How I turned $500 into $25,000, and will most likely turn that into millions and you can too. [aka Crypto101]
1. Buy everything you believe in. And keep up-to-date on them.
Remember back in 2012 when Bitcoin started to get semi noticed by the world and had its first glimpse of greatness? Remember when people preached of Bitcoins being worth $1,000,000? Well Bitcoin was worth $90-$400 around those times, back when having a single article on Forbes about Bitcoin was unthinkable. But look around, we are slowly climbing the mountain. Even with all the drama, price dumps, exchange crashes, government stupidity & weak handed sissies, Bitcoin still grows. We are are at all time highs and I wouldn't be surprised if we hit $4,000 Bitcoins this year. Then after Bitcoin corrects, altcoins will boom.
That brings us to altcoins, who's market has also grown tremendously in value as of lately, owning the coins you believe in, have researched and keep up to date with are the ones that will help you grow, you have one advantage everyone else does not, you know why this coin is valuable. All you need now is for everyone else to know it as well and you are in the green. And that day will come.
2. HOLD IT. 3mo-1yr, Buy on mega dumps.
Don't be that guy that bought PIVX at 10 cents just to have sold it at 16 cents... if you buy something and you know why you bought it and have done you research, you are much less likely to get weak hands and sell for minimal profit. All of these projects have so much room for growth and dumping early is one of the easiest ways to kick yourself for years to come. So instead of dumping with the market when everyone starts taking profit, start buying and increase your stash of cheap coins, because one day, all of these coins will be worth 10-1000 times what they are today.
3. Once you are up 200-300%, sell your initial investment. Trust me.
Obviously theres risk involved in crypto, so to be more safe and secure your investments, when your some of your alts have a mega spike, why not sell 1/3 of your coins which usually equals out to your initial investment and put that back into something more stable like Bitcoin until the price corrects? It always happens, no matter the coin. And it helps you sleep at night, or atleast not wake up at 5am to check the price lol.... you know you have all done it...
4. Buy More, Hodl More.
Crypto is bullish. Every chance you get you should be purchasing more BTC with USD, earning more BTC online, buying more Altcoins, increase your positions in your favorite alts and just get involved in general. The only way crypto is going to 'go mainstream' is if everyone adopts this mentality. You can already LIVE on crypto currency and I personally do so quite well. So why not shake the past and start living in the future? FIAT is a dying concept of money and we all know it, therefore we should all be dumping our FIAT for Bitcoins and other cryptos.
5. Oh and don't forget to keep growing your coins, using Steemit for example!
A great way to increase your stash without pulling money out of your pocket is to simply be active, use services like Steemit.com, be active on subreddits about crypto, be active on your favorite forums about your favorite crypto or whatever it may be and I promise it will pay of for you, you will either get in early on a generation 3 currency, earn alot of $$ on Steemit or even find yourself a sweet blockchain funded job! Those seem to be all the craze these days..
6. Crypto is a Bullish market overall, don't forget that folks, FIAT is dying before our eyes.
Like I said before, crypto is bullish, any coin that stays alive for the next 5 years will see insanely gains no matter what, its the nature of the system. While I don't suggest to buy more than you can manage, owning more than 1-2 coins is a very good idea for the next couple years, even if some short term losses occur overall we're all going to make quite a hefty amount of profit due to the nature of the systems we are investing into. We are still early adopters folks!
This is a great success story! Thanks for sharing and encouraging others.
Thank you!
Thank you for composing this and encouraging others to get involved. I completely agree with this strategy, most importantly #1. Invest in what you believe in! This is an age old investing strategy touted by billionaire moguls in every industry. You don't need a crystal ball or be a master at economical statistics to figure out what coins to invest in. Read up on their history, founders, vision, goals and find what resonates and aligns with you personally. This is the strategy I have always used in investing and it has always worked, while allowing me to sleep at night. I invest in what I genuinely believe in and can get behind. If I lose money, then I have no issues with it because first, I only invest what I can afford to lose, and second, if I genuinely believe in the vision and support the coin, I'm rooting for it to win, but if it doesn't work out, I know at least I've done everything I could to help.
Bottom line personally I believe Cryptocurrency is the future of humanity. The chances of it completely dying out and disappearing is pretty much negligible. Pretty much any coin available today, as long as you confirm it isn't a scam by investigating the companies/people behind it (these definitely exist), has a good chance of increasing over the next few years. Find the ones with visions you can rally behind, that have a genuine technological use or value to contribute, and invest only what you can afford to lose. I believe there is still plenty of time to take part in profiting from the gold rush of the 21st century before it goes mainstream.
this is my mentality. once mainstream adoption happens then these coins will store even more value.
I expect this ecosystem to continue to grow for atleast 15 more years before 'the battle for the world currency' is at a closing point, maybe even longer. There is ALOT of wealth in the world...
