As the cryptocurrency market prices continue to go up, I have found myself in more of a reflective state of mind. Thinking about all the things I did and sacrificed to put me in the position that I find myself today. Did I put enough time in to learn, research and find the best coins? Did I go all-in and maximize my capital investments into the space. Basically it began with a lot of questioning if I had done enough. Thankfully, I determined that I truly did everything I could and have no regrets.
A question that I get all the time is how can you make it in the cryptocurrency market? How can you make money and perhaps even start blogging about crypto? The simplest answer is that you just have to get started, get off zero and remain committed. Having patience is one of the most important traits, if not the most important trait that a person can have in this industry. There was a quote that I came across on one of the various crypto podcasts that I listen to that really connected with how I feel.
"What the smartest people do on the weekend is what everyone else will do in 10 years"
Having curiosity, being open-minded and being self-motivated are the most important things in crypto.
This comment was made in regards to crypto. But I think we can generalize this statement even further. The things that you do during your free time will determine the type of future that you have. We have all heard this type of quote before, but it is often said for a reason, and that is because it is true. Many people aren't satisfied with their current place in life. This could be because of their financial situation, job, or a variety of other things as well. But if you just go to work, then come home and watch Netflix, tv, or play games. Then nothing will change. But if you come home and put the work in, then you can change your further. This could be learning a new skill, starting a side-business, having a part-time job, or putting time and effort into cryptocurrency. The options are limitless. I will say this though; it is the people who put in the research and time during the bear market of 2018 that are benefitting greatly today. Most likely their financial fortunes have been changed forever.
Now why is putting the time and research into crypto important? After all, it appears right now that you can make money with just about any coin? The reason for that is if you weren't in the know, if you didn't know exactly where prices were probably heading during this bull run and beyond, then there is a good chance that you would have already sold. Imagine buying bitcoin at $3k, imagine buying ethereum at $80, imagine buying Cardano at $0.02, or even imagine buying Solana at $2.00. All of those things were possible to do within the last two years. But just as it is today, when prices drop, people become fearful and then never buy.
While I think the blue-chips of crypto will continue to go up in value, we will never see those once-in-a-lifetime opportunities again. But there will be more opportunities. This market is incredibly young. One of those new areas are NFT's. While some of the most popular NFT's are already too expensive for the average user. Always remember that those expensive NFT's started off very cheap. And today there are the same type of opportunities with cheaper NFT's that may become valuable someday.
So what can you do?
This is my approach and admittedly it may be too much for the average person. Bitcoin and cryptocurrency have consumed my life. Before work I am catching up on all the news, trends and announcements. After work is more of the same. My main source of entertainment has stopped being Netflix or movies, but now videos learning about new projects and projects that I'm already a fan of and also interviews. Learning every single in and out of it. While driving or riding trains I do not listen to music, but am always listening to crypto focused podcasts. And then I explore every inch of the market on the internet. If I don't about something or am little-informed about an aspect of crypto, I make sure to devote time to learn about it. A few months ago, I was not a fan of NFT's, and to be honest I knew very little about them. But the NFT hype was in-escapable, so I had to give in and finally devote time to them. I came away a different person and my mind had been changed about them forever.
The crypto market is all about having knowledge; knowledge is power. The market is so young that if you can find even just a little edge, that is all you need to be successful. It has worked out great for me and I know that it can for you too. To change your life, all you need to do is to put in the time and effort, and that means giving up nights and weekends if you want it badly enough. The question is, do you want it badly enough?
How about you? Are you investing enough time into crypto during your free-time? What does your schedule look like?
As always, thank you for reading!
While your article is of course geared toward crypto, I think it applies to money in general for me. Because it is how I spend the bulk of my time. Growing my wealth and my portfolio, regardless of what the investment is, and forever seeking ways to make any money I earn from any source more valuable over the long term.
It's like when you get your paycheck. Does one decide what bills need to be paid only and then what they can spend what's left on? Many people do exactly this rather than find ways to make their paycheck worth more.
I don't like 'entertainment' as much either. Not when I can spend my time researching companies and stocks I am interested in. Not when I can figure out what a stock is going to do so I can determine options contract strategies to generate income, especially when it comes to selling covered calls. Not when I can determine the best dividend income opportunities.
My time is devoted to making money, and while some may say that is a waste of time, the truth is that for me I am able to have more leisure time of my choosing BECAUSE of what my money has afforded me, spending my time figuring it out.
While most people have to resort to payday loans, credit cards, and signature loans to get what they want, I allow my money to replace the need for those things, and what I spend are the proceeds, not my principal. So even as I spend more I still become richer despite it as opposed to the other way around.
What am I really buying by doing all of this and saving and investing my money? Freedom.