I know what you are thinking right now, and I can't say that I blame you. Your first thought when you read that headline was probably " Did this guy bump his head, or is he some kind of nut ? "
I promise you, I didn't hit my head, and no, I am not crazy. Now under normal circumstances you might be justified in questioning my sanity, but remember, this is crypto .
I know, the market has been going crazy. Bitcoin and Ethereum have hit their all time highs, and some of the smaller alt coins have doubled in value overnight.
If that headline stirred up a negative emotional response in you then you are in the wrong mindset . Take a deep breath, relax, and get ready to absorb the information I am going to share with you in this article. Like the title says, you aren't going to get crypto rich in 2021, but if you listen to what I have to say, you very well might be able to set yourself up for some big gains in the years to come.
Like I have mentioned in my disclaimers; I am not a financial advisor, and I do not give financial advice. I am an average working guy who bought his first cryptocurrency in the summer of 2017 thinking I was going to become the next Bitcoin millionaire, and have been hooked on crypto ever since.
Try and go into this article with an open mind, and remember that this is just my opinion based on my personal experience. Everyone's journey is not going to be the same. Your initial financial situation plays a big part in how fast you can accomplish your goals.
Could you get lucky and hit the Crypto lottery ? Sure, it's possible, but are the odds in your favor ? Most certainly not . Statistically speaking you probably have a better chance of getting struck by lightning.
Let's say you had enough money to buy a full Bitcoin tonight. Tomorrow morning you wake up and the market is going parabolic. BTC hits $45,000 again . What do you do ? Do you just leave it alone because you are long term HODL ? Are you going to take some profit, and buy into an alt coin ? Are you going to pick up a couple BCH to add to your portfolio ? Maybe you want to take some cash off the top and swap it for fiat to buy yourself a gift.
All are great options, but do you know what all of those scenarios have in common ? You are still going to have to get up and go to work tomorrow morning . I know a couple thousand dollars profit is nothing to sneeze at, but we are talking about getting retirement rich here, not Rolex rich .
So, now that I have covered all of the boring stuff, let's get into what you stuck around for; the plan. First, I will tell you what it is not. It is not a get rich quick scheme, and you will probably are not going to get wealthy overnight. That's not to say it can't happen, remember what I said before; things are different; this is crypto.
So, what is it then, you ask ? And my reply to you is this; It is the key to open the front door to your future. Have you guessed what it is yet? Research ! Yes, it really is that simple! One word . By doing your proper research into a project before you invest your hard earned money you reduce your risk of making impulse buys that lead to costly mistakes, and you put yourself in a better position for future investments.
Has this ever happened to you ?
You log onto your Coinbase account and there is a new token listed for sale. For example, The Graph GRT, an indexing protocol, was one of the most recent ones to be added to the exchange available for trading back in November I believe. When it released on Coinbase it was trading for $0.18 usd . Within the next few days it's price spiked to almost $0.80 usd !
This is what is known in the cryptocurrency community as the "Coinbase Effect ". When a new token lists on Coinbase it is almost always certain to see an initial spike in it's price. It usually never fails, and sometimes it can be pretty significant.
Now these are still not the kind of gains that will make you an instant millionaire, but they are quite sufficient for growing our capital to invest in the real "home run ". But the question is, how would you know to buy Graph tokens before they are even available on Coinbase?
Sure, you could have gambled and impulsively bought as many GRT tokens that you could afford at that moment for $0.18, and you would have gotten lucky this time and made a few bucks. I know, because that is exactly what I did.
But , What if you already had a wallet full of GRT tokens that you bought for $0.009 ? Then what ? Say you were stacking them for a year ? Now we are talking some life changing money!
So, was it some big secret that the Graph Token was going to be released on Coinbase? No. Believe it or not, Coinbase published an article back in June, or July this past summer giving some insight on how they choose new coins to list on thier exchanges, and the Graph was actually on the list.
Now, would you have known it was going to see a massive price spike to $0.80 ? Probably not, but the "Coinbase Effect " alone should have been enough motivation to send you researching when you have a hunch that they might be getting ready to add something new the exchange.
Position yourself for success in 2021 and the coming years ahead. The average Joe does not get wealthy overnight. Not many get rich without hard work, and none get rich being lazy and looking for the easy money. Research is the most valuable tool in your chest. The best part about it, it's free ! You have no excuse now, get to it !
Well, this is where I am going to wrap it up for now. Maybe in my next article I will show you how I go about my research, what andI look for in a project and so forth. I might even possibly let you in on a couple of projects that I have in the works .
I am not a financial advisor. Everything stated in this article is my opinion, and for your reading pleasure only. Full disclosure: I am a self taught moron sharing my experience on the internet. This blog is simply a documentation of my journey into the world of cryptocurrency,and the blockchain technology that powers it. By sharing my experience I hope to help others avoid some of the costly mistakes I have made myself.
*All graphics are created by me using the free version of Canva software available for download on the internet. Anyone using my images without permission could open themselves up to legal consequences. See something that you like, just ask!
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