How to get Rich Investing in Cryptocurrencies
Nov 01, 2017 Posted / 3625 Views
First off let's start by clearing the dust and defining ‘Rich’. Rich means accumulating enough resources or for this matter money that you can afford to live a decent lifestyle without straining your savings. It simply means you can afford to live life at a good standard without borrowing money from external sources and you still have abundant other resources to invest in other money making ventures. In this article we will explore the possible ways of earning substantial amount of money through investing in Blockchain and cryptocurrencies.
Consider this as the rule of the game to becoming rich quick take it or leave it. Let's take a Initial Coin Offerings (ICOs) for example. A team of young enthusiast develops an idea of say making flying cars which would be managed by a blockchain system. The team creates a token to facilitates services of their new dream transportation project. They have the idea and the methods to achieve their idea but lack one thing, the money. This is where you as an investor comes in. Your aim should be to multiply your money as soon as possible. You would study the project starting from its whitepaper and do a background check on all the significant members of the project team. This would give you an idea of if the project is even worth your more time of watching it. Some projects failed well even before ICO, beware of such projects.
Luckily in the 21st century to don't need to work hard to get rich but rather work smart. Use the services of investment consultants specialling in cryptocurrency. They help you to study the project you intend to invest it and advise you accordingly. You can find the most popular Cryptocurrency investment consultants by typing the same phrase on a google search engine. After determining a project invests in its ICO as much as you can lose. This is important should to project fail for one reason or the other. Find more than three projects you are confident with and invest a portion of your investment fund in each one of them.
They say ignorance is the route of all failures cryptocurrency is a current technology which is just about 10 years old. This means you may have less sufficient information as regard their basic operation. Research on basic topics like how cryptocurrencies are created, how their prices are determined and what factors control their prices. This would give you a better idea of how the cryptocurrency might be useful to the population which is an aspect of demand already. I would recommend free utilities available on the internet for starters such as youtube, Bitcointalk Forum, cryptotalk and any other free documents which you can download and study. It’s wise to get use to all technical terms such as forks, mining, market caps and so forth.
A Lot of people who were able to foresee (I would prefer guessed educatedly) the future of Bitcoin invested a small percentage of their fortune on it only to realise more than 500% returns just in less than 10 years. They managed to achieve this enormous amount of profits because they studied the trend during the time Bitcoin was introduced. Simply begin by asking yourself a simple question. Why would i need this cryptocurrency, what is its general purpose, what does the market want. These three questions will give you a general idea of what that cryptocurrency is going to become in 10 years or say 4 years. Depending on how soon you would like to recover the capital invested you could have an idea of whether this is the right commodity for you to invest on or not.
Many people who had the capacity by the time Bitcoin was just introduced around 2009 to Buy enormous amount of Bitcoin and stock but did not do so failed to become rich because of lack of knowledge. This brings us to the point of how important correct information is to increasing your chances of getting rich as an investors in cryptocurrency. Luckily the internet can give us all these informations for free. From the most trending crypto assets to in depth technical analysis and market forecast by cryptocurrency experts you can get a standpoint without much of a hussle.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
Hottest Blockchain Newsletter
For updates and exclusive offers, enter your e-mail below.