The Lure of Cryptocurrency
Well, I just had a couple of interesting days where cryptocurrency is concerned.
I first got into cryptos back in 2014 when I built a PC to mine them.
Back then, you could mine coins directly using your CPU and have an excellent chance of being awarded coins for your PC’s computation efforts.
Of course, the value of the coins was very low so the real monetary value of them when converted to fiat currency (dollars, euros, etc.) was also very low.
A lot of people got into mining Bitcoin which meant that coins were mined faster than expected and the difficulty in mining (built into Bitcoin) increased rapidly as well.
Soon you needed to use a good-quality graphics card to mine as CPUs were no longer up to the job.
The PC I built to mine Litecoin which worked until the cat piddled into it and shorted out and destroyed my graphics card!
Electricity usage became an issue and mining dropped off in countries where people were paying $0.15-$0.20 per kilowatt hour.
Very few were looking at Bitcoin and some other alt-coins as being long-term investments.
People wanted to sell what they mined as quickly as they could to make a little profit.
I was one of those.
At one time, I owned a whole 10 Bitcoins.
I’d bought these over time when Bitcoin had risen to the lofty heights of $200-$700 per coin around 2015.
I sold them all in 2019 when Bitcoin was about $7,000.
Not a bad return on investment by any stretch of the imagination, but if I’d held onto those coins, they’d be worth 5 times more today!
And that’s where I ended my playtime with cryptocurrency…
…until early January when I became aware of just how high the value of Bitcoin had risen.
Affiliate Programs In The Cryptocurrency Niche
So I started looking for some cryptocurrency-related programs that I could promote as an affiliate.
That search led me to two programs, the first of which was iCoinPro – a platform that teaches you how to make small daily profits from trading Bitcoin and other cryptos.
They also have 4 membership subscription levels from Free to Full Access from which affiliates earn a commission.
This may sound like a traditional Ponzi or Pyramid scheme where new members joining are actually paying to cover the commissions of those higher up in the pyramid.
The difference between a Ponzi and a legitimate Multi-Level Marketing (MLM) program is that a legit MLM will have real products to sell its members.
That’s what iCoinPro has with the trading strategies it teaches in its Micro Profits training, and the various tools it makes available to its members.
I signed up for a Basic+ subscription which is $39.95 per month.
I’m still playing around with the initial strategy they teach (you can actually learn that for free here) doing practice trades before I risk any real money.
That’s actually their advice until you’re good enough to win more trades than you lose.
The objective is to earn between 0.3% and 1% profit per trade and to only trade when the right conditions are met.
That may not sound like a lot but averaging 1% per day will far outstrip any interest you earn from a bank account.
However, the trick here is to compound your earnings.
The Power of Compound Interest
So let’s say you buy $100 of Bitcoin and you’re going to trade with that.
Over a period of time, you earn an average of 1% profit per day, sometimes more, sometimes less.
You might think that after 30 days, you’d earn 30% but, if you’re compounding your profits, you’d actually earn a 34.78% return.
Not much of a difference.
If you just took out your 1% per day and left your initial $100 investment as is, you’d earn $1 per day.
After 6 months (180 days), you’d have earned $180 and still have your initial $100 investment.
If you compound your earnings and make no withdrawals, you’d actually earn $500 in the same amount of time and still have your initial $100 investment.
After a year, you’d be looking at a $365 profit (not compounded) or $3,678 (compounded).
Too Good To Be True?
Seems too good to be true, doesn’t it?
The thing is that many of iCoinPro’s members have turned small $50 or $100 initial investments into tens of thousands of dollars (there’s plenty of testimonials here).
Some have even become full-time day traders.
But it’s a system you have to work at and it’s certainly not push-button money.
iCoinPro gives you the training and the tools to make applying what you learn that much easier.
They’ve been around since 2017 so do have a track record.
Now, as an affiliate marketer, the recurring commissions MLM aspect of this appeals to me.
And, because this is a proper MLM, I’m happy to promote it.
Their compensation plan is a bit complex and I won’t get into it here, but you can check it out for yourself.
If becoming an affiliate interests you, be aware that you do need to be a paying member of iCoinPro to be an affiliate.
So What’s All This Got To Do With List Building And Email Marketing?
Well, with iCoinPro I’ve identified a service and MLM opportunity that offers a good affiliate program, has a solid track record and is one I’m happy to promote.
So what’s the best way of promoting it?
Using the optin pages and webinars they provide?
No.
It’s by building my own optin page and sales funnel for the service.
I want to offer some kind of giveaway to entice people to give me their email addresses and I want to offer them bonuses if they decide to subscribe to iCoinPro through my links.
To that end, I recently bought the licenses for a number of cryptocurrency related products.
This is one of 16 products I bought the PLR rights to
The optin page will put people into my sales funnel (building my list) and part of that will be the email marketing component which will tell subscribers more about what iCoinPro offers as well as offer other cryptocurrency related products.
