Digital coins have become quite popular in recent years, considering the numerous benefits that users stand to gain. As governments push for a paperless society, the use of virtual money is gaining ground. Bitcoin, which is regarded as the pioneer in the cryptocurrency world is renowned for its incisive security features. All transactions are not only anonymous, but also safe and secure. Additionally, transactions are almost instant, with confirmation not taking a considerable amount of time. In view of all these developments, digital currencies will soon replace traditional notes and coins.
While being in possession of digital coins is one thing, making the most out of them is another. You need to find ways of making your digital coins work you. Why would you have virtual money if it were of no use to you? Here are five practical ways to get more out of your digital coins.
1. Day Trading for a Profit
One of the most efficient ways of getting more out of your digital coins is by day trading for a profit. The fact that you are already dealing in digital coins shows that you have some interest in the financial markets. You should consider trading your coins for a profit. Just like conventional currencies, the price of cryptocurrencies also fluctuates with time. Knowledge of basic speculation strategies is important, if you are to gain from this trade.
Firstly, you need to buy digital coins at a low price and then wait for the price to rise, for you to cash in on the situation. Considering the fact that the price of digital coins depends on speculative news, it is important that you be on the lookout for the latest developments. You can use tools such as Bitcoinity.org to monitor price changes.
2. Invest in Peer-to-Peer Loans
Online borrowing is fast becoming a trend among entrepreneurs and SMEs. This is because it does not involve the use of a third-party financial intermediary. Considering the low transaction fees involved, peer-to-peer lending is the best alternative to borrowing from mainstream lenders. In the cryptocurrency world, investors have an opportunity to lend digital coins to prospective borrowers and earn a substantial profit. Bitbond is one of the peer-to-peer lending platforms you can use to lend digital coins to borrowers. In this platform, you can earn profits of up to 13% of your investment. Do not worry about the possibility of borrowers defaulting. All potential borrowers have to undergo stringent credit checks before they can qualify for any loans.
Digital coin transactions are confirmed through mining. However, mining is rather complicated and not recommended for novices. The fact that it requires highly advanced machines and it involves complex mathematical algorithms makes it less appealing to most people. However, once you get the grip of things, the rewards that you can get from mining are quite immense. For you to enjoy the benefits of mining, it is advisable that you join a mining pool. Joining a mining pool will save you from the expense of buying sophisticated machines required to execute the job. Additionally, miners in a mining pool share resources, including hashing power, making the whole process much easier. The miners then share the rewards accordingly. If you are able to mine consistently, then you can accrue great rewards.
4. Complete Micro-tasks for Digital Coins
Do you know that doing various online tasks can earn you a considerable amount of virtual money? Completing simple micro-tasks such as filling surveys or watching online videos can earn you money. You can then request the provider to pay you in digital coins. Some of the platforms that offer micro-tasks and pay in digital coins include:
Interestingly, most of these platforms are usually mobile apps. They pay for small tasks such as downloading and testing apps, playing mobile games, completing market research surveys, watching videos and completing promotional offers.
5. Selling Products in Exchange for Digital Coins
Ever since the advent of the internet, it has become possible for traders to sell their products online. You can now sell a wide range of items on the internet including cars, clothes, electronics and even homes. Instead of receiving payment in the form of conventional currencies, you can request to be paid in digital coins. However, not all platforms provide this service. Some of the sites that sell goods and services in exchange for digital coins include Bitify and Purse. Bitify is similar to eBay and it uses an auction system to facilitate the sale of items in exchange for digital coins. What is more appealing about this site is that buyers can use the escrow service to ensure that goods are delivered to them, before they can release payment. Purse is platform that offers discounted rates for buyers who use digital coins.
Apart from the aforementioned methods, there are numerous ways of getting more out of your digital coins. You just need to be creative enough to accrue a substantial profit. Remember that the value of digital coins is on the rise and considering the current trends, the value of cryptocurrencies is not about to go down anytime soon.