Side hustles can earn you riches or even support your current income so that you can make passive income online, live a better life and reach your financial goals faster. The number of cryptocurrency millionaires has increased over the years. The extent to which Bitcoin’s price has increased in the last few years is phenomenal.
Just consider the largest cryptocurrency’s price in 2014 and compare it with their price now. It was just around US$200 at the beginning of 2014, which increased to US$1,000 at the beginning of 2017. And now, as I write this article (on December 30, 2020), the Bitcoin price has increased to its new all-time high at around US$28,500. While it increased by around 400% during 2014-2017, it increased by around 2,800% in the last 3-years (from 2017 to 2020).
The figures are simply incredible. The ones who understood this simple math got rich and now are some of the most celebrated millionaires.
To earn your passive income from cryptocurrencies, you don’t have to give full time. You can continue your primary source of income, be it your job or business. But keep a close watch on the crypto market. Check the fundamentals, followed by the technical analysis to make your move at the right time and make the most out of the market conditions.
“Hodl” (a popular term among crypto enthusiasts) is the misspelling of “hold”. It refers to the buy-and-hold strategies that are used for trading bitcoin and other cryptocurrencies. If you buy Bitcoin or other cryptos now, you don’t have to square off the position (that is, sell) within the same day. You can hold your bought Bitcoin for a day, week, month, year, or more and see your return on investment (ROI) grow exponentially. If you bought 1 Bitcoin (BTC) back in January 2017, you would have invested just US$1,000. In case you held that Bitcoin for the last three years, its value would have been US$28,000 now. Isn’t it amazing? That’s the power of ‘holding’.
I’ve also entered the crypto market in early 2017. At that time, the price of each Bitcoin was US$1,000. As I’m a risk averse person, I have invested US$100 every week since early 2017 till now. I’ve till now invested US$15,700 but the current value of the accumulated Bitcoins is US$40,867. This means I’ve made an absolute profit of more than US$25,000 with an ROI of 160% in the last 3-years.
I haven’t given a lot of time to investing. It took me a few minutes to make the investment. However, what I did was a regular investment of a certain amount every week on a certain date and time. The safer dollar-cost averaging (DCA) method of investing has given me a 160% return in these 3-years, which is unheard of in the case of other financial assets and that’s too for a risk-averse person like me.
Once you are ready to invest in Bitcoin, you can do so in a legit way by investing through a cryptocurrency exchange. You have to open an account with such an exchange, verify details (including basic personal information), and then fund your crypto trading account. You can fund your crypto exchange account by connecting your bank account (savings account or checking account), transferring money online through bank transfer, credit cards, debit cards, and other payment options.
Other than Bitcoin, there are other digital currencies too that you can buy and they are Ethereum ETH, Cardano ADA, Chainlink LINK, Polkadot DOT, Bitcoin Gold, stablecoins, Central Bank Digital Currencies (CBDCs), ERC20 tokens, and many more. Once you buy cryptocurrencies, you can either put them there on the exchange’s cryptocurrency wallet and keep on buying and selling them through regular trading. Crypto trading can help you increase earned income as well as residual income.
If you are bullish on the future prospects of Bitcoins and other digital assets, you can transfer them to hot wallets or cold wallets (including most secure hardware wallets) and put future hold for cryptocurrency. This will help you get a higher return in the long run, much more than investing in stocks, mutual funds, index funds, real estates, yield savings accounts, real estate investment trusts, and others. In fact, many retirement funds or IRA accounts such as Roth IRA are allowing investors to incorporate Bitcoin and other digital assets of investment in the portfolio so that the prospects of these funds increase due to the higher returns of BTC and other cryptos. Therefore, it can be concluded that holding Bitcoin and other cryptos can help you to build real wealth and multiply your net worth.
If you want better guidance on improving your personal finance, retirement planning, management of cash flows or capital gains, and investment ideas, you can get help from financial advisors and wealth managers, especially the ones who deal with Bitcoin and other cryptocurrencies. While day trading, you should always try to invest only that much which you can afford to lose. Financial protection must be there in your mind always. While investing in cryptos, try to invest through Bitcoin exchanges and reliable online brokers.
If you want to be a daily trader, you have to give a lot of time to it and skim small profits from every move of the Bitcoin price. When you are day trading, always invest as per the technicals, especially the supports, resistances, MACDs, Fibonacci patterns, et al. As the Bitcoin price is highly volatile, you will get lots of opportunities to make multiple trades of small profits. By day end, you can earn a significant amount of profit.
Besides these, there are many other income ideas too that can help you in building wealth easily. You should try to increase your streams of income and also invest money carefully. Other passive money making ideas include:
These are only some of the passive income ideas that can generate passive income streams and build longterm wealth. Earn extra cash by using any or some of these passive income ideas. In fact, in the long run, each of these income streams will become independent active income channels.
Crypto Trading Bots (or crypto bots) are instruments used by traders to remove fears and emotions from their trading. This crypto robot will enable you to run techniques normally available in hedge funds. A trading bot essentially is software that automatically analyzes market data and makes trading operations based on indicators built with these data.
Smart crypto investors always remain prepared to get the best of a big market move. They don’t wake up suddenly. To remain alert round the clock, they use cryptocurrency trading bots so that they don’t miss any big market movement.
However, cryptocurrency robots are not a “sell it and forget it” type of trading instrument. Usually, it has been seen that investors tend to put crypto bots on autopilot and forget. They get passive. However, to get the best return, always remain on top of affairs. You must tweak bots as per the market condition, which usually changes multiple times in a day.
All crypto bots are not reliable. So, you must be prudent while choosing the right crypto trading platform. Always do proper research while choosing a crypto bot. It is advised to work only with reputed crypto bot providers and exchanges such as NapBots.
NapBots.com is a cloud-based platform, on which you can connect to major exchanges such as Binance, Bitmex, Bitfinex, OKEX, Kraken, Bitstamp, and Bitpanda. The best thing about the Napbots trading software is that you don’t have to monitor charts and candles to predict your next move. Any novice trader with zero skills can also start trading like a pro and earn money with this unique trading tool.
Though NapBots has a proven record of providing great returns to investors, it doesn’t guarantee profit all the time. It can provide you astonishing returns with hourly strategies. As the crypto market is very volatile, you should expect to see losses from time to time too. If you’re not ready for that, you shouldn’t get into crypto trading in the first place.
If you are a novice in the cryptocurrency market, you can put your cryptocurrency trading on autopilot, get excellent ROI, and keep earning your passive income round the clock, even when you are sleeping. However, always keep in mind that NapBots is not a get-rich-quick scheme. Please check the reviews on NapBots.
With NapBots, you can enjoy financial independence by trading cryptocurrencies on autopilot mode and earn money automatically. To make it work on your behalf, you have to do the following:
Step #1: Connect to one of the available trust exchanges.
Step #2: Select from the unique list of performing Bots of NapBots
Step #3: Choose a plan that suits your investment style
Once you have completed these three steps, NapBots is ready to trade cryptos and earn money for you.
If you still need assistance, you can refer to the following guides: