Bitcoin For Dummies – An Introduction By A Dummy

Disclaimer: I do not know what I’m talking about. If you’re inspired to invest by this article and get in financial trouble, that’s on you, not me.

Disclaimer 2: Luno is not paying for this article. It is not a paid ad.

Money makes the world go round. It’s a simple, yet undeniable, fact. Love makes our heart aflutter, but to survive love we need money to eat.

There are many ways to make money. You could work or illegally, you could steal. To make extra money you could open a side business, get a good savings account that ensures good interest, join a MLM scheme (don’t ever call me if you do), or play the stock market.

However, that last option wasn’t available to everyone and anyone a few years ago unless you had a good amount of disposable income. This changed with the advent of cryptocurrency.

What Is Cryptocurrency?

Truthfully? I have no idea. I’ve watched hours of YouTube videos and I can’t make head or tail of it. From what I can gather is that it’s a new form of the stock market, where it’s not dependent on geography or government economics. Everything is done online, which means there are no exchange rates or wait times.

Wait? Don’t You Need Currency For Stocks?

You don’t as you buy ‘coins’, which are the new words for stocks, given out by companies. These companies are start-ups usually looking to get capital so they create coins, push them into the cryptocurrency market, you buy these coins in the hopes that the company goes big and you get a good return on investment.

That Sounds Suspicious Yet Simple

It is, and unlike stock markets, there’s no limit to how low you can start.

Can You Make Money Off This?

I did. I put in RM5 in a coin called Ripple (or XRP), sold it in three days for 15 ringgit. If I had put in 50 ringgit I’d have made 150 Ringgit.

Why Did You Choose To Do It In The First Place?

It’s a very uncertain time in the world. Money is getting harder and harder to come by, but bills are always incoming. A simple way of making an extra 10 bucks a day sounded nice.

How Does One Get Started With Cryptocurrency In Malaysia?

There are quite a few apps you can use to get started. I used Luno cause it’s protected by the Malaysian government and was easy to set up.

Any Tips You Can Suggest?

Read and research. Do a lot of it. Watch YouTube videos on how to spot market trends. Read daily forecasts on the crypto market. Get Google alerts about your coins. Talk to other people who are doing it. Treat it as a video game where you’re trying to guess where the next move is. It’s similar to gambling but hey, our government supports it so it must be fine.

Start small, but not as small as I did. Put in, say RM100-RM500 that’s disposable to you. Learn slowly how the market works and how to spot trends. When you’re more comfortable with extra disposable income then you can take more risks.

Anything I Should Stay Away From?

The assumption that this is the solution that solves all your problems. In life, there are no quick fixes unless you unexpectedly inherited money from Prince Phillip. Even if you were to start doing crypto more seriously cause you’re good at it, you’re going to have to devote yourself to it like it’s a full-time job.

Do not sell on impulse. Just because the stock looks high and you have a fear of it falling doesn’t mean it will. It might, but there’s a likelihood it’ll go up even higher.

If you have an addictive personality and prone to gambling issues, don’t start. Make safer bets instead such as a good savings account.

Your Conclusion? Would You Do It Again?

I’ll probably put in 10 ringgit a week when the coin is low and at the end of the week, if I made some profit, I’ll take out the profit while keeping my initial investment there. It might make me 10-20 ringgit extra, but hey that’s a train or Grab to work or a nice dinner at a Kopitiam. Every little bit helps.

Now, dear reader, if you wish to use Luno, go ahead and download it from the Apple App Store or Google Play Store and use the code JAAD8S. That’s my invite code and once either of us has made total transfer amounts cumulating to RM250 the app will reward us with RM25 worth of Bitcoins each. Again. Every dollar counts.

And remember to have fun. Just like a job you hate or a relationship you’re unhappy to be in, if it feels like a chore, don’t do it. Just leave. Life’s not about spending it being unhappy. – New Malaysia Herald

About the writer: Bob Morshidi is a drama teacher, freelance writer and satirist with a love for absurd comedy, popular culture and the lighter side of the seriousness of life. Follow his Instagram @bearmanwrites