In this blog, we will discuss how you can achieve financial freedom with crypto.
The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. We do not recommend that any cryptocurrency should be bought, sold, or held by you.
So, you’re young, dumb, the ad got a few bucks laying around and you wanna move out of your parent's house, quick?
I’m pretty sure you’ve already scoured the internet for different get-rich-quick schemes, side hustles, and TONS of business ideas that “Business-Gurus” post about. While I can neither confirm nor deny the credibility of such ventures, One thing I do know is that fast cash isn’t always a good idea. There is, almost always, a huge risk involved, something only the rich can afford to challenge. It takes years of market research and experience, or in most cases, sheer luck.
You’ve probably also come across the stock market option, which offers both instant success and gradual personal economic development, along with the added risks of being obliterated by the ‘players’ of the market.
How about something that doesn’t directly depend on the actions of a few people, but on the processing power of modern-day computers? Cryptocurrency is a virtual asset, which is traded like shares of a company, but instead of fluctuating because of the actions of a select few market dominant players, its price fluctuates on the basis of availability, which in turn is dependent on the processing power of the mining computers.
Basically, the way to mine(or, in simpler terms, to unlock the locked supply) cryptocurrency is by solving extremely complex algorithms. As the number of said virtual units increases, the algorithms get more and more difficult, in turn assuring a balanced market. At this point in the world of cryptocurrency, the algorithms have become unbelievably complex, making the mining all the more expensive, and altogether difficult.
How do you establish financial independence from this though? How do you move out of your parent's house, and into your very own mansion? Well for starters, it’s an incredibly slow process, and when learning the ropes I’d recommend you to invest extremely small amounts, amounts that you wouldn’t mind losing. The basic concept of Buy-Low->Sell-High applies here too. The only problem is, the prices of these assets are extremely volatile, meaning you need to keep a constant eye on the price and play it safe.
Keep in mind, that before investing anything, you gain as much knowledge about it as you can. Go to YouTube and watch videos about cryptocurrency, opt for a few free/paid courses, and study study study. The more you study, the more you learn, the easier will the actual war of investing be for you. There are loads of videos and articles online, about various strategies to consider, which coins should you invest in, and how much should you risk in each investment. Go through as many of them as possible.
How does investing in cryptocurrency help you become independent? Simple. You invest a certain amount, call it capital. Never touch that capital. For you, that amount is only a gateway for larger rewards. Save any profit you gain and put it, either in a bank or a place where you can get high returns on it. Keep investing that same capital amount wherever and in whichever cryptocurrency you feel like, and keep adding small denominations to that capital as you gain confidence. This will set you on the path towards your dream mansion, but you’ve still got a long, long way to go. You start earning small amounts and don’t spend them.
Cryptocurrency, as considered by many professional geeks, is the future of currency, which will eventually overpower all distributed currencies. Investing in the future is always a good idea, especially if it is aiming towards the decentralization of the entire planet’s economic infrastructure.
Once you do have enough practice and wish to utilize these skills to either start or expand a business, you will need separate strategies, For which, I’d recommend reading through the next article as well. For now, you can understand that cryptocurrency is a good way to get financial freedom but you need to take each step carefully and not get greedy, nothing good comes out of it at least not in long run. Moreover Trading with emotion is not a good idea you should always know what you want from that particular trade, your take profits and stop loss should be calculated before you start your position
Anyways, We will definitely help you in your way and help you understand cryptocurrency better from our upcoming blogs which will be published by next week.