5 Best Ways Cryptocurrency Can Make You Rich
Cryptocurrencies and their underlying blockchain technology are taking the world by storm,
Changing the way we do business interact with each other.
Easy to see why cryptocurrencies provide an untapped source of wealth,
Early investors are wealthy beyond their wildest dreams.
But how can you get started? Follow these five proven ways to build wealth through cryptocurrency investments and watch your future grow before your eyes!
1) HODL
If new to crypto, one of your first tasks will be learning how to buy crypto tokens. But once you have some crypto tokens, what do you do with them? Most cryptocurrencies trade on online exchanges -- exchanges that connect buyers and sellers. These crypto exchanges store tokens in digital wallets. Crypto investors can trade their tokens for other cryptocurrencies or fiat currencies (like USD). In other words, they can HODL their crypto until they decide to sell them later. Whether HODLing is a good strategy for long-term investors dispute. Turn out there is no simple answer to faith in crypto, no simple one-size policy that works for everybody. Some people argue that at certain times, trading low and cashing out sounds like a better strategy. Others say it depends on how much risk-taking. If you want to know more about HODLing, Read here.
2) Invest
Cryptocurrencies (like bitcoin, Ethereum, Cardano, and XRP) are increasing investments. Though volatile in price and in investor interest for some time, crypto is a burgeoning asset class. While some debate its longevity, cryptocurrencies have already become part of our digital landscape. Today we look at five ways crypto can make you rich. That will mean investing wisely in these growing assets.
3) Start Small
Crypto investing is risky, volatile, confusing, and hard to know what is real or not. Have the money that you don’t mind losing and are really interested in crypto investing start small. Buy a little Bitcoin or Ethereum (or both),
study up on blockchain technology, and play around with it before you commit any serious funds. Remember, your goal isnt to get rich quick here, it's about having fun while learning something new.
4) Be Patient
Successful crypto investors are patient. The market is volatile profits are fleeting. It can be tempting to make impulsive investments, but you'll find yourself losing out on potential gains because of your emotions. Instead, take a step back and think about how you would react if you invested in real estate or stocks. Would you rush into buying? Or would you take time to research your options? If real estate or stocks, probably not. So why do it with cryptocurrency?
5) Have Patience
If you want to strike it rich in crypto, patience is key.
Bitcoin became a viable currency in late 2009 only started making headlines in mid-2011 when a number of major online businesses began accepting it as payment.
Litecoin and Peercoin also launched around that time.
But there was no way to turn those coins into cash—until 2013, when Mt Gox, one of the biggest bitcoin exchanges, partnered with BitInstant to accept bitcoin payments from American customers using dollars.
Bottom line
The easiest way to get rich with crypto is to buy and hold. If you choose a solid coin and hold on for many years, you’ll probably do very well. In 2017, nearly all coins were up significantly (i.e., Bitcoin rose from $1,000 in January 2017 to more than $20,000 in December). Many 2018 predictions say due for another bull run—at least temporarily. Of course, nothing goes up forever. There will be dips along the way, but you can still come out ahead if you sell at a loss. That said, there are other ways to make money in crypto besides just buying and holding. Here are five of them:
1) Investing in ICOs;
2) Mining;
3) Trading;
4) Staking;
5) Getting paid for doing things within your community or helping others learn about crypto.