in order to generate funds for a project such as a new app.
Essentially, you’re generating funds before before the sale of the actual product, and Bitshare is an excellent example of where this went right.
They pre-sold their coins in an open market to investors, with all parties hoping that this particular venture becomes popular and successful.
If this is the case, then investors and all parties can stand to enjoy an increase in the value of the coin. What a win!
By simply spending some extra time learning about blockchain technology, side hustlers can really use this as an easy and effective way to earn some extra coins.
10. Convenient Asset Transfers
Lastly, but not least, cryptocurrency allows for quick and convenient asset transfers from one party to the other.
The seller and buyer can safely transfer the item being sold in exchange for Bitcoins.
So, if you have cryptocurrency in your account and you are the owner of the account, you can drastically reduce the amount of time and money spent when transferring assets with cryptocurrency.
As you can see, cryptocurrency truly is becoming one of the most convenient, profitable, and exciting ways to trade and accumulate wealth.
With the right know-how, you can begin to mine, trade, and invest in cryptocurrency all while working your set 9-5 job.
Who knows, you may earn enough to quit your regular job one day! After all, that’s the idea.