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Disclaimer: We The Cryptos is a website for educational purposes. The opinions expressed here are not meant to be taken as financial advice, nor do they represent the opinion of We The Cryptos. In the cryptocurrency world, every investment is a risk. To minimize those risks, make sure you do your homework and do not invest any money you can’t afford to lose.
Bitcoin, as of the moment, is experiencing a dip in its price (compared to where it was a few months ago). By putting money in when it’s low, you’ll be able to make money when the price appreciates. Although it’s more of a long-term strategy, it has the potential to yield a significant amount of profit. This strategy is called HODLing.
Additionally, there are significant events in 2020 that have the potential to bring bitcoin’s price up. Even with the ongoing pandemic going on, a few analysts are expecting a spike due to bitcoin (and other cryptocurrencies) becoming a real “safe-haven asset.” Also, with the halving coming up, a lot of analysts are expecting a significant spike in price.
Considering all these factors, there’s the potential to earn big money if you play your cards right.
Although they are similar, bitcoin trading is different from bitcoin investing. While bitcoin investing refers to the HODLing strategy, bitcoin trading refers more to the day trading strategy.
Day trading strategy is a ubiquitous form of trading. It’s a strategy that involves executing long and short trades to capitalize on the day’s market price—where all open positions are closed by the end of the day.
To perform this kind of trading, you’ll need to join a bitcoin exchange or peer-to-peer marketplace. Traditional bitcoin exchanges, like Coins.ph or Coinbase, are more popular and are still one of the easiest ways to buy bitcoin. However, they often require you to link your trading accounts to your bank. So if you don’t have access to a bank account, then you are automatically disqualified from using their services. Peer-to-peer marketplaces (such as Paxful or LocalBitcoins), on the other hand, make use of hundreds of payment methods—eliminating the need for a bank account.
Both traditional bitcoin exchanges and peer-to-peer marketplaces have their own sets of pros and cons, so it all depends on your trading style. Before using either of these, make sure to do your research about how each type of exchange works and credible examples.
If bitcoin trading referred to executing multiple trades on a single exchange, arbitrage entails a strategy that involves various exchanges. Basically, bitcoin arbitrage refers to buying bitcoins on one exchange and then selling it on another (where prices are higher).
To start doing arbitrage, you’ll need a couple of things. First, you’ll need a bitcoin wallet to keep all the assets you’re going to buy and sell. Next, you’ll need a good amount of funds. Remember, you still have to buy bitcoin on an exchange. Lastly, you’ll need a wide selection of exchanges and peer-to-peer marketplaces. The more resources you have, the more opportunities you’ll have.
This method of making money with bitcoin in the Philippines will require a keen eye and quick hands, but if you’ve got them, there’s a potential of earning big money.
Bitcoin faucets are services that reward you with free bitcoin for completing tasks—whether it be watching ads, clicking links, and even playing games. After completing these tasks, users are rewarded with Satoshis (1 satoshi = 0.00000001 BTC). Instead of using traditional bitcoin wallets, these satoshis are transferred into microwallet (if you were to link your traditional bitcoin wallet, the sending fees would eventually cancel out the bitcoin earned). Luckily, bitcoin faucets usually offer these microwallets for free upon registration.
Although they don’t reward users with a lot, these tasks are often entertaining and allow you to enter the world of bitcoin trading without the financial risks that come alongside investing.
If you’re looking for ways to earn money with bitcoin in the Philippines, you’re probably not alone. With other people looking to earn money in this time of crisis, maybe your friends and family would love to get in on the opportunity as well. The best part is that by bringing them in, you have the chance to earn money as well!
Exchanges and marketplaces will often give you rewards for bringing new people into the platform. To give an example, let’s use Paxful’s Affiliate Program. On Paxful, every time your affiliates buy bitcoin through the affiliate URL on your website or social media account, you earn a portion of the escrow fee. The program comes in two tiers: tier 1 affiliates are users that signed up directly using your affiliate link, while tier 2 affiliates are users that signed up using your tier
1 affiliate’s link. Tier 1 affiliates will earn you 50% from the escrow free when they buy bitcoin, while tier 2 affiliates will earn you 10%.
There are many other great examples of affiliate programs out there, so a good affiliate program must be a factor when you’re selecting an exchange or marketplace to trade on.
Just because a lot of daily operations are ceasing their operations, that doesn’t mean you don’t have opportunities to earn money. In times like these, we have to be extremely appreciative of bitcoin and how it has the potential to change the world of personal finance—as well as its overall benefits over traditional systems.
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