Never mind. Most people don’t understand these things. This is good.
Things you can sell to unsuspecting friends as Bitcoins: 1) game arcade tokens; 2) foreign coins; 3) toy medals; and 4) chocolate money.
But one of my more serious colleagues is starting his own cryptocurrency; so I know the system.
1. Download the main coin mining software from a website called Github, then hire a nerd, as you have to tweak the programme (with C++) to make it unique.
2. Think of a theme. It is impossible to be too wacky. For example, one person made a crypto-coin called “Offerings to Cthulhu”, named after an alien from a 1928 sci-fi story. You’d think that was too silly to work, but it is going strong after several years.
3. When people start buying your currency, sell them all and run away as fast as you can.
If the last part of this process reminds you of anything, it should. It is the same technique used by people working for criminal gangs (“banks”) for pushing evil scams such as sales of stocks and shares, unit trusts, investment bonds, Ponzi schemes, etc.
It’s an exciting field. In January this year, the value of Bitcoins was going up and down so fast (in a $10,000 range) that you had to discuss it with a live price tracker in your hand. Here’s a typical conversation:
ME: “I’ll buy your car for one Bitcoin.” HIM: “No way! This car’s worth more than… $9,845.” ME: “More than… $11,245? No, it isn’t. That’s a good price.” HIM: “Okay, you got a deal.” ME: “I’m now transferring to you one Bitcoin.” HIM: “Wait. This is only worth… $7,231.” ME: “Too late, Byeee.” [Drives off.]
Bitcoin analysts say the number of new coin issues is accelerating so we’ll each have our own currency in “the mid-to-long-term future”, meaning a week next Tuesday. Shopping will be challenging.
SHOPPER: “Do you accept Flurgles?” SHOPKEEPER: “Yes, but your change will be in Oogliewooglies.”
What to call your coin? All the cool names have already been taken, including Mysterium, Einsteinium and BitBean. Others are odd, like the Melon, or desperately unimaginative, like the Namecoin.
I reckon it’s time to stand out and get attention by using an ironically humorous name for your new Bitcoin. Four suggestions: 1) SweetLittleNothings; 2) Don’tBuyThese; 3) Moneypits; and 4) IdiotTokens.
Okay, hands up who’ll buy an IdiotToken from me? And no, you can’t pay me in crypto-coins. I want hard cash. I may be an idiot but I’m not stupid.
Cryptocurrency is in its infancy in many ways. Bitcoin in all its success was initially closed to several buyers so the strategic navigation to cryptocurrency as a closely held secret among its users. Today, many newer investors now have to find their way through buying, selling and exchanging of a complex new currency system unlike anything they are used to regarding stocks or bond investments. If you are new to digital coinage, it is perhaps best to listen to the experts as they reveal how to overcome the challenges of such investments.
1. Set Your Value and Understand the Risk of Its Loss
You cannot expect to rush into cryptocurrency trading and think you will make a huge
investment worth millions. Luck should never be a part of your strategy. You must set a base value and then carry an expectation that the amount is always at risk for loss.
When you see your investment as a risk, you think about each dollar that you earn or lose and set in place practices that need to take place. What currency do you want to invest? What is your strategy for daily investments? At what value will you buy or sell?
2. Create an Investment Strategy
The value of cryptocurrency rises and falls daily. Most experts agree that the ability to monitor these changes gives you the best chance of making a profit. Cryptocurrency investment is no different from the volatility of the stock market, so avoid mistakes like these:
● Never invest in anything that you do not know; cryptocurrencies that sound too good to
be true generally are; take the time to research first.
● Never put your eggs in one basket; you can recuperate losses if you have other
cryptocurrency stocks to work with
● Avoid overtrading as your fees can rack up and detract from profits
● Never invest large sums in penny cryptocurrency stocks
● Never leverage borrowed capital
● Never short stocks you do not yet own
3. Find an App to Keep You Informed
Indecisiveness is a newbie trader mistake. It takes time to run down leads, values, or trading points which is why many people miss out on good investment opportunities. The experts will advise you to find a favorite application and set alerts to act quickly.
A recent Bitcoin Trader review showed that there is value in using applications to monitor daily cryptocurrency changes. You also have access to artificial intelligence to guide your daily dealings, which are more accurate and up-to-date than websites.
4. Learn How Best to Navigate Daily Loss and Gains
Never assume a stock will continue to rise. Also, never assume that you should hold on to a
stock when it falls significantly. Your best asset is your knowledge in learning how to navigate daily loss and gains to buy in and get out when it is most advantageous.
Because most cryptocurrency is publicly traded, you always have access to critical information. If you know where you stand with profit, you know when to sell to keep it. You also understand when it is better to hold on to stocks even when they begin to slide.
5. There Is No Get-Rich-Quick Cryptocurrency
Even the original bitcoin investors did not get rich overnight. They bought in at a low price and sat on their advancements as cryptocurrency invaded the market. These investors also
understood that there would be a disruption before making any profit.
The ability to know the difference between short-term and long-term trading significantly impact your revenue. Had they sold their initial stocks early on, they may have even experienced losses as legislature tried to crack down on cryptocurrency systems.
6. Take Your Emotions Out of the Equation
Never trade with your emotions. Never start a sentence out with I think, I believe, or I feel when it comes to the stock market. You should always trade with a certain amount of surety based on careful market analysis and daily market trends.
You should also not overthink your strategies. If you have already put into place a strategy for cryptocurrency investment, you know when you should buy, sell, or trade your coins. You should also separate coins risk, so you do not overthink actions.
7. Research, Research, Research
You soon learn that every decision you make is an experience. You also learn what you should have done when you make mistakes. Before jumping into the cryptocurrency market, learn from experts about their successes and failures.
Research is a vital part of your learning curve, which prepares you for both actions and
emotional responses to mistakes. You learn to hold on to base investment capital, avoid fast and loose investment with it and build a portfolio of smart decisions.
What Should I Know Before Starting?
Blockchain technology is forever changing and knowledge of how blocks work and how
cryptocurrency miners dig through ledgers to find blockchains and analyze the probability that new block coins are created help you know when to invest.
A coin devalues when too many block creation occurs which is why miners solve complex
mathematical equations to prove their work and validate the blockchain. If you properly calculate the hashes, you receive cryptocurrency in exchange.
There is no limit to the guesses, but your ability to mine data is a critical part of research and eventual reward. As an example, bitcoin only has 21 million coins worldwide. If you received bitcoins early on, they would be highly valued today.
There are more people mining today, so your laptop is not fast enough to keep up. It requires sophisticated hardware with the capability to mine data quickly. Today’s hardware may cost you thousands which is why an affordable software program like Bitcoin Trader has value since it can calculate a massive amount of data and calculate answers within seconds.
Having the right attitude both mentally and physically can also be strenuous even for the experts because of the volatility of a complex cryptocurrency market. Avoid making decisions based on emotions and find reliable sources for information as it will become a trader’s best asset.