Tips on how Filipinos can invest on Bitcoin
Tips on how ordinary Filipinos can invest on the first cryptocurrency, Bitcoin
As the cryptocurrencies popularity increases, more and more Filipinos are asking how to invest on Bitcoin and many are still confused; I don't blame them, even me as a programmer often gets confused still on some stuffs regarding Bitcoin.
Before we begin, you should have a Coins.ph account, it is the most convenient way to buy Bitcoins on the Philippines as of the time of this writing, yeah it'll be great if there will come some rival to compete with them, but as of now, no one has done so properly. Signup for Coins.ph account, make sure to verify the account to at least level 2 so you have decent limits, if you intend to deposit more than 50k in a day, verify to level 3.
Setting aside for your investment
First step into investing is being on a proper mindset, as the book "Richest Man in Babylon" said, "Pay yourself first". This means that you should put into the top priority to set aside money from your earnings unto your investment. Set aside at least 10% of your earnings and cash it in on Coins.ph using the many cash in options available, I suggest that you use the 7-Eleven cash in for small amounts and Cebuana for big amounts. Do not convert to BTC yet.
Converting PHP to Bitcoin
You can see the price of Bitcoin(Buy price) on the top left side of your browser or tapping on the "Bitcoin Price" on the mobile app. This is the price of 1 bitcoin against the Philippine peso, take note that you don't need to buy 1 whole Bitcoin, you can buy it in fraction, 1 Bitcoin is divisible by 100 million, of which the smallest unit is called Satoshi, (0.00000001 Bitcoin = 1 satoshi), which as of writing of this post, is pretty much worthless, so don't fall for scams giving you satoshis.
Let your cash sit in Coins.ph until Bitcoin price dips to a low price that you prefer, the lower the price, the lower the risk that you it will go lower. This is a personal choice and you shouldn't hand over this decision to anyone for your own money. It is important that you decide this for yourself so you'll be at peace in times that market is tough. Once the price is right for you, convert it to Bitcoin using "Convert" link on the right side of your browser or tapping the "Convert" near the bottom of the app.
What to do with your Bitcoin
When to sell: The best way to earn on Cryptocurrencies is having the "Buy and hold" strategy, this means when you buy, you don't sell in first sign of profit or if you think you know the top price. Which you probably won't, You have to be humble on that regard and don't think that you know the highest price that it could go. So don't rush into selling and aim for a better profit than 10% or 20%, personally I aim for triple, but I won't sell all of it, instead only a fraction that I will actually cash out and use for my expenses.
Taking profit: On the book "Richest Man in Babylon" it is taught that you should let your money (your initial investment) work for you and it's children (your profit) and it's children's children (compounding profit), this means you shouldn't take out your whole investment or your whole profit or your profit's profit. When your 10,000 pesos earns you 5,000 and you want to take some of it out, take out just a fraction of the profit, let's say 2500, and let the 12500 remaining to profit even more.
Trading and other Cryptos: If you are interested on trading on dollars and other cryptocurrencies, it is important that your fund is big enough, maybe 10k above will be good start; Then you can try CEX.IO if you want easy to use, Binance if you want a more advance platform.
And with all that said, make sure to do your own research, I'm not your financial advisor this are just my opinion. As your money grows in crypto your knowledge should too, and be sure to always increase your knowledge on things you invest in, knowledge is power.