So you want to enter the exciting world of cryptocurrency?

And, if you’re like the majority of people reading this, you’re probably thinking if it’s too late.

You may even be kicking yourself for not stepping in when your friend initially mentioned it a few years back.

Do not be afraid! Even if we’ve seen some fantastic progress recently, it’s not too late.

In fact, I believe we are still in the early stages.

It’s been four years since I began my journey, and in this book, I outline all of the ways to generate money using bitcoin and cryptocurrencies, as well as the expected returns from each.

I spent $20,000 testing each of these strategies, and this guide will go over the outcomes I got and how much money I made from each one.

Where Can I Buy Bitcoin and Cryptocurrency?

TL;DR: Unless you have a lot of money, buying bitcoin or cryptocurrency directly is still the best approach to get the most out of your investment.

I’ll be adding sections on DeFi and NFTs soon, but for now, I just buy a 50/50 Bitcoin/Ethereum split.

I personally use Binance to acquire the majority of my cryptocurrency because it’s so simple to sign up and get started.

To get the most out of this article, follow these steps:

• Start by scanning through the article, but don’t stop there. Give it a thorough look since there are surely ideas and strategies that can save you hundreds of dollars.
• If you find this useful, please share it, link to it, and bookmark it. I’ll be updating this on a regular basis, so keep checking back for additional information.
• Finally, none of this is intended to be financial advice. These are my personal observations, computations, and thoughts based on what I’ve done and read. As usual, conduct your own research and never take people on the internet at their word.

Okay, let’s get started!

1. There are two basic techniques to gain money:

There are two methods to profit from cryptocurrency.

the quantity

The first is to maximise the amount of currency you finish up with.

For example, suppose you invest $8,000 on a miner that mines $20,000 worth of your preferred cryptocurrency in a year. After deducting the $8,000 in costs, you have a net profit of $12,000, or 1.5x your initial investment. You spent one bitcoin ($8,000) and now have 1.5 ($12,000) after a year.

the value

The value of Bitcoin is another way to generate money with it.

Bitcoin was $18,000 a year and a half ago. It is now worth roughly $63,000. There are thousands of cryptocurrencies with their own value stores, and we’re all expecting to invest as the price rises.

For many of the tactics listed below, we’ll assume that the value of cryptocurrency remains constant. This simply simplifies all of the computations without detracting from the guide.

This is due to the fact that how much money you earn is determined on how much cryptocurrency you have in the first place.

2. Purchasing cryptocurrency directly

Buying cryptocurrencies directly remains one of the simplest and most secure ways to get the most coin for your money.

Unfortunately, you’ll discover that many of the alternative strategies to make more money actually cost you money.

So we’ll begin with the’safest’ play.

You may be wondering why I used the word safest in quotation marks.

Let’s get this out of the way: this is not a safe investment.

Even if you believe that cryptocurrency is the way of the future, it is still a very dangerous strategy to try to earn a return.

It happened near the end of 2017. Logic does not hold sway in the minds of the general public. We witnessed everyone buying cryptocurrency more and more as its value climbed, despite the fact that this is the worst time to buy. Then the few larger corporations went bankrupt, and the masses lost their riches.

This was evident in 2008, amid the global financial crisis.

And during the dotcom era.

Also during the Great Depression.

We as humans aren’t very good at forecasting.

It, if you have some extra cash and want to experiment, this could be a great way to do so. However, one thing we must confess to ourselves in order to be successful investors is that we do not have all of the facts.

There are a lot of people out there who have access to far more knowledge than we do.

We can win from time to time, but let’s not kid ourselves into thinking we’re the next crypto billionaire.

By purchasing it directly, we ensure that we receive the whole amount.

It should be noted that some cryptocurrencies cannot be purchased directly using fiat currency (like USD). You’ll need to purchase a significant cryptocurrency, such as Bitcoin, and then swap it.

Locations where you can buy it directly and exchange it:

Coinbase – This is where I keep the money I use to trade with. You can still buy on Coinbase in New Zealand, but I believe you can in practically every other country. You can also swap Bitcoin or another major cryptocurrency for a variety of other currencies.

Binance – This is the platform I use to convert major cryptocurrencies into smaller ones that aren’t listed on Coinbase.

3. Mining for bitcoins and other cryptocurrencies

Purchasing and hosting one’s own miner.

I’ve always had a thing for commodities for some reason.

Even though I’m vegan, I’ve always wanted to own a deep sea fishing boat, and huge city ports excite me.

