What Is Bitcoin And How To Make Money?

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Shubham Singla
Jun 20, 2019   •  44 views

AN INTRODUCTION TO CRYPTO-CURRENCIES FOR NEW USERS AND HOW TO BUILD WEALTH FROM IT

Introduction

If you are recent in the bitcoin world, you may have been pretty confused at the terminologies and procedures involved with crypto-currencies.

I am going to attempt to give you a basic advice and guide to help introduce you to digital currencies and how to buildwealth from them.

What is Bitcoin?

Basically crypto-currencies are digital forms of money, which means that they are scarce, valuable and transferable(primary xteristics of money) just like cash but with the distinguishing property that they are easy to transfer and are not controlled by any body.

Stateless Wallets

It's quite easy to earn bitcoins as a new user; to play safe, users are advised to use stateless-wallets.

Create one at https://www.neutcoin.info

Stateless-wallets are different from static wallets because they are able to swap your assets to the most progressive form at every point in time.

Your assets always appreciate and can never depreciate because all the crypto-currencies can not be falling at the same time. A fall in one means a rise in another.

You can create static bitcoin wallets at

https://www.blockchain.info

However to make profits, you need to create a stateless-wallet.

You can get one at

https://www.neutcoin.info

Stateless-wallets are also called smart/fluid-wallets.

You may also need to create a luno or coinbase or paxful account for buying and exchanging bitcoins for money.

For this guide, I am going with luno as it is easier and more accessible to new users from non European countries.

You can adapt this part to work with coinbase or whatever services you use.

Create a luno wallet with your correct details from https://www.luno.com

or use the mobile app.

Earning Methods

(1) So you buy bitcoins from luno and transfer it to your Stateless-Wallet you created at neutcoin.info

Give it few weeks and transfer the margin profits to your luno wallet again; from there, you can then withdraw directly to your local bank account.

NB:I choose neutcoin fluid wallet here as it is simple to use, understand and manage especially for new users.

(2) There are bitcoin faucets sites that pay you for viewing ads but the pay is very meager

(3) Other methods are ICO (initial coin offerings). New currencies are usually very cheap at first, if you buy them cheap and wait, there worth may increase later on in multiple folds.

At which you then sell it for profit but it is dicey as you don't know which coin will rise or fall and may end up at loss.

(4) Another is forex trading:

this requires cutting edge experience at market predictions.

If you don't know what you are doing, don't go there.

But basically you just use your experience to predict which currency will rise or fall at what time. Then you know when to sell or buy.

That's it guys. I wish you all the best in this wonderful adventure.

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