Why I'm not going to make money on trading crypto

  1. 2

    For me crypto (and stocks for that matter) would be a prime way to sink my already fragile mental health to the bottom of the ocean. I love my distance to this volatility, and would like to keep it that way.

  2. 1

    I totally agree with you. By trading on cryptocurrency, the chances of losing money are very high. The best option to start earning money on BitCoins is by mining them. I like that you need low investments and in a short period of time, you will start making a profit. Of course, it is not a free method because the electricity bills will be very high. If you don't have money for the beginning investments you always can try the services of different websites that use GPU mining. You won't need to invest anything but you need to understand that the earnings will be considerably lower.

  3. 1

    I bought Doge yesterday. It doubled in value overnight and now I'm out. Boom.

  4. 1

    That is a reason why I just buy ETFs and forget about them. Also, I like real estate, yeah sure, math wise you can get more % in the stock market, but real estate is slow, boring, and hard to screw up.

    1. 1

      I have collected several reasons for investing in bitcoin.

      1. The likely influx of institutional investors into Bitcoin. Borse Stuttgard, the second largest stock exchange in Germany, has announced plans to launch a cryptocurrency trading platform.
      2. Bitcoin is an excellent asset for portfolio diversification. Bitcoin and cryptocurrencies are not affected by the stock market and macroeconomic factors, they do not correlate with fiat currencies or commodity assets. More details here - https://uphold.com/en/assets/crypto/buy-btc.
      3. Growth in demand in emerging markets. Where national currencies are depreciating, Bitcoin has already begun to move towards 2017 highs.
  5. 1

    I think the best way to earn money on trading crypto is not to trade crypto. But instead, you should buy crypto and hold it in the long term. Try to forget about the cryptocurrency for 3-4 years. Well, this depends if we're on a bull or bear cycle. But one thing for sure, prices will go up if we're going to work.

  6. 0

    That's pretty much the same thing I said about the public stock market...

    I mean look at GME. Some people are up 300% - so if they had $1000 in before the "pump" phase, they now have $300k - not bad at all, but it's still volatile.

    IndieHacking however is 1. fun and 2. if I happen to hit it out of the park, I surpass that 300k (or even 3M hopefully :)

    That's also just an edge case. Most times it was $1k - doubling or even 5x - not bad, but after factoring in inflation or the struggle of keeping track? Not that big a gain.

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