If you are investing in Cryptocurrencies and trying to be successful with day trading, then I am sure you are facing the same challenges and headaches that I am.
- Whens the right time to buy? Is this the new low?
- This coins had great news releases, it should spike now, buy buy buy... oh no... its gone down.
- God damn, is it actually worth all this headache, should i just hold?
I'm at a certain point where building several means of passive income is my main focus outside of my current job, with day trading being the first port of call. With that being quiet, here's a list of other areas I've looked at and investigated.
Investing in a Mining Rig - this seemed like a good idea until you realise it takes $3k to purchase the rig and then constant supply of electricity, potential maintenance and monitoring of pools, it would take a while to break even on that. Also, its not really passive and requires hands on.
Cloud Mining - much better option than getting your own mining rig id say, purchase computing power from Hashflare (https://hashflare.io/) or Genesis (https://www.genesis-mining.com/) and receive payment on a monthly basis. This gives you the flexibility to pull profits out without huge overheads to then get rid of. Minimal hands on required and easy to use GUI's make the process simple for the majority of people.
ICO investing - researching upcoming ICO's and find ones that actually solve real world issues, with decent buy in prices and potential to give profits once it hits the exchange. $200 on 10-20 decent ICO's, would yield respectable profits within 6-12 months as long as you research properly. This is a hands on approach but once you've invested, just keep a record of sites, wallets, amounts then wait on prices to rise.
Invest in Proof of Stake coins, these are the tokens that reward you for staking your investment which helps with building a stable environment for that project and helps with authorising 'transactions'. This also goes along the lines of creating Masternodes with a large amount of coins, again to assist in the building of the community/environment/offering.
These are the Crypto related ones which are ideal for starting off building a passive income, I am yet to venture into Bonds, Forex, proper Blogging and other ways to build income, no matter how big or small!
What other ways do you look at building Passive income then? Have you tried any of these and had success or failure?