#2 My Experience with Online Businesses

My experience with online business…

Dear readers of the the MGC blog,

The update of this post (My experience with online business) is long over due …do accept my apologies it was due to back log of work.

Back to the subject matter, we proceed with types of online business.

By Online businesses am refering to businesses that you do via the internet with no tangible or physical products yet you complete a set of activities & earn a reasonable profit.

Types of Online Business.

I consider them currencies create for a community of online user of a particular website, game, or a particular online activities…. However unlike normal currencies they are digital in nature to enhance the ease of exchanging them for goods & services across the world via the internet.

Online experts forsee a future where everything is near paperless & cryptocurrencies replace other currencies ($€¥₹₦).

From the above explanation it’s obvious that there’s are many types of Crypto currencies eg:

Bitcoin, Ethereum, Futrocoins, Litecoin Dogdecoin etc & they are peculiar to the community of their users…

Why are cryptocurrencies valuable?

To answer this question & for simplicity sake we will take bitcoin as the cryptocurrency subject.

Reference: https://www.investopedia.com/ask/answers/100314/why-do-bitcoins-have-value.asp

How do you earn via cryptocurrencies?

In my experience… I was excited to discover cryptocurrencies, I browse through google & I was fascinated by the idea of virtual currencies, ewallets & blockchains… I checked the various white paper on the subject & flet it was a way to proceed in my online entrepreneurship program.

After sieving through some many CryptoMerchant on the internet…

I discovered some important things… Most web addresses are there to make money off the user(It a business) but the good thing is the user can also make money buy completing a set task with a reasonable amount of investment.

With this discovery & after signing up with many Cryptomerchants online… The profits still didn’t hit my the bank account for some reasons such as my location, some cryptocurrencies companies not standing the test of time & but I remained relentless believing that if don’t give up I will strike Gold.

How do you mine cryptocurrencies?

Source: https://www-forbes-com.cdn.ampproject.org/v/s/www.forbes.com/sites/jasonevangelho/2018/03/13/mining-101-what-exactly-is-cryptocurrency-mining/amp/?amp_js_v=a2&amp_gsa=1&usqp=mq331AQCCAE%3D#referrer=https%3A%2F%2Fwww.google.com&amp_tf=From%20%251%24s&ampshare=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fjasonevangelho%2F2018%2F03%2F13%2Fmining-101-what-exactly-is-cryptocurrency-mining%2F

I discovered I can’t afford the facility needed to mine the virtual currencies besides the idea that – if you want to advertise on radio, do then go and  open a radio station the next day;  kept leading me to companies like Genesis, Swiss Gold Global (Utopian Global).

My drive to make virtual currencies a source of livelihood in Nigeria drove me to settings up online meetings & webinar Broadcast for less informed individuals who might be interested in Cryptocurrencies(The Internet Gold) Though I had help from international partners who continued to dedicate their time to inform my audience & I, I was surprised by the lackadaisical attitudes of my audience…

From the attitude of my prospects after our webinars, I decided to itemize what was needed to be successful in the cryptocurrency business with the chosen CryptoMerchant(Swiss Gold Global= Utopian Global) I signed up with.

I concluded that:

You must have internet access – this is like your passport to traveling overseas when you are involved in the cryptocurrencies business…It’s a business done via the internet.

You must have funds to invest in cryptocurrencies – this is like the seed you want to sow in the business

You must be able to create a network of people who you want to invite into the business so you can earn bonus to stay in the business during down season

You must have an exit strategy to cash out profitably

You must have access to information on cryptocurrencies due to the volatile nature of the investment tool… Such as Crypto Compare & 99bitcoins

You must have an alternative opinion – i.e don’t put all your eggs in one basket; buy different cryptocurrencies & from different CryptoMerchant eg Genesis.

You must have access to successful mentor in the cryptocurrencies business that you can learn from his/her mistakes…

You must have a plan of getting all the above mentioned ‘must have’ done.

To be Continued…

P.S: I would like to use this opportunity to say thank you to Online Business Entrepreneurs such as Mohammed Shukeel & Claudia Eifert for continuous updates on Utopian Global via various online meetings & webinars. Both of you have been more than a mentors.


Dear readers of the MGC blog,

Kindly accept my apologies for the long awaited concluding part of My experience with online businesses… The delay was due to back log of work.

Picking up from where I stopped on the subject matter.

When investing cryptocurrency, always invest amount of money you can comfortably part with or give to charity because of the the volatile nature of the investment tool.

At some point early 2018 the value of Bitcoin was on the raise & it took down turn later in the year without giving any warning for months.

Research has shown over the years that this trend has occurred over 7 times cryptocurrency history.

That’s why I advise you invest what you can give to charity per time…

Also remember that cryptomerchants are running a business, read their Terms & Conditions carefully.

In my experience there was a period I didn’t read the terms and conditions of contract properly only to discover later that mining contract will be terminated if Bitcoin continue to fall in value for three months continuously or you pay a maintenance fee for your investment.

My Conclusion is that cryptocurrency should be seen as a medium of exchange rather than an investment tool but if you’re lucky cash in on the raise & cash out before it declines per time.

P.S: Cryptocurrency are Volatile in Nature invest only what you can give to charity.

To be continued…

Mayowa Akingbohungbe.

5 thoughts on “#2 My Experience with Online Businesses

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