Thursday, December 07, 2017

Hack Attacks on Bitcoin-Traded Platforms on the Rise


As Bitcoin surges to an all time high of US$16,000, the number of hack attacks being experienced by platforms causes uncertainty among users.

Nicehash hacked
For instance, popular Bitcoin mining community - Nicehash became a subject of a hack attack. The site is now on hold and the platform is asking users to change their passwords.




Hexabot BTC glitch
Last December 5, popular lending platform Hexabot experienced a BTC glitch where users suddenly have 11 BTC in their accounts. New user registrants find themselves having withdrawable balances. The said issue reminded me of what happened to Exodus Wallet two months ago where some users find themselves having 18 BTCs in their account although not necessarily usable.



These attacks causes these sites to go down while doing the necessary damage repair. Especially with many users trying to withdraw the bitcoins received in their account. And if the damage is irreparable, it can result to permanent shutdown.

These attacks serve as an important reminder to cryptocurrency owners to take care of their digital assets. Use the necessary security layers to protect your accounts.

Thursday, November 16, 2017

Make Money from Cryptocurrency Investment, Staking, Trading, Mining, Lending, Advertising, Blogging

I often get asked about Bitcoin and the rise of cryptocurrency when giving e-commerce talks. As I am improving our E-Payments Module in our E-Commerce Program, I decided to invest time / resource to research on this matter.

Back in November 2016, 1 Bitcoin was only around USD$700. On November 2017, it reached an all-time high of more than US$10,000 per Bitcoin. There's a lot of discussion among its active investors that it will likely reach US$40,000 in a year or two as more countries, businesses, influencers embrace it.



In my ongoing research about cryptocurrency, there are many ways a person can derive income online.

I'll be updating this post as we share the steps we have taken and experiments made.

Bitcoin Wallet / Loading Cash / Withdrawing Cash



1. Buy Bitcoin through Coins.ph (from pesos to Bitcoin)
Sign-up through this link to get P50 after activation. Remember:

  • Use the "cash-in" feature to load funds.
  • Click on "convert" to purchase Bitcoin.
  • Use the "send" feature if you want to send peso or bitcoin to another person or wallet address.
  • Remember to get your Bitcoin Wallet Address (click on your BTC Wallet and then click on the QR code symbol) and give it others or post on other platforms when you need to receive Bitcoin payments.
  • Share your "invite" link to friends so you can earn when they sign-up and have their account validated.
  • Convert your Bitcoin to peso before using the "cash-out" feature. 


2. Use your credit card at Changelly to buy cryptocurrency of your choice
You can buy Bitcoin, Ethereum, Monero, Zcash, Dash, Ripple, Steem, Ether Classic using your credit card.

You can also use the platform to convert from one cryptocurrency to another type.

Another alternative for cryptocurrency to cryptocurrency conversion or sending to other people is Blocktrades.

3. Open an account at Binance and/or HitBTC

I suggest getting a Binance account and/or HitBTC as there are online earning programs out there that pays through other forms of cryptocurrency. You can also opt to receive Bitcoin funds here if your intention is to invest in other tokens / coins.


4. BitOES Bitcoin to Paypal conversion
If you want to convert and send your Bitcoin to Paypal (or other payment solutions), this is a platform that offers such service.

5. Spectrocoin
If you want accept Bitcoin payment on your website, Spectrocoin is a tool to use. It has plugins that you can use on multiple platforms to process cryptocurrency payments. It allows you to have multiple currency accounts as well that you can exchange in other forms.


It also has an ATM debit card that you can use to withdraw your cryptocurrency. Your account can accept bitcoin, US dollar, Euro, Gold, Dash, Ethereum, among others.



6. BCCPay
If you want to have an ATM card where you can withdraw your Bitcoin, BCCPay will be available for ordering - starting December 15, 2017. Based on what they have on the site, you will be able to order a USD, GBR, or Euro card(s).



Cryptopay Debit Card
If you want to have a Bitcoin wallet that is connected to an ATM card and you can use it when purchasing products online (functioning as debit card), this service is for you. Although this is not yet available in the Philippines at this time.

One you have all of that set-up, you can start joining programs.

With Investment

(We will edit this post and add screenshots as we are able to successfully earn.)

Trading

You can start trading by joining platforms like:

1. Binance
Straightforward to use. They have a lot of promotions that you can participate in. One of the friendliest affiliate program as well where your commission comes in the form of currency that your referees invested in.

2. HitBTC
Have more alt coins available for trading.

TIPS

What is usually suggested is to invest in the top 10 coins if you are beginning. "Buy low, sell high" is common advise you will receive from those who have done it.

A reasonable starting amount for trading would be P20,000 pesos. Otherwise, you will lose a lot from the fees charge for processing transfers from your Bitcoin wallet to Trading platforms (which is around P700 at least per transaction for Bitcoin). I learned this the hard way.


