So what is a bitcoin? Bitcoin is a cryptocurrency similar to Ripple, Ethereum just to name a few. Bitcoin is completely digital and there is no central repository and does not have a single administrator. So how can you make money with bitcoins?
It is similar to stock trading. You buy bitcoins at a lower price and sell them when the value increases.
Lets make an example
Last week bitcoin price is 287000 pesos per bitcoin. Now it is around 300000 pesos. Let’s say you invested 500 pesos only with the prices last week you will have 0.00174216 bitcoin. If you sell it at 300000 pesos per bitcoin, your will get 522.6480836 pesos. Doesn’t seem to be a lot right?
But let’s say you invested 500 last year when the price was at 30000 pesos, you will get 5000 pesos. Still small right? That’s true. That is because you just invested 500 pesos. But if you invested 10,000, you will get a total of 100,000 pesos or 900% increase. So the higher the investment the higher the gain.
If you compare it to stock exchange, let’s say you invested 10,000 pesos with Jollibee when the stock price is 40 in 2004 you will get 250 shares. Stock price of Jollibee today is 246 pesos per stock. If you sell your 250 shares today. You will only get 61500 pesos or 515% increase. Compare that to the rise of value of bitcoin and you would know that bitcoin price increases faster.There is a certain risk with bitcoin but risk is normal when you are investing. Keep in mind that the increase in value is faster. So much faster!
If you started investing last Jan 2,1017, Bitcoin price was $1027.10 (That is Php 51355 assuming the exchange rate is Php50 per dollar). Today’s Bitcoin price is $6039.68 or Php301,984) That is 488.03% increase!
There are other cryptocurrency thay are still affordable. Check out Intial Coin offering (ICO) for cryptocurrency that are selling for less than a dollar. These are gold mines. Snag a couple of those and wait for them the prices to boom! That’s a lot of money going to your wallet.
A good example is Bitquence. They started selling at a price of $0.01. If you invested $1000 during the initial offering you will have 100,000 bitquence. A few months later the price increase to $1.25. If you sold your Bitquence at that price you will have $125,000. If you invested more, your profits will be higher.
So how do you begin investing? First you need to have a coin wallet. You would use this to store your bitcoin and you can buy and sell them with it.
If you are residing in the Philippines. You can register with coins.ph. You would need a government ID to be verified. I’ll write a whole post regarding coins.ph soon.
PS. By joining coins.ph using the referral link I would get a small commision. So help a brother out. If you do I am truly grateful and if not, that is just fine. I just wanted to be upfront with everyone.
Thanks for dropping by and Screw Monday!