What my Bitcoin experiment showed me was how easy it is to start trading & making money with bitcoins.
I had only had a passing interest in this cryptocurrency but with it’s spectacular growth in recent months I was more than curious to check that I wasn’t missing out on a big opportunity.
After giving myself a quick primer on what Bitcoin is all about I went through the following 10 steps.
How I Made R15,000 ($1,150) In Less Than a Week With Bitcoin
- My first port of call was to sign up for a free Bitcoin account so that I could use their secure wallet to buy, sell, trade & keep my bitcoins safe – 21 May 2017
- Next I funded my wallet account with R15,000 (the maximum limit for new accounts)
- Now for buying some bitcoins (actually for R15,000 I didn’t even get half a bitcoin) – I used all of the funds in my Luno wallet to buy BTC 0.42069 at a price of 35,203 ZAR/BTC – 22 May 2017
- I then submitted my ID Document to have my Luno account’s funds limit raised to the next threshold of R50,000
- Once this was approved (in a day) I funded my account with another R35,000 to bring it up to the maximum limit of R50,000
- I then bought 1 more bitcoin which cost R34,727.94 at the price of 34,727 ZAR/BTC – 23 May 2017
- So now I had invested R49,727.94 and was the proud owner of BTC 1.42069
- A few days later the price shot up to over $2,800 (an all time high) which increased my BTC investment to just over R65,000 in ZAR value.
- I then sold R15,000 worth of bitcoins which reduced my BTC value down to my original investment amount – so I still had R50,000 worth of bitcoins but I had made R15,000 in profit which I could transfer back to my bank account.
- I’ve since submitted my KYC documents to Luno in order to have all limits on my account removed so the sky’s the limit
This all happened within the space of a week.
I must add that this was a wild price fluctuation that was partly caused by Japan “legalising” Bitcoin as well as other corporates like the multi national Fidelity Investments Group accepting bitcoin as a method of payment.
Since then the price has reached another all time high so it looks as though, whilst the price will continue going up and down, the overall trajectory is upwards with predictions that bitcoin will reach $4,000 by the end of 2017.
Finally I should say that you must not invest any money that you cannot afford to lose as the Bitcoin thing is by no means a sure bet – it can still go either way so whilst you could stand to make a lot of money with Bitcoin, you could also lose the lot.
So please do your research carefully and invest wisely.
Don’t Miss the Boat, Start Your Bitcoin Journey Now