Join 76,352 users and earn money for participation
read.cash is a platform where you could earn money (total earned by users so far: $ 543,807.95).
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.
There is some debate about the best strategies for making money from crypto investments.
Many people believe that the best strategy is to simply HODL which means 'hold on for dear life' throughout all the peaks and troughs of this highly volatile market. Depending on the size of your investment this takes nerves of steel. If you are brave enough to be disciplined and believe in the long term future of cryptocurrencies then this strategy could potentially reap huge rewards.
However not every cryptocurrency will be successful in the long term. Bitcoin currently has the largest market share mainly because it is the best known cryptocurrency, however Bitcoin is not necessarily the best designed crypto coin.
Bitcoin has a small block size and transactions can be expensive and slow.
Bitcoin Cash is a fork of the original Bitcoin, but has a larger block size and can scale too, meaning transactions are faster and cheaper. One day it may prove itself to be a better investment than the original Bitcoin.
By the way, many supporters of Bitcoin Cash believe that it is more in line with the original vision that Satoshi Nakamoto had intended for Bitcoin, which was to become digital cash which could rival fiat currencies.
As the future is so unpredictable is simply to HODL, really the best approach?
The approach that I have taken is to diversify my portfolio somewhat and I find this easier to do with Coinbase, one of the best known crypto exchanges.
There is a lot of debate around whether you should keep all your crypto on an exchange of not as technically you do not hold your private keys on an exchange such as Coinbase.
For the record I have chosen to keep some of my crypto in my own custody where I hold my own private keys and some on Coinbase, because holding some crypto on Coinbase allows me to trade one coin for another for a very low fee.
This can be used to your advantage if you decide that it is better to trade your coins from time to time rather than simply to HODL.
There is also the advantage that you are able to 'Stake' your crypto on Coinbase and earn up to 5% APY.
You can read more about 'staking' your coins on Coinbase here.
By timing the market and taking advantage of any dips you can also make a good profit. Sometimes when I buy crypto the market falls even further, but I don't panic, instead I buy more because I strongly believe that in the long run crypto will do well.
I get pretty scared to be honest with all the volatility in the crypto market so my strategy is to take profits from time to time and convert them into DAI, which can be done easily on Coinbase without paying large Ethereum gas fees.
DAI is a 'stablecoin' and its value is pegged to the US dollar 1 DAI is always worth very close to 1 dollar.
Holding an amount of DAI in your wallet protects you to a degree in the event of a downturn in the market, for those who do not like volatility it has the effect of 'flattening the curve' so to speak.
For all its flaws Coinbase is a great place in my view for trading and using the movements of crypto prices to your advantage.
For those who do not have nerves of steel, maybe this strategy can work better than simply to HODL.
I have a long way to go till I can retire though, I don't have a huge portfolio. It is a good idea in my view to not invest more than you can afford to lose in crypto as even though I have high expectations for cryptocurrencies in the future, nothing can be certain.
This is not financial advice, always do your own research so you are fully aware of all the risks involved in trading crypto.
If you would like to try Coinbase for yourself you can sign up using the link below
I've been using Coinbase which makes it really easy and safe to buy, sell, and store digital currency (like Bitcoin). Sign up now and get $10 of free Bitcoin when you buy or sell at least $100 USD or the equivalent of digital currency.