I have a small amount that I used as a start to learn how trading works. Having a worksheet that allows you to compute right away what is the ideal price - that will give you margin - will help you decide when to sell.

Focus when you are trading. The last thing you want is to input your desired buying price instead of your desired selling price at the "SELL" section. This is an expensive mistake to make especially when you are selling a lot of coins.

Instead of selling all your coins at once, you can also spread them at 5%, 10%, 20%, 30% difference especially if you see a lot of trading growth potential with the coin you invested in.

What coin to invest in?

Before buying any coin, make sure to read about them online - website, forums, reviews.
So far, I have some in Bitcoin, Tron, WaltonCoin, BitConnect, Bitcoin Diamond, Binance, PowerLedger, IOTA, EOS, Yoyo.

For Initial Coin Offerings (ICO), I have put some on SNOV.io and TagCoin (Tagcash).

Crypto-Mining

If you have limited resources, you can only invest in a few coins. That is where mining becomes a great entry point.

Although income generated in mining takes time, I like the idea that you can have passive income if you are able to set this up properly and build up your coin portfolio in due time.

Based on what I have seen from other people's experience and projections, it will take 4 months before you can recover what you invested and start making a profit from there.





I invested around US$100 dollars each on SHA-256, Ethash, and Dash. Sha-256 is the most profitable so far based on revenue projection

Ethash promises moderate revenue. Dash tends to disappoint at this time as its revenue projection is half of what I invested. Hope this will improve in the days to come.



I also enabled "Reinvest" for the SHA-256 earnings for a few days. This means whenever the minimum amount is reached, it is automatically reinvested. You can opt to "reinvest" in SHA-256 or in the Scrypt option.

I just enabled reinvestment in Scrypt in order to build portfolio there as well.

You can turn-off the 'Reinvest" option if you already want to withdraw your daily earnings.


(the 3% discount code is ZimUVN)

I got a Bitcoin pre-mining contract (which will start on March 2018). I think it is worth investing in Genesis Mining as their Bitcoin contracts are open-ended.

Their Ether, Zcash, and Monero contract runs for 2 years.

What I like about Genesis Mining is that you can customize the mining allocations. So even if I got Bitcoin, Ether, Zcash, Monero, I can still mine other coins by choosing it.

If you purchased through credit card, it will take time (32 days) before you see anything on your dashboard in so far as revenue projections are concern. You will need to be patient on that.

I initially invested around $310 for this. The moment the revenue dashboards start showing up, I will have a better picture on what the revenue projections will be like.


Lending

In the traditional world we live in, anyone promising to you daily or weekly returns are usually perceived as a scam.

However, in the cryptocurrency world with its by the second global dynamic trading, not being able to offer a gain or lost perspective on a daily basis is a scam.

If you are actively buying and selling cryptocurrency, it is likely that you know the feeling.

In this part, we will be sharing our experiment and observations in this space. 

THESE ARE NOT MEANT TO BE TREATED AS RECOMMENDATION. DO YOUR OWN DUE DILIGENCE BEFORE VENTURING INTO ANY EXPERIMENT OR INVESTMENT.


This is where you can invest US$100 and receive earnings daily. The earnings can be withdrawn anytime (USD convert to Bitconnect then to Bitcoin) while the principal is on hold for 299 days (for this investment level). Bigger lending amounts have shorter hold periods.

REMINDER: Make sure that you are transferring funds to your Bitcoin Wallet there. On my first time, I made a mistake of sending Bitcoin to my Bitcoin Cash wallet instead. This is not reversible and can't be adjusted. Good thing it was a small amount as I was not familiar on the minimum investment needed.

Based on my computation, it will take around 80 days to recover what you initially invested and the rest will be as profit.


BitConnect has its share of critics wary of its business model accusing it as a scam. Some pointed to articles about a government investigation. On the other hand, you will also find influencers / members explaining and pointing to what they refer as "updated" information.

Its ranking in the Top 100 made me decide to give it a shot and include in this experiment. To be safe, I invested on the minimum amount level.




2. Investellect

Investellect allows you to pay the investment in BTC. Earnings are given in USD although you can withdraw it as BTC (much like Bitconnect). 

I used my earnings in Hexabot as starting investment here. Availed the 1.2% daily for 60 days package. Will post a screenshot soon to reflect the initial earnings.

I will be including more platforms in our research. Expect updates to be posted soon.

STAKING

Another way that you can earn from cryptocurrency is "staking". There are cryptocurrencies out there that allows you to earn if you just keep them and don't sell it.

You can opt to convert your lending earnings from US dollar to Bitconnect. After 15 days, you will be entitled to start earning interest at 10% per month for the first 6 months.


2. NEO
Another cryptocurrency that incentivizes you for investing is NEO. Earnings are given in the form of another coin called GAS. If you buy NEO in Binance, the GAS incentive will be given to your account there.


