How does the idea of generating a passive income, involving a relatively small monetary investment, a few minutes of your time per week, and seeing an income stream coming back to you within a day or two of your first investment? Sounds too good to be true?
Well, it’s actually possible, and doesn’t require taking on huge risks or having access to special skills or knowledge.
Passive income is defined as income resulting from cash flow received on a regular basis, requiring minimal to no effort by the recipient to maintain it or “any money you earn while sitting on a beach sipping …” and over the next few weeks we will suggest ways of earning passive income.
This week the popular “Bitcoin”
Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name.
Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no fees like credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value.
How does this work?
- Purchase bitcoin on an exchange.
- Deposit your newly purchased Bitcoin into a Bitcoin lending service.
- Wait for your Bitcoin to be fully lent out (this step is 100% passive).
- Re-invest your initial investment, plus the fees you’ve earned, into buying more Bitcoin…
- Return to step 1 – lend your initial amount, plus fees, so your investment grows steadily.
As you can see, the process is very simple, and doesn’t take much time: buy Bitcoin, deposit it in a lending service, wait for your funds to be lent out, then take your initial investment plus fees, and use that to buy more Bitcoin, lend it out….and so on! Your Bitcoin isn’t released until someone actually sends payment via PayPal, so your funds are fully protected during this process.
By the way, the terms “borrowing” and “lending” Bitcoin are somewhat misleading, is more accurate to say that you are buying Bitcoin at the market rate, and selling it with markup.
Next week we will show you actual figures from a Bitcoin investor.
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“A wealthy person is simply someone who has learned how to make money when they’re not working.” – Robert Kiyosaki