Making money online isn’t a new topic. In fact, there are over 160 million websites globally that cater to the digital nomad lifestyle. But what happens when you want to make money online in 2019? How do you stack the odds in your favor?
Since the beginning of this year, the financial markets have endured their own version of chaos, which has largely driven down most traditional safe havens, such as gold and the euro.
This has made cryptocurrencies, especially the popular digital currency known as Bitcoin, more attractive as investment opportunities. The price of a single Bitcoin peaked at nearly $20,000 in early January and has since dropped to less than $7,500, which is a decline of about 65 percent.
“Bitcoin and the like could become the preferred way for people to save and invest during this pandemic,” says Scott Clevenger, chief investment officer at Alpine Access Trust, a family office which manages investments in the cryptocurrency market.
“Sitting at home with an anxious family and a limited entertainment budget, it’s no wonder that more and more people are looking for ways to make money online.”
So what does this have to do with making money online in 2019? Everything, actually.
You see, the very factors that make cryptocurrencies attractive as an investment opportunity also make them ideal for digital nomads wanting to make money online. Digital nomads are individuals traveling the world in search of adventure and opportunities, frequently taking advantage of the digital nomading community on social media platforms such as Instagram to share their travels and gain support and interest from their followers.
To be clear, not everyone in the digital nomad community will be able to make money online. After all, a lot of the popular platforms require a significant investment of time and money to launch and maintain. Those looking to make money online from a side gig or as a replacement for their day-to-day income will need to look for ways to make money online that don’t require as much effort.
The Rise Of Platforms That Don’t Require Money
The rise of the internet and social media platforms has changed the way we do business. More and more companies are realizing the value and importance of having a digital presence, whether that’s a website, blog, or social media platform.
The most popular and largest of these platforms are:
- YouTube
- Spotify
- Hootsuite
- Dropbox
- Github
- Snapchat
Of these, only LinkedIn requires you to have a paid account to use, and even that costs just $5 per month. The rest are free. So, as you can see above, not even a quarter of the platforms require you to have any money to get started.
Since most of these platforms are free, it means anyone can create a profile and begin making use of the features available, whether you’re looking to network with other entrepreneurs, find a job, or just want to keep up with what’s happening in the world.
In addition to the ease of use and no-cost model, other attractive features of these platforms are the ability to target specific groups of people based on niche, gender, age, and language. Plus, you can create multiple accounts from the same email address, if you choose, which I recommend you do. This way, you can keep track of your multiple social media accounts in one place and ensure you’re always representing your brand how you intend.
The Most Popular And Biggest Of These Platforms
Since we’re always looking for ways to make more money, let’s dive into a little bit more detail about these platforms and the types of users/entrepreneurs they attract.
Below, you’ll find a graphic that compares the popularity and size of the biggest platforms in the world.
The image displays data from Statista, which indicates that as of September 2019, Facebook has the largest audience (1.45 billion monthly active users), followed by YouTube (1.38 billion), Instagram (675 million), and Twitter (642 million).
Why Are People Still Using These Platforms Even Though They Are Popular?
While it’s no secret that the odds of making money online are increasingly stacked in your favor, it’s not yet clear whether or not this is enough to attract and retain digital nomads to these platforms. Especially, since a lot of the popular platforms don’t seem to be going anywhere.
According to HubSpot Blogs research, 68% of people who use social media platforms say they’re likely to spend more time on them, while only 24% say they’ll spend less time. And guess what? Those who said they’ll spend more time were significantly more likely to have a Facebook account, with 55% of them saying they’ll spend more time on that platform.
Now, if we compare this to other platforms such as LinkedIn, which has a similar audience size (500 million monthly active users) but a much smaller percentage, 27%, who said they’ll spend more time there, it becomes clear that Facebook is driving this trend.)
It also seems that demographics, such as Gen Z and millennials, are slowly but surely taking over the world of social media. According to HubSpot Blogs research, 71% of Gen Z prefer using social media platforms for research and information, while 80% of millennials feel the same way.
Top Digital Nomads’ Favorite Social Media Platforms
Now that you have a basic understanding of the popularity and size of the biggest social media platforms, you might be wondering which ones digital nomads, especially those looking to make money online, prefer. And for good reason, too, since these are some of the most popular and established platforms out there.
Here, we’ll look at the top five most popular and largest social media platforms, along with the percentages of digital nomads who said they use them.
5. Facebook (1.45 billion monthly active users)
4. YouTube (1.38 billion)
3. Instagram (675 million)
2. Twitter (642 million)
1. Reddit (405 million)
The Biggest And Most Popular Of These Platforms
5. Facebook
4. YouTube
3. Instagram
2. Twitter
1. Reddit
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It’s important to keep in mind that these are just the biggest and most popular social media platforms out there, and not all of them will suit every entrepreneur or digital nomad. For example, YouTube is mainly focused on video content, while Reddit is more about community building and information sharing.
Which One Is The Best For Making Money Online?
Now that you have a sense of what kinds of platforms digital nomads are using to make money online and what their demographics are, you might have a clearer picture of which one is the best for your needs.
It depends on a lot of factors, such as your personal preferences, what you’re looking for in a platform, and of course your financial situation. What is clear is that the variety of options out there, both free and paid, makes it easier for everyone to find a platform that suits their needs.
Why Are People Still Using Traditional Methods To Make Money?
Even though we’ve discussed how digital nomads are discovering the benefits of online entrepreneurship and are quickly adapting to new ways of making money, it doesn’t mean that traditional methods, such as;