This is a challenge I am going to try and think you should too. I realised I had a small amount of dogecoin a few days ago and wondered what I could do with such a small amount. Then I had this idea. I will invest my dogecoin into two altcoins: Reddcoin and Digibyte. The current amount of money in my coinomi mobile wallet is around £7.
I have decided that I think these two altcoins will rise in price a decent amount. So you hear all these stories about people buying £1000 in bitcoin and are now millionaires. I saw these and thought maybe I can do the same on a smaller level. I am going to be holding the DGB and RDD for a while until my coinomi wallet rises to say £15. This £15 (if it rises) will be cashed out to either a stable currency with low transaction rates at the time OR a currency that has dropped significantly and has a good chance of rising.
I will continue investing my altcoins and slowly but (hopefully) surely doubling my money over and over again. So £15 to £30 and then £30 to £60 until eventually probably after years I will have £700! This mat not work out but it is my plan and idea. And if it goes wrong, who cares? I will have lost only £7!
Thank you for reading! If you like reading then please upvote comment or resteem so other people can see this and try the challenge themselves. If you really like the post please consider donating to my steem wallet. <3
I forgot to mention in the post I have literally no idea how to earn money from crypto and the point of this challenge more than anything is to learn more than I know now.
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Good luck! If you want to earn some free additional crypto on the side without doing much check out my thread. https://steemit.com/cryptocurrency/@abebtc/free-bitcoin-bitcoin-cash-dogecoin-litecoin-and-dash-with-faucets
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Faucets are not a good way of earning crypto unless you have a lot of referrals. Most of them go down after a few months they are essentially pyramid scams.
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Oh. I just started doing it a week ago, thanks for the heads up, I honestly did not know.
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They do work and they do pay out. The problem is you get something like a penny an hour at best. Also because of network fees bitcoin costs $13 to send a transaction so I would do dogecoin faucets if any at all. Dogecoin has something like a penny fee at most.
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And the people who run the major faucets are earning loads and giving you a very very small percentage of what they are earning and you are earning their money for them.
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!originalworks
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Congratulations @nathan24303! You received a personal award!
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Vote for @Steemitboard as a witness to get one more award and increased upvotes!
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