Bitcoin, Cryptocurrency, and Blockchain. What's in it for you?
- Patrick Marcelo
- Dec 25, 2017
- 3 min read
As the recent news broke out, cryptocurrency, especially Bitcoin, its top most coin, is on the spotlight these days. Both excitement and fear are manifesting to those who want to jump in the boat or are against it. This December alone, Bitcoin reach its (ATH) all time high, at $20,000 (₱1,000,000) last December 17 before plunging back to $11,000 (₱550,000) this December 22.
But what's with all the fuzz? Let's define them first.
According to Wikipedia, a cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.
"Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly through the use of cryptography, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009."
The Harvard Business Review describes Blockchain as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way."
Now, I'm not going to dig deeper into that. What I'm going to show you is how, you - A teenager, a young adult, or someone who is curious in this topic, can enter the trade. Sounds great?
Do note that in all kinds of investment, this new asset, cryptocurrency, is what I can prove to be extremely volatile. A week can make any coin hero to zero, and vice versa. And in any investment, there pose a risk. Only invest an amount you are not afraid to lose.
Now, where to buy Bitcoin? We recommend using coins.ph.
Why so? It is fast, secure, and regulated by BSP. Yes, Bangko Sentral ng Pilipinas regulate exchanges, but not cryptocurrencies, for now. We'll see in the future..
Coins.ph do have an app, in which you can load your account via 7/11. Hassle free, isn't it? You can pay bills, buy load, transfer money, and yes, convert PHP to BTC.
It's your one stop shop to buy and sell bitcoin. Now, do we put our bitcoin on coins.ph alone?
Enter other exchanges.
IQ Option is one of many other exchanges, it is foreign. They do also have an app. We use this to buy other cryptocurrencies besides BTC. Traders called them altcoins (Alternative Coins) namely: Etherium (ETH), Ripple (XRP), OmiseGO (OMG), and many more.
Why do we buy other cryptos beside Bitcoin? Well, last January 2017, its price range from $1000 - $1100; it increased 1700%. Etherium on the other hand, ranges around $7-$8 last January, now it is worth $700+. Roughly 9000%! Just imagine how much you would have made if you bought Etherium last January.
How to put funds on IQ Option? Since it is foreign, you can only put money via a Credit Card. But with the help of modern technology, Virtual Card is also applicable. Enter Paymaya ..
So you've funded your exchanges and ewallets now, should you buy cryptocurrencies already? Straight answer is nope.
Learn first the art of the trade. Like in any other trading, (Forex, Stock Exchange) the general rule is that you "Buy low, sell high." It is still applicable in trading cryptocurrencies. Just this December 22, all cryptos had their bad days. As it is the Christmas Season, those first few who bought early cash out their cryptos. And with that amount of withdrawals, the market reacted bearishly. Some even called it the popping of the Bubble, where Bitcoin and all other cryptos will be worthless. But, cryptos endure and now they are regaining their former value and I'll be sure that they will reach a new ATH. December 22 is a good day to buy, because prices were low.
Buy on the dip. Sell on the ATH. Analyze, calculate, be informed, and surely, you'll reap your rewards on your newly discovered journey.
(Note that there are more ewallets and exchanges that we recommend: Bittrex, Blockchain, Exodus, Coinbase, gdax, etc. but as of now, they stopped the creation of account on their websites to improve their services.)
Want to know more about Cryptos and other opportunities? Leave us a message! You can also be part of our group who are always on the lookout for a new, legal, and doable opportunities. :)
