Google finds 1,190,000 results when searching the phrase "passive income." The idea of sitting on the couch at home and getting paid for it boggles the minds of ordinary people. Sergei Mavrodi's financial pyramid first gave hope that the cherished dream will come true, but then destroyed it.
Everyone knows about MMM, but similar schemes under different names still find investors to this day. Many people confuse cryptocurrency with financial pyramids, which is fundamentally wrong. And as its popularity increased, there were also enterprising businessmen who worked according to the old scheme - invest 100 rubles in it, get 500. Investing in the cryptocurrency in such amounts is not rational. If the offer to enter the business mentions an amount less than 60,000 rubles, then you are likely being conned. Another thing is when the employer pays you salary in cryptocurrency. Here, the crypto currency goes to your hands, and later you can make transactions with it.
Where to begin?
Before you rush and spend your money on bitcoins and stuff, take the time to study the question thoroughly. If you have no idea what blockchain is, who Vitalik Buterin is, and the word "farm" makes you think about agriculture, then you should probably wait until better times.
Do not spend the last money to buy crypto currency in the hope that it will bring you golden mountains. You can easily lose it, and earn nothing. This does not mean that the very idea of cryptocurrencies is a hoax for the purpose of profit. The exchange may crash because of a hacker attack if you trade currencies; your video card may crash if you are engaged in mining. Situations happen, but one thing is for sure - invest only the money that you can afford to lose. Cryptocurrency is a high-risk business.
Feel like a trader
Let's say you have the right amount. What should you do next? First of all, get a cryptowallet. There is a great variety of cryptowallets now and new ones appear almost every day. Pay attention to the following factors:
- how many cryptocurrencies the wallet supports;
- speed of operations;
- amount of commission for services and transfers.
You got a wallet, saved the necessary amount and are ready to part with it by buying your first bitcoins, lightcoins or ethereums. Take your time, study the market of cryptocurrencies. Maybe you like Dogecoin more, which is just gaining momentum, or maybe IOTA, which is not as popular as the first three, but it is in the top 10. In general, the best option is to have several cryptocurrencies in the wallet.
You can buy cryptocurrencies in three ways: exchange platforms, currency exchange and direct purchase from a person. In the event of a purchase, you will need communication skills and charm, for trading on the exchange you will need trading skills as on the stock markets, and for currency exchange you should use exchange services. A number of popular services perform the functions of both exchange platform and currency exchange:
Among other things, a number of exchanges provide margin trading. As, for example, Bitfinex, OKCoin and Poloniex.
Here you can buy currency, trade on the stock exchange, exchange currencies and even use broker services.
More exchange services:
ICO – mysterious abbreviation
If there is a spirit of adventurism in you, there is another option to earn - investing in ICO. This can be compared to crowdfunding - money is collected for projects that have not yet been launched. By investing, you are participating in something really cool. A pleasant bonus will be coins, or tokens. In case of success, the project itself will help you get rich. For example, when reselling the received tokens at a higher price. Also tokens will give you the right to bonuses from the project (discounts, additional services).
For a small amount available for investment, ICO will be a good option. The costs are lower, unlike mining, and this is easier than trading on the stock exchange. But by investing in yesterday's start-up, today you can multiply your fortune several times.
Collecting two or three million dollars for the ICO project in a few hours is no surprise anymore. The Brave Innovation Browsing Campaign collected about $35 million in 30 seconds. ICO is not only launched for digital projects. Metal production, conversion of tokens into watts for mining, and other ideas can also be an ICO project. But remember, the main rule when working with cryptocurrencies applies to ICO too - no one will give you any guarantees. Treat investments in ICO as an investment in a dream. Even in case of failure it will not be so bad.
Criteria for choosing an ICO project:
- You must understand the project yourself. Investing money in something shady is not the best solution;
- The project must be achievable. If you invest in the tours of Mars, you can forget about the profit for a hundred years;
- The project team must be credible. Read previous projects and inquire about their fate.
Whatever you do with the cryptocurrency, remember the risks and evaluate your capabilities, thoroughly study the topic before investing and, of course, hope for the best.
Read more interesting stories, reviews and analyses on the LiteForex Traders Blog: https://www.liteforex.com/blog/
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