What EVERYONE Needs To Do With Their Crypto & Money ASAP
* THIS VIDEO IS NOT FINANCIAL ADVISE & FOR EDUCATIONAL PURPOSES ONLY!
There’s no denying that some cryptocurrency traders have become millionaires thanks to their successful investments. What’s not as often discussed is the great number of people who have lost significant sums trying to become rich by investing in crypto.
See: 4 Best Places To Buy and Sell Cryptocurrency
Find: Cryptocurrency Jargon: A Guide for the Crypto-Curious
Unless you have an enormous risk tolerance, investing in cryptocurrency may not be a good choice for you. However, if you’re the type of investor who is willing to shoulder enormous risk in the hopes of becoming rich, you should at least consider employing some strategies to minimize risk while still offering significant upside. Here are a few ways to accomplish that.
Buy the Selloffs
If you’re a believer in the long-term viability of cryptocurrency, you should treat your portfolio like a portfolio of stocks. In other words, when there’s a significant dip in the crypto market — which happens quite regularly — that is your opportunity to scoop up additional coins or tokens. If you select cryptos that prove to be long-term winners, adding to your investment when prices are low can be a great way to build wealth.
Stick to Cryptos That Serve a Purpose
There are literally thousands of cryptocurrencies you can trade, but many, if not most, of these won’t ever amount to anything. Although you may get lucky and make money trading any crypto, if you’re looking to build long-term wealth, you’ll have to invest in cryptos that have staying power.
Read the whitepapers on any cryptos you plan to invest in to see how they are tied to the blockchain, what their utility is and how they are better/cheaper/faster than any of their competitors. This is the best way to filter out the long-term winners from the losers.
Careful: 5 Crypto Scams Investors Should Be Aware Of
Diversify Your Holdings
By their very nature, cryptocurrencies are speculative investments. If you risk your whole portfolio on a single crypto, your risk increases exponentially.
Just as you should with a stock portfolio, diversify your crypto holdings among the handful that you have researched that have long-term viability. This should increase your chances of finding long-term winners and minimize your risk of blowing up your entire portfolio.
Become a Miner
If you’re looking to “earn” your way to riches in the crypto space, rather than speculating directly in the market, one option is to become a miner. Crypto miners are rewarded with coins by validating transactions on the blockchain. To do so, they must solve extremely complicated mathematical equations, which requires extensive computing power.
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Note of caution: all of our videos are personal opinions. Do your own research. Never take one person’s opinion for financial advice. There are many strategies and there is not one strategy fits all people. Our videos ARE NOT financial advice.
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⚠️Note of caution: all of our videos are personal opinions. Do your own research. Never take one person’s opinion for financial advice. There are many strategies and there is not one strategy fits all people. Our videos ARE NOT financial advice.
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