So, since early 2017, I’ve been attempting to figure out how to mine my own cryptocurrency.

And no matter how many times I completed the math, it never made sense.

This made me question, WHY ARE SO MANY PEOPLE MINING CRYPTO?

Let’s perform a little fast math.

Assume I wanted to get this brand new, gorgeous Pandaminer B3 Pro. A top-of-the-line Ethereum miner that is extremely efficient.

It’s even hot on the webpage!

Okay, then. So, if we scroll down to the calculator screenshot, we can see two critical stats that I entered based on the miner’s specifications.

1. 220 MH/s hash rate (ETH)
2. Power Consumption – 1250W + 10% (ETH)

As a result, the hash rate represents how quickly the miner can mine.

The power consumption is the amount of electricity used by the miner.

Finally, you can see how much KWh you pay her. The exchange rate for New Zealand is approximately $0.20 NZD or $0.138 USD. Let’s use the USD price because it’s the same currency as the Pandaminer.

When you enter these figures into the calculator below, you get something like this:

Fantastic! So, every year, we make $504 in profit!

But hold on a second. Didn’t the brand new machine with the most advanced and cutting-edge technology cost us $1,150?

So we simply have to wait two years and we’ll be in revenue city, right?

No way.

One thing these charts and websites that promise high returns fail to mention is that the difficulty of mining increases as you mine more cryptocurrency.

So the difficulty was 349 as of May 2017. It is now 2,075, two and a half years later.

It is approximately seven times more difficult to mine than it was two years ago when you initially purchased the miner.

With the current figures, you’ll be looking at something like this in two years.

To scale for difficulty, I divided the hashing power by 7, although the reality is likely to be considerably worse.

As you can see, you are losing $1,000 each year because power costs $1,200.

On top of that, we needed to spend another $1,150 on the miner.

The majority of websites do not want you to know this.

So, how exactly do folks mine?

• Power must be extremely inexpensive (in China, for example, the cost per KWh might be as low as $0.03).
• Alternatively, you might design your own miners to make them more economical (Bitmain builds their own miners and uses a huge percentage of the stock to also mine crypto).
• Alternatively, you can start your own mining pool and control and profit from the pool fee. Bitmain has its own mining pool as well.
• Finally, you may purchase in such large numbers that it makes sense. People like you and me, on the other hand, are simply purchasing something that costs us more than it makes.

So, let’s return to simple language for a moment.

If you wanted to make money by purchasing your own mining equipment and mining your own cryptocurrency, you would essentially be paying 1 Bitcoin and receiving half a Bitcoin in return.

As a result, you’re still better off choosing with choice number one!

Now, if you’re truly committed, there are really little cryptocurrencies that you can mine profitably because the difficulty is minimal and there aren’t many others mining them.

I’m not going to get into this in this article because, in most cases, you’re better off just buying the cryptocurrency, but I wanted to mention it. In the parts that follow, I go into greater detail on the applications that can assist you with this.

Please do your homework before purchasing from an internet store. Purchasing from the miner’s manufacturer, such as Pandaminer or Bitmain, is your best bet. I’ve noticed an increase in the number of companies claiming to offer stock at a lower price than the Bitmain website. After about 2 seconds of Googling, there are numerous complaints about the store being a hoax. Miners are not inexpensive, therefore the last thing you want is to be taken advantage of 🙁

Update: There are a few new tools on the market that are actually rather nice and allow you to mine with your existing hardware. What I appreciate best about them is that they don’t require you to purchase anything extra.

Companies such as HoneyMiner allow you to use your computer’s or laptop’s GPU.

Now, I doubt that my 2070 graphics card will earn me $1.4 million dollars, but I do appreciate the fact that I can start mining with what I have. It also makes me feel better about spending so much money on it 😛

Keep track of how much additional power you’re utilising when your PC or laptop is running. When you download the app, it provides you an estimate of your daily earnings so you can quickly determine if it’s profitable.

Everything is adding up!

4. Mining in the Cloud

This is when things start to get interesting.

So, while purchasing a miner and mining the currency yourself is usually a less efficient way of obtaining a cryptocurrency, what about cloud mining?

Cloud mining is when a firm already has a large number of miners set up in areas with cheap electricity, and you rent the miners from them for a specific length of time, generally a year or two.

Isn’t that fantastic?

But, as you might expect, there are a lot of buts.

Let’s take a look at the two largest corporations. And by “the two large firms,” I mean these two monstrous behemoths.

