If you are an advanced investor and can brag about the various ways that you have been successfully investing in cryptocurrency for years, then there is no need for you to read this article. However, if you don't have the extensive education, experience, and lots of money; but you do have time and a small amount of disposable income, then my "conservatively careful" crypto-investing strategy might be of interest to you.
I am a widow and retired, living on a fixed income. Yet I dare to take a risk and at least try my hand at crypto investing / trading. When I first started researching cryptocurrency, I learned about Bitcoin and various altcoins like Ethereum and Litecoin. That was as far back as 2017. It wasn't until a couple of years ago that I learned about Bitcoin Cash by signing up for Read.Cash and Noise.Cash.
I could not invest in cryptocurrency at first because I had no source of steady income, so I started earning Bitcoins and other altcoins using the various free faucets. Like I said: I'm retired; I have time on my hands; and I have Internet access. I had to start somewhere and no matter what anybody says to the contrary, the earning process may be slow with free faucets, but those coins add up! Once my social security check kicked in, even though it's a ridiculously small monthly amount, it's something! My sons are gracious enough to let my live with them, rent-free. So I use my social security check to buy and hold cryptocurrency. What's my goal: My goal is to leave any earnings made from my investments for my sons. It's the right thing to do.
THIS IS MY CRYPTO-INVESTING STRATEGY
My son convinced me to create a Coinbase account. But before that I had opened a BlockFi account. I picked that platform because they offered to pay interest on my crypto. However, they lost a case with U.S. government. So anybody with accounts in the USA can not earn interest. But if you're not in the USA and BlockFi is available in your country, then open an account. You will have to go through a KYC process (Know Your Customer) where they verify your identity. I went through it. It wasn't that hard. Plus they have good customer service.
My Coinbase account is not even a year old. But this is what I have decided on so far.
BUY AND HOLD CRYPTO I BELIEVE IN: Since I only knew about Bitcoin, Bitcoin Cash, and Litecoin, those were the cryptocurrencies that I have been buying and holding. Stick with what you know.
BUY STABLECOINS: Coinbase has a way of enticing you even if you are a newbie, to step outside of your comfort zone and try something different. So in addition to BTC, BCH and LTC, I decided to purchase some USDC. Number one, because it's a stablecoin; and number two, because Coinbase lets earn 0.15% APY. I know that's not a big amount, but if I leave it in my bank checking account, it doesn't earn anything.
LEARN AND EARN: Every once in a while Coinbase offers free lessons about cryptocurrency. It's a slide show presentation of the content and then you take a quiz to see if you've learned. If you pass the quiz, you earn crytpo; usually about $3. It only take a few minutes and it's super easy!
STAKE ALTCOINS: Coinbase also enticed me to stake Ethereum and Cardano. If you stake ETH, you can earn 3.28% APY; and if you stake Cardano, you can earn 2.60% APY. Coinbase offers lots of ways for you to buy crypto and earn rewards. Learn more.
HOW MUCH MONEY DO I USE: I invest in small increments: $5, $10, and if I think I have enough $25. That's the beauty of cryptocurrency investing. You do not need hundreds or thousands of dollars. Also, if you're on a small fixed monthly income, you can take a small amount from that and invest it. You would probably spend that same amount on fast food. So why not buy crypto instead?
TAKING A RISK: I described myself as "conservatively careful" when it comes to investing. Well! I stepped way out of my comfort zone on this. But someone, whom I consider a very reliable source, invited me to give this risky investment a try. Why? Because the owners will give you $300 in Bitcoin just to try their investing platform. For real! I created an account and it showed $300 BTC. It's a gift! The owners allow you to use the $300 investment for a specific period of time (about 30 to 40 days). After the investment period ends, the initial capital goes back to the company. But you can keep all profits. My term started July 27, 2022. So far my account shows that the investment has earned a profit of about $25. As of the date of this article (August 27, 2022), there are 14 more days left. At that time, I can withdraw the BTC earnings and send to my wallet OR I can invest it. Learn more.
That's it! This is my conservatively careful crypto-investing strategy. It works for me! If I can do this, so can you!