This approach will set me apart from most of the other affiliates who simply promote the raw links they get in their back-offices.
Using Builderall To Build My Sales Funnel
I’ve been looking for a project that would really let me get my teeth into building a funnel with Builderall (it has its own great affiliate program which you can read more about here).
So what I’ll do is document my progress in building the funnel, from the optin page to the email marketing series and show you how it’s done in Builderall.
I haven’t actually used Builderall yet, even though I’ve subscribed to it since October (2020).
If you’re unclear about how to create a funnel and its components, this’ll be a good way for you to look over my shoulder, so to speak.
I haven’t decided if I’ll record videos of this process or not as I hate appearing on camera and hate the sound of my own voice.
But that’s something I really need to overcome if my marketing skills are to improve!
I’ll talk about the second Bitcoin affiliate marketing opportunity I found in my next post…
All the best,
Gary Nugent
Check out my Instagram posts and reels here:P.S.: Don't forget, if you want to create an internet income of your own, here's one of my recommended ways to do that:
I know this is comparing apples to oranges but is there less risk in Bitcoin mining than trading the forex market? Or is it about the same?
I am very interested in your journey. I will be keeping an eye out for the series!
Hi Brianna, I’m not a financial guy and I only know what I do because I’ve done some research. I know nothing about Forex apart from what it is and I’ve never traded on this market.
It is, however, the largest trading market on the planet with something like 5 Trillion dollars moving through it every day.
Bitcoin is a tiny fraction of that by value.
Fiat currencies (everyday money we use) tend not to have wild swings in value. A move of 1% or 2% is considered big. Bitcoin can have wild swings in its value, day to day.
From what I can gather, Forex trades are essentially scalping small profits from buying some currency at one price and selling it at a slightly higher price.
Because such large amounts of money are typically invested by traders, even small rises in the price of a currency can lead to big profits.
With Forex trading, you’re taking all the risk in the trades you make unless you give your money to someone else or a company to trade on your behalf. That’s what the Cash FX platform that I cover in Part 2 purports to do.
If you don’t understand trends and all the indicators and charts that go along with trading, you’re very likely to quickly lose your money.
Mining Bitcoin is primarily done in what are called “mining farms” these days. These are warehouses full of computers dedicated to one task only – solving maths problems to verify transactions on the Blockchain. Occasionally, those calculations are rewarded with Bitcoins being issued to the miner.
There will only ever be 21,000,000 Bitcoins in existence. Originally, it was projected that it would take decades or even longer to mine all Bitcoins possible.
However, such was the interest in Bitcoin in the early days that coins were mined far faster than expected and new hardware was designed to be more efficient at mining them. And now, 10 years after Bitcoin first appeared, 88% of all its coins have been mined.
As more Bitcoins are mined, they become more difficult to mine and require ever more resources. Plus, the coin rewards are halved every so often to prevent mining from becoming a runaway effect.
The upshot is that it’s now not profitable for the average person to mine Bitcoin. Any coins they do mine might become profitable in the future if the price of Bitcoin continues its long-term upward swing in value. But, then again, the price of Bitcoin could crash.
People mining with their own custom-built computers tend to mine other coins and either hold those for the long term, sell them for instant profits or trade them for Bitcoin or Ethereum.
In terms of risk, mining Bitcoin is far less risky than Forex trading.
You can still buy dedicated mining hardware to mine at home and the latest of these machines costs about $12,000. It also runs at 3,000 watts which would be about 72 Kw/h per day. A pretty expensive electricity bill to have to pay in most countries.
If you can find somewhere to run this kind of mining equipment for $0.03-$0.04 per Kw/h, then that will result in larger profits.
Because the difficulty in Bitcoin is constantly rising and the rewards are halved every so often, these machines have a limited lifetime before they become uneconomical to run.
At least with mining Bitcoin, you can calculate what your costs will be up front and decide if you can afford to lose that money.
With Forex trading and no knowledge of trading practices and strategies, you’ll lose your investment very fast and you may end up investing more than you planned to bolster your losses while you hope that winning trade will save your bacon.
A better option would be to learn how to trade cryptocurrencies as iCoinPro teaches.
Cryptocurrency trading and Forex trading are completely different markets.
I’ve no idea if the strategies taught by iCoinPro would work in the Forex market. It’s not something I’d even want to try without having made consistent winning trades in crypto so I at least had some grounding in trading.
If you want to learn Forex trading, there is a Forex Academy in the Cash FX program and you can even do copy trading there (copying what their professional traders are doing, but making trades yourself with your own money).
Right now, my plan is to let the professional traders trade on my behalf with Cash FX while I learn the Micro Profit system in iCoinPro.
I’ve invested $300 into Cash FX and I’ll start cryptocurrency trading with $100 following iCoinPro’s strategies once I’ve done enough dry runs to get to a point where I have more winning trades than losing ones.