How To Make Money From Bitcoin in 2018
Side note: I was beaten to the press with this article idea. Check out Rob’s article The Future Of Copywriting for a similar take.
EDIT: Since I’ve been writing this, my agents in the field (i.e. people on Twitter) have informed me that Bitcoin has lost 1/3 of its price. The crazy thing is… if you read this article, then you’ll still be in a profitable position, no matter what happens to Bitcoin.
Once In A Lifetime = Once Every Six Months
In 2017, everyone went mad for dropshipping. During 2016, everyone went mad for – among other things – personal brand blogging and Teespring designs.
In 2018, there’s going to be a mad rush of cryptocurrency products. I know it, because you can already see the beginnings of it in your inbox.
I have clients in the offshore/global wealth protection niche. Guess what they’re sending out feelers for?
Also, a lot of the make money guys online are talking about cryptocurrency.
Travel sites, tech sites, hell, even a couple of health and fitness gurus have started talking about cryptocurrency.
Cryptocurrency might be the next big thing. It’s going to make millionaires and more. It might change the world.
Here’s the thing though: Ecommerce did that. Blogs have done that. YouTube has done that.
There’ve been millionaires and in the very rare case, billionaires made from the transition from old media to new media and from traditional retail to new retail.
Bitcoin and cryptocurrencies are the once-in-a-lifetime investment opportunity that comes around every six months or so if you hop on the train at the right time.
So in no way am I saying crypto is all a scam or that it’s not possible to make money. That’s not true.
Here’s what I’m saying.
Don’t Get Burned
Firstly, if you’re not into technology and the idea of crypto-whatever seems alien to you… don’t think you have to jump on the bandwagon.
There are going to be a bunch of guys (and possibly some girls) who think, “THIS IS THE ONCE IN A LIFETIME EVENT” and blow all their money when Bitcoin hits a high and gets wiped out.
Just this week I’ve seen a couple of stories in the news:
- Some guy selling fake Bitcoins
- A guy who has moved his whole family into a caravan so he can invest his entire networth into Bitcoins
Now… getting scammed because you don’t know what you’re doing or selling everything and putting it all on Bitcoin are stupid ideas.
If you don’t know what you’re doing, you aren’t investing: You’re gambling. Gambling is ok if you recognise it as such, but not if you think it’s investing. You’ll get burned.
Plenty of people are going to get burned. You don’t have to be one of them.
Bitcoin and associated cryptocurrencies are an opportunity. If you think either of the two things below, then you’re wrong:
- That this’ll be the last opportunity to make money with cryptocurrency (assuming a once in a lifetime switch to this new form of currency)
- That this’ll be the last opportunity ever to make any money
Can you make a ton of money with crypto? Yes. Can you lose a lot of money? Yes.
Should you, if you know nothing about crypto, devote all of your time to learning it and then try and dip your feet in because it’s the most profitable use of your time? Probably not.
Here’s why.
Seasons Change, The Fundamentals Stay The Same
On this blog, I talk about the business of business.
Ultimately, if you can build a skill and use it to provide a profitable service, then you can make money.
This is true in any era, with any currency, with few caveats.
There’ll be opportunities in the future. You might miss one or another, but that doesn’t matter because your skills go up, you become more profitable over time and you build assets that’ll continue increasing your own value.
Take copywriting.
I’m undoubtedly going to write about cryptocurrency. This will be profitable for me. Whether I actually buy cryptocurrency or not is completely irrelevant to this.
Why?
Because I know that if I write about Crypto as the next big thing and use all the right triggers, people are going to buy either crypto or guides on investing in it. The skill of copywriting is profitable. If Bitcoin sores to a million dollar valuation, then copywriting will be big business. Should Bitcoin crash, then copywriting will be valuable.
When you learn sales, copywriting, business consulting, web development or any of the million other skills, then the next big thing becomes an opportunity to test the skill out in a new way.
If you forgo learning skills and building your own value, then you’re constantly reliant on riding the “next big thing” wave until the next thing comes along.
This makes you vulnerable and it also makes you guru bait.
Don’t be vulnerable. Before you invest in an altcoin, invest in yourself.