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When you started looking into the internet as a possible means of making money by setting up some online business, doing e-commerce, participating in online forums or writing blogs it is most likely that you came across the term 'domain names' quite often without paying much attention though on their real definition and capabilities.

Here is a revolutionary idea for you. There are people out there who have become millionaires by selling or trading domain names. Yes, just basic website names.

Sadly, it is a little late for you to take advantage of the low costs of the 80s for some major names, imitating that guy who purchased the "pizza" domain name for a couple of cents a few decades ago and sold it lately for some million dollars. This doesn't mean though that there are no amazing options for you out there. But on the other hand, some people still buy and park some amount of domain names and put them back on the market when the demand from customers is high, either overall or for a specific type.

Let's say that you buy the XXXX name with all possible extensions: .com, .net, .org etc. Because it's available you can purchase it for a few dollars. The next day, you might find a company going by the exact same name of XXX trying to create its web site. The domain name that represents the company is sold to you, so what you will do is sell the legal rights for the name to that company for the double, triple or even higher amount of money.

Is it as simple as it appears? Absolutely not, it takes time and research to find the perfect bargain. But it's your choice to do it. Here are a few tips for you:

- There are worldwide auctions for domain names which are sold for huge prices. Just a couple years back a lucky man sold the "vista" web site domain to guess who for 1.5 million dollars.

- Although most of the .com names are already sold, the law of expiration works in your favor. You can find some good ones, get in touch with the owner and buy them before or during the expiration time for incredibly low prices. Then you can sell for double and have your very first big financial triumph. When you buy for 0.5 what costs 1, you can hardly go broke ever.

- Domain world is about to shift soon since the superpowers of the Internet and economy are already thinking of ways to avoid the lack of available domain names offered , trade and also use. This pretty much means that a whole new world is about to open and you have to be knowledgeable and get your share in it.

Don't feel disheartened by the fact that some other people were much quicker and already discovered some niches purchasing as many as they could afford. This game is endless and has room for a lot more.

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