How NOT to make money with Bitcoin spil a South African

Let mij warn you, this is going to be a bit of a rant and if you’re not ter the mood for one rather scroll down a little to where I want to offerande some tips.

Whilst the surplus of the world made an absolute killing on Bitcoin yesterday thanks to China, most of us South Africans sat and observed with envy. See, China went ahead and does what China often does .. wailed about something Internet related. This time it wasgoed about Bitcoin and guess what happened? The price of Bitcoin plunged from $1200 odd down to around $560 overheen night. Of course, the price druppel wasgoed caused through the fear of the general public, but those who do a bit of trading on any form of stock market will know that this is often a indeed good time to quickly snap up stock and that’s exactly what wij should have bot doing. I’ve learnt a fair bit about trading and one thing I attempt to do is predict what the general uninformed public will do and attempt to trade ter and around them to my benefit. Anyway, China isn’t the be all and end all, what they say isn’t the last word and with the US releasing various statements about Bitcoin being a major player for eCommerce (amongst slew of other things) is wasgoed blindingly visible that the price would rise again spil the dust lodged.

So, based on the reading I’ve done and my understanding of Bitcoin and various market places I figured the price would stir up from $560 to around half way inbetween $560 and $1200 fairly quickly.

When a stock is so volatile and large corporations are publishing all sorts of speculative information, the price is going to rise and fall a few times – te the case of Bitcoin, because it’s unregulated, there’s more chance of this rather than a stock which could do a hefty druppel and not recover so quickly. Being quick to get te and out is how you can make a clean profit. Of course, the adverse could apply. Numerous opportunities ter a single day to buy and sell. This is why I’m annoyed..

I’m verified on Luno (a South African Bitcoin exchange) and quickly determined to purchase a welvoeglijk number of Bitcoins only to realise:

  • You have to top up your account, but because wij’re te South Africa an EFT required about Trio days for clearance. Three DAYS FOR CLEARANCE on a volatile exchange? Bye bye boat.

I sat at my pc arms te the air and observed Bitcoin go from $560 to $720 – that’s a $160 increase vanaf Bitcoin – If you had invested R100,000 and cashed out Trio hours straks your comeback would be worked out toughly spil goes after:

  1. R100,000 = 17.25 Bitcoins (R5,796.84 vanaf coin)
  2. Price went from R5,796.84 vanaf coin to R7,453.08 (R1,656.24 increase vanaf coin)
  3. Profit = R28,570.14 LESS 0.1% commission LESS R8.50 x Two for shove and pull of funds

GRAND PROFIT: R25,696.13 (taxes excluded).

That’s an hourly rate of R8,565.38 for doing a plain buy on the druppel and sell on the rise. (Hope my math is all keurig).

Imagine you had access to more money, think of the terugwedstrijd on a million zoom!

I cannot start to explain how upset I wasgoed about this. I’ve worked te affiliate marketing for going on 15 years and wij’re always stuck with this local hinderance when it comes to moving money around ter South Africa. This isn’t anything fresh, don’t get mij wrong, I mean, just look at PayPal te South Africa.

So, here are some tips:

  1. If you want to trade Bitcoin locally, make sure your Fund on Luno is topped up with metselspecie. It’ll only cost you R8,50 to waterput money into your account if I’m not mistaken.
  2. Find a friend who isn’t based ter South Africa who could treat the trade for you.
  3. Mt.Gox is the largest and safest International exchange verhoging and they do cater for South Africans, but you’ll have to wait at least Ten business days whilst they verify your credentials spil their systems are intensely loaded. You’ll also be passing money through forex, so check how your bankgebouw’s online system treats this too.

Note: For Luno, you’ll have to have a verified account which requires FICA clearance, so that’s the very first hurdle – it’s free, get it done. Also, once you’ve deposited money into your account and purchased Bitcoin, don’t leave behind to request a disbursement of the Bitcoin to your wallet (I made this mistake and sat stressed out all day due to my wallet not getting credited)!

A good chance missed .

Based on the limited number of coins, the interesting take from US authorities, the coin volume movement and the individual large investors I believe that the value will surpass the all time high wij experienced last week of $1,200. I don’t think it’ll toebijten instantly or even quickly tho’. I do believe wij’re te for big switches tho’ and I’d be very careful trading bitcoin without being exceptionally tuned ter – it’ll take authorities a long time before they can indeed influence it too much or attempt to regulate it, but it will toebijten and wij need to have withdrawn before then and that’s going to be hard to predict.

Bitcoin is interesting, it’s very possible to make some good comes back, but this ter my opinion isn’t a long term solution and I’d say you’d do better reading my postbode on where to invest your money if you’re serious about investing te a more stable and long-term treatment. That being said, it looks like the JSE isn’t going to perform too well overheen the next Trio years according to Bloomberg.

Interesting times ahead, rough enough already let alone being hindered the entire time by authorities.

BDLive published an easy-to-read article called Bitcoins virtually spil good spil te the bankgebouw, which is worth a read if you’re not too familiar with Bitcoin and would like to hear it from a credible source.

Related movie: Earn 40000 Satoshi (BITCOIN)Everyday with Android Mobile

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