So here is a little introduction of myself and how I got into CryptoCurrencies,
This started early 2016 after being burned badly by so called HYIP's (high yield income programme) most notably being with an outfit called Coince the moral of this story was as it always is, if it's too good to be true then it probably isn't true.
So after losing a fair amount of money I felt disappointed in my self for being such a pushover none the less at this point I decided this would be a learning experience I would make the most of.
HYIP's are get rich quick schemes or Ponzi's at best all designed to part you with your money, offering you returns beyond your wildest dreams , So on realising this is not the way forward I found myself asking questions such as what do you want to achieve ? someone in my position working the nine to five, living from month to month paying the bills, the rent, food and not much more.
A long term strategy of investment with little start up cost and guaranteed returns of a more sensible nature is how I now approach investment of any kind, and diversity is the key to success so here is what I did :
Crypto Currency Cloud Mining
For me this is the most important foundation of investing in digital currency.
you could start with as little or as much as you want and it usually involves buying an initial mining contract or miner and upgrading the hash rate/power (or power it needs to mine more coins in other words).
I currently have mining contracts with three mining companies, remember diversity is the key. each started with a small initial buy of a mining contract, I was earning around $0.60 a day (from each mining company) at this point but you can reinvest this money earned by buying more hash power thus increasing your daily income.
Trading
So you have built up your Hash rate by reinvesting the payout you get everyday from mining Bitcoin or whatever it is your mining, depending on your investment it could be enough for you to trade your bitcoins or altcoin and increase your daily income even further.
The volatility of Bitcoin and most other crypto currencies suggests it is possible to turn an income just on there daily fluctuations.
For example: if I buy at $2400 per BTC and set a trade for it to sell when the price reaches $2445 I would have made $45 on that trade alone but I could also set a trade to buy again when the price reaches $2410 and sell again when the price reaches $2440 repeating this process for as long as it is profitable that day.
Lending
Yes Lending, We have now accumulated a steady income from mining and trading Bitcoin so we can use this accumulation to even further our income stream.
There are a few companies out there such as Bitbond that lend Bitcoin to small startups or Ebay/Amazon businesses that require capital or a loan but cannot achieve this in conventional ways.
We can invest in these companies by providing funds/investment they then offer anywhere from 3% up to 60% it varies on term length and probability or ability of small business or start up to pay back the loan. this is based on the particular companies criteria on lending. for example Bitbond verify loan applicants based on there feed back if they are on websites such as Ebay or Amazon, and verify any social media account they may have such as Facebook.
We can chose to invest a lump sum in one applicant or diversify your accumulation by lending a small amount to several applicants. you will earn an income based on the term and interest calculated ( this is usually pre calculated) every month until the end of the term the payout is in bitcoin and is usually on a monthly basis. so for example I can diversify an investment of one bitcoin amongst four people who require a loan the APR is 40% and the term length is 12 months, you would receive your initial 1BTC back plus the 40% interest over the course of 12 months.
ICO's ( Initial Coin Offerings)
We have a decent income stream when all is said and done based on mining, trading and lending so can we further invest our income to produce a higher yield........
Comparable to having shares in a dot com company in the nineties ICO's have been hitting the headlines with people talking of making 30x there initial investment, my only advice here would be to do your research as with the dot com bubble a lot of companies will be gone by the time Blockchain technology, Bitcoin or indeed Etherium really take off like when we all adopted the internet into our every day lives.
But you could also pick a few winners like how Amazon and the likes have become there is no doubt there is real potential to become wealthy depending on how much and who you invest with regarding ICO's I cant stress enough though DO YOUR RESEARCH.
Steemit
Obviously, and this is what has brought me right here, it has been less than 24 hours since my account has been created.
I have spent my time posting and upvoting and following, with the income I currently have from mining, trading, lending and investing in a few ICO's I plan to invest in the Steemit community by buying Steem Power and reinvesting Steem.
This is my first post it serves as both a little introduction and also a little insight into how I have been dabbling in crypto currency so I hope it has been of help in some way.
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