The cryptocurrency industry offers many opportunities to generate an income---be it a full-time income, side income to complement your day job or even passive income to help you grow your personal wealth.
If you're looking to get started with making money through crypto, then you've come to the right place. This article aims to give you a brief overview of:
What to invest in
How to invest (even if you have no money)
The three "R"s of investing
One might say that picking the right cryptocurrency to buy, like picking the right stock to buy, is half the battle. But the best way to learn is by doing, so pick one (or more) and jump in!
Cryptocurrencies are typically valued for two things, i.e. their market value and their utility in the "real world", which is to say that when deciding on which coin to buy, it is useful to ask:
Can this cryptocurrency be valuable in the long term?
What are its real life applications?
Let's look at some examples.
Bitcoin (BTC) is known as the mother of all cryptocurrencies, given that it was the very first cryptocurrency to be created. The underlying technology that Bitcoin is built on, known as blockchain, has since been adapted and adopted by countless applications around the world.
Can Bitcoin be valuable in the long term? One could very well argue that Bitcoin is already valuable, given that it's price, at the time of writing, stands at US$9,228.19 per unit. Many analysts remain bullish about the coin's long term potential.
What are Bitcoin's real life applications? Bitcoin is the most widely accepted cryptocurrency to date, with many businesses---such as Subway in the US and Burger King in the Netherlands---accepting it as a form of payment and charities accepting it as donations.
Ethereum (ETH) is arguably the second-most popular and widely used cryptocurrency next to Bitcoin. In fact, it is even more popular than Bitcoin among large corporations such as Microsoft and JP Morgan Chase, who have long expressed their commitment to find ways to adopt Ethereum in their industries.
Can Ethereum be valuable in the long term? Ethereum was launched five years ago in 2015 and it is currently trading at US$224.65 per unit with a market capitalization of almost US$25 billion. If you had a chance to invest in a company which grew from nothing to a valuation of US$25 billion in five years, would you?
What are Ethereum's real life applications? Ethereum's blockchain, by its very nature, was designed to be built on. As such, it has become one of the most---if not the most---widely used blockchain technology. From marketplaces to smart legal contracts, the uses of Ether and Ethereum are endless.
Tether (USDT) is the most widely used "stablecoin" to date, known for its predictability and stability. What sets it apart is that it is a cryptocurrency pegged 1:1 to the US dollar, and so is often referred to as the "digital dollar".
Can Tether be valuable in the long term? Given that it is pegged to and backed by the US dollar, there is a very good chance that Tether will be valuable for as long as the US dollar is.
What are Tether's real life applications? For one, the USDT is wildly popular in China where crypto traders have been circumventing traditional banking systems by using the USDT in place of the US dollar for up to 80% of their transactions on platforms such as Huobi and Binance.
If you'd like to learn more about what cryptocurrencies you can invest in, click here to learn about the other key cryptos you should buy and here for the hottest altcoins to invest in now.
How do you go about buying crypto? What if I'm broke and have no money to buy crypto?
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The great thing about cryptocurrency is that there's something in it for everyone. It's a field that's open to everyone, no matter their age, profession or bank balance. It's like that Backstreet Boys song that goes:
"I don't care who you are
Where you're from
What you did
As long as you love meeeeee...."
Ahem. The point is that there are many ways to get in the game.
While cryptocurrencies can make great assets through which to multiply your wealth, it can be a challenge to get your hands on some if you do not have sufficient capital to get started. But fear not, for the crypto community has created many ways for people to contribute and get involved.
A few popular ways to earn cryptocurrencies include mining, trading, HODLing and faucets. Here are a few articles to learn more about them:
If you're already loaded and are ready to start investing, simply get set up on Remitano to start your investment journey.
Whatever you decide and however you choose to start, what's important is to have the right mindset. And the right mindset starts with mastering the three "R"s of crypto investing.
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Read. Research. Read. Research. And then read some more. In the words of Warren Buffett, "the most important investment you can make is in yourself." Indeed, it is better to lose some sleep now researching and reading through the night than lie awake worrying about your investments later.
Always do your due diligence, and follow credible sources. What are credible sources? Here are a few suggestions:
Only invest what you can afford to lose and don't invest more than what you can afford to lose. Think long term and always aim to "buy low, sell high".
Follow the news (from credible sources) and gain an understanding of the fundamentals of market cycles and market movements.
Diversify your portfolio over time or from the start, to gain a feel for what each cryptocurrency is like.
Invest in yourself by reading books and taking courses to learn the ins-and-outs of the industry.
Remitano is a leading global peer-to-peer trading platform known for its simple and clean interfaces, friendly 24/7 support team, and advanced security and fraud protection systems. Learn more about us here.
Getting started is as easy as heading over to Remitano.com to create an account --- free of charge.
