Community post
How to NOT Make Money in Cryptocurrency (Beginner Guide 2)
Let's make fun of #1 google result for "make money with cryptocurrency"
This is the information that's available to the general pubic, and it's partially true if not straight up wrong.
As many of you could have already guessed, "buy and hold" is the ONLY good advice on this list... but only if done correctly.
link from the video: https://www.incomeninjas.com/cryptocurrency/how-to-make-money-with-cryptocurrency/
What would your advice be to the new guys?
▶️ 3Speak
Replies (9)
Buy and hold. Creating content and curating on Steem is working for cryptocurrency and that is a perfectly good option. Mining is also a valid strategy but only if done right as in mining the right coin and being careful about staying profitable taking costs, taxes and the price action of the coin into account.
Nice lesson ;)
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That is really good strategies of becoming rich in crypto investment. Buying and hold for the lean season, mining, currency and exchange, day trading. As a general business trick for success, the best among these ones is buying and hold, as it is now, if you bought and held, it would be better than the previous. Even, if there is a reduction now, it will be meagre not huge that losses may occur.
My advice is always this:
Using these strategies you are pretty much guaranteed to make money comfortably and with less risk.
nice! actually you gave me an idea for the next video: “The INCORRECT way to DIVERSIFY”
I love the part when you say "unless you're the 1%...which you're not!" Hahaha I literally laughed out loud at that. Come on man, You just shattered my high self image! Lol kidding.
Great video though. The part about the staking was really interesting. I never thought of it that way but that made a lot of sense. Gives me something to think about.
Upvoted!
For beginners bitcoin is too pricey. Just invest in altcoins like veil, xrp, dgtx to generate more profits and also for long term investment.
@jmehta you're kidding right? Beginners should stick to bitcoin, selecting a good alt out of the thousands of alts available is more research than the average person can handle... Bitcoin is risky and volatile enough on it's own for the average person, let alone altcoins.
Just look at the top 100 list of coins over the years, alts come and go non-stop.
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