I see a lot of people asking, “What’s the best cryptocurrencies to buy?”, or “Is it too late to buy in this coin?”
Here’s the short answer: no one really knows, but you can make educated guesses.
In a bull market, everyone’s a genius. The market is purely speculative right now, and completely irrational. You have multi-billion dollar valuations on projects with no working product. On the other hand, you have projects that are solving complex technical issues valued outside the top 100.
It’s the wild wild west, and you must do your own research, and don’t invest more than you can afford to lose.
With that said, I invest based on the following beliefs on where I see the market going, and they may be an unpopular opinion compared to the get rich quick schemes being circulated:
The blockchain/crypto space right now is still in its infancy, therefore, I think the best investments you can make right now are in infrastructural and protocols projects, which will help foster the development ecosystem of the entire industry. More devs = more growth and more projects.It’s too early to invest in consumer focused projects (some exceptions apply). For example, would Facebook really be viable as a business when the internet was first introduced? No, not at all. The timing would be way too early. The industry hasn’t matured, the adoption isn’t there, and the foundational technology hasn’t gotten there yet. Will you make money investing into consumer focused coins? Sure, but do you think these coins will be around after a market crash? Highly unlikely.I don’t believe coins that say they focus on a specific niche or use case have any real value. (ie: Dentacoin - extreme example, but for sake of argument) - Ask yourself this, why have another token that essentially is just executing smart contracts, if you can simply use Ethereum? There are lots of scams out there like this which sound like it’s a viable idea, but it’s really worthless. Aside from scams, you also have very inexperienced entrepreneurs who have misguided beliefs, or opportunists who simply are creating a token to run an ICO to capitalize on crowdfunding and raising millions of dollars out of thin air and a whitepaper.I think there are certain industries that have a lot of synergy with, and can benefit immediately from blockchain technology, namely - Finance & Logistics. Currently banking infrastructure is highly inefficient, and blockchain tech at its core provides digital trust, and eliminates counterparty-risk. The moment you can do that and you can increase liquidity and easily move money around the globe, the more money and time you can save. Same with logistics, there are real benefits that businesses can derive value from right now. Such as the traceability and guarantee of authenticity of goods in the supply chain, combating counterfeit goods, etc.
With those in mind, there are a only a few picks that I’ve narrowed down that I think are worthwhile, and have satisfied my criteria of:
Team - Is the team credible, and experienced enough to see the project through? Do they have any advisors or board members? Etc.Technology - What’s unique about their technology? Do they have a working product? Do they really need to use the blockchain or can they really just be using a database?Token - What gives the token value? Are the economic structures of the network incentivizing an increase in value, therefore making it a good investment? What’s the distribution of tokens? How is it valued? What’s the circulation?Timeline - What’s their roadmap like? Do they look like they have a good business strategy laid out? Are they prioritizing and executing on the right things?Industry Adoption - Do they already have any partnerships or real world usage? What’s the benefit and value? Any case studies?
As always, do your own research, and best of luck!
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There’s no denying that some cryptocurrency traders have become millionaires thanks to their successful investments. But most consumers view cryptocurrency as a speculative investment vehicle used to gain wealth very quickly, Crypto isn't a get-rich-quick scheme, It's a wealth-building tool.
I have even stumbled across questions where people also ask ‘can you be a millionaire from crypto?’, in as much as a lot of cryptocurrency traders have emerged e millionaires, there are no guarantees that you'll become a millionaire, but if you invest in the right places and hold those investments for the long term, it's still possible to see significant returns.
In order to become successful in any field, including cryptocurrency investment, you need to gain knowledge. In this article, i will give some cryptocurrency investing tips that will help you become a more successful investor.
1.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.
2.Day Trade
If you’re looking for the highest risk/reward option when trying to get rich and have good returns via cryptocurrency, consider day trading.
3.Understand the Crypto Language and Read Daily News
In order to become successful in any field, including cryptocurrency investment, you need to gain knowledge. You need to read books and articles and watch videos to increase your knowledge on various topics about it.
4.Staking Crypto
If you’re looking at cryptocurrency as an investment, then staking might be the best option for you. With Ethereum being the second largest cryptocurrency by market share, you can stand to earn a significant amount of passive income by staking your Ethereum on the network. Not only that, but you’ll also earn the transaction fees which come along with sending Ethereum.
5.Buy and HODL
This is the most common way of earning money from cryptocurrencies. Most investors buy coins such as Bitcoin, Litecoin, Ethereum, Ripple, and more and wait until their value rise. Once their market prices rise, they sell at a profit.
Conclusion
So, Can you make money with cryptocurrency fast? Well, there, you now have your answer. You now have 5 ways of how to make money with cryptocurrency; try the ones that work for you and see their impact.
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Thank you for reading.
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After a trader places a trade in the cryptocurrency market, their mind might go through a range of emotions and thoughts depending on various factors such as the size of the trade, the market conditions, their trading strategy, and their level of experience. Here's a possible breakdown of what could happen in a trader's mind:
Excitement: Initially, there might be a surge of excitement as the trade is placed. The trader may feel optimistic about the potential outcome and the opportunity to profit from their analysis.
Anxiety: As soon as the trade is executed, anxiety may set in. The trader might start questioning whether they made the right decision, if they've entered at the right price, or if they've risked too much capital.
Monitoring: The trader will likely start closely monitoring the price movement of the cryptocurrency they've traded. They might constantly check price charts, news updates, and market sentiment to gauge the direction of the market.
Hope/Fear: As the price fluctuates, the trader's emotions may oscillate between hope and fear. If the price moves in their favor, they may feel hopeful and confident in their decision. Conversely, if the price moves against them, fear and doubt may creep in.
Decision-making: Depending on their trading plan and risk management strategy, the trader may need to make decisions along the way. This could involve adjusting stop-loss orders, taking partial profits, or even exiting the trade entirely if conditions change.
Stress: Trading can be stressful, especially if the price is volatile or if the trader has a significant amount of capital at risk. Managing emotions and staying disciplined can become increasingly challenging as the trade unfolds.
Acceptance: Eventually, regardless of the outcome, the trader will need to come to terms with the result of the trade. If it's profitable, they may feel a sense of satisfaction and accomplishment. If it results in a loss, they may need to accept it as part of the learning process and focus on improving their skills for future trades.
Reflection: After the trade is closed, the trader may reflect on their decisions and performance. They might analyze what went well and what could have been done differently to improve their trading strategy.
Planning: Finally, the trader will likely start planning their next move. Whether it's identifying new trading opportunities, refining their strategy, or adjusting their risk management approach, there's always something to learn and improve upon in the world of cryptocurrency trading.
Overall, trading cryptocurrency can be a rollercoaster of emotions, and successful traders often learn to manage these emotions effectively while staying focused on their long-term goals.
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