In a previous article, you discovered a few tips to take better care of your money. Indeed, at a time where the financial aspect of life is more important than ever, it’s crucial to understand not only how to stay out of debts but also how to generate additional streams of income safely. Additionally, at the heart of money management, the way we get to handle transactions has changed significantly. When was the last time you ordered over the phone from a catalog or bought a book from a physical shop? As most money exchanges tend to happen in the online sphere, it is only logical to dedicate an article to understand better the bits and HTTPS that make your money go round.
Quick summary of part 1
The first part of the ‘learning to take care of your money’ article prepared the foundation stone for what there is to come. Skills such as budget management and defining new streams of income are essential to master before you take your dollars into the digital world. At the end of part one, you should have a functional understanding of budgeting by maximizing what comes in and reducing what goes out. It’s now time to consider the ways in which you can use cyber exchanges to grow and control your budget.
Cyber investments to grow your income
If you have heard of Bitcoin but are too worried to join the realm of cryptocurrency investments, you could try a safer option to generate some extra income: Bitcoin mining. Indeed, the method that confirms and processes transactions on the Bitcoin blockchain is referred to as mining. Miners are rewarded with a percentage of the transaction fee for their assistance, making mining a profitable and safe cryptocurrency activity. You can find three main ways of mining, through a Bitcoin mining app, in the cloud with cloud mining companies – more info here –, and by building your mining rig. However, it can consume a lot of time and resources if you’re not prepared.
Where are my cyber spendings going?
Ultimately, the problem with online transactions is that they are far too easy to do, even without a Bitcoin payment process. Indeed, the US have the highest rate of online shoppers, followed by the UK and Sweden. For a lot of people, buying goods online can occur in a matter of seconds – click to buy processes are quick. More often than not, it happens so fast that you can easily buy more than your budget allows without noticing.
Am I safe?
If, like a lot of bank customers, you’re using online banking; you have probably been exposed to risks far higher than a credit card theft. Most banks have warned their customers about phishing methods used by criminals to get your passwords. However, a mistake can happen easily. You could accidentally click on a suspicious email that seems to come from your bank or just answer a call from a fake agent.
Ultimately, managing your money online is about making the most of the digital facilities. However, while you can make money quickly, you could spend or lose just as easily. Caution and careful planning are crucial in cyber management.