Five ways to make money online
Unless you are lucky enough to suddenly win the lottery, or find a way to live a simple life off the grid, we all need some sort of steady income in order to survive. It used to be that if you wanted to make money, you would have to go out to a traditional job, selling products or services to a set of customers. With the advent of the internet and easy access to technology, however, it is now easier than ever to make money from the comfort of your own home.
If you want to wave goodbye to your commute for good, or just want to bring in some extra money on the side, the following are five ways in which you can start making money online today.
Bitcoin is a decentralised digital currency, sometimes referred to as crypto-currency. Introduced in 2009, bitcoin flew below the radar for a number of years, slowly growing in popularity until it leapt into the public eye in 2013, when it jumped from $10 to $1,200 over the space of a year.
There are three main processes you can follow if you want to acquire bitcoins: mining, buying on an exchange, and digital transfers.
Mining was where the story of bitcoin began. While this is still an option for acquiring bitcoins, it is a resource-intensive process, meaning that a high specification computer is required to solve coplex algorithms, to help ensure a steady flow of the crypto-currency. Buying and selling through an online exchange, or making transfers using mobile apps or computers are now much more common ways to make money through bitcoin.
Binary options trading
Binary options are a relatively new type of investment, which have been increasing in popularity in recent years. Unlike traditional trading options, where you will purchase a particular asset, in binary options trading you speculate on the direction you anticipate an asset to move in.
Binary options have increased in popularity partly due to the simplicity of the process, especially when compared to other trading options. As the name implies, binary options work on an “all or nothing” basis.
When trading, you will establish the direction you think your binary option will move in over a set period of time, which can be anything from 5 or 10 minutes, up to a number of weeks. At the end of this specified time period, if your option settles in the money, you receive a pre-specified pay-out. If your option settles out of the money, you receive nothing. There are a range of companies today, such as anyoption, who specialise in binary trading options, helping you make money through this popular process.
Trading in currency
Investors around the world trade in a wide range of different currencies, by speculating that the value of a certain currency will increase relative to a different currency. The majority of currency trading takes place on the Forex, or Foreign Exchange Market, which is accessible 24/7.
If you are an individual investor, it is usually recommended to use a brokerage service to place your foreign currency transactions. You should also be studying exchange rates, watching how your chosen currency fluctuates and trying to anticipate any major changes in value.
If you have your own website or blog, affiliate marketing is an easy way to start making money with minimal effort. The way affiliate marketing works is pretty simple – when you visit a certain website and see a banner advert on the page offering you a special offer or discount on a certain product or service from a different company, this is affiliate marketing.
The easiest way to start implementing affiliate marketing on your website or blog is through joining an affiliate marketing network – this organisation will help pair your site with relevant brands to promote, as well as provide ongoing support.
Start selling on eBay
eBay is one of the most popular ways of making money online today. Setting up an account is incredibly simple, and the amount of selling you do is completely up to you. Many people will set up an account solely to get rid of excess belongings they no longer have a need for, whereas others will set up entire stores online, bringing in high volumes of recurring revenue.