Digital Nomads Making A Killing Off Bitcoin
If you follow any travel blogs or forums you probably know there are many digital nomads making a killing off of Bitcoin right now. Some view it as an investment, others view it as the currency of the future.
No matter what you think about it there is no denying that right now it is one of the hottest things going in the financial sector. Graph’s don’t lie, Bitcoin and other crypto currencies are skyrocketing.
We have covered ways for digital nomads to make money online before, but not in a sense like this. All investments come with a risk and a new digital currency is scary to many people making them think the risk is higher.
It very well might be, but with how fast the prices are rising now it is pretty easy to get in, make some money, and get out quickly. Only you know how much risk you are willing to take at the moment.
This post will be loaded up with many links for ways to buy and store Bitcoin. This is obviously not are specialty so will be linking you to other posts that know more about it then us.
How To Safely Buy Bitcoin
Any time a new fad hits it can jump the shark pretty quickly. When it comes to money that can mean many scammers trying to make a quick buck.
That means you need to buy from reliable people which isn’t always easy. If you personally know someone who is a Bitcoin trader then great, but most of us aren’t that lucky.
The easiest and safest way to buy crypto currency right now is to use Local Bitcoin. Make sure that you choose someone with a lot of reviews and a high rating.
The more reviews and the higher the rating the lower your chances of getting scammed are. If you choose a new account then cross your fingers, but don’t choose a new account.
Instead look for someone with 50+ transactions in their past and as close to a 100% customer satisfaction rating as possible. You can easily see both of those numbers right next to the sellers name.
They are all charging a bit of a markup and aren’t going to risk their reputations just to try and steal a little money from you.
How To Store Crypto Currency
You will send your ‘public address’ and send that to the person you are buying from. Then it will show up in your wallet. On Local Bitcoin they only buy and sell Bitcoin, not other crypto currencies.
That means if you want to change to something else like the quickly rising Ethereum, Dash, Lite Coin or any others you will need to shapeshift them. Some wallets allow you to do this right in the wallet, or you can do it on ShapeShift.
Some people choose to keep their money in their wallet, others prefer to use cold storage. Whichever way you choose to go remember to keep safe records of your private addresses and passwords and don’t share them with anyone.
Remember you send your public address when you want to receive, your private address is for your eyes only. If you happen to lose your phone or computer wallets can be restored, often by having a random 12 word password that they give you to keep.
Investment Or Currency Of The Future?
Right now no one really knows where this will be in 5 years. That graph shows the profit margin on Bitcoin over the past year, as you can see it is rising extremely quick.
Ethereum is doing the same, and other coins are on the up tick as well. As more and more countries like China and Japan are integrating the currency into their markets the sky is the limit.
This can be great for digital nomads because banking is one of the harder and costlier things to deal with when traveling the globe. As more and more countries start to widely accept crypto currencies those problems could be alleviated.
This could be similar to the tech bubble of the early 2000’s, or it really could be the currency of the future and the people that got in the earliest will get the lions share of the rewards.