Have you been approached by a cryptocurrency exchange with an offer that sounds too good to be true?
Have been promised unusually high returns on purchasing a bitcoin from a broker you came across?
Have you lately been wondering if you should start trading cryptocurrency as well?
The fact is, if you’ve been asking yourself over and over again whether you should invest in cryptocurrency, it simply means that the answer to your question is no – you shouldn’t invest in cryptocurrency!
Why? Because it’s pretty clear that you don’t have sufficient knowledge about the crypto world.
Maybe you just saw some post about it on social media, or heard from your friends about it. Maybe you heard about someone who’s making some money out of it, and you thought it’s a good idea.
The problem is when you hear about cryptocurrency from brokers or friends who’re trying to promote it, you start thinking that it’s a business, and that you could do it too. There are people out there who open up fake exchanges, come to you with ponzi schemes, and lure you into buying a bitcoin from them. They would tell you that this is a great business opportunity, and you might start thinking you could do this ‘business’, as it seems so simple at the surface.
Well, let me break this to you that cryptocurrency trading is not a business. It’s merely an investment, just like forex trading.
In case you don’t know what forex trading is, all it is in very very simple terms is that you buy a currency at a certain rate (hopefully at a low rate), and you sell it at a certain rate (hopefully at a higher rate). That’s all that is. You buy low and you sell high. That’s how you make money in forex trading.
A running business can make money through currency exchange, whereby the business is generating a lot of revenue that’s coming in in US dollars. The business owner would see when is a good time to hold on to a certain amount of those US dollars, or when is the time for it to probably go down so that he can sell some and convert into Canadian dollars. He could do this to pay for his company expenses. But he’s not going to make money on the difference. All he’s doing through forex trading is trying to utilize his business capital more efficiently. He’s not trying to make money out of it. His running business is making money for him.
Unfortunately, many cryptocurrency brokers would tell you the story the other way around.
When it comes to money, you just need to know three skills: making it, keeping it and multiplying it. If you have nothing to multiply to begin with, how can you make more money out of it? You are not going to become wealthy that way. You should only invest in forex and crypto trading as much as you can afford to lose.
The very first thing that you have to do is focus on making money and maximizing your income. When you maximize your income, assuming you don’t just blow it off every time, then you keep most of it and accumulate it, and then you can take out some to invest it. In this way, you’ll be able to invest in something that is sustainable – something that would provide you with a good return.
The first thing you need to do is develop a high-income skill. You need to have a skill set that could earn you money continuously and give you sustainable income.
If you invest in a bitcoin blindly, you will have the bitcoin, but you still cannot pay your bills! You still can’t put food on the table. In order to make a living, you need a continuous income stream that allows you to live on it. You need to have the ability to earn. You need to earn money on a regular basis to pay for your bills. Otherwise, you’re just trying to speculate. You’re not even investing. You are just speculating.
The most dangerous thing is if you’re speculating, and you think to yourself that you’re doing a business. I don’t agree that forex or crypto trading is a business. At best it’s speculation. It’s not a business.
It’s quite silly to go into speculation and think that you’re trying to make a living out of it. You cannot get rich like that.
Of course there are people out there who can and do make a living trading crypto. But that’s not on a whim. It’s not a get-rich-quick strategy. They start making money only after careful study and thorough learning of the techniques and trends. They do their research over months and years, and build it up slowly, utilizing their high-income skill. They don’t just meet a cryptocurrency broker and get rich overnight.
If someone is promising you to make tons of money overnight, here’s how their scheme really works. They will convince you to invest in a bitcoin or some other altcoin that they’re selling. If you become among their first few investors, they would use the money deposited by their newer investors to make the first couple of payouts to you. Impressed by the scheme, you’ll be encouraged to invest more with them. Soon when they are piled up with too many payouts to make, they would take all the money and run away.
So if you’re asking for advice on something that you think will make you rich overnight, it means you probably haven’t done enough research on the subject. This makes you vulnerable to easily become a victim of a nonsense pyramid scheme. This means you are not ready to invest in cryptocurrency, no matter how much of a fancy scheme you are offered. You simply cannot count on it to make money for you.
The only thing you can count on to make money is you. If you don’t have the ability within yourself to make money, no business would make you money. If you don’t do your homework, whatever you invest in will not make you money. The only person to count on to make you money is you.