If you still see those videos and social media posts about a 20 year old guy in front of his Lambo that he claims he bought through cryptocurrency trading, you are probably in awe. Impressed because you thought the ship had sailed and the so called ‘Bitcoin Millionaire’ wasn’t something that was still a thing.
Well, there are people who are still making a lot of money trading with cryptocurrency. It’s just that for a period in 2017, anyone with a little bit of money could multiply it by 10 without having any idea what they were doing. Nowadays it’s still possible, but you have to understand how it works. Not only that, but you also have to be incredibly focused like these entrepreneurs on Youtube.
In this article, I’ll go over some of the best ways to always bundle bitcoin and other cryptocurrencies together.
Think long term
It was so easy to make money just a few years ago without even having to wait more than nine or ten months. People were able create a BTC account and less than a year later, cash their coins and have tons of money in the bank because of it.
The volatility of the cryptocurrency has now slowed and has plateaued. This is good news and bad news. It’s bad for guys who like quick wins and then move on. This is good news for those who don’t want to have to sweat every day wondering if this is when the value is going to drop.
The plateau brings stability and additional gains. Of course, you’re not going to cash in and buy a house if you’ve only bought a few thousand dollars. But you are also not going to lose a fortune overnight.
Be in it for the long haul, and you may see some nice gains over time.
Don’t spend it
Holding your crypto literally means not spending it. Don’t buy pizza with or order from online vendors. You are not only giving up your current coins, but also your future value. Letting them sit in your wallet or swap to buy the next big coin is the way to go.
If you give up on any of them now, you will never make much money with cryptocurrency and it’s just a fun novelty for you.
Earn with Bitcoin
If you have a business or do a service for your work as a freelance writer, for example, you should accept cryptocurrency. This way you always bring more coins without having to exchange them. And as the value increases, so does your profit. Let’s say you sold $ 1,000 worth of computer hardware in Bitcoin rather than dollars. Then over time you eventually get to a point where they gain in value and suddenly you realize that the $ 1,000 you made is now $ 1,350.
If you had just accepted fiat dollars then you would still have $ 1,000, whether it was a day or a year ago. Multiply that for a lot of your income and you will be able to see how fast the money accumulates when you earn in cryptocurrency.
* This article was written on behalf of Paxful. However, the information provided in this document is not and is not intended to be investment, financial or other advice.