Hi, ladies and gentlemen. Tonight I am going to tell you about some of the things I have experienced during my first three months living in the crypto world. I will try not to bore you, and will do my best to keep this little tale interesting. So please, take a trip down memory lane with me as I explain how I got into crypto, where things are at today, and where I posit they may be heading in the future.
But first, a little dance video, with Colin.
And now, on to my story…
I have lived under a rock for most of the last thirty or forty years, and knew very little about Bitcoin, and even less about alt coins, until a day some time in early to mid July of this year, namely, 2017, when my brother explained to me via text message that the Crypto age was upon us, and that I better start stacking intangible coins alongside of the silver ounces and bottled water piling up in the back of my closet.
“Mine coins,” he told me in no uncertain terms.
The things my brother introduced me to that day changed my life. I became more than I had been up until that point. No longer was I just a guy clowning around recycling computer parts in a garden shed, oh no, not me. Now I was a guy clowning around mining Bitcoins with solar power in a garden shed!
Seriously, the change for me when I learnt about Bitcoin, the blockchain and the crypt… well, let’s just say that the impact of my enlightenment has been profound. It is as if my life has been heading in this direction for the past few years. The challenges and the struggles I’ve faced, as all people do, have stretched me and shaped me, preparing me, I believe, for the great crypto journey that still lies ahead.
Imagine the way a caterpillar gorges itself on leaves and all that greenie goodness before taking a nap and being suddenly transformed into a delightfully fresh creature with wings and bubbles and lollipop children dancing around a maypole. No, wait, just wings. I feel like I have come through a time of testing, honing my skills and expanding my knowledge.
But now, the time has come. The time has arrived for me to come out from the shadows, shake off my debt, and to walk boldly into the light, slashing and burning all traces of poverty and economic burden from my life, my family, and my local community.
Not everything is possible with Bitcoin, but more things are possible with it, than without it.
Building financial freedom: possible with Bitcoin.
Baking the perfect pavlova: not possible with Bitcoin except with human intervention. You get the picture.
Now I know what you’re thinking – you’re thinking, “Hey, Crypto Cracker, but Bitcoin was created in 2009 and hasn’t taken over the world yet. When we gonna Lambo’ it, bro??”
Good things take time, my young grasshoppy apprentice. Time, I say. Full scale mainstream adoption of cryptos could take another ten years, although I doubt it. More like, three. Heck, in five years I think Bitcoin and a bunch of alt coins will be so entwined in so many areas of our lives that we won’t remember life ever being any different.
THEY will crash the dollar then everything goes to Bitcoin.
So, that gives you and I three years, or five, or ten, to get our ducks in line and stack as much coin around us as we can in order to survive the upcoming crisis and come out the other side smelling of roses. You think 2008 was bad? Well, it was, and the next one will be worse. Get prepared, now.
But I digress.
I took my brother’s message to heart, and committed myself to learning all I could about the crypt. I started eating, sleeping and breathing Bitcoin. I watched all the videos, gazed at the charts, and began to build a dream of a Bitcoin empire. A dream that would inspire me to forgo junk food for days at a time. A dream that would wake me early every morning and keep me pounding the keyboard night after night.
I started digging deeper into mining (see what I did there) and decided that it is something I need to be involved with. Solo mining, pool mining, CPU, GPU, hash flares and hashing 24’s, Genesis, Antminers and the Bitmain. It was all new to me and excited me like a mother farker.
And then I learned about BitConnect and holy **** man, you gotta love this stuff!!
Once I had studied enough to be dangerous, I knew it was time to get my feet wet. I needed to mine. But the good mining machines looked so darn expensive, far out of reach for a Colin-No-Cash like me. I had to take the plunge, but where to spend my hard earned fiat money?
It took me long enough – but I decided to try cloud mining as my initial investment. After looking at a few of the more popular cloud mining websites I could find, I decided to buy my first mining contract with Genesis Mining (links below).
Over the next few weeks I bought a few more contracts, ending up with a humble investment of around $650USD in cloud mining contracts for Bitcoin, Ethereum and Monero. All was looking great for a while… until the website went down.
Genesis Mining, a cloud mining service provider with over 500,000 clients, so they claim, and apparently not one full-time public relations employee, if their performance throughout the month of August was anything to go by. “We got hacked”… “Unauthorised withdrawals”… Sure thing, whatever.
The Genesis Mining debacle of August 2017 was a thing to behold. Farked up beyond belief, it was the type of thing that creates fear, uncertainty, and doubt, or FUD, in the minds of a company’s customers.
