Are there practical tips a cryptocurrency trader should know about that could earn him a sizable income? How does being worth over $2 billion sound because you own a sizeable amount of cryptocurrency tokens? That is the case with Chris Larsen whose stake in Ripple (XRP) has made him a very wealthy man.
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There are over 5,000 cryptocurrencies as mid-January 2020. Only a few of them are worthy of a mention. Crypto tokens like Litecoin, Komodo, Bitcoin Cash, Ethereum, and Ripple are only a few that seem legitimate. Be warned though; all cryptocurrencies are NOT created equal. Do your research before choosing which one to invest or trade-in. Remember, it is your hard-earned money that you put on the line when diving into crypto investing.
Can I make a lot of money with cryptocurrency?
That’s the million dollar question, isn’t it?
So let’s talk about how subjective that really is. What does a lot of money mean to you? Is a lot of money equal to $200 a day, $100,000 or more a year, or hitting the lottery of crypto to be an “overnight” millionaire?
Everyone has fantasies about winning the jackpot and what they will do with their winnings; from buying property, cars, the dream vacation, and retirement. Other people simply want to cover their living expenses and shed their 9 to 5 job.
Most people don’t realize that while it may be possible to earn a lot of money in crypto, a lot of these crypto millionaires were early adopters and bought when the prices were low. Then they did something that most people don’t have the patience for. They HODL.
Remember, making money with cryptocurrencies comes with various risk. Anyone thinking about diving into trading or investing in cryptocurrency should heed the following five tips to give them a boost in becoming a crypto success story.
Crypto Money Tip #1
Pay me in Bitcoin
If you are like Roger Ver founder of Bitcoin Cash, you will know the value of being an encyclopedia of your preferred cryptocurrency. Roger is a millionaire courtesy of his in-depth knowledge of Bitcoin. His knowledge enabled him to understand the token and accumulate many BTC. He also offers products and services for payments in Bitcoin. If you want to earn Bitcoin, offer it as a payment option.
Crypto Money Tip #2
Set your Profit and Loss Targets
Some successful traders like Ian Balina have amassed a fortune by knowing when to stop loss and take profits from their cryptocurrency trading. He provided proof of how he turned an initial $100,000 investment into $6,000,000 in two years trading different cryptocurrencies including; Ncash, Wan, Loom, and Ethereum.
Crypto Money Tip #3
Monitor and Speculate Cryptocurrency Prices
Some people make a lot of money by studying price trends of volatile cryptocurrencies on some popular websites such as Business Insider, which report price changes in real-time. That is what day traders do. They take advantage of rapid price changes within a day to cash in on transient price increases. That is a precarious option, only attempt this with money you can afford to lose.
Crypto Money Tip #4
Buy and Hold the Right Crypto
The “right crypto“ can be subjective but there are some cryptocurrencies that many investors have more faith in than others. Some cryptocurrencies, exchanges, and services will pay you for holding a certain number of units. For instance, Binance will pay you between 20 to 40% for just holding at least 500 BNB unit tokens. Additionally, most cryptocurrencies experience peak prices within a two to three year period. Some might call this the Goldilocks zone of crypto hunting.
With being intuitive about the crypto investment options, money making opportunities also come with knowing when to sell. Many investors have a set goal in how much money they want to make from an asset. You might consider doing the same.
Crypto Money Tip #5
Teach and Promote Cryptocurrency Trading
This might sound a little shady but it is legit. You can earn crypto and make a decent profit by teaching others how to get into cryptocurrency. Because crypto is still new, many people are coming out of the woodwork claiming to be crypto experts. I’d guess that 99% of them are not. But if you have a conscience, consider joining platforms that have affiliate programs and share in profits from recruiting new users.
Notable exchanges include Coinbase, Binance, and Deribit. Unlike regular affiliate programs that offer cash payments, these cryptocurrency affiliate programs either pay your equivalent tokens in USD or offers discounts on future purchases or transactions on their platform.
Disclaimer
Content provided by Crypto,Trader,News. is for informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. All information is of a general nature. As always, there is risk with any investment. In exchange for using our products and services, you agree not to hold Crypto,Trader,News. Pro, its affiliates, or any third party service provider liable for any possible claim for damages arising from decisions you make based on information made available to you through our services.
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