Mining at Genesis

Genesis Mining is a mining company. If you wish to sign up after reading what I mentioned below, use the affiliate promo code ‘7f0lQ9′ to save 3%.

But before, read what I wrote below.

Genesis Mining is the first one we’ll look at. Before we get into whether they can make you money, let’s have a look at how they make money. Fees, costs, and more fees.

There’s a reason these companies have grown so large, and it’s not because they’re a charity trying to improve the world.

So, when you sign up with a cloud mining company, you must pay one to two years’ worth of fees up front.

This means they have one to two years to profit from your funds.

If you bought the miner directly, it would normally cost less than half of what these companies charge.

So they can take the balance of the money and invest it in growth, either in a bank or on the stock market for a 7 percent return.

They also make money via fees. They frequently charge a daily ‘power and maintenance fee,’ which is, as you might expect, more than they pay for electricity and maintenance.

So, while you’re stuck waiting at least a year to receive your money back, they may use that time to make even more money.

So, why have so many people invested in these companies? People are comparing absolute outcomes.

Allow me to explain.

If I put $8,000 in Genesis (let’s say this is the equivalent of 1 Bitcoin) and check my Genesis dashboard in a year to see that my portfolio is now worth $11,000, I’ll be very delighted!

But, in reality, Bitcoin is currently worth $16,000 USD. In reality, you have the equivalent of 0.6875 Bitcoins. By putting it into Genesis, you have actually LOST money. If you had only purchased one Bitcoin for $8,000, you would have made a profit of $8,000. In a year, you’d have the full $16,000 instead of the $11,000 you started with.

So, while the crypto market has been thriving, many people are getting ‘positive returns,’ but these returns are absolute returns, not taking into consideration how much additional Bitcoin they mined versus simply purchasing it straight.

One of the concepts I had was for a completely transparent and fair cloud mining firm. I’m still interested in doing something like this!

That is why they have been able to develop despite the fact that their returns are not very good.

Let’s have a look at the direct profit comparison now.

These are their current offerings as of July 5th, 2019.

These are their current rates. As a result, you get 18 months of guaranteed run time. And you must pay $0.17 per TH/s per day.

Assume you chose the most affordable plan and ordered the Diamond plan for $5,500.

You enter the numbers, and this is what you get. It’s worth noting that I set the power consumption and cost per KWh to zero because those costs are covered.

This is coming along nicely!

Now consider the daily expenditures of 100 x $0.17 ($0.17 per TH/s) = $17.

The miner’s revenue appears to be $12.8k.

The annual costs are $17 x 365 = $6,205. (wow that added up fast lol)

$12,800 minus $6,205 equals $6,595! So, this is how much we earn per year.

Subtraction of the initial investment of $5,500 equals $1,095 per year.

This all appears to be fine, but we are overlooking the most significant risk, and this is where I have far too often fallen into the trap.

What about the level of difficulty?

Here are three charts that show why the aforesaid figure is never realised.

As I have stated. The majority of the top-ranked cryptocurrency profit calculators do not account for difficulty. This is because we don’t know how the difficulty will change over time, so while some calculators try to make a decent guess, most just ignore it totally.

This, in my opinion, is dumb and immoral because it leads to a large number of individuals spending money in things that do not work out.

As shown above, Bitcoin has gotten 24% more difficult to mine in the last 90 days.

The most recent updates are shown below. It became 5.11 percent more difficult to mine on March 24th alone. On February 10th, mining became 4.25 percent more difficult. On December 31st, mining will be 10% more difficult!

As Bitcoin values rise, more individuals attempt to mine it, making it increasingly difficult to mine. As a result, most consumers lose money in absolute terms when the price increases.

The screenshot below depicts the identical Genesis Mining scenario, but with the projected difficulty removed.

As you can see, you start with -$5,500 because that is what you invested to get on the plan, and you make $105 in the first 26 days. YES!

Then there’s another $83.

Then another $52 is added.

After about a half-year, you’ve made $323.

By 2020, you’ll be making $9 each month.

You’re still at -$5,160 in 2021.

The worst part is that I didn’t even factor in the $6,205 annual maintenance expenditures.

So, to put it another way, you pay them $5,500 up front to buy the miner, and then you pay them $6,205 a year to run a miner that earns you $400.

That’s over $11,000 in the red.

You may not lose much money, but this is the more likely situation with companies like this. And, once again, most people are feeling good since the value of Bitcoin has risen sufficiently to appear to be a positive return.

