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Can you still get rich from crypto

can you still get rich from crypto

Cryptocurrency is still a largely unregulated market, which can be both good and bad. On the one hand, it allows for more freedom and. Of the people who held on to crypto as an investment, 46% reported an income over $, while another 29% were earning more than $50, Buying and holding Bitcoin as a long-term investment — or, as some crypto enthusiasts call it, HODLing — can be a low-effort way to make money. UBS ADVICE BEYOND INVESTING CAMPAIGN

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can you still get rich from crypto

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There are hundreds of others who share a similar story to that of Jered Kenna. The simple answer is no. Early Bitcoin Investor Jered Kenna While Bitcoin is past its early days where you can get x your investment, there are other cryptocurrencies at this stage. Caution: On the account of the latest crypto market bull run, expect to see a plethora of cryptocurrencies promising 1,x returns before the next quarter of the year.

Any crypto that promises returns first without any real-world project as a back , avoid it like the black plague. There are currently over 8, cryptos on CoinMarketCap. For a project to fetch you a million, it must be future proof. Although it is getting increasingly difficult to find such projects because of the growing number of cryptos being launched, the possibility still exists.

Buy and Hold a Digital Asset The next best method is to buy a digital asset to hold it over a long period of time hodling. A great example is year old Erik Finman. In six years, Bitcoin would have easily made almost anyone a millionaire, and Bitcoin is not the only digital asset. The same holds for many other digital assets. The key to making a x ROI, or more, in crypto, is holding the asset for longer than usual. If you miss out on early investment, the next best thing is buying and hodling.

For this to be the case, the crypto you decide to put your money behind must be future-proof, not a pump and dump scheme, more on that later. Trading Cryptos Trading cryptos have made more millionaires than other ways. Trading cryptocurrency is similar to trading currency on the foreign exchange. To put it simply, you buy a cryptocurrency at a low or high price and hold it until you can sell at a higher or lower price.

Before getting off to trade, you may need to get knowledge on how to trade and the styles of trading. Scalping: the goal of scalping is to make constant profits from very quick trades. You might make a trade every few minutes. It requires good risk management and good market reading skills.

Although the profits from scalping can be small, they add up very quickly. Day trading: is very similar to scalping, but here, trades are held over the course of the day. Range trading: like fiat, cryptos create ranges of uptrends, consolidation, retracements, or downtrends. A range trader identifies these ranges and trades around only one at a time. Inter-day trading: this style of trading allows a trader to hold positions over more than one day to maximize his profits.

Swing trading: is the advanced form of range trading. The trader identifies a low or high and holds his position until the asset hits the next high or low. A swing trade may take days, weeks to be complete. Position trading: is the longest form of trading and is very similar to investing. A trader takes a position and holds it for weeks, months, or even years until it gets to his desired price.

Your objective would be to find a trading style that works for you and sticking to your trading rules. Crypto Mining Mining was one of the first-ever ways to obtain Bitcoin. Many other digital assets are also mined. Mining is the process by which powerful computers solve complex mathematical problems and are rewarded with Bitcoin or other altcoins.

Now, we live in different times. Because of the situation now, mining is a slow and hard process because of the increasing competition and reducing profit. To stand a chance, you may need to join Bitcoin mining pools or mining clouds. A Bitcoin mining pool is a collaborative group of miners combining their different pieces of equipment.

A mining cloud service is similar, however, they use the cloud to connect their computing power. The drawback is that these funds often come with lower returns than trading crypto on your own. Grayscale has experienced a meteoric 60 percent increase in share price since November However, one can make more in the same period.

So, how much do you need to become a crypto millionaire in the next 12 months? Also, the chances are much higher. Is that achievable in ? Yes, if you manage to find the right cryptocurrency. Come Up with a Trading Strategy After being able to decide on a trading platform, you need to think about your strategy to ensure that you will be able to maximize the margin between your buying and selling points.

Your strategy can determine whether you will be the next millionaire trader. Some of the most common strategies used in crypto trading include HODling, hedging, trend trading, as well as breakout trading. HODling entails the need for you to hold onto your digital asset before selling them when the price surges. In hedging, you have the option of short-selling, hedging with contracts for difference CFDs , or hedge bets with bitcoin futures. On the other hand, trend trading is based on the current trends in the cryptocurrency market, which is very similar to breakout trading, only that the buying and selling points in the latter are set at the beginning, or the end of a trend.

It is important to research your chosen trading strategy for you to be able to create a trading plan that you can pursue. In your plan, make sure to mitigate any risks for you to circumvent significant losses and maximize your returns. With all these in place, you sure can get your hands on a significant sum from trading.

Once you leverage the right platform or software and come up with a strategy that you can stick to, then there is a great chance for you to get rich from trading cryptocurrency. Just keep in mind to base your decisions on the goals that you want to achieve.

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