Introduction:
In your daily life, you may have heard about cryptocurrency. I’m sure that you have heard of Bitcoin the most because it is now popular in cryptocurrency. Maybe some of your friends or relatives said that they made a lot of money with Bitcoin. Some crazy ideas hit your mind. One question rises’Why don’t I use Bitcoin and earn money?’. In that case, we will help you gather all the knowledge about cryptocurrency.
If you want to learn about Bitcoin, read this
What is Cryptocurrency?
You may think,’ I know Bitcoin, but what is this cryptocurrency? ‘. Let me clear you that if you say that sentence in front of someone, they will surely laugh at you. Because Bitcoin and cryptocurrency are related, but they are not the same. The word cryptocurrency means digital money. Bitcoin is just one example of a cryptocurrency. There are many other cryptocurrencies, like:
- Cardano
- Sweatcoin
- Solana
- XRP
- Ethereum
Why should students in Bangladesh care?
Although cryptocurrency trading is restricted in Bangladesh but it’s important for education, skills and future opportunities. Many Bangladeshi students are freelancers or remote workers who get paid internationally. It is good for them because cryptocurrency is traded in foreign countries. It is accepted by Tesla, Google Pay and PayPal. Mainly, they buy or take crypto so that they can sell it later at a high price. This is the main reason. Who knows, one day it may be accepted by the Bangladesh Bank.
Risk and Challenges:
There are many risks and challenges in Cryptocurrency, and if it’s in Bangladesh, then it’s more risky because the Bangladesh Bank has banned its use. Crypto trading is considered money laundering. If you are caught trading crypto, you may face legal actions. Some people still use unofficial or illegal platforms to earn crypto. If the Government shuts down those platforms, then it is a big loss. They will also freeze accounts and ban them.
Don’t worry, some people still use their tricks to outsmart the government. They use VPN’s or foreign payment methods. So the big challenge is to outsmart the government. To avoid risks and challenges, you should talk to professional crypto users.
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How to Get Started Safely:
As we know Bangladesh Bank has warned against using cryptocurrencies. While owning or trading crypto is not officially legalised, many people still participate cautiously using foreign platforms.
First of all, you need basic knowledge of blockchain, wallets, exchanges, and tokens. Also on Bitcoin (BTC), Stablecoin (USDT), and Ethereum(ETH). You will find them on YouTube channels like Whiteboard Crypto and Finematics. There are many ways to earn crypto. If you want to trade(Buy low, sell high), it will be highly risky. Because for trading, you need marketing skills. Another way of earning crypto is staking or Yield Farming. The risk is medium. In this way, you just need to lock your coins and earn interest. You can visit trusted platforms like Binance Earn or Coinbase Earn. Your platform might get hacked. If you don’t want any risks, then buy coins and hold them for 1 year so that you can sell them at a high price. It is the most profitable way. For that, you have to store the coins in a hardware wallet or secure software wallet.
The next way is to earn crypto by freelancing work online and getting paid in crypto. It is the legal way. You can use platforms like LaborX, CryptoJobs and Fiverr.
The most important thing is setting up safe tools like Crypto Wallet, Exchanges, etc.
Also, make crypto wallets. Software wallets include Trust Wallet and MetaMask. Hardware wallets like Ledger Nano S/X, Trezor.
If you want to exchange, then avoid P2P with unknown people. Use trusted international exchanges like Binance, Bybit, KuCoin.
Always stay away from scams like platforms that promise fixes, returns or fast profits. Double-check the wallet address before sending. Also, use two-factor authentication on all accounts.
Remember to write down your investments and profits so that you can learn from your mistakes. gather experiences before risking more.