In reality, you’d probably earn a 5x return if you bought Bitcoin outright rather than trying to mine it.

Nicehash

Nicehash is a fantastic alternative to the options listed above. It’s more difficult to figure out what to do on the platform, but once you get the hang of it, I’ve run a lot of calculations and I usually find that, while you’re still better off buying the cryptocurrency outright, renting a miner from Nicehash costs only a fraction of what you’d pay through Genesis Mining and Hashflare.

And if you can get Nicehash to work with tools like Minerstat, you can really get the software to ensure you’re mining the most profitable currency, and it switches for you when another currency becomes more profitable!

5. Technical analysis / day trading

I wanted to say a few words about it.

Many people are becoming interested in day trading or technical analysis.

This is essentially when you look at a certain chart at a micro level and attempt to trade based on what that chart has done in the past and anticipate what it will do in the future.

Now that you’ve seen the graph, what should we do? Should I buy or sell?

There are two major problems in this.

First and foremost, it presumes that humans are rational.

NO, WE DO NOT.

The 2017 Bitcoin crash is a prime example of this. If we were all logical humans, we would not be alarmed that the price has dropped by $500. We’d all hold because it wouldn’t drop much farther.

But we truly wonder what will happen if I don’t sell and everyone else does. Then I’m in big trouble! I’m going to sell everything.

Then there’s the crash, which wipes off more than half the value of the crypto business.

As a result.

Even if you want to trade because you think two peaks in a row suggests the price is going down, please don’t assume it’s going down. Sometimes it will, sometimes it will not.

After four years of studying finance and financial research, the one conclusion I came away with was that I’m a moron if I assume I can anticipate the market.

The second fundamental mistake is that we forget that in most cases, the person with the most information will win.

And that person is almost never us.

Cryptocurrency has piqued the curiosity of big investment banks and financial institutions. They have far greater access to information than I have. They may also have information that is not publicly available.

While the financial market is extensively regulated, the cryptocurrency sector is still in limbo. There has been a lot of talk regarding massive sell-offs and insider information.

It is preferable that we recognise that we are a minor player in a massive market and refrain from engaging in technical trading.

It is not more effective in stock trading, and it is not effective in cryptocurrency trading.

Did you know that studies have been conducted to compare the greatest investment banks in the world that undertake technical trading vs monkeys that pick stocks at random?

Who do you believe will win?

Remember, these investment banks literally hire the brightest minds in the industry and spend millions of dollars every year on the greatest research available anywhere in the globe.

Yes, the monkeys were still victorious…

According to Hedge Fund Research Inc., the typical smart hedge fund lost 0.6 percent last year. Meanwhile, stocks chosen by monkeys climbed 20% in the bank, gaining 2.3 percent.

The typical hedge fund earned 6.7 percent the previous year. The monkeys and the bank account fared three times better, earning 21%.

Monkeys and cash outperformed hedge funds by roughly four to one in 2012, earning 13 percent compared to 3.5 percent for the funds.

How can we beat a monkey if an investment bank with millions of dollars in research and the brightest minds on the planet can’t?

We’re usually better off investing in an index fund, which I’ll go through in more detail later.

Some of you may be thinking, “But I’ve seen a tonne of people on Twitter earn a tonne of money doing this!” ’

Yes, indeed.

That is the internet’s fallacy, as well as our confirmation bias.

People who succeed will share it more than those who fail. That is why lotteries and gaming remain popular. We believe we can overcome the odds, despite the fact that the systems are structured to make us lose more than we gain on average.

We prefer to focus on the five people who have achieved success while ignoring the fact that the crypto market is currently valued at $319 billion dollars and there are likely millions of players. For every person who succeeds in technical analysis, there may be ten or more who fail.

Also, be aware that there are many scams in the internet marketing realm of’making money online.’ I’ve heard stories about binary trading where one guy had a 10,000-person email list. He stated that if he correctly predicts the next three market movements, you should enrol in his course.

But what he did was email 5,000 individuals if he felt the market would rise and 5,000 people if he thought it would fall.

If the market rose, he’d just cease emailing the other 5,000 people.

Then he did it again with 2,500 people.

And so on for the remaining 1,250 persons.

And you can bet that those 1,250 individuals were eager to follow this guy and learn how he had a perfect prediction rate.

So, though I’m sure some people can make it work, in the long run, for most people, this is a riskier method to invest.

6. Index funds and buy-and-hold strategies (HODL)

Yes, yes, and yes. This is the area where I’ve had the most success.

