Can you make Money Selling Money?
Today, you’re apt to hear a great deal about all types of business opportunities on the Internet. While some seem highly legitimate, others border on the ridicules. Yet there are some that are highly intriguing – in particular one where you can make money by selling money.
Over the past few years, Bitcoins have made their way into the world of alternative currency. This digital – or virtual – money that uses a type of peer-to-peer technology for facilitating instant payments carries out transactions via a network with no central authority.
The currency, which actually uses cryptography for security purposes, is extremely difficult to counterfeit. The currency is also capped in order to help in ensuring that it isn’t devalued by an unlimited supply.
Because of this, the early stage frenzy about this digital currency has sent its value rising – and a growing number of both individuals and businesses have been able to make a lot of money from it in a number of different and creative ways.
For example, some companies like Bitpay and Coinbase, are charging fees for converting Bitcoins into fiat for the merchants and traders who are starting to accept Bitcoin currency online. Some are providing ATM’s which convert fiat currency to Bitcoin.
Still others are doing it by selling money minting machines – contraptions that actually produce digital money. Because Bitcoins are created by people connecting machines to a network and then running the Bitcoin protocol, some companies and individuals have begun to design Bitcoin specific chips that are capable of producing that mining. This essentially improves the odds of those who have the machines technically winning the Bitcoin “lottery.”
Yet, while making money by selling money may sound like the business opportunity of the future, it isn’t without its drawbacks. First off, the machines aren’t cheap. With units costing roughly $7,000 apiece, money machine owners will need to shell out quite a few Bitcoins in order to even make a purchase.
In addition, there have allegedly been some issues with computer chips connected to the Bitcoin making machines, rendering some serious problems – and in turn, monetary losses – to the new owners.
A More Lucrative Way to Earn
Short of purchasing a money minting machine, there are actually much easier – and less labor intensive – ways to make money in the world of Bitcoins. In fact, by learning just a few simple Bitcoin trading strategies, there’s no need for any type of minting contraption at all.
Bitcoin day trading strategies are easy to learn – especially when given tips from professional market traders who trade exclusively in the Bitcoin market. Once traders are able to use the Bitcoin trading tips that they’ve learned in a real life setting, they’ll be on their way earning consistent profits in this highly predictable market.
Taking the Next Step to the Digital Gold Rush
The truth is that there aren’t any “top secret” Bitcoin strategies to riches – there are just good solid trading techniques. These strategies have been tested and used successfully by professional traders in the field. And, while there are many who may claim to be gurus, the best information will come from those who are actually following a proven system to do so.
Any successful endeavor will require that you have a step-by-step track to follow – and ideally, one that has been tested. Bitcoin trading is no different. In fact, a map that keeps you on track is even more important in this arena, as this type of trading is currently unregulated, and there is presently no regulatory body to protect investors. While there can be both advantages and drawbacks to this, those who learn how to predict this market the right way, will truly be able to profit from it.
Who Should You Listen To?
When learning any type of new skill or craft, who, would you rather take instruction from – a newbie who had some good beginner’s luck, or experienced professionals who have worked successfully in the industry for a number of years, throughout a variety of different environments?
When learning to day trade Bitcoins, there are several essential points that you must have a thorough understanding of. These include the following:
- Which techniques to use, and when to use them.
- What type of charting system is necessary?
- How to identify your entry points.
- When to get in – and when to get out – of your trades.
The Bottom Line on Day Trading with Bitcoins
When day trading with any type of asset, it is important to go into it with both a strategy and a system. This is especially the case with Bitcoins, as this is a relatively new asset that is being traded in an unregulated market based in large part on human emotion. Yet, if you have a good understanding of your indicators and you know the right way to predict potential movements, your profit potential could essentially be unlimited.