Bitcoin for Beginners

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Please note:

I am not a financial advisor and I do not offer financial advice. This post is strictly for entertainment purposes only. Please consult a professional financial advisor before putting any capital at risk. Always do your own research.

Recently, most of Mindanao-ans experienced a disappointment about the closure of KAPA — Community Ministry International Inc., a ministry whose offering love gifts for those people who donate. 

Love gifts are hard earned by the Ministry, hearsays says it was from it’s local and international businesses, forex and cryptocurrencies trading and many more.

It is indeed sustainable until it was closed by the government. Now, those love gifts are pending, personally didn’t know about those local and international businesses if that still operates and it’s just that, the fall down of an era. An era where the goal was to end poverty, an era where money ain’t the problem but the “Bayanihan”, an era that we all are dreaming of.

Introducing Cryptocurrencies,

Here I would walk you through. Just like KAPA — Community Ministry International Inc. bare some fruits here, so do you.

Don’t worry this is not an investment scheme and I am not offering any of my services for sale. This is purely my perception on it, either you’d be aware of it or take opportunity above it.

Let’s start with the basics

Cryptocurrencies is one hell of a market where money could flow like a river. It is hard, yes, but it is definitely worthy.

In order for you to earn money like what Kapa did, you need to know the fundamentals of what brings a “Legit” cryptocurrency and how you could earn money from that.

What makes a cryptocurrency a cryptocurrency.

• This includes cryptography (blockchain) and on how flawless it could work to implement it’s use case. Read this for more info : https://www.bitcoinforbeginners.io/cryptocurrency-guide/what-is-blockchain/
• The idea behind it, meaning the use case on why this kind of business model exist and put into the blockchain. (For example is Bitcoin. Bitcoin is made to eliminate double spending and inflation). This determines the store of value and the future users of that cryptocurrency creating more demand with the “normal” fixed supply.

Mastering those fundamentals is a must. Having a great understanding about cryptocurrency gives a greater advantage in terms of good investment decisions, I don’t know maybe x10,000, no biggie.

How to start and make money on crypto

Wallet

First and foremost, to enter the digital world of cryptocurrency is a gateway where fiat and crypto would meet, a wallet. Having no broker (this is a good thing because you don’t have to deal with unwanted fees), you need to create a wallet where fiat (peso) and crypto like bitcoin could be easily converted, put — in and cash — out. I recommend you to use coins.ph and Abra. Using coins.ph, you could have your first bitcoin, to start, create your account and get identity verified. Use referral code for an extra 50php and instantly convert them into whatever cryptocurrency you want that is available on the said platform.

Investing

Buying cryptocurrencies based on it’s fundamentals that increases it’s store of value, with the limited supply that could be produced overtime, cryptocurrency is a big hit but with volatile price action, investing is done with prior research looking into things of what makes a good investment.“Invest what you can afford to lose”

Trading

After creating a wallet, you can now create exchange account that would allow you to trade crypto to other cryptocurrency available on that specific platform. Trading is a cool job, this involves a lot of human psychology that is driving price actions and if mastered could bring fortune. You can check cryptocurrency prices here : https://coinmarketcap.com/ and cryptocurrency exchanges here : https://coinmarketcap.com/rankings/exchanges/reported/

Bounties/Airdrops

Just like online jobs, this one takes hardwork and some research. Earnings on Bounties and Airdrops are quite good but it is still based on the Fundamentals on which cryptocurrency makes a cryptocurrency.Though both could give you money, they differ in some ways.

• Bounties : This job is mostly done when a crypto start-up is starting it’s marketing stages, when they are gathering funds searching for potential investors. Part of this job is Content Creation, social media marketing, Contests, Referral, etc. Often paid using their own token.
• Airdrops : A more simpler task to do like registering your email and get rewarded.

Websites I visit to check out bounty campaigns and airdrops,

https://bitcointalk.org/index.php?board=238.0
https://airdropalert.com/

Mining (Consensus Algorithm)

A consensus algorithm is a procedure through which all the peers of the Blockchain network reach a common agreement about the present state of the distributed ledger. 

By making the whole network safe from attacks, Mining is done by solving algorithms in a specific block. Mining includes PoW(Proof-of-Work) where you need to mine using your hardware devices and PoS(Proof-of-Stake) where you need to stake a certain amount of coin (locked) in a certain period of time. 

To start with this, one must possess knowledge about computer hardware and programming. With the Bitcoin and Litecoin halving miners rewards, I don’t think this is profitable for small time players and beginners.

If taken seriously, these kinds of activities could help you get financial freedom and work anywhere if you wish.

Sounds interesting right? This is far more what cryptocurrency aims to do, and it is to give the freedom back to the people using their money at their own will, no governing bodies, instant transactions, no fraud and many more.

You could earn and you could learn. Though this can’t guarantee gains like what Kapa did but the knowledge could help avoid misconceptions about cryptocurrency and the money revolving it. More detailed topics to be unfold, tune in.

For easier to understand references visit this link : 

 https://www.bitcoinforbeginners.io/