Seems there is a huge talk about Bitcoins and all of the other alt coins. I recently got into crypto currency about 5 months months ago. I got all excited and very interested. Since I did trade before, not heavily but some experience. I thought this would be fun to do and see how affiliates can make money.
Cryptocurrency was the talk at Affiliate World Europe, there was even a separate meetup for it. It was ver interesting to see such a huge community around a 'digital coin' - but it was making affiliates money!
So this post is about if you want to do or add a volatile industry to your already volatile affiliate business, especially with all the news and the blood bath that has been happening lately.
Yesterday screenshot at roughly around 9pm, Manila time.
It has been crashing due to news from China. If China affects global markets like this, they definitely have power of the world. Any case this shows that Crypto is just as volatile as affiliate marketing. Everything has a breaking point when greedy people decides to abuse the potential of making money.
It happens time and time again in our industry. So the question is should you add another business or system to your already volatile business? Me personally I am involved in some coins. I have recently consolidated a bunch of my coins to more of the bigger coins.
One of my buddies posted online:
There are also several other entrepreneurs and affiliates that I know that stay focus on what they are good at. I preach about being 100% at 1 thing than 10% at 10 things. So it does make sense but taking advantage of such opportunity is a no brainer when it comes to Bitcoin, I feel the future is digital currency.
Just like the affiliate industry, greed gets bigger people in such as government to regulate the industry faster. It has happened in our online marketing space for years. I always notice a 'cleanse of the industry' every 2.5 - 3 years. Something is changing or a shift in our online world.
For example, affiliates are now moving to physical products on Shopify. eComm has always been on the internet but now getting more traction because it can 'feel' to be a legit business.
People evolve and thats what is happening, I myself am getting back into software development. A long term play. Affiliate marketing is still solid business, you just have to cater to the right business model that can last years to come.
BUT, where do you put the time into Bitcoin if you already have a business? Just in the top 5 coins, and let it sit like holding stocks. Believe me you do not want to get into Coins when you have another business because it is a full time job!
There is a lot of research you have to do to find the right coins to invest in. You have to keep up with trends, news, gossips, - all this to see if your coin will go up or go down.
It is addicting.
My recommendation is take advantage of Bitcoin but do not day trade, just HOLD for the long run. It will become a very viable solution later on. If you are in the tech space and hate having your money with the big banks, then this currency is for you.
I wouldn't put too much time into the coins, educate yourself yes. Don't get suck in and forget about your other businesses.