I did this year’s 2017 Piso Challenge. The idea is to get started on a small amount, say 20 Pesos in Week 1 of January, then double the amount you put every week. It was fun at first. By December, you’ll feel some pain because the weekly ipon rises to a thousand or two.
Nevertheless, I completed it. And I used that item to buy some things, then save some for whatever things I might need it in the future.
Will I be doing the Piso challenge again in 2018? I will, but I’ll make a new challenge – The Bitcoin Piso Challenge!
2018 Bitcoin Piso Challenge
Bitcoin has skyrocketed to ₱1 million this year. As of press time, it is resting at the ₱970K mark. The value of bitcoin changes 24/7. Sometimes it goes up, sometimes it crashes down. It is extremely volatile and risky. But the rewards are really good if you hold for the long term. This 2018 bitcoin piso challenge is designed so that you only do incremental investments every month without breaking your bank account or your lunch allowance.
Steps for the 2018 Bitcoin Piso Challenge
- Determine the amount of money you want to put into bitcoin every month.
- *Decide on the day of the month you want to invest*
- On that day, deposit the amount to Coins.ph, Bitbit, or Abra*
- Alternatively, you can use Buybitcoin.ph and send the bitcoin immediately to another bitcoin wallet of your choice.
- Convert it to bitcoin.
- Don’t use it. Hold it until December 2018.
*As for the day of the month, this is entirely up to you. For some people, they invest on exactly the same day every month. The notion is that, while bitcoin fluctuates, and that maybe you might have profited more if you invested a day before, the fact remains that bitcoin’s price will go up as long as there is still bitcoin being mined.
Other people will look at the price chart and only buy when bitcoin is lower. Again this is up to you.
*In the original Piso challenge, the amount you put every week doubles week after week. In our bitcoin challenge, we put a fixed amount every month. This is an amount we are comfortable with losing, so please do not try to put your entire month’s worth of salary into bitcoin.
How much money should I invest in bitcoin?
Again, this is entirely up to you. As mentioned, bitcoin’s value changes every day. It is up to how comfortable you are in looking at the price chart when it goes up and looking at the chart when it dips down.
For others, like me, and like we always say in Bitpinas, only invest an amount you can afford to lose. This is that number in Pesos wherein you can still sleep at night even when it’s gone. This is that amount wherein you know you can still make it through the day even when you lose that money.
How much will I possibly earn?
This will depend on the value of bitcoin against the pesos or the dollars. Unlike the straightforward piso challenge plan, we don’t really know how much will we gain from this activity. However, if you want to take a look at how much you could have earned if you started doing this bitcoin challenge in January 2017, take a look at this website. It calculates the amount you could have earned if you started allotting $20 or Php1,000 every month into bitcoin.
Will I earn in this 2018 Bitcoin Challenge?
Now for some reality check. There is no guarantee. Years ago, Bitcoin crashed so hard that many lost most of their money because they sold their bitcoins at a lost. Others hold on to their bitcoins and are probably the people who are bitcoin millionaires today. I will say this again, only invest an amount you can afford to lose.
And also for some legalese: This article is for informational purposes only and we are not liable should you stand to gain or lose money because of this activity. Nothing beats personal research.
So, will you do the bitcoin piso challenge? Are you prepared to take the risk, prepare to lose and gain at the same time? Let us know on Facebook!