Making money with BTC and some of its myths.

by Verdzekov Bernard

BTC is very lucrative. This is very simple with those with so much courage and who take bold steps and sacrifice to invest in something that changes at any time per second, minute or hour. You could use BTC to trade as well as you could do what most people do which is the buying and selling of coins. People still make money by mining the coins.

How do you buy and sell coins? Here, that is Cameroon, what we do is, you could post that you are selling coins on your status or on any social media platform, like Facebook or WhatsApp group chats. If you are buying, anyone selling who sees it may contact you and you both negotiate on the rates you will love to buy. This are usually the difficult stages because if you are desperate, and the price the other person is putting up is high and he is the only person, you have no choice. Rate per dollar may range from 550FCFA-650FCFA. You may as well buy coins from someone who needs cash urgently. He may even sell below 550FCFA. Then you intern sell high to another person and make gain. 

The means of mining coins hasn’t been seen here in my country, neither have I ever seen it. The problem we don’t mind here is because, the machines to do that are very costly and too there is a lot of blackouts. Blackouts that take a very long period of time. To me, it will be very costly to mind coins here. To mine firstly you have to think of the government. Has it been authorized? Why say so, this is because, the fact you are mining may bring inconveniences to those that leave around you. The use of electricity may be so high, which may cause low voltage to those living around you. 

Secondly, you will need a standby generator, and not just a standby generator, but a generator designed to take over immediately when there is no electricity. Also, you will need to have fuel all the time. What is the price of fuel in the market? So, when i put all of this into consideration, I how ever feel discouraged. I don’t know about others, but I think the process bores a lot of people as well so they stick to buying and selling of coins as well as trading. 

Someone selling coins will have to do same as someone buying. If you don’t do like this; I am not sure there is another means if not trading with BTC that will give you money. And the part of trading with BTC is very risky because you are expose to chances of losing everything.

Putting all of this into consideration, I feel the whole idea about BTC was to benefit a particular class of people. When you look at the rate of 1BTC now, you will see that, or understand that, if you do not invest with huge sums of money, then you will be relegated at the back and benefit just from pennies. Why not cling to the old currency. 

Someone may need cash urgently, this could be any currency based where the person is or the country in which the person is, would the person have to put on his WhatsApp status that he is selling his BTC’s? Many places around let’s say, health offices, clinics, banks or schools haven’t accepted BTC as a currency for payment. Some don’t want to even hear of BTC reasons which could be, they had a bad experience venturing into Bit world. 

Are they office that if you get there you are sure to get cash if you have BTC? The people in control can they make that happen? What are they still planning? Will they be so many NAKAMOTO’s?

According to crypto currencies, there are about more than 500 kinds of crypto currencies. Is all this necessary? People are getting duped everyday trying to understand what someone sat in his or her room to write and published and a few who understood quick enough start making huge sums of money. Wow. This great and funny at same time.

Imagine having BTC and you know so well it is so much money let us say $20.000 and yet you have nowhere to use it or nowhere around where you are that is accepted? It is simple, in Africa in particular, it is still a developing continent, though there are some developed countries in Africa. Nevertheless, if you are coming in from Europe, an advice for you, convert your BTC’s to your countries currency so that as you come into African, let us say, Cameroon, Nigeria, Ghana or South Africa etc. you will be able to convert the cash easily. A bank could help you out easily as well as any small finance institute.