Tidbits about Crypto Currency and Trading

Tweet

Please note, I am no expert but I have been dabbling in digital currency trading -- and ONLY AFTER I have allowed my self to gain enough understanding and research. 1. Is it Legit? YES it is legit. Sure shady people use it to do shady things but that has been going on even virtual currency ever existed. Like here in the Philippines, virtual or crypto currencies are being regulated by the central bank of the republic of the Philippines ( Bangko Sentral ng Pilipinas). And I'm assuming that there is a similar setup in other countries since the rise of virtual currencies are pretty much unstoppable and everyone in the world can have access to it if they want to. So the next best thing is to set up boundaries and rules by regulating it. 2. Get Rich Easy? Nope. Not happening. Unless you are one of the people who invested on bitcoins a few decades back when it was still under $20 (was it??) bucks, then nope. Current rate per bitcoin is about $10,000. 3. I want to earn but I don't want to Invest. Pretty much impossible. One way or another you will still be investing, whether is mining machines or electric bills, internet connection / data not to mention time and effort. A. Data Mining This requires for you to set up a small machine connected to the internet, it needs a very good video card set up and an excellent internet connection. Then installing a software + crypto currency wallet that will assist you in recording and collecting your earnings. The faster your machine and the better your connection -- the better your earnings. Here's the catch One mining machine is not enough. The moment you summarize the electrical consumption and TIME you spent waiting and the cost of the machine setup itself -- 80% chance you'll end up with a negative. 15% you probably got a few CENTS out of it. The remaining 5% live in countries like China >__<. You'll understand in a bit. If you try setting up more than one machine then sure, you might have better results but still -- your utility bill is going to shoot up as well. People even tried setting up alternate source of energy to power their machines but lets see... the cost of setting that up too? add the fact how long will it take to actually see actual gain/profit? then MAINTENANCE of all the machines? Here's my thought. Unless you live in a country like China where internet and electricity is quite cheap then give that a go. Otherwise, don't even dream of it. B. Apps This will be a short one... Sure there are lots of apps out there that will let you earn cryptos but tbh...? I feel like its not even worth the energy. I have to give this a big NO cuz 90% of those apps require you to keep them running in the background. For security and privacy reasons, I advise against this. Gadgets you use to access your social media, your banks and also, of course, contain your personal details. But like I said, 90%.. The actual 10% requires us to use our brain power for research. C. Actual Trading Like I mentioned above. Find something similar to Coins.Ph that's available where you are for both security and assurance reasons. Only Invest what you are willing to lose. in all honestly I have yet to lose anything from trading, but it does require patience as to how long you are willing to leave alone your funds while waiting for the rates to rise again. Of course be smart. If the rates look like its going to improve anytime soon and you need your funds then pull out already. Consider it a "controlled loss". Check the graph of the rates from the previous days, observe and decide when its the best time for you to either buy or sell. A. Level 1 Trading In Coins.Ph, I learned two levels of trading. The first one is something I suggest for newbies. It simply means putting a little bit of money on your account, converting that to the virtual currency of your choice -- example bitcoin, then just wait for it to gain some profits. The price per bitcoin on this level of trading is a little higher cuz this means you're just settling on the rates what the site (Coins.Ph) has set. But this is INSTANT. Example. I cashed in and converted $10.00 to bitcoin. After a day, rates goes higher and now I have $11.50. In this situation, I can just take out the $1.50 profit. So regardless if the rates goes down the following day, I already secured a small amount of gain and leave the original $10 to earn more. And really I don't mind losing that amount or just leaving it there for a while, its price of the risk I took B. Level 2 Trading This one allows you to have better control of your account, access to cheaper rates on virtual currencies and more detailed information on exchanges. Again, observe and only invest what you are willing to take aside or lose. --------------------- Stuff I always take note of... 1. I never connect the gadget I use to trade/ banking etc., to public hotspots or wifi. This makes hacking possible cuz all your gadget addresses will be listed on that network's connected list. 2. The bank will never ask you for your password or other details that might be required to access your account(s). 3. Regardless if at home or work, there is this helpful little feature on browsers called CLEAR CACHE. Use it :) specially after checking your accounts. 4. Use debit cards for online transactions 5 . Your phone/mobile number is usually tied to your accounts, so never expose them at any cost on social media. -------------------- There it is. More input on this is very much welcome so please do comment cuz like I said, I'm still learning my self. I also don't trade to earn, well at the moment, I'm still on my experimental stage. Its more out of curiosity and perhaps, possibilities... and boredom. XD GLHF! BE SMART!