But we got through. Scam or no scam, GM’s reputation was bruised, although blood still coarsed through its veins. There was life in the old girl, yet!
Right around that time, let’s say around the beginning of September 2017, I put a little money into BitConnect, as well as a couple of other here-today-gone-tomorrow high yielding scam websites. I think Microhash was one that I lost a few dollars in. $18 to be precise, and how the scar from that loss still burns…
BitConnect… right, well, BitConnect, it seems to me, is a bit of a special case. Low risk – low yield but compounding interest as well as their own crypto coin and exchange. Even now, it all looks so good. It may yet prove to be too good to be true. On the other hand, it may be too good to be true in the long run, but in the short to medium term it may turn out to be just so damn good that you gotta give it a shot. Being a reasonably broke person with little cash and even less credit, I threw caution to the wind and bet the farm on it.
I started with an investment of $300 USD, making three separate “loans” of $100 each. Each loan earns on average about one percent interest per day, so on a $100 loan, you earn about a dollar a day. The interest accumulates daily, and once it reaches a total of just $10, you can reinvest that $10 into the system so now you start earning interest on the $10 as well as the initial $100. Of course, you can withdraw the daily interest if you so choose, but you slow down the compounding factor each time you withdraw (I will link to a spreadsheet you can use to forecast your own earnings from BitConnect at the end of the article).
I have used some of the payouts I receive from my cloud mining contracts to invest in BitConnect, and my balance currently sits around $600, which is earning more or less $6 each day. I will point out that I have been withdrawing a portion of the interest and get it paid as Bitcoin directly to my own personal Bitcoin wallet. Recovering at least some of my initial investment capital may slow down the growth rate of my BitConnect account balance, but it does let me reuse the money and invest it into something else.
Don’t invest more than you can afford to lose. And don’t put all your eggs in one basket.
I now had cloud mining and compounding interest loans working for me, and it was time to look at something else.
Day trading looked like fun, too, so I gave that a crack. I got hooked up with a free trial of the Coinigy trading platform, and, when linked to my Bittrex exchange account, had me trading cryptos like a pro within a few hours. I loved trading coins; still do, but the transaction fees eat into your profits, especially when you’re dealing with such small amounts as I could afford to trade with. I had fun with Ripple and Doge; made some money – lost a little, and had a whole lot of fun learning a ton about markets. For the time being, though, day trading has been put on the back burner until I have some decent amount of capital to play with. Throw them coins around like confetti, I do.
The next method I tried for earning coins is the use of faucets. Faucets reward you with a tiny piece of Bitcoin in exchange for visiting a website, viewing ads or playing games. Once I got my faucets locked in, I got my mother joined up under my referral link, and now we each hit the faucets a few times day, which earns a tidy wad of Doge every 24 hours. Claiming free coins from faucets is definitely “profitable”, and is the easiest way to start building a small base of crypto coins, especially if you are broke, in prison, or are a kid with no pocket money. And it’s fun!!
And now we move onto my next foray into the crypto space: a little bit of home-based Bitcoin mining, or to be more precise, solar powered Bitcoin mining in my own shed! This is one area of the crypto world that really appeals to me, probably because it is something that, in time, I believe I will learn to do well.
For now, though, I am happy enough just to be doing it badly. A rag-tag array of dissimilar and mismatched solar panels feeding a stack of second hand car and truck batteries, which in turn powers a tiny little computer and a pair of USB Bitcoin mining sticks! Mining on this scale is definitely not profitable while the price of Bitcoin is less than $100,000 USD. But fun!! Oh… so much fun 🙂 Fun and scalable.
My next method for earning money with Bitcoins was to build a website and write blog posts about my crypto adventures and escapades. Oh yeah, THIS website!! Doesn’t really earn me anything itself, other than referrals to the faucets and a few stray ads, but it does give me a focal place and an avenue for expressing my views and opinions on Bitcoin.
The final method that I will include in my list of ways that I earn money with Bitcoin is through affiliate commissions on mining hardware. I have a new website in the pipeline and will provide more details in the next couple of weeks as it comes online. Should be a great earner.
So there we go, a quick rundown of the methods I use to make money in the crypto space. You may or may not enjoy some of them; I certainly have enjoyed them all, and learned so much along the way. The methods represented in this article reflect my experience and efforts over the past three months, and I look forward to doing so much more in the future. This is what I’ve done so far in the Bitcoin world, now let’s see what you can do in crypto.