It was my first ever cryptocurrency investment. And for the first time in a long time in my entrepreneurship journey, I was pretty damn scared.
Why you ask?
Because this was an entirely new industry that was COMPLETELY unknown to me.
But I could not let my fear of this unknown prevent me from possibly getting into one of the biggest opportunity for financial abundance that will exist in our lifetime.
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You guys have seen me talking about Shopify, affiliate marketing, and even personal branding. .
But a lot were wondering why I wasn’t making videos about bitcoin and cryptocurrency even though everyone on YouTube now seems to be talking about it.
Frankly, it’s because it was unknown to me. I initially found it it very ambiguous.
It’s like starting something new to you when you’re already comfortable with softwares or platforms that you’ve been using for quite some time already.
What happens is now, it has become challenging to open up your mind to a new idea. Especially one as crazy as cryptocurrency when we’ve been used to using the US dollar for our entire lives.
It feels scary. But like with anything, I wanted to get to know more about it.
So instead of learning from people that don’t really know what they’re talking about. . I went straight up to the people that ALREADY HAVE THE RESULTS.
Luckily for me, I live in Chiang Mai. There are a lot of people here that are making a living from cryptocurrency, from investments and from trading the fluctuations.
So what I did was I met up with them this past week. I had them teach me about diversification, the different coins, holding a long-term investment, and a lot more!
And I’m really excited to share with you guys what I’ve learned from the different mentors that I talked to!
MY FIRST INVESTMENT
For the first investment that I end up doing, I went into bitcoin mining and went to this company called Hashflare.
They’re basically a company who has a hardware. What happens is you pay them for the energy or the electricity, which in the cryptocurrency space, are called hashrates.
You are paying them to mine bitcoin for you using their algorithm. They take 20% and then you keep the profit in terms of bitcoin.
Looking at the company, I’ve seen that they’ve been around since 2014.
I did some crazy amounts of research to make sure that their company is real. I checked their Instagram page and saw the hardware that they have. And this is what I’ve been investing in for the past 5 days.
This is what I wanted to test out. Because when a lot of people get into this, they don’t really understand that bitcoin is a high risk-investment.
I’m not telling you guys to put everything into bitcoin mining. I’m just saying maybe you could start with 10% of your salary that’s coming in.
So upon getting started, of course I needed to buy hashrates.
As they’re mining bitcoin for me, like recently, I was able to make 0.00177571 BTC.
(Note: You don’t necessarily need to buy a full bitcoin to start getting paid.)
Those digits above that I’ve made were around $30 a day. Just imagine $30 x 30 days.
THAT’S $1000 IN JUST A MONTH! That’s literally life-changing money for a lot of people that’s just getting started. Like what would an extra $30 a day do for you?
As much as I can. . I want to be realistic with you guys so that you understand the opportunity that exists right now regarding cryptocurrency.
So the first thing that I did was create my own account. If you can see on my youtube video, I had to blur out the information.
Which is why you have to first understand that when you’re in the cryptocurrency space, SECURITY is the most important thing. For some people, they can easily hack out your account if they know your email address.
MAKE SURE YOU KEEP EVERYTHING IN PRIVATE.
So the next thing that I did was buy hashrate, and I did SHA-256. This is the algorithm that’s known to be the most popular.
So I decided to choose something that’s already working for a lot of people.
Now you could start buying as little as $10. Otherwise, you could go as high as $22,000 which I wouldn’t recommend!
But for a lot of people who are just spending money buying the stuff they’ve always wanted. .
Why not put that hundred dollars on something that will grow passively on the side?
For me, I wanted to see just how much I can actually make from this initial investment. So I ended up putting around 14.6 TH/s (hashrates). That’s around $3000.
After I bought that, that’s what’s actually giving me around $30 a day. What I did was a yearly contract so they will mine bitcoin for me for a year.
That’s how it basically works..
I spent $3000, but at the end of the year, I will end up making around $10,000.
Now this is what I want you guys to understand in terms of investment.
Let’s say you have a lot of conservative investments. Like me, I have invested on index funds and I also use betterment.com. For that, it goes around 7 to 10%.
A lot of people would end up putting in to multi-family homes as well. That’s the same thing, you’ll get around 10% return.
Or in some markets, you could get up to 18% or 20%. The thing about this is as your money is sitting there, it’s making you more money.
And that’s totally opposite to putting it in the bank where you’re not making any money guys. If at any point you’re losing it, it’s because of inflation.
What happens is you put the money there, don’t touch it until you’re 65. Expect that it will grow in compounds every year until you’ve retired and could live off with that.
So for me with $3000 sitting around, I’m not afraid of losing it because it’s just $3000. Especially if you’re making money online, it’s fine because you have all these diversifications and income coming in.
I will just have this amount sit in Hashflare for a year and see if I can make more money. Immediately after the first day, it was already generating an extra $30 in revenue.
How crazy is that!?
I don’t know anything about the bitcoin mining at first.
I don’t know about the software at the time. But when you have money ready to sit, you will have their system work for you.
So instead of you focusing on just buying things that you don’t need to impress people you don’t like. .
Why don’t you have that money start growing passively for you?
I actually got scared because when I was on their website, they had a limited stock for their contracts. So you have to understand that they only have so much hardware that can do the mining for you.
Which is why I keep on reinvesting the money that I’m making here. That’s so I can buy more hashrate from the current bitcoin balance that I have inside this platform.
I’m just gonna buy more of their yearly contract so it builds my net worth passively from the revenue data.
But guys, I’m not telling you to invest your entire life.
The money that you’re making, especially this holiday, don’t spend it on dumb stuff. Spend it on things that you could actively put in to something that will grow.
We’re in a position with cryptocurrency and bitcoin where people are making crazy amounts of wealth in their lifetime. That has never been seen before in the industry!
And this is ever since the Internet blew up. This is the first time that we’re in that opportunity like when the Internet came. .
Except that this is the “Internet of money.”
And being a part of it right now is still so early.
HOW CAN YOU START WITH CRYPTOCURRENCY?
Now let’s say just put in $10.
See if it works, see if it makes more money. Test it out to see the return of your investment.
For example, $3000 will turn into $10,000 in a year and that’s just me not doing anything.
Or let’s look at a more realistic sense. . Say you’re the newbie cryptocurrency person and all you have is around $100.
So what you’ll do is go to the bitcoin mining calculator to see if you can break even.
The company will usually charge 20% fee and then the hardware cost of this is $99 for this much hashrate. After you calculate that, it will take around 122 days for you to break even.
But after that, it’s all profit! After the end of the year, that’s around $300 that was turned from your $99.
So with all these, you gotta start thinking more like an investor.
What happens is instead of you working for money, or you trading your dollars for hours.. How can you MAKE YOUR MONEY WORK FOR YOU?
So hopefully that helps guys!
If you want more videos like cryptocurrency, make sure to check out my FREE Financial Freedom Resources right here.
Take it easy guys!
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