Bitcoin and altcoins have become the global leads in the finance world and became a whole new division of explorations and earning source as well.
Earning in cryptocurrency is not very hard part, though you just have work bit hard and be patient. For those who believe working very hard in this field is a success, its just false, and I am sure they can’t work in this field because the more you think the more you’ll be worried about your coins, and that’s the worst part.
The real key to success in cryptocurrency is the knowledge, the more you have the better you go. Though there is some other aspect too which comes handy; you have to be aware and know the right move to go ahead.
So, here today lets discuss some point which could be helpful for you guys who want to earn real money.
Also read the previous post: 10 Useful Tips for Success Working in Cryptocurrency
before going further, I want to first share you about myself. I am working in this field for almost a year and I’ve tasted many things, though there is a lot to explore, but all this I am sharing is from the best to my knowledge. For me, I’ve invested a good amount in crypto plus doing mining too, it’s all going well, and I do blogging too about cryptocurrency and share things about mining and cryptocurrency knowledge.
Tips To Earn Success in Bitcoin & Other Cryptocurrency
1. HOLD HOLD HOLD!
One of the best and effective way of earning in cryptocurrency is to invest and not worried about them anymore.
This is more commonly known as HODL.
This is the major issue amongst many people working in cryptocurrency, they hate holding. But then there is one thing you should remember that in cryptocurrency there are no undo, if you loose money in trade or any other you can complain or undo the process.
The ideal holding period for cryptocurrency is nearly about 6 months to 1-2 year.
I’ve invested in ethereum when it was on 40$ last year and kept holding and within a year its grown from 40$ to 800$.
Buy low, Sell High
If you really want to trade, here another way to earn. This is a fast way to earn a good money but at the same time a risky job.
Trading requires technical analysis of graph, awareness, decision making and a big heart for the risk.
Though there are many trading tools which minimize your losing chance, like margin and trade trailings.
I’ve done trading in bitcoin and bitcoin cash majorly and made a really good profit out of it, though I lost a major trade once and with really made me very conservative about trading.
Major trading platforms
Mining cryptocurrency is slow but safest method of earning good money. Mining cryptocurrencies like bitcoin, ethereum, litecoin and monero.
Mining required major powerful equipment which are expensive. Plus you need cooling equipment and electricity for the process.
I strongly recommend you the mining if you want to invest big, and build your own mining farm.
The investment in this field is really safe as you can resell your old mining computing unit on ebay or local with good money, if you are not getting good results in future.
Best Windows Configuration For Crypto Mining
4. Forks (&Airdrops)
Many people earned a good profit from the forks done with the coins, just like bitcoin cash from bitcoin with worth 1300$ was the success for those who were holding their bitcoins in the wallet.
Again, for this you really need to hold the cryptocurrency and you have to be aware about it when the forks going to happen.
5. Investing in ICOs
This is very very risky thing going on nowadays, majority of people loose their bitcoin and ethereum, in the promise of greater investing returns but they never.
Majority of ICOs nowadays are launched to collect money from people’s wallet into their wallet and just back their bags and run away with the fake ICO coins to you which worth garbage in future.
You should be really aware about these ICOs, and don’t invest in something stupid thing.
Though there are some real ICOs which are doing good just because they have good backup working along.
The thing is that you should read all the information first before investing and you have to be smart, don’t follow your peers or friends showing you proofs of great returns.
ICOs really have potential to grow and give your investment a huge returns, though it should be transparent and you have to be patient.
For Further Reading:
- Is the Cryptocurrency Bull Run Coming? Cryptocurrency Future
- What is ERC20 Token? Advantages and Top ERC20 Token List
- Indian Exchanges Response After RBI Ban On Cryptocurrency