Cryptocurrency can make you rich in 2021 but it can also make you poorer if you are not careful. As a Malaysian, the thought of investing in cryptocurrency such as Bitcoin investment is more of high risk, high yield investment programs (HYIP). For starters, our conversion is around 4 times to US Dollars and the cryptocurrency market is always volatile.
In this article, I'll share my personal opinion as which is the best cryptocurrency you should invest in Malaysia.
Make no mistake. Bitcoin investment is the most popular cryptocurrency investment in Malaysia.
For starters, Bitcoin is one of the oldest cryptocurrency in the world. This cryptocurrency is recognized by large organizations and financial institutions.
Plus, the super high volatile market allows you to quickly cash some profit from your Bitcoin investment (of course, if it is done right).
Investing in Bitcoin does not guarantee high profitability. This is risky and you should only invest if you have the money to lose.
According to many cryptocurrency news and resources, Bitcoin investment is 'the thing' when it comes to cryptocurrency investment in 2021.
Here's how it looks like for Bitcoin investment over the past year.
As you can see, it has been quite a run for Bitcoin. Wonder why Bitcoin is experiencing such a bull run effect?
Supply and demand for Bitcoin is the answer.
Supply: The limited number of Bitcoin, along with the toughness to farm Bitcoin and the wide acceptance level/usage around the world makes it an extremely valuable cryptocurrency.
Demand: The opportunities that arise from fast profit makes the risk of losing money much lower.
On a very personal note, Bitcoin is a good investment. No, I'm not talking about those HYIP but more of a form of investment. Due to the high ups and downs, Malaysian who investment in Bitcoin cryptocurrency investments might see a rather fast return.
For starters, it is important to ensure that you are buying from a reliable Bitcoin market or trader. I have several accounts for buying cryptocurrencies (including Bitcoin) and my favourite place to buying Bitcoin in Malaysia is Luno. If you don't have an account with Luno, you can create it here (use this link to get a special bonus of RM25 when you sign up).
Registering an account with Luno is absolutely free and this is a registered company in Malaysia. More importantly, it is registered with Bank Negara and you can safely buy, sell and trade Bitcoins in Malaysia with Luno.
This is one question that is always been asked by my peers.
"How do I buy Bitcoin in Malaysia and make money?"
The answer is rather simple. According to Warren Buffet, the best time to sell a share/stock is when everyone is buying (when the market is hot) and the best time to buy a share/stock is when everyone is selling (when the market is cold).
Every month, I allocate an estimated saving (anywhere between RM100 to RM1,000) on Bitcoin investment. Using Luno's inbuilt trade system, I create automated schedules such as:
The art of buying and selling Bitcoins for profit is all about knowing how much the transaction fees are.
By doing a quick calculation, you can easily determine how much you need to sell in order to break even and to earn money from Bitcoin investment.
The amount of money you can earn from Bitcoin investment is based on how much money you invest in Bitcoin.
On average, I earn around RM150 to RM200 for every RM500 Bitcoin buy/sell trades. This means that on average, my earning is around 30% to 40% each day.
When it comes to cryptocurrency investment, Bitcoin is still my favourite for an acceptable level of investment. If you are thinking of dipping your toes in Bitcoin investment this year, make sure you be wary on how much you spend each month and keep an eye on the market condition.