In this section, I’ll share many of the lessons I’ve learned in the real world.

Picking stocks, like buying and selling stocks, is extremely difficult. It is also fairly typical to buy and sell at the worst possible time.

So, how are investors attempting to address this issue?

There are two main points:

• Index funds are a type of mutual fund that invest
• Averaging of costs in dollars

‍

Index funds are mutual funds that invest in indexes.

Let’s begin with index funds.

An index fund is a form of mutual fund that invests in a portfolio designed to replicate or track the components of a financial market index, such as the S&P 500 Index (S&P 500). Index mutual funds are supposed to offer broad market exposure, low operational expenses, and low portfolio turnover. These funds adhere to their benchmark index regardless of market conditions.

Index funds are widely regarded as appropriate core portfolio holdings for retirement accounts such as IRAs and 401(k)s. Warren Buffett, the legendary investor, has advocated index funds as a safe harbour for retirement money. He has stated that rather than select individual stocks for investment, it makes more sense for the average investor to purchase all of the S&P 500 firms at the cheap cost of an index fund.

In the case of the S&P 500, instead of investing in a single stock that you believe will do well, you are investing in the top 500 firms.

This significantly minimises your risk.

With a limited amount of knowledge, it is extremely difficult to predict if the one or a few stocks you choose will rise, but by investing in the top 500, for example, even if 20 firms fall, your exposure is fairly restricted because there are 480 other firms in your portfolio.

The NZX 50 index represents the top 50 publicly traded firms in New Zealand. However, index funds are increasingly being formed around sectors such as emerging markets and ethical and sustainable businesses.

The S&P 500 index represents the top 500 corporations in the United States. So, when you invest in that index, you are essentially investing in America, and your index investment will fail only if America collapses.

This is a very basic version of the thought process.

So, how does this relate to cryptocurrency?

So, obviously, when it comes to ‘investing’ in cryptocurrency, it is significantly riskier. The global economy has been around for a long time, but cryptocurrency is relatively new.

The globe has a lot of faith that America’s economy will not collapse tomorrow because there is a lot of real world value being created there.

With crypto, this is less guaranteed.

And MUCH less certain if all you’re doing is purchasing a cryptocurrency.

If all you’re doing is buying Bitcoin, you’ll only be successful if Bitcoin succeeds. You are not betting on the crypto market as a whole; rather, you are betting on one of the market’s currencies.

So, while I believe Bitcoin is important as a measure of value, I believe it is ineffective as a cryptocurrency. Many improved versions have been developed that process faster, are less expensive to transfer, and are safer.

So, though Bitcoin is performing well at the moment, and I do have some money in Bitcoin, but not all of it, I prefer to invest in an index for the reasons stated above.

I feel there is a future in crypto, but I’m not sure if it’s just Bitcoin, therefore I own some Crypto20, an index fund comprised of the top 20 cryptocurrencies.

So I expect lesser returns in the near run, but hopefully higher returns in the long term.

Averaging of Dollar Costs

Begin with dollar cost averaging. With dollar cost averaging, you’re attempting to reduce market volatility by purchasing in tiny, consistent amounts rather than one large purchase.

So, instead of doing what most people did, which was to buy a huge quantity of Bitcoin when it was $15k+ in 2017, and then lose a lot of money, you want to remove human irrationality from the equation.

So, instead of investing in large chunks, you invest as much as you can each week. That is, even if there is a significant reduction, because you purchased when the price was both high and low, the decline is irrelevant. What the decrease truly indicates is that you’re about to buy even more of the asset at a large discount because you’re now buying at an extremely low price.

Rather than putting large sums of money in at once and hoping to win today, shift your thinking to the long run. If you truly feel that cryptocurrency is here to stay, why are you attempting to win tomorrow? Simply continue to buy consistently for the next year, five years, or ten years, and the potential for significant profit will increase.

In January 2013, the cost was $13.

We reached our first all-time high of $1,000 in December 2013!

It took nearly 4 years to get back to $1,000.

So if you bought at $13 and sold for $1,000 in January, you made a lot of money. You’d feel like a champion. Most people would stop there, which is also OK.

If you believed in the future, you could keep buying it for years to come when it dropped to a super reasonable price of $200.

You could have invested a lot of money at this ridiculously low price over the next four years and be laughing today.

RIGHT NOW.

Because you believe in the future of that certain country or economy, this technique is quite popular in the stock market and particularly popular to utilise with index funds.

Although there are practical aspects to cryptocurrency, it might all become worthless as an investment.

