Recently i had a class with some group of friends where I taught them how to archive crypto success and how to utilize the bitcointalk forum. While I took them through the class, I had some few tips which I enlightened them on being a crypto millionaire and those tips were the major reason I created this thread to also share my thoughts with some beginner on how to archive success in crypto investment.
Note: This thread is not created as a form of investment advice or any advice that may concern financial investment/services. It's just more like a general information.
Cryptocurrency investment is not a get rich quick scheme but it is a part of investment that could get you rich early or later depending on the market situation, pumps, limited supply and high demand. Crypto market/price prediction has never been 100% accurate, lots of people thinks they can just invest today and take a huge returns in a month. Having a good profit from crypto in a month or two is very possible but crypto investment has one logic which is "the higher the risk, the higher the return" some risk may cost investors all their funds. Which is why any one that wants to go into crypto investment must chose on good coins to invest and must trade with caution having understanding about the risk attached.
Crypto investment: it is a way of investing real fiat money into digital assets like Bitcoin or other coins/Altcoins. Before carrying out cryptocurrency investment, it's good to note the risk attached.
Reasons not to depend only on crypto investment: the crypto market is not always stable, at which profit doesn't come always. Most times losses may be encountered due to bear market and at that point, selling will not be an option. Price surge doesn't happen always as the crypto market is usually volatile. As a crypto newbie you may be vulnerable to security risk.
Follow up news on the crypto assest invested on: recently Ethereum switched from POW to POS and their merge completed recently most investors just throw their money into crypto currency and forget about it, which is not a wise thing. There might be some updates from project which may be of importance to investors but in a situation were an investor is not open to news update they might be left out.
Tips that can help crypto Newbies Many people have become crypto millionaires because they’ve well bought low and sold high. But there are also various kinds of crypto millionaires, the crypto entrepreneurs who have the necessary business acumen to create world-changing solutions.
Not everyone who gets into crypto will become a millionaire, however, the industry that creates the most millionaires is the cryptocurrency industry. According to a CNBC Millionaire Survey, nearly half of millennial millionaires have at least 25% of their wealth in cryptocurrency. These findings demonstrate a generational divide in wealth creation from crypto. With millennials making money from investments in cryptocurrencies as opposed to more traditional, older investment choices.
The list below is the few 3 tips of who wants to be a crypto millionaire.
1: As a newbie in crypto investment, it is good to buy cryptocurrency on a DCA (Dollar cost averaging) basis. For example, if you have $10,000 to invest into crypto, buy your crypto asset in smaller bits (Chunk/chunk) gradually over a period of time, rather than all of the $10k at once. The main advantage is to reduce your risk and you also gain valuable trading experience on the process.
2: spread your digital asset portfolio over several digital assets such as BTC, ETH and other Altcoins.
3: focus on one key objective that you are trying to archive and identify the different ways to archive it. once you have identified the different ways to archive it, conduct analysis to understand the optimal way to archive the objective. Now focus on the relevant key steps and mile stone to archive the objective, then work methodically to archive each key step and mile stone.
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.
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 hope of becoming rich, you should at least consider employing some strategies to minimize risk while still offering significant upside.
You can read up few things here if you have the time:
https://www.analyticsinsight.net/who-wants-to-be-a-crypto-millionaire-here-is-the-guide/https://www.gobankingrates.com/investing/crypto/crypto-investing-how-to-get-rich/