How to make money in cryptocurrency in the Philippines as a beginner in 2024
A simple guide for Filipinos to make money in cryptocurrency in the Philippines…
There are more than 3000 cryptocurrencies in the world today, that are available for your action to make money out of it. These includes bitcoin, dogecoin, etherium and more.
And many Filipinos are already joining the craze of this so-called, ‘future of money’, many of them have already profited on this craze. And some also had lost their capital.
Those cryptocurrencies mention above are some of the biggest digital coins, in terms of market cap, the combined top 10 crypto in the world today are worth more than $1 trillion.
These only means that people have already put value on this cryptocurrency, while some of the well-known businesses not yet reach the $ trillion market cap.
HOW CRYPTOCURRENCY IS CREATED
Back in 2009, the first cryptocurrency is created, at it is named Bitcoin. Bitcoin is the first application of blockchain technology.
Blockchain technology enables the transaction to bypass in form of central authority. This means that NO one is in the middle between two parties who are transacting. Also, in blockchain technology, everyone’s computer is the one who verifies that certain transaction.
Since, the creation of bitcoin in 2009, countless cryptocurrencies begin to immerge year by year, up to this time, that it is more than 3000 cryptocurrencies, available to us.
But, not all of available cryptocurrencies have a value that you could make money out of it, some are just created to distract the market.
HOW TO MAKE MONEY IN CRYTOCURRENCIES IN PHILIPPINES
There are TWO WAYS to do it…
First, by TRADING CRYPTOCURRENCIES to other traders
Trading is just a form of BUY and SELL transactions, where you will just need to BUY LOW on a certain crypto then SELL HIGH later on the day or a week.
With that, PHILOSOPHY, it just EASY TO MAKE MONEY in trading cryptocurrencies, right? But NO, the problem with that, is that NOBODY PREDICTS, when that price goes up.
TRADING CRYTPOCURRECIES is a dangerous game to play in, because if you don’t know the RULES and the GAME ITSELF.
Also, CRYPTO TRADING is prone to PUMP and DUMP scheme, where it is a form of PRICE MANIPULATION, that someone could PROFIT from it at the expense of others. They will just PUMP the price of a certain cryptocurrency, then they will make a certain advertisement about it.
When everybody buys that crypto, because the price continues to go up, then they will sell all there crypto, and the price will do have an expected sudden drop. And those poor people, who bought during the PUMP, they will be the casualties.
PUMP and DUMP SCHEME is illegal, but it is very difficult to trace, if someone does it, since there’s NO CENTRAL AUTHORITY during the transactions.
CRYPTO TRADING is profitable game, if you have right tools, the right knowledge, and the PREDICTION, you can surely make a lot of money from it.
In terms of trading platform for TRADING CRYPTO here in Philippines, PDAX is one of the best, since they are EASY TO USE and are regulated by Securities Exchange Commission (SEC) of Philippines.
CHECK THIS: THE ONLY METHOD TO GUARANTEE A PROFIT IN FOREX TRADING
Second way, is thru INVESTING AT CRYPTOCURRENCY
Investing in cryptocurrency could be profitable if you will choose the RIGHT one, that will have a HUGE VALUE in the future. Like in Bitcoin, nobody knows in 2009 that this crypto will be so valuable today, and a handful only became a millionaire thru it.
In investing at crypto, you need first to CONDUCT A RESEARCH, since there are thousands of them now available. By researching, you can have an idea and information on what cryptocurrency that could take off in the future.
And investing, is NOT AN OVERNIGHT SUCCESS, which means that it will definitely takes years, to actually see a fortune on your crypto investment.
Then, you need a SPECIFIC CRYPTO WALLET on your chosen cryptocurrency, since different cryptocurrencies have different wallets. NEVER USE your wallet in BITCOIN, to store your ETHERIUM, because you will lose all your Etherium.
Next, is INVEST YOUR MONEY THAT YOU CAN LOSE, this means that never invest a money for your daily needs since crypto is highly volatile and your chosen cryptocurrency might NOT take off at all.
Lastly, if you bought the amount of cryptocurrency to invest, then PATIENT GAME is the next thing to do. You will just to wait until it will takes off or have a SPECIFIC VALUE on it, then you can SELL IT ALL.
THINGS TO REMEMBER BEFORE TRADING AND INVESTING IN CRYPTOCURRECIES
- CRYPTOCURRENCIES are HIGHLY VOLATILE market asset to engage in, possible of LOSING CAPITAL is very high.
- CONDUCT RESEARCH before playing the game of cryptocurrencies
- EXPECT YOUR CAPITAL TO LOSE
- NO ONE knows what cryptocurrency is the NEXT BITCOIN
FINAL THOUGHTS
Cryptocurrencies are a new and exciting digital asset that a Filipino could make money, if he or she knows what his/her doing. On the other side, these new digital assets could also wipe out or lose your capital if you engage without any idea at all.
Whether you’re planning to trade or invest on a cryptocurrency, be sure to do what is needed to do, always arm your self with thorough knowledge and information, so that at the end of the day, you’re a winner NOT the casualty.
