read.cash is a platform where you could earn money (total earned by users so far: $ 641,325.20).
You could get tips for writing articles and comments, which are paid in Bitcoin Cash (BCH) cryptocurrency,
which can be spent on the Internet or converted to your local money.
When you really start to examine Crypto success stories that were calculated, in other words, the individuals involved actually set out to succeed. You begin to see how much the mindset and perspective of a person can either enhance or limit their progress. Another way to think of a mindset is a view. For instance, a person who is of the view that Crypto is risky, or a scam is ultimately hindered from ever experiencing any success in Crypto whatsoever.
His mindset and preconditioned views will not allow him to take part. Essentially, he requires someone with factual data to convince him otherwise and hopefully change his mind. This is obviously an extreme case and yet, milder scenarios exist even within the realm of Crypto enthusiasts.
Risk & The Investor Mindset
I have spoken before about how a person with a strong leaning towards investing is not like others. He views things differently and is often quite creative in the arena of thought processes, strategic planning, and risk management. Being averse to risk and a lack of patience are two traits that are foundationally opposed to entrepreneurship. This article proposes the alternative of buying a coin with passive income mechanics, as opposed to starting a small business. So let's look at this and consider why so few actually think this way.
The Average Cost To Start Your Own Business
When you look at starting your own business, you don't want to be laying out wads of cash but would rather invest in a startup that would hopefully bring in a decent income, especially when compared to the initial cost to set it up. On average, the cost to get a startup off the ground is in the region of $30K to $35K. What you have to consider is that although you outlay the capital and get your business going, it does not necessarily guarantee success.
A rather scary statistic reveals that approximately 90% of startups fail. Though some may go on to exist for a number of years, they ultimately fail. So unless you are exceptionally talented, your chances are not that great. In the event of failure, you can pretty much kiss that initial investment capital goodbye. You may also have built up a heavy debt burden trying to keep your business alive. Another important point to consider is that startups are usually owner-managed and run on a day-to-day basis.
This ultimately means that in essence you don't really have a business working for you but you are actually working for your business, in the same way as an employee works for a boss. In fact, chances are you will be working harder, as now it directly affects your bottom line! So if it doesn't work out for you, not only are you worse off than an employee but you have lost $30K and have perhaps incurred further debt.
A Coin As A Business With Alternative Risk
Now let's look at another alternative, in the form of acquiring an altcoin as a business. Before we continue, we need to remember that even if a startup succeeds, it still needs to be established over time. Profits will increase slowly, as stability and reputation continue to strengthen. In a similar way, you need to consider that this idea will require time. It will also require a certain amount of talent and knowledge regarding the Crypto space. Why do I say that?
Well, this idea becomes extremely powerful when the coin of choice is still fairly under the radar but has a decent staking reward. I am using the practice of staking in favor of DeFi due to minimizing risk. The avenue of lending will not work that well because most of the coins utilized in this sector are already fairly large players. In other words, the market caps are quite high, which reduces growth potential.
Let's Reduce The Risk
Instead of putting up $30K, let's consider a very modest investment of $10K. I say modest because one needs to remember that we are talking business-sized investments. We are also reducing the risk due to there being zero personal effort, work, or input needed. Starting a business from scratch is no easy task. I am going to use 2 different coins as an example, to reveal how powerful this idea is if done right and well-executed. Firstly, let's look at Fantom. In early 2020 FTM was trading at approximately a cent for quite some time, as seen below.
Let's consider that you decided to buy FTM at approximately $0.05, after seeing it perform a 500% return and knowing that it was a staking coin made it an even easier call to make. The beauty of a staking coin is that it will continue to generate rewards going forward. The average APR on FTM is approximately 10%, which is fairly healthy in any event. Purchasing FTM at $0.05 would imply a holding of 200K FTM. I will not even visit the ATH prices but refer to the current valuations at the time of writing. Currently, 200K FTM is worth $514K and produces an annual reward of $51 400! This equates to a monthly reward of $4283 with zero effort.
At the current price, you would be recouping your initial investment over and over again every 2 and a half months! Your modest $10K investment would now also be worth over half a million dollars and you would have a disposable income of $4283 every month.
Let's take a look at Solana. SOL traded at a very low level for many months in early 2020 and once again, let us put another 500% on top of those levels for good measure so that we are not looking at a perfectly timed scenario but a more realistic occurrence. Let us consider that you didn't purchase SOL at the lows in early 2020 but rather at $1.50 in early 2021!
This would equate to 6 666 SOL, which at current prices would be worth $1.16 million. At an approximate APR of 7%, the annual reward would be $81 666! This would generate a monthly income of $6805! These are not even perfectly timed scenarios. I have added 500% to the low levels these coins traded in early 2020. If you know what you are doing and have a fairly good eye, it is not that difficult to spot these projects.
When you look at this objectively and dedicate time to research and identify what could work well in a year or two, only then can you consider buying a coin as a business for tomorrow. Remember the percentage is coin-based and not dollar-based, so as the value rises, the return does not diminish but rather increases. This is how you have to begin thinking if you are not already doing so. Thanks for taking the time to explore this investment idea with me.
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.