28 Nov 2014

Making Money As A Net Currency Exchanger


We have come a long way now since starting this series on 40 different ways of making money online.

We have seen the fraudulent means, making money in the betting industry and utilizing the numerous opportunities online to making more money.

Today, I will move on to the 4th part of the series "Making money as an online trader". This money-making series is only a template for more to come on either this blog, or in my final project credicoinsnetwork.com. Please join me.




Following the table of contents, I continue with

1. Net Currency Exchange
   
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 There are so many international digital or online currencies payment companies including Paypal, Webmoney, Egopay, Bitcoin, Neteller, C-Gold, and so on. And some people make money exchanging one form of e-currency to another.

And there are a lot of companies that offer exchange services. Popular Nigerian online currency exchangers include Netpay, Etradexchange.net, Naira4dollar, and many others.


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See a typical net currency price list in the Netpay's screenshot above.

In the past, you must have heard of E-Gold and Liberty Reserve. But those two companies/websites were seized due to money laundering by the United States Government. They were used/influenced by corrupt drug cartels and traffickers to perpetuate their heinous activities. And this led to their collapse together with many other businesses and sites.

The risk for transacting an online currency exchange service is high but so also is the reward. They are typical online Bureau-de-Changes (BDCs).

Wikipedia defines a Digital Currency Exchanger or a Bitcoin exchange service as any service that allows customers to trade digital currencies for other assets, such as conventional fiat money or different digital currencies. Bitcoin is a software based online payment system and its production is controlled globally by an open-source software. While anyone can mine it, the process required is so tedious and technical that just anyone can't mine it.

I read an enlightening interview on The Simple Dollar on Bitcoin. It helped shed more light on the cryptocurrency. You can read it too to get a better view on it.

Presently 1 Bitcoin is worth about $370, and has been as expensive as $1000. So there is so much potential for making money in this industry. Today, most investment-savvy individuals have bought Bitcoins as a form of long term investment.

However, I will not advise you to buy or invest in what you don't fully understand, or can't exercise significant control over. Most of those same people were the ones who bought Gold in the bull market that only just ended. People will naturally run into anything that has the potential to make them so much money in the short term- the get-rich-quick syndrome.

People typically wonder, "What do you use digital currencies for?" You can use it for virtually anything you can use your normal currency for...online.

Digital currency is used simply as a means of exchange. If you don't know, you can also create a currency yourself (as long as you don't flout the Nation's general laws). Check this interesting article on starting a community currency i found while researching.

Just as each nation has it's own currency, a website can decide to start it's own currency and set it's exchange rate. My Billion Dollar idea is more along this line. But for now, consider making money in this industry by contacting any of those already making money in it presently.

7 comments:

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