Maybe selling at $18k and never putting more money in is the best plan in the world; I don’t know, and no one does until it happens.

I believe that crypto has worth if legislation lets it, so I’ll continue to invest an amount that I’m willing to lose 🙂

7. Initial Coin Offerings

What a year for frauds in 2017. An ICO is an initial coin offering in which anyone with a plan can say, “Here’s our plan, we’re raising this much money, so buy a coin at a discount to be a part of the action early on and enjoy the upward success as our coin increases in value.”

Unfortunately, there were a plethora of scammers. Ideas that had no chance of taking off. However, a company would create a coin, begin pre-mining it, launch an ICO, sell all of the coins they had pre-mined, and then walk away while everyone else suffered.

There were also a lot of coins that existed solely to serve as a pyramid scheme. The largest was what I refer to as scamcoin coin, but others refer to as Bitconnect. They promised a daily average return of 1 percent but you had to keep your money in there for a certain amount of time.

Bitconnect could successfully pay people out if they withdrew their money because so many more people were putting money in AND the price of Bitcoin was growing hugely.

But obviously, at a point it had a to fail, and when it did, it scammed the market out of a rumoured $2.5 billion dollars.

Another big one was Envion who had the biggest ICO of its time… $100 million dollars was raised and then went on and proceeded to fail completely.

I personally lost money in this one. So did thousands of other people.

So while there are legit companies doing ICOs, please do your homework. Read their whitepaper. Double check the team who are running the company. Read what other people think. Decide yourself if you believe what they’re saying.

I did all the above with Envion and still lost money there.

The market for ICOs has died down a lot over the last few years but it’s still a big part of the crypto market so definitely needs mentioning.

8. Gambling !

Of all the questions we get asked about Bitcoin, “Where can I gamble with Bitcoin?” is the one we hear most. So, it makes sense for us to start this guide by answering it.

The good news is that you have plenty of options for gambling online with Bitcoin. As the currency has grown in popularity among online gamblers, more and more gambling sites have decided to accept Bitcoin as a way of depositing funds. Most of them allow withdrawals using the cryptocurrency, too.

It’s important that you don’t use just ANY site, though. Some of the gambling sites that accept Bitcoin are genuinely high quality, but there are several that come nowhere near that standard. The following sites are our top picks at this moment in time:

• Tonybet
• bitcoin.com
• Fortune Jack

9. Useful Links

I’ve had lots of requests for additional resources and links so here are some.

I’ll add more over time, including specific people to follow too.

Where to buy crypto & bitcoin:

• Coinbase
• Binance
• Kraken

‍Where to track daily trends

• CoinMarketCap
• DeFi Pulse

‍Where to get more info:

• The Defiant
• Coindesk

‍In conclusion

Phew. First of all, thanks so much for reading the above. Even if it makes you double check one more thing, I think it’s super worth it.

Losing $1,000 today on something silly like what happened to me with Envion didn’t just cost me $1,000. It cost me $10,000+ in future value so in the super risky would of crypto we just need to make sure we’re consistently cross our t’s and dotting our i’s.

I personally still invest most of my money in index funds (US, NZ, and other countries) and in the bank.

I also don’t rely on crypto to pay my bills. I have an amount invested that I’m more than happy to lose and that’s it. I run a marketing agency and do a few other things that pay the bills and give me security.

I’ve read a lot of articles and Reddit posts where people are attempting to make their full time off income crypto. I’d suggest against it, unless you have a good safety net.

Even if you’ve been winning for a few years, if you haven’t set it up right, in a few days you could lose it all.

Seeing the after effects of the general population being scammed, losing money when price crashes, and everything else has left me pretty somber.

Finally, this is obviously not investment advice. This is what I’ve seen from my personal experience.

There were more than enough stories of people putting everything into the market because they listened to a friend, or simply saw everyone else investing and the price of Bitcoin continuing its increase and losing it all.

And even after 4 years of studying finance, I made more mistakes than most so if you’re in crypto at the moment or looking to invest, just be careful ❤

If you’ve read this far, or you just skipped to the end I’ll repeat the main points:

Unless you have a lot of resources, buying bitcoin or crypto directly is still the best way to get the most value from your purchase.

I’ll shortly add sections on DeFi and NFTs but for 99 percent of people, buying 50 percent Bitcoin and 50 percent Ethereum will cover most bases.

‍I personally use Binance to buy my crypto.

All the best on your journey. I look forward to seeing what you do next