DISCLAIMER: I am not a financial advisor. All contents on this blog are solely my own personal views and for Cryptocurrency Trading education/entertainment purposes only. Cryptocurrency Trading is very risky. Losses can exceed deposits. Enter with discretion.
Image courtesy of incimages.com and cryptomaniaks.com
People are always a wanting animal. I'm not talking that I side with Darwin's theory of evolution nor against any religious dogma. I am using the "animal" word as a metaphor that most people are living miserable lives chasing something that is not always there or just there already but hard to catch!
Then enter the Cryptocurrencies to the lives of the people. When it seems life is already complicated making it worst.
Why do we love Crypto? Because of Money? Innovation? Or both? Or just for fun or hobby out of curiosity?
It's a matter of perspective. Are you for long term or short term? Of course it's because of money that's why we are all here. One of the reasons that I like about Crypto is I can do daytrading is for a living even with a small capital with goals at least to pay bills every month. Becoming rich through it is a bonus! A big time bonus indeed.
Until now I still consider myself more on being an XRP believer as the future of the new digital finance age. It was never changed from the moment I let crypto into my life. Regardless, of its price or any other crypto out there like the king coin Bitcoin, I really don't care if their prices go up or down. It's just that this crypto had in fact affected people's lives especially that we are still living in a pandemic-plagued world.
As we go on, speaking and writing English is not my native tongue. I try my best to deliver! I may oftentimes be shaky and scramble the words I used but bear with me! I'm not a certified analyst though! I just had so far a 1 year+ experience and definitely I'm no whale! I'm just like the rest of average Joes out there. I thing I know, I just want to share my experience out from endless DYORs, demo trades, blown accounts, and countless hours of watching charts.
I forgot to mention earlier that Crypto is a double-edged sword. Can lead to Financial Freedom, yes, can be used for crimes like money laundering, illegal activities like Silk Road 2008, more yes! That is why Government and higher authorities always keep a close radar on cryptocurrencies especially on Bitcoin. The innovation it brought can be used both for good and bad alike.
My other goal in writing this article is also to aware people of the change coming that has already been in since 2008. Crypto is a change, an innovation. A revolution since Nakamoto's time. Reality bites.
But for some prominent people, take this as an example like boss Peter Schiff that Bitcoin is but a bubble and has no real value backed by anything down to boss Elon's referring the king coin as almost BS as fiat, still it thrives and here to stay. In fact more and more new players keep on entering in the crypto space! How did I come up to this? Simply just look at the overall crypto market cap which at the moment of writing this article stands at staggering 1.40 Trillion dollars even the said market is in dips! Numbers won't ever lie! It will grow and grow like a malignant cancer.
So without further ado, I will try to summarize some of the ways I have known so far on how can crypto really change anyone's lives for real:
Trading Crypto - Quick Bucks But A Must Win
First of all price is dictated by a lot of factors: Whale Manipulation, Celebrity endorsements like boss Elon, PUMP and DUMP schemes, FOMO and FUD, Fundamentals like news bad and good, but for me its still 80-90% under Technicals' whim.
Only the bravest of hearts dare to trade crypto knowing its crazy volatility! This is definitely not a financial advice! Read my disclaimer above at all cost! But if we able to make the right timing out of this price fluctuations, then we can be rewarded greatly. Otherwise, suffered heavy losses! Most of the times small wins and a lot of big losses!
If we know how to read chart we never lose the battle of trading said by me of course. Buying/Selling blindly out of emotions is as dangerous as walking the killer cliffs in the dark of the night.
For some people trading crypto is just like winning lottery out of luck! What else?
But seasoned traders have edge against starters like better decision making. Under normal circumstance technicals can be precise and accurate.
I want to remind that trading's aint fun! It is a serious thing. Treat trading carefully as a business. Consider costs before yielding profits but has risks on the process. No joke at all. Can experience trauma and depression for blown accounts if in loss. Can cause family troubles/issues, etc.
SO BE EXTREMELY BE CAUTIOUS!
The key of doing technicals is consistency! It doesn't matter whether you're wrong or right. Just a matter of not giving up. No one is perfect. Keep doing it.
In trading there always be winners and losers. Period. Reality.
Holding Crypto For Longer Time - Safer and Less Stressful Way
Investing crypto is a lot much better than trading. Bitcoin dominance is important key factor for both trading and holding. Remember both are risky in any way!
Trading is the same as holding but offers more risk because of price volatility so safely speaking, it's the best alternative.
You must have strong will power to withstand price going down just after you've made purchase then watching it fall even further! That's nuts! It's a matter of proper mindset that you are more for long term. Imagine if you bought under a dollar Bitcoins during its pre-era. You're rich baby like boss Bill Gates! That is what I'm talking about! It takes time and patience before you know it.
Participating Airdrops, DeFi Programs/Apps, Staking and ICO
These methods may offer other ways to get free cryptos equivalent in money over time. I don't have to ponder them one by one and deeply. I know they are already self-explainable and I don't want to make this article longer anymore.
And that's it! Just always remember that one's gain is another's lose. So don't be greedy. Be humble if you're winning and respect those comrades who have fallen.