RISKS

Like any investment, there are risks and use only what you can afford to lose. I refer to them as a learning investment as returns is not in the form of monetary income only but also hands-on knowledge gain.

When you research about ICOs, a lot of them are also being accused as scam or shit coins.

Even Bitcoin or alt coins mining are also referred to by some as ponzi or a scam.

Also, even if the sites are doing ok, they are also exposed to hack attacks where their bitcoins get stolen, user accounts compromised, among others. Have seen established sites like Nicehash and Hexabot destroyed as a result of it.

What I learned this early is that in cryptocurrency, those with conventional business models don't grab attention. Some ideas take time to catch on and you rely on influencers you read online or regularly watch on YouTube for info.

In my case, I only started looking at it with the growing number of questions we receive in digitalfilipino and event talks. That is when I decided to understand it better with an open mind knowing its probable monetary losses.

So keep that in mind when you decide to take the plunge or experiment on any investment available out there.

It is always best to do your due diligence and look at both sides of the coin.

Without Investment

There seems to be a lot of sites that gives you an opportunity to earn without any investment asked for. Here are some that we are currently testing.

Advertising

1. Bitter
This site asks you to add a plugin that will allow you to check on available ads that you can view and get paid for it.

2. BTC Clicks
This site pays you for clicking on ads.

3. AdBTC
This site pays you for visiting ads (includes auto-surfing too).



Blogging

1. Steemit
Steemit is a blog site that allows you to earn STEEM currency from blog publishing, commenting, and upvoting content. This can also come in the form of contribution given by other community members.



Crypto-Mining 


Bitcoin Mining

You need to provide your Bitcoin wallet address for this 
7. BTC Miner
This requires 0.005 BTC and an upgrade to premium version before you can withdraw.


BTCProMiner requires 0.005 BTC before you can withdraw. But if you are not on premium edition, you will need to wait for 30+ days in order to receive it. Will update this post once transfer is completed.

9. BitMiner


10. StartMiner
StartMiner requires 0.002 BTC before you can withdraw. But if you are not on premium edition, you will need to wait for 5+ days in order to receive it. Will update this post once transfer is completed.



Bitminer.io requires 0.002 BTC before you can withdraw. But if you are not on premium edition, you will need to wait for 10+ days in order to receive it. Will update this post once transfer is completed.

12. Home Miner
13. EZMiner
14. BTCMiner2

Bitcoin Cash Mining
You need to provide your Bitcoin Cash wallet address for this



1. Bitcoin Cash Miner
Bitcoin Cash Miner requires 0.02 BCH before you can withdraw. But if you are not on premium edition, you will need to wait for 10+ days in order to receive it. Will update this post once transfer is completed.

Ethereum Mining
You need to provide your Ethereum wallet address for this 


1. Ethereum Miner

Ethereum Miner requires 0.01 ETH before you can withdraw. But if you are not on premium edition, you will need to wait for 10+ days in order to receive it. Will update this post once transfer is completed.


Monero, Ethereum, Bitcoin Gold, Zcash, Fantomcoin, Bytecoin, DigitalNote, Dashcoin Mining with MinerGate.

You need to have multiple wallets for this to accept the coin you like or use Changelly or BitOES to convert.


I really like Minergate as it allows you to use your own computer and Android phone resources to mine. If you have several computers at home, it is best that you mine under one account. Please note that Dashcoin is not the same as Dash coin.

When you start using MinerGate, the immediate instinct is to focus on high-value cryptocurrency. That takes time to build especially if your computer processing power is limited. You can also focus on cryptocurrencies that are easier to complete including:
  • Bytecoin (BCN)
  • DigitalNote (XDN)
  • Dashcoin (DSH)
Their value may be small but if you are able to create several coins a day, you will be able to convert it to other cryptocurrencies using Changelly or trade it on HitBTC.


It has a dashboard where you can monitor the progress of what you have mined. Another option they offer is to get a Bitcoin or Monero cloud mining contract. You can use your mining earnings, if you want to, to purchase these mining contracts if desired.


Litecoin Mining
You need to provide your Litecoin wallet address for this.



1. Litecoin Miner
Litecoin Miner requires 0.01 LTC before you can withdraw. But if you are not on premium edition, you will need to wait for 10+ days in order to receive it. Will update this post once transfer is completed.

Secure your Accounts

Make sure to secure your accounts including:

  • Use 2 Factor Authentication
  • Use different set of passwords, emails, mobile number for your accounts.
  • Update your password regularly.
  • Track any irregular activity in your account (like password reset that you did not request, among others) and report them.
  • Save your cryptocurrency on your computer using Exodus or Electrum. Or on a hardware device called Ledger Wallet
  • With the increasing value of Bitcoin, there are a lot of hack attempts on Bitcoin-traded platforms. Apply the necessary security processes to your accounts.

Learn more

If you would like to see our experiments in action, this includes learning and win / lose updates - become a Patron at http://patreon.com/janettetoral