In this article, I will write about how to play Bitcoin for beginners as detailed and specific as I can.
Do not rush to do. Let's start it together!
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Where does Bitcoin play?
This is surely the question that when you first started learning about something, right?
In my opinion, before you go into playing Bitcoin you should learn the most basic information about Bitcoin.
What is Bitcoin?
To answer the details of this question, I wrote an article on this in the previous article.
You can refer to - Learn about Bitcoin: What is Bitcoin?
How much money does Bitcoin play?
In many previous articles I often told new brothers like this:
You should only invest with the money you can afford to lose and learn how to be responsible for your decisions.
Therefore, the most reasonable answer to this question is how much can you accept?
There are 5 million people, 10 million people .... But I think you are new people should spend 2-3 million to get used to the following:
- Send / Receive Bitcoin
- Buy / Sell Bitcoin
- How to trade on the Bitcoin exchange reputation.
Please take the time to practice smoothly on these issues, and you will automatically know how to play Bitcoin like?
Read more: Bitcoin Investments: A guide for beginners
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Is playing Bitcoin legal?
Vietnam is a country that does not encourage or prohibit brothers from playing Bitcoin.
However, the government issued a law on Bitcoin and was applied on January 1, 1.
Specifically you can see here.
Risks of playing Bitcoin
The market of cryptocurrencies or Bitcoin is very attractive because it brings a lot of profits but it also contains many small risks.
Here are some risk factors that you should consider when participating in playing or investing in Bitcoin.
Although Bitcoin is not controlled by the government, but you think if the big countries like the US, China, Japan ... suddenly announced to ban Bitcoin trading.
And if that happens, it's a critical hit on Bitcoin as well as the cryptocurrency market.
At that time ...
Belief lost, tears rolled his memories deep.
If you lose faith, you will know how Bitcoin prices. I do not need to say more.
When participating in this market, you should pay special attention to the matter SECURITY account yourself.
Most account hacks are caused by users neglecting their account security settings.
Some ways to secure your account, you can refer to:
- Use passwords that do not coincide with your birth date and full name.
- Use the Last Pass utility to remember the password.
- Use the application Google Authenticator to set up two-layer security for the account.
- No access to links of unknown origin.
Risks on exchanges
The fact that after a night of waking up and all assets of the brothers without wings to fly is real just because the trading floor is closed.
A number of incidents have occurred:
- MT-GOX declared bankruptcy in 2014
- Bitfinex was hacked for $ 65 million in 2016
- And just in early 2018, Japan's Coincheck was hacked at $ 543 million. However, they compensated the investor.
Therefore, many long-term investors often store cryptocurrencies on Ledger Nano S or Trezor wallets rather than on the exchange.
The market for cryptocurrencies or Bitcoin has large price fluctuations and that itself creates the attraction for this market.
The time Bitcoin has grown to the present is now in its eighth year.
In the process, BTC continuously set a new peak - a peak of up to $ 20,000 / BTC.
However, there is also no shortage of SML on an unimaginable price, making many impatient investors cut losses in pain at a quite high percentage - about 20-50%.
Summary: Playing Bitcoin or investing Bitcoin risks losing money for real. But when you have invested, you have to accept a part of the risk - High Risk High Return (high risk, high profit).
I repeat again and you must always remember in your head:
"Invest with money FREE or the money you can afford to lose. "
How to earn Bitcoin for free
Don't worry, I will not guide you to play three shit games to earn Bitcoin for free.
But I will show you how to earn free Bitcoin through Airdrop / Bounty programs of projects that are ICOs.
In the process of raising capital for the project by ICO community elements are very important.
As a result, many projects will run Airdrop or Bounty programs to issue free tokens to participants.
Your job is to follow the requirements of each project. After waiting for the ICO, they will issue their free token> bring it to the exchange to sell Bitcoin.
This is how I or many other investors do in my spare time.
Usually play this, you need to have the following types of accounts:
- One MyEtherWallet wallet (MEW)
- Twitter / Telegram / Gmail account.
- Play only by account EXTRA: all accounts like MEW wallet/ Gmail / Twitter / Telegram.
- Do not use the same name & password with any of your main accounts.
- Do not perform KYC (Know Your Customer) when participating in Airdrop.
However, not all projects are involved.
Currently, many Airdrop types are very much a scam. Know the project carefully before deciding to participate.
To better understand, refer to the article below of Coin98 .
Useful articles for you: How to enter the Crypto market for beginners (details)
Hope this article will help you recognize the risks you have to play Bitcoin.
If you have any questions about the post, leave a comment below! Coin98 and I can answer in the shortest time.
Or you can join Group Coin98 Community to be able to discuss directly with other brothers in the community.
Goodbye and see you again in the next article!