Topic: Tips that could help crypto beginners. - page 2. (Read 349 times)

Do not like the use of the word millionaire because the words are often used by scam investment websites to attract and deceive many users, and can trap beginners that being a millionaire is easy in the crypto space which in reality is not

Yes some who bought at damn low and sold at high could really trigger becoming a millionaire. Such exmaple is the shitcoin or memecoin shiba where a lot of pople bought at so cheap and sold at very high profits. I even evny some of my friends who even bought $20 and sold at a huge value, but that would be a very rare event to occur if you are a kind of person who uses fundamentals. But I like the suggestion of spreading it through btc and others this is the safest way to increase value of ones portfolio. Or studied thw fundamentals and focus on such parameters like marketcap and use case of such projects. If the right time come then it will explode to roof. Thats how you earn massive gains.

This is not recommended for newbies, altcoins are very dangerous for newbies.

No need for altcoins, Bitcoin can make you a millionaire in the future if you hold it long enough, and do DCA on a weekly or can spread DCA on a monthly. There have been many crypto millionaires but most of those people were early bitcoin investments, instead of investing in altcoins. But if you still want to invest in altcoins to get rich faster, you can still invest, but be aware that the risk it brings to you is not small. The higher the return, the higher the risk, the success rate will not be as high as holding bitcoin for long.

To became a millionaire in crypto wold is not just easy to achieve if you are a small investor or holder it will take too long in order to became a millionaire. If we talk about BTC then now is one of the best buying time because the price is around $18,890.00 and if you have more extra money and invested big amounts  then for sure you have a good profit that will make you a millionaire in the future. But what others said above it depends on your status because if you are rich then you will be richer.

And other altcoins?  
People should be careful about this, it might be considered if people will stay on Bitcoin investment because it's safe, not on random altcoins which have the potential of losing your funds very high.

Crypto isn't a quick investment scheme, there's no promising time for this when you'll get a profit, it's talk about "patience" that you have.
If you want an investment low risk it could be Bitcoin and wait until it will reach a new ATH.

Diversifying your portfolio but only in crypto will never guarantee secure profits in the end. It’s better if you can maximize investing in bitcoin since it’s the best asset that will always give huge profits as long as the market is also stable. Furthermore, investing outside the crypto world will also help you gain additional source of profits. Invest in gold, stocks or bonds, or in real estate, that way you will always receive guaranteed profits from your multi sources of investments.

1. In bear markets, it's good to buy assets on a dca basis. In bulk markets, you'll erode wealth doing it.
2. No, invest only in something with a bright future (bitcoin) everyone's heard of bitcoin, no one's heard of 3000xshitcoin - they're not going to invest in it.
3. You're telling people to think in a way they're thinking and saying that's good? Set targets, achieve targets yes but why does this need to be said. Strategise with risk tolerances and work out the best ways to do things (don't take risks without reflecting on their implications, it's easy to do nothing but doing nothing can lose you money if you decide to do something about it later on or don't leave the sinking ship while the lifeboat is still within your grasp).

No. Not again. Just no!
As a newbie, one should never invest in random crypto currencies. That's like flushing the money down the toilet.
As a newbie, one should DCA bitcoin, not "crypto".

One should get advanced/seasoned in this before he adventures into the jungle of altcoins and worthless projects. A newbie cannot spot obvious scams, and in order to have a chance in "crypto", one will need much more than that. And maybe, when he understands what's all this about, he will understand that it's rather counterproductive to spend time with 99.9% of altcoins.

Having that mindset to become millionaire in crypto or any other industry is okay. But, sometimes having that mindset also could lead the newbies into a wrong place like believing into the investment schemes that would lead them into a scam.

The reason for it is that these scammers will use that mentality of theirs that they should invest in almost investment that will give them high % of return.

But instead of earning, they're likely ending up being scammed so, that's why having that mindset could also be harmful if it's for the newbies and still trying to find ways of making money.

I have come to understand that not everyone will get rich through crypto investment. Crypto investment has possibilities of making people rich but lately it's becoming over hyped that many now come into crypto with a Ponzi like mentality and the very reason scammers keep increasing their bags. I will rather introduce Bitcoin not even crypto as a whole, but bitcoin as a subset of crypto to newbies and educate them how this can make them their own bank.

When it comes to crypto investment it has to deal with so much technicalities which involves using both fundamental and technical analysis and using one day or even a week to teach all this won't be enough and as such instead of risking people who know little or nothing about how the market works its best to make them play safe till they learn

Since your article or post is targeted to help crypto beginners, it would be fine if you help to eradicate the get rich quick mentality rather than promote it. The aim should be to have a good living from crypto and  not to become millionaire.

I can say that it is difficult to become a millionaire in crypto now if you are not rich already.  This is not the early stage and for one to find a good altcoin that can make ×100 and above, you must have been a victim of numerous scams.
So, if you are not an early adopter and if you don't have much to invest now, bitcoin may never be able to make you super rich.

At the very beginning, when I first get involved crypto, I often heard this advice and you know what, I partially tried to follow this advice, which led me to buy unprofitable shitcoins. Now I consider this advice harmful, because in my case it was would be much more efficient if I didn't spray my investment on shitcoins and just buy bitcoin.

Giving advice on how to become a crypto millionaire can only be given by a person who has personally achieved this result, overcome all difficulties and knows the true value of his advice. Otherwise, the advice is of no practical value and is more likely to be harmful to beginners in particular.

Almost all of them have become millionaires before investing in crypto, and this is what many newbies fool that crypto has changed millionaires' lives (and in an instant).

To me the tips of becoming a millionaire in crypto are close to shady schemes, I will certainly put suspicion on the first attention. Out of your 3 tips, this is general investment advice that very rarely leads to millions of dollars in profits.

That isn't the best advice to give, spreading your digital assets this way doesn't give you a greater chance of success, quite a lot of people erroneously think it does, but i'm afraid there is absolutely not need buying too many coins, you'd end up having a portfolio filled with shitcoins, pump and dump, scam coins, zero utility coins, etc. Instead of doing this, spread your money to other stuffs that aren't in the crypto network, you could buy Bitcoin and Gold, or Real Estate or any other investment you think is profitable, just DYOR before you invest in whatever.

Having said that, maybe you should change your topic subject, "tips on how to become a CRYPTO MILLIONAIRE" evokes this get-rich-quick feeling, and that's not a good feeling for newbies to have when they see this thread.

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/