For him, the practice is “available to all.” However, typically when the words “cryptocurrency,” “bitcoin,” and “blockchain” are mentioned, less tech-savvy people tend to feel a bit overwhelmed by the phenomenon.
Cryptocurrency, sometimes referred to as “crypto”, is a form of money that exists only in digital form and uses “blockchain” technology to encrypt and decentralize exchanges.
“Cryptocurrency is not a currency. Its value is determined solely by supply and demand,” the Autorité des Marchés financiers website says. Among the most famous and recognized crypto assets, we find the famous bitcoin, one of the pioneers of the system, as well as ripple, ethereum, litecoin or even dogecoin.
In recent years, many people have become rich by investing in these new types of currencies.
“I started getting interested in this about a decade ago when we first started talking about bitcoin,” says Ahmed, a 34-year-old job seeker. “But, alas, I didn’t buy anything at the time. Today I will be very rich,” he continues.
“Cryptocurrencies can buy anything”
Throughout his research, Ahmed has been surfing the darknet, curious about how this new currency could be used. “I was interested in cryptography, that is, a way to encode transactions that allows you to be anonymous. Therefore, on the dark web, you could buy anything and everything with cryptocurrency, from the Vigik pass that opens all doors to murder services,” the thirty-year-old is surprised.
But these transactions are not of particular interest to him. On the other hand, he also discovers that some sites like Bitrefill offer to exchange bitcoins and other virtual currencies for vouchers or gift cards. “You can also exchange your cryptocurrency for euros, but government tax is often charged,” adds Ahmed.
What to do to invest in the right currency
It was only during his first imprisonment that he really decided to take the plunge and buy his first cryptocurrencies. “At that time, people did not know what to do with their homes, and many began to invest in cryptocurrencies,” the young man explains.
He didn’t go for it blindly. On the advice of a friend, he went to exchange sites such as Kraken, Bidance, Coinbase to buy his currency.
“There is a recognition stage, we have to provide an identity document, show that we are the holder of the funds, so that at least a trace of the money remains,” adds Ahmed.
As for knowing which currency to invest in, faced with hundreds of links flooding the cryptocurrency market, there are also some tips.
There are sites that allow you to see the crypto cap ranking, obviously with bitcoin in the first place, and you can also go to project sites to find out about investors… Many sites also do reviews and industry analysis – Ahmed
“1200 euros for 60 euros invested”
“As an investor, it takes me less than five minutes to buy a cryptocurrency. And to know what to invest in, these are sporadic hours that can take, at most, a few hours a week, no more. But if I really wanted to speculate, it would take much longer,” he said.
Thus, by putting in a few minutes a day, he manages to observe serious profits when the value of his currencies rises sharply. True, with the risk of missing out completely. “The value of a cryptocurrency can skyrocket in a few days and you can earn hundreds of euros… Or lose some. It is important that it is balanced,” says Ahmed.
He points to the example of Dogecoin, Elon Musk’s cryptocurrency, which is only growing. “I invested 60 euros and at some point the value was 1200 euros.”
However, the 30-year-old is in no hurry to “sell” his winnings or convert them into euros. He lets his cryptocurrencies sleep in a cold wallet in the hope that they will appreciate even more in the long term.