This article is for beginners in crypto currency trading.
If you have been a trader in the cryptosphere for a while, you probably already have an account with at least one exchanger and hopefully a wallet on your computer or mobile phone or better a cold storage. With high probability you already put Fiat money into the market - hopefully with high returns. Then you don't have to read any further.
I assume that you know at least the basics of crypto currencies: how they arise, why they are traded (perhaps greed is the main motivation?), what risks are associated with trading and perhaps also that there are differences between tokens and coins and between decentralized and centralized exchanges.
But what is the least risky way for beginners to go about it? I would like to present here a way which will not make you rich - at least not immediately. But if you're smart enough to keep reading, maybe you'll make your first million out of nowhere! :-)
It is not difficult and actually takes only little time. I don't mean the actual learning process you have to go through as a Cryptotrader. Sorry for the realism at this point. ;-)
Google DYOR and you will understand what I mean.
No, I will present you a way to get some crypto money without having to invest your precious Fiat money and possibly lose it immediately.
Okay, let's get down to brass tacks
You ever heard of KuCoin? KuCoin is a Chinese exchange based in Hong Kong. It is a centralized exchange with all the advantages and disadvantages of a centralized exchange. About 175 coins/tokens can currently be traded on KuCoin. Most of them can be traded against Bitcoin and Ether and of course KuCoin's own currency, KuCoin Shares (KCS), some also against NEO, USDT and Bitcoin Cash.
Why KuCoin now? Quite simply: KuCoin gives away money, more precisely: Crypto money. At irregular intervals, but relatively frequently (at the moment anyway). Mostly in the currency Bitcoin or Ether, sometimes other coins/tokens. Well, it's not large sums. They are fractions of Bitcoins or Ether etc., i.e. some thousand Satoshis (smallest unit of Bitoin) or Finneys (1 Finney = 0.001 Ether). A certain sum is available for a promotion and, as far as I have understood, it is distributed evenly or perhaps randomly among all promotion participants.
Often KuCoin does such a promotion immediately after they listed a new coin/token.
How does such a promotion go?
Quite simple: KuCoin wants the listing of a new coin/token to become public and builds on the multiplier effect of retweets. That's where you come in.
You have to do the following once (the links are on the promotion page):
- follow KuCoin's Twitter account (I recommend you to activate an alert in your mobile Twitter client so that you will be informed whenever there is a new promotion)
- join KuCoin's Telegram group (I find that annoying, KuCoin has only recently started to demand it)
The following you have to do each time when KuCoin does a promotion: retweet KuCoin's tweet that announces the promotion. You can provide proof by filling out a form with the following information:
- screenshot of your retweet
- your Twitter handle
- your Telegram handle
- your name
- email address with which you are registered at KuCoin.
For each retweet you get paid in BTC/ETH/whatever.
Done. Then you have to be patient and wait. Really wait. Have a little patience. It can take several weeks before your payment is credited to your wallet at KuCoin. In the meantime: DYOR.
By the way, KuCoin recently replaced its own form solution with Google Docs forms. So you probably also need a Google account for this.
Example of a promotion retweet:
In the period from the end of January to mid-June 2018, for example, I took part in a total of 16 promotions and received
- 0.00778668 BTC
- 0.00381579 ETH
- 1 RPX
And there are still some deposits outstanding. The effort is about 1 minute per promotion (retweeting, making screenshot, filling out form + upload). This also works quite well on a mobile.
Example of a deposit notice email:
Yap, it's not a fortune. But with the small change won in this way you can already make first trades without risk, learn, (hopefully) increase your assets and nothing more stands in the way of your sunny future. :-)
Oh by the way, traders who are subject to German tax law should note that profits from crypto currency trading are basically taxable. However, profits up to 600 €/tax year are tax-free, as are profits from trades, if there is more than 1 year between purchase and sale or exchange. Source: https://docs.google.com/document/d/1DvBjsMp43uPs_xJkgn97uvLJO-Dn7endz86_an-gekE
This information is of course non-binding and does not replace tax advice. :-)
I would be happy to accept a small donation for this contribution. You can also use my RefLink to register with KuCoin: https://www.kucoin.com/#/?r=7QhNr7
Donations:
Ether: 0x0c204AC1f35EF3Bc46837c7726a005A8f6d7f052
Dash: Xex8VJDGEMEfQWq9PywCiEKiBaB3qGCM9c
Bitcoin: bc1q8sh3uat8lw79vq2gxl9u7cazrcqsxstfe3aqkf
Zcash: t1VST4krhqp9pWNDm1whUeysq2msnM6Q939