Crypto-Trading is something that has taken the world of digital earning by storm, not only teenagers eager for money, but senior citizens wanting to save extra cash for retirement are setting aside savings and extra money to trade crypto currencies. Often, we get to hear stories of people hitting jackpots in the crypto markets after a currency experiences a sudden increase in its price. This motivates all the teens eager to get rich quick, to start trading in the crypto markets. However, this doesn’t mean that freelancing is without benefits, there is no shortage of stories of people who made huge fortunes in the world of freelancing just by sitting in front of the computer at home.
The most important things that both these money-making sources require are an internet connection and a device. Cryptocurrency trading can be practiced on many online applications. The most famous are, Coinbase, Binance and Bisq. Aspiring traders have to open an account on any of these platforms depending on their preference. After that, they are required to make a deposit into their wallets, buy a currency and sell it whenever it makes a profit and the turnover is added into the wallet. The trader monitors the market several times a day to deduce when he can make a profit. Sometimes if the trader cannot spare time to monitor the market, he can apply another option that trading platforms offer to make his life easier, a ‘Stop Limit Order’. This allows traders to set the price they are willing to buy or sell a currency, when the market price reaches that price level, the system will automatically execute the commands of the stop limit order. On every trade, the platform charges a specific trading fee which may vary from platform to platform.
Freelancing, like cryptocurrency trading has its own platforms, the most renowned are, Fiverr and Upwork. Entry is unrestricted on Fiverr while the latter assesses a freelancer on the basis of a detailed application, appraising the aspiring freelancer’s qualification, ability and experience. Order on Fiverr are secured through bidding on a buyer request, at the end of which the seller decides who to hand over the job. Fiverr also deducts a small percentage of the freelancer’s earnings as their fee.
Both freelancing and crypto currency trading are shining options for youngsters and the elderly looking to start a side hustle. What freelancing and crypto-trading have in common is, both just require a Wi-Fi connection and a device to start. And the good thing is, you can reap all the sweet benefits of these ventures by working at home or from anywhere in the world! Freelancing, however, has a few drawbacks, it requires learning a money-making skill, which can take a lot of time to master. But that can be considered the easy part. The hardest part is, securing a order. Saturation in the freelancing markets has reached another level. And most of the times, the veterans who have deep insight of the system are often the ones who clinch orders from novice freelancers. After failing to secure work for some time, new freelancers often lose heart, delete their accounts and leave the market, leaving it once again, effectively in the hands of the veterans. Crypto-trading in contrast, requires learning no skill, and can be started instantly after the initial investment is made. Impressive profits can be made provided that the trader chips in his money into the right coins. However, fraud is also high in the crypto markets. A great example is of the famous Onecoin, which a few years back attracted many investors but when the time came to cash it in, the coin, along with its founders, disappeared along with billions of dollars in investor money. Also, most investors after seeing their investment drop, panic and sell at a loss rather than wait for it to rise. Also, the market requires regular checking and keeping up to date with the news.
In the end, an individual should look at his own personality, skills and spare time available to decide what he wants to get into.
Written By: Asad Ismail
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