5 Ways to Use Technology to Make Money

Technology, with all the wonders it brought us, can also assist any individual looking to exchange their hard work for cash. Its prodigious child, the Internet, brought many income-generating options to us, with the biggest challenge being to find the option that suits you the most. Whether you’re looking for a side business, a new career path, or for a way to earn passive income, here are a couple of options available by the generous hand called technology.

Bitcoin mining

Bitcoin mining represents the process of earning bitcoin in exchange for running the verifications to validate bitcoin transactions. These transactions provide cyber-security for the bitcoin network which in turn compensates miners by giving them bitcoins. The more miners that mine, the more secure the network. Miners are able to profit if the price of bitcoins exceeds the cost to time. 

Prior to the advent of the new bitcoin mining software in 2013, mining was typically done on personal computers. But the introduction of the ASIC bitcoin mining rig rendered the use of personal computing to mine bitcoins inefficient and obsolete. There are several factors that determine whether bitcoin mining would be a profitable venture for you. These include:

• The cost of the electricity to power the rig.
• Initial investment.
• Block difficulty.
• Block rewards and transaction fees.

Selling online

Selling online acts as a great equalizer. The Internet has provided even people with meager budgets with a chance to develop products, services, or goods online. You don’t even need to have a physical storefront in order to reach a worldwide audience.

How? By selling third-party products through websites like Amazon or by creating your own e-commerce website. If you wish to have an e-commerce shop, you can use e-commerce website hosting platforms such as Magento or Shopify. Other steps include investing a bit into SEO efforts, getting all the paperwork needed for a legitimate business, selecting a theme that matches your e-commerce vision, having a payment gateway, etc.

Offer tech support service

If there is one thing technology can guarantee, it is that some of us are going to struggle with it. Or, more precisely, with its use. No matter what technology we are talking about, there will always be someone that needs help in using it. With this in mind, there is a profitable opportunity for those who’re tech-savvy. You can use your technical expertise to help out those in need. 

Startup a tech support business, or become a freelancer offering such service to people. They’ll arrive with a problem, and you’ll solve it for a fee. If you’re great with technology, then there is a lot of potentials to earn money as people struggle with technology. Particularly with older people that struggle even more.

Go into affiliate marketing

Affiliate websites serve as a recommendation for various products online. If an individual purchases a product by clicking on the link from an affiliate website you own, you get paid. To get started, you’ll need to:

• Select a product you’re familiar with and a topic you enjoy. Otherwise, you’ll quickly get bored and readers will ignore your blog posts.
• Write reviews that recommend products or review them. If you aren’t a natural writer, you can hire one on the Internet.
• Start a new affiliate website or add links into your current one. When you mention the product, you include the link.

Content writing

Content writing is an excellent job to snag if you’re straight out of school and you’re up against a strong competition. Moreover, you’re producing content for an on-trend industry (the net) and most likely you can create your own hours—whether it’s evening hours or weekend hours. Beginner freelancers may want to cut their teeth on content mills, just to get a taste of writing for the web, and in order to beef up their writing portfolio.

Although it is no secret that in order to become a successful writer you need to be a talented wordsmith, no natural talent is needed. You just have to write, and then write some more. It is also recommended that you pick a niche – or multiple niches. This can be difficult particularly early on since you want to accept literally any job that arrives at your doorstep. We encourage you to move beyond this phase as soon as possible and find a niche you enjoy writing about.

Five ideas presented here are just the tip of the iceberg. Be sure to check out other available options and use technology to monetize your skill set or as a channel for passive income. The choice is yours.