Investing in cryptocurrency continues to be a hot topic trending on the internet these days, and despite its appeal, getting started seems too difficult for many people. However, that shouldn’t stop you from taking action.
And although there are many resources available on digital assets, the amount of information can be overwhelming. To simplify things for you, in this article, we’re going to explore some myths about cryptocurrency that may be holding you back from investing and give you a few tips on how to start with cryptocurrency.
People that get into cryptocurrency plan to use it either as a speculative investment or as a means of payment. No matter which one of those is your goal, to succeed in the crypto world, you first need to build a stable foundation.
The way you achieve that is by starting small, creating a roadmap, and fine-tuning your strategy as you learn new things. If you invest in cryptocurrency with the idea of making high returns quickly, you’re in for a disappointment. Calibrating expectations separates people who make money with cryptocurrency from those who do not.
Keep in mind that everyone’s journey with crypto is unique and that cryptocurrency investing is not a straightforward process. However, if you are smart about it, you can become one of the crypto nomads who travel the world on nothing but digital assets.
Some existing misconceptions about digital assets can determine people to believe that investing in cryptocurrency is not for them. Here are the most common ones:
The most straightforward way to get into the crypto world is, though:
It’s worth taking the time to learn what are the advantages and disadvantages of these exchanges. However, once you decide which one you’ll go for, to purchase cryptocurrency, you'll need to:
Once you have your cryptos, you are entirely responsible for their safety. So, research and choose a wallet that gives you the best custodianship over your cryptos. Keep in mind that storing your coins offline as much as possible protects them from various security threats, and that losing your private keys means that your digital assets are also gone.
A common question that people getting started with cryptocurrency have is how much should they be investing? This decision is entirely up to you, but it’s a good practice to start with a small amount of money —1 to 5% of your earnings are more than enough.
Also, only invest an amount that you are comfortable losing, should that happen. Remember that the goal of investing in cryptocurrency is to create more wealth in your life, not to lose your savings or money you need for everyday necessities.
A few years ago, you could only make money with cryptocurrency by mining or buying, but today, you have plenty more options —from getting paid for your services in digital assets to cash backs on spending and DeFi farming
While staking cryptocurrency or running master nodes can be great options for you to make money with crypto, they may sound complicated. Luckily, there are beginner level friendly ways for you to achieve that:
1. Accepting crypto payments —start getting paid for your freelance work or integrate this payment option in your business’ website
2. Joining airdrops —this is a great way to learn about new crypto projects and earn tokens by helping them create a community for the upcoming coin through performing tasks such as:
3. Performing micro tasks —similar to airdrops, you will help promote a project through completing a set of tasks. However, the skill level is a bit higher than in the case of airdrops. Examples of micro tasks are:
Investing in cryptocurrency is an accessible option for you to make money when traveling around the world. And as you can see, getting started with cryptocurrency doesn’t have to be complicated if you get a few basics right.
The key to succeeding in your crypto journey is to educate yourself, use the knowledge you've gained, and adjust your strategy according to the feedback you receive from the market. To learn more on investing in Bitcoin & Digital Assets, join our course and get rapid results!