Partner Content: Paxful

There’s a common misconception that Bitcoin (BTC) is just a new kind of money – something used merely to buy and sell goods online. Although that may have been the case years ago and more merchants are beginning to accept it as payment, we’re at the point in Bitcoin’s timeline where it’s so much more than that. It’s got shiny new real-use cases under its belt. It helps a ton of people worldwide by allowing them to participate in online transactions.

One of those real-use cases is the opportunity to be your own boss. How? By building a business out of Bitcoin trading. It sounds like an intimidating task, but it’s simpler than you think.

Let’s break it down.

Starting small

If you’re looking to start a business as an alternative means of income, you don’t have to go all-in right away; you can start small.

Here are a couple of ways to get your feet wet:

Peer-to-peer (P2P) Bitcoin marketplaces

Suppose you don’t know what a P2P marketplace is. In that case, it’s essentially a newer breed of Bitcoin exchanges offering more payment flexibility and (potentially) lower fees.

To give you a clearer picture, let’s use Paxful, one of the leading P2P Bitcoin marketplaces on the planet.

On Paxful, there are zero buyers fees. Alongside the 300+ ways to buy Bitcoin, you’ve got cost-efficiency personified here. Get your hands on some BTC at the lowest rates. Once you’ve got your BTC, you can then sell it for a profit. Sellers can set a profit percentage, allowing them to earn off of trades.

Essentially, you’re selling your BTC for a higher price compared to when you bought it. You must always keep your eyes peeled for the best offers out there. Once you do, boom. Profit. Yup, it’s as simple as that. Keep at it and you could possibly earn a significant amount of money.

Affiliate programs

If you’ve got friends interested in getting into the trading game, then affiliate programs are for you. Each platform will have a different set of perks and benefits, so let’s use Paxful again as an example.

Paxful’s Affiliate Program has two tiers of affiliates:

• Tier 1: These are the users that sign up on Paxful using your link. Whenever they buy BTC, you get 50% of the escrow fee.

• Tier 2: These are the users that sign up on Paxful using your tier 1 affiliate’s link. Whenever they buy BTC, you get 10% of the escrow fee.

If you were to use Paxful’s affiliate program, you could possibly build a whole network, allowing you to earn from each of their trades. Sounds like an excellent way to fill up your Bitcoin wallet!

Peer programs

Peer programs are similar to affiliate programs, but they’re a level higher. These programs allow you to work directly with the platform, allowing you to earn even more.

Each stage of each peer program will have different levels, with higher levels giving you more perks and benefits. Look out for the best peer programs out there to make the most out of it.

To feed your inspiration, take a look at these three female peers conquering the world of Bitcoin trading.

Scaling it up

If the previously mentioned methods don’t cut it, you can scale up your operation with institutional trading. As opposed to being a retail trader (an individual trader that buys and sells BTC for their personal account), institutional traders buy and sell BTC for a group or institution. Essentially, a group or institution will pool together funds and invest in an asset like BTC.

You could help manage these investments or be an investor yourself!

Be your own boss

In any case, you must do your homework because good research is the best way to minimise the risks. Each investor will have their own trading style, and you must find that out first before anything else. Try each of them and see which one fits you the most. If all fit you, then no one is stopping you from using all.

We wish you nothing but the best of luck out there!

This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.