I agree, and your positive attitude is the right one. There is plenty of wealth, there is plenty of time and we can all benefit. The current crypto-environment and market conditions are causing people to feel that they are going to miss out, but there will always be opportunities because there is a diverse range of crypto's that cater to everyone's unique needs. I enjoyed your post
I am curious to see what this industry looks like in 10 years and if the world changes any more or just adapts to avoid crypto...
100% I would like to see how this distribution of new wealth and decentralisation of the current banking system will look like. I image it will offer an attractive alternative that once the masses find out about cannot ignore!
Why wait ten years, the environment is changing so fast I am looking forward to the next ten minutes.
Great lesson of risk management in this volatile cryoto world.
Thats the idea! People tend to get all excited and scared when it comes to this much gains and losses lol gotta remind them from time to time.
Steem tokens could pay out more than Bitcoin returns in 2 years since the platform is still infant in comparison. The bad thing about selling 1/3 of a coin is if you have a winning coin longterm you can be millionaire just buying $20K-$30K of ETH for example last December and waiting till Casper release. For example; An ETH ICO investor that put in just $10,000 was worth about 3 million when ETH touched $100. I am not saying don't take profits at some point but if you have a true winner don't sell it until it matures. Usually 3-7 yr. holds return the best. That's true in the VC world and remains true in early stage crypto investing.
I agree I was simply giving people some advice to spread thier risk and possible losses. It's always a crappy feeling when even your initial investment is taking losses and this helps combat that. People are encouraged to make thier own choices obviously though. I for example don't intend to powerdown anytime soon.
That's true. Also selling your initial investment can make people better hodlers to reap massive longer term multiples. It's tempting to cash out and sit on the beach though isn't? But that's the game is to get those huge multiples first before doing that ;-)
Hahahah screw a beach! I want my own Island with a Bitcoin/Steemit powered village!
I hear that. Hodling the right crypto investments for the right amount of time will buy the whole beach as the inevitable crypto/token adoption sweeps the world.
I can see it now... a craigslist post looking to buy an island.. we should call it Cryptonia lol
that's the journey, longer term outlook on all of these cryto's. My 2 cents , bitcoin has transaction issues so mass adoption is proving to be difficult. In my humble opinion coins like Ethereum, Litecoin, NEM, Ripple and Peercoin Offer better solutions for mass adoption. Steem is going to be a game changer industry revolutionary innovation, which I am also excited for
The best post of the day. Well enjoyed.
First bought pivx at $0.39
First bought bitcoin at $170
First bought steem at $0.17
Sounds alot like me! I got into PIVX a little earlier, steemit a week later it seems and Bitcoin $60 less but had very little to invest back then. Started with 1 Bitcoin I got for $90... and thanks for the love! I enjoyed writing it. I see alot of newcomers lately who haven't learned the ropes lol so I thought I'd give a opinion on the subject with success to back it.
I was lucky to strike on Pivx at .07 cents
Nice!
Wow! Bitcoin at $90.00 what a steal! Yes solid advice backed by experience!
I'm one of those newcomers, so I really appreciate the post. Trying to soak up all the info I can find and I gotta say...it's a little daunting for my aging brain lol.
whats pivx, is it worth being invested in?
I would say it is worth it. But, I would look into investing more in steem, ripple and maybe Iconomi. But yea I like pivx. You could stake it just by having coins in your wallet. It's like Dash but probably better. Diversify and do your research.
thanks will do, thanks for the follow :)
Good insight. The total crypto market cap passed $55 billion today!
https://steemit.com/cryptocurrency/@digicrypt/total-cryptocurrency-market-cap-surpasses-ususd55-billion
Which is awesome! but as I point out in my article, Apple could buy the entire crypto sector 5 times over....so yes...a lot of room for growth still! Exciting times!
Great tips, so many crypto projects addressing so many traditional business models.not all will succeed but the ones that do will be massively profitable for the early holders.
Yea and it's obviously best not to have all your eggs in one basket as well haha
So i have managed to make roughly $400 profit through etherium in just one week! Transfer a good amount yo steem. Something as simple as a $0.50 increase can yield fantasric results if you own 100-1000 coins. Thays big money were talking about here!
Isn't it fun!?
Thank you for sharing this. I'm still learning and very much a n00b when it comes to crypto, I have been on the fence about making an investment in it. After reading some very helpful posts here on Steemit over the past week and a half I believe I'm ready. This post definitely motivated me to take the plunge. I have a feeling I'm NEVER gonna look back!
I'm glad I could provide some insight! Don't listen to the naysayers, if crypto was going to die, it would have by now. Nowhere but up from here! Also; don't invest more than you can lose in the short term. It might drop 50% before it rises 200%, keep that in mind.