Get-Rich-Quick in Cryptocurrency Investment: Is It for Real?

Who hasn’t wished to become a millionaire by investing in cryptocurrency?

Yeah, maybe Warren Buffet?

However, whether it might come true or not is a matter of probability. It’s possible to achieve your ambitious goals, of course. But, that would require knowledge and skills in handling risks and employing effective strategies, especially in trading. Think you can ace other players?

There’s a 50-50 chance that you will stand out from the rest. Sounds great? The process, however, may be harder than you think. A simple miscalculation of price movements might put you in a losing position, so utilizing fundamental and technical indicators is very important. Your strategies should be based on valid references; otherwise, you’re throwing balls out of nowhere.

It’s a good investment practice to build a sound portfolio and rebalance the approach along the process. You may also learn from the experts in the industry and see for yourself whether getting rich quick is possible in your case.

Is Getting Rich Quickly Possible?

It does appear that becoming a millionaire in the crypto space takes a lot of patience and hard work. But when chances are in your favour, a few transactions could already mean substantial gains. As a beginner, you should always look at the positive side because it’s not the speed that matters sometimes. No matter how long it takes, as long as there’s a guarantee, that would still be a good investment.

Now, we need to clarify that the crypto platforms with flashy promises of making you rich in a day are definitely not going to help you become a millionaire. You should classify such promises as a red flag and always research the crypto platform that you are choosing. If you have no time or knowledge of how to do that, we highly recommend you to stick to popular platforms in the crypto community. Immediate-edge.io or Gemini.com are always good choices to start with.

Why Investors Have Get-Rich-Quick Mentality

The idea that cryptocurrency offers promising gains and could make someone a millionaire fuels many investors’ desire. It’s even heightened by the fact that there have been successful investors in the past.

In short, they cling to hope and try to follow in the footsteps of those who came before them. But the truth remains that cryptocurrency does not guarantee immediate returns. You have to get to the top because everybody starts at the bottom. Initially, you must be definite about why you are investing in cryptocurrency.

Cryptocurrencies are used for trading purposes, but they are also a potent store of value. Depending on your financial goals, you can devise strategies that would minimise the risks and boost your chances of success.

As a smart investor, you must look at this opportunity like any other business. You might either win or lose – and that’s normal. But you can surely do better knowing how the system and protocols work. So focus on how you can improve each time.

Meanwhile, read on for some easy ways to make money from cryptocurrency. This might be the opportunity that you’re looking for.

Easy Ways to Make Money from Cryptocurrency

• Buy and HODL

Earning money from cryptocurrencies is possible when you buy coins such as Bitcoin, Ethereum, and Litecoin, among thousands of others and wait until their value rises. Once the asset price increases, you can sell it to earn some profit. This strategy is also called buying and Holding to Your Dear Life.

It normally requires identifying more stable and volatile assets that can rapidly shift in value, resulting in regular profits. As you invest in crypto, however, you must acknowledge that the market is prone to price fluctuations. The best approach would be to monitor fundamental and technical indicators to predict future price movements.

• Cryptocurrency Dividends

Here’s what might surprise you: you can buy cryptocurrencies and hold them for dividends. Thousands of coins will pay you for simply buying and holding digital assets. This dividend is paid to holders even if you don’t stake them in a wallet.

Some examples of these coins are NEO, COSS, and CEFF. However, not all of these cryptos are suitable for your investment portfolio. You have to analyze and pick out what best matches your investment goals.

• Day Trading

Well, perhaps you know that most crypto investors believe that the most effective way of earning money in this market is through day trading. But ironically, many people don’t know that day trading is more than just holding an asset until its value increases. Being a day trader takes clever strategies and analytical and technical skills.

Likewise, you have to analyze market charts on the performance of the listed assets, which can be the most engaging way of earning profits. Starting a day trading on any exchange is easy; you just need to sign up, buy some assets, analyze indicators, and you’re all set.

• Cryptocurrency Master Nodes

These nodes motivate operators to execute their roles in operating a blockchain network. A master node is a full crypto node or digital wallet that maintains a real-time record of a blockchain’s transactions. It enables users to earn passive income by running such nodes.

How do you get that? Many cryptocurrencies are paying node operators to maintain their network records, and you can perform their role for some fees. Companies can simplify the usually complex process of maintaining a minimum number of coins under their master nodes through outsourcing services.

Final Thoughts!

Yes, everyone dreams of becoming a millionaire in the quickest time possible. But drawing the line between what’s real and not is the first step of setting the right expectations. This is very important when you invest in cryptocurrency because the market is highly competitive. You need the guts to stay optimistic in the face of failure. Price fluctuations are the biggest challenge that you’ll encounter, but there’s always a workaround.

Setting a goal, devising effective strategies, executing properly, and monitoring results define a good crypto investment plan. When you’re fully equipped, you have nothing to worry about the outcomes. You can simply get rich in time. So, be patient.