When I think about Bitcoin Mining, I think about the process used on Rariable.com to assist creators with selling NFTs. However, recently I learned that Miners/Investors can also make money this way. This led me to researching information on Investopedia.com to learn more about the process.
The link to the Investopedia article above identifies that miners can be rewarded Bitcoin by being the first miner to solve or be the closest to solve a numeric problem. Mining requires specialized equipment in order to do so.
The article also discusses newly formed Bitcoin, which made me reference a cryptocurrency podcast on Twitter that I recently attended. The podcast mentioned creating cryptocurrency, which did well in the beginning; however started to decline shortly afterwards. Please note that was for a particular currency and not Bitcoin. We all know this scenario, which is all too familiar for tangible currency. The more heavily populated a currency is, that currency tends to lose it’s value, especially as newer forms are created. I am not sure if this is the same with Bitcoin. I just want to start this discussion to identify if you are aware of how Bitcoin Mining works and can you provide tips? Have you ever participated in Bitcoin Mining and can you provide tips?
Feel free to add a comment below so we can discuss this a bit more.
One thing I know about investing is the importance of being able to discuss your investments with like mind individuals. Like mind, meaning those who are investing or want to invest in the stock market or Cryptocurrency.
Investment groups or investment discussion groups are really great to be a part of. They allow you to meet in person, virtually, by email, or text messages to discuss your investments and gain clarity to those investments.
Check out my new blog at EdwardsFamilyEmpowerment.blogspot.com which discusses investment discussion groups and social media stock groups.
How often have you been keeping up with cryptocurrency? With the markets being open 24/7 you don’t have to wait for certain days or hours for the market to open. This allows you to stay current with the market.
Staying current with the market allows you to evaluate and re-evaluate your top five cryptocurrencies.
Below are some of the currencies on my watchlist. I’ve been watching BTC since it was around $30,000, ETH around $1,800, and SOL around $85. All of these currencies are on the move. Are you moving and grooving with them?
“I’m all the way up. I’m all the way up. Nothing can stop me. I’m all the way up.” I am truly in my Verzuz’s mode right now. Fat Joe and Remy Ma’s song hits a little different when you see your investments going back up from being down the last couple of days. This is my exact feeling when I saw Bitcoin, Solana, and Cardano headed back up.
The thing about investing is you have to account for up and down days. Me personally, would be very cautious of a stock that is continuously on the rise without having a bad day. We all know, what goes up, must come down. So the question isn’t about if it’s going to come down, it’s when and by how much? This is when following financial information about the companies and charts come into play. These techniques help you identify when individuals tend to buy into certain stocks and cryptocurrencies and when they tend to sell them. This is called support and resistance levels.
The other thing about investing is that it takes time to build wealth. Now there are those one hit wonders who take $5000-$10,000 and invest it in one stock and have major increases. However, how many of us truly have that amount that we can invest and risk losing it all? Not I. I generally invest a set amount each month and sometimes additional if I find extra money to invest. Now my response may be different if my situation was different. Isn’t that the funny thing about life? Most of our responses or the way we handle things is most likely from our situations, history, or knowledge.
My suggestion to you is start the road to investing so you too can be “All the Way Up!”
How crypto savvy are you? If you are like some of us, you’re not an expert, but you know just enough to get by. If you asked this same question to me last year, my response would have been not at all.
So many things have changed in our environment and world that investing in cryptocurrency has became second nature. Hill Harper has also thrown his hat in the ring with his new crypto wallet- The Black Wall Street app. The app allows you to invest in Bitcoin. The app’s goal is to assist with increasing financial wellness in the black community by closing the wealth gap. The website further identifies “More than 150 years after Juneteenth, Black Americans still hold only 1% of U.S. wealth.” There were multiple videos on the app to assist with terminology and understanding Bitcoin a little more. The other great thing about this app is you can earn rewards with some of their partners. As the site says: “Learn. Earn. Invest.”
With the crypto market being open 24 hours a day, prices change often and rather quickly. Keeping an eye on it is ok and sometimes its good to just let it ride. It may be a good idea to look into other cryptos to invest in the future. This increases your knowledge of the subject matter. Read all you can and make Investopedia your best friend.
The last thing Mr. Harper discussed in his video on the app is to schedule a reoccurring investment. This is a great idea. It can be as little as $5 a month or $50 a week. You decide how much and how often.
With Cryptocurrency, it is hard identifying what you would like to invest in, unless you are a crypto expert. If you are like most of us, you are a beginner, looking to get your feet wet.
When I first heard about cryptocurrency, it was in relation to Bitcoin. It was about 10 years ago. A friend of mine discussed it, which I did not know much about. I thought the whole idea of another currency was ludicrous (almost spelled it ludacris 😂). This was because most time people think this way at things they don’t understand. The whole idea of investing was foreign to me. Although my graduate school created a platform for us to start investing, I like many others, started the initial phase of investing and then fell off checking on my investment.
I got back into investing in 2018, which my sister and I started this process together. We invested in companies on the stock market such as: Disney, Apple, and EQR. This set the stage for investing in cryptocurrency in the future.
Investing in cryptocurrency started around the end of 2020 and beginning of 2021. My other sister had started investing in cryptocurrency due to her many discussions with another co-worker. The co-worker guided her in discussions about getting a crypto wallet and how to invest. This helped me understand cryptocurrency a little better and start researching information.
Honestly, cryptocurrency is a complicated subject, but it doesn’t have to be. The stock market was once complicated as well until I started looking into stocks, helpful tips, and guidance to investing. This is the same with crypto. As I begin to research and look into currencies, I am able to determine my watchlist and invest.
Here is my current watchlist:
(Items with asterisk mark just means it could be included in my top five cryptocurrencies in the future)