If you are still seeing those videos and social media posts about some 20 something year old guy in front of his Lambo that he claims he bought by cryptocurrency trading, you’re probably impressed. Impressed because you thought that the boat had sailed and that the so called “Bitcoin Millionaire” was not something that was still a thing.
Well, there are people still making quite a bit of money by trading with cryptocurrency. It’s just that for a period in 2017 anybody with some money could 10 times it without having any idea what they were doing. These days it is still possible but you need to understand how it works. Not only that, but you also need to be insanely focused like these entrepreneurs on Youtube.
In this article, I will go over some of the best ways to still make a bundle trading bitcoin and other cryptocurrency.
Think long term
It was so easy to make money just a couple of years ago without even needing to wait more than nine or ten months. People were able to create a BTC account and less than a year later cash out their coins and have tons of money in the bank because of it.
The volatility of cryptocurrency has slowed down now and has hit something of a plateau. This is good and bad news. It’s bad for the guys that like quick wins and then move on. It’s good news for those that don’t want to have to sweat out every day wondering if it is when the value is going to crash.
The plateau brings stability and incremental earnings. Sure, you aren’t going to cash out and buy a house when you only bought in with a few thousand dollars. But, you also are not going to lose a fortune overnight.
Be in it for the long haul and you may see some nice gains over time.
Don’t spend it
Holding onto your crypto means literally not spending it. Don’t buy pizza with it or order from online vendors with it. You are not only giving up your current coins, but also future value. Letting them sit in your wallet or trading to buy the next big coin is the way to go.
If you give any of them up now, then you are not ever going to be making any serious money off of cryptocurrency and it is just a fun novelty for you.
Earn with bitcoin
If you have a business or do a service for your job as a freelancer for example, then you should be accepting cryptocurrency. This way you are always bringing in more coins without having to trade them. And while the value rises, so does your profit. Let’s say that you sold $1,000 worth of computer equipment in Bitcoin rather than dollars. Then, as time goes on, you eventually get to a point where they gain in value and suddenly you realize that the $1,000 you made is now $1,350.
If you had accepted just fiat dollars then you would still have $1,000 whether it is one day or one year ago. Multiply this for many of your earnings and you can see how quickly the money builds up when you are earning in cryptocurrency.
*This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.