So you heard by many news and friends they are making tons of money with bitcoin! You like to know more about what it is and thinking of cashing in bitcoin?
Disclaimer: I am not a financial advisor and this is not financial advise. Invest only what you can afford to loose because in Crypto trading it is extremely volatile and high risk so invest at your own risk This post purpose is for educational purpose and sharing of my personal findings and research and includes affiliate links.
What is Bitcoin?
In January 2009, the first ever Bitcoin block called the ‘Genesis block’ was mined. Days later, block 170 recorded the first ever bitcoin transaction between Hal Finney and Satoshi Nakamoto.
Here’s a short simple video that explains how it works and what it is
(Note I am not recommending weusecoins, just using their video for explanation )
Best Practices In Investing Bitcoins & Altcoins
If you are new to trading and investing, it is always wise to only invest or trade on money you can afford to loose. NEVER borrow money or take a loan to invest in these coins. A good guideline is to invest only the maximum of 20% of what you current have in your bank and not more.
Do not be greedy because as mention Bitcoin prices goes up and down pretty fast in a day you can expect to see drops of 5% to 20% drops in a SINGLE DAY.
Here’s a real example below you can see a drop of -17.89% in price of Bitcoin within a day
So what this means, if you bought let say buy $100 of bitcoin at 7:24am as shown above at priced at SGD$18,056/btc .. you will left with -17.89% left 24 hours later. I am not trying to scare you but I wanted to be honest and REAL with you! So never put in too much you cannot afford to loose So imagine you put $10k… you loose $1700 in 1 day 😛
But on the flip side, if you were smart enough to buy it at SGD$14,825/btc and when the value of bitcoin goes up you make profits
How To Get Bitcoins
Before considering getting any Bitcoins security is one the most important factors in trading crypto currency due to many multiple attacks of money been stolen from simple passwords used and accident running of malwares key logs.
So make sure every website you register, use always a strong password and 2nd factor authentication turned on.
By far the easiest fastest way to get anyone started is to open a Coinbase account here . Founded in June of 2012, Coinbase is a digital currency online wallet and platform based in USA where merchants and consumers can transact with new digital currencies like bitcoin, ethereum and litecoin. They currently have about over 10 Million+ users and traded over $50 Billion+ on the platform.
Caution Note: It is not safe to put all your money in any online wallet as history has shown that even big company exchanges do get hacked and people’s money got stolen too.
Best Practice To Store Bitcoin on Hardware Wallets or Desktop Wallets
For safety reasons, it is best practice to store your coins not on exchanges but on hardware or desktop wallets.
Currently the most popular and free software wallet is Exodus.
Exodus is a free desktop based wallet where you store your digital REAL money coins on your desktop. Basically you create your own bank account on your computer. You can send and receive money from your computer and you can exchange between coins as well. They do charge a fee for transferring and exchanges that’s how they make money
You can download the FREE Wallet Exodus here
Another popular way to store your coins is the use of Hardware Wallets which I personally use for secure my investments with Ledger Nano S
Using a hardware wallet is by far the most secure way to store and safe your coins at this moment which works for all platforms and stores various coins as well.
Top Recommended Exchanges To Trade with Bitcoin
To buy and sell coins, you need to sign up exchanges here are a list of exchange that I personally use to trade coins online that are reliable at this moment.
- Based currently in Japan
- Largest exchange with over 2.9 million users
- Founded in July 2017
- Trading Fees of 0.1%
- Has many alt-coins to purchase at low price
- Based currently in USA
- Founded in Jan 2014
Smarter Way To Trade Coin Without Emotions To Affect You
I stumble upon auto bot trading from a comment from one of our readers that recommended it so I went to explore what was the easier cheapest best option there is.
Than I found this online cloud based bot call cryptohopper. Basically what it does it automatically trades for you and invest in coins.
If you are new to trading I do not recommend this unless you have some trading experience than it is ok
The benefit of this service it has many signals to choose from and most of them are FREE to try them.
I be completely honest, I was skeptical at first but when I run it I was shocked by the results of the signals given. The signal I personally tried is the one below here but it only works with Poloniex.
You can sign up for their FREE 30 days trial at this special link here to try it out if you like to explore it
Top Recommended Mining Bitcoin Cloud Contracts
Other ways you can also make money is from mining coins. One of the easiest ways is to purchase cloud mining!
Caution: The danger of cloud mining is you are depending on the website owner and trust that they are trust worthy that they might not close down and run with your money
You can read more about cloud mining and my review at this link here
Warnings and Dangers To Look Out For
There are currently many ICOs, Scams and HYIP investment out there on the internet. Be extremely careful of all such websites. As there are many cases of such website giving so much promises but eventually close down after their launch.
Personally I never invested in any ICOs currently until they are mature and on the market with their coin being able to purchase on exchanges. Because there are many cases ICOs did not proof to launch and the date of it launching the coins is highly unknown.
Things To Look Out For Before You Invest ICOs or HYIP
- Find out who is the owners of the website
- Google search the CEO and CFO and find information about them and their experience
- Read up and find out who is the team behind the website
- Is there any address or contact you can contact them?
- Email them to ask for responses
- Verify all their claims by searching on forums and read what others people got to say about them
- Find out when this website was registered and check the address of the company is it a fake address?
Remember when you are in doubt or any website NO matter how nice it looks do not put your money in them
So I hope you enjoy this short sharing of my findings on bitcoin but remember be wise and not be greedy only invest what you can afford to loose.
If you benefited from this article, do help me spread the word and share this article and comment below what are your thoughts and I will update any useful finding on this article here.