Can cryptocurrencies really make you a fortune? If you choose the right ones, they certainly can. Just look at the infographic below to see the current crypto kings and how much wealth they have amassed over the last few years.
Many of those on the list are considered visionary – they took a new technology, the blockchain, and created their own tweaks and improvements. They made money through pure ingenuity and can serve as an example to the rest of us.
Do you have an idea that may sound a little “out there?” These guys did, but they rolled with it and came up with business applications that should continue to provide them an income for a good long while. So maybe it is time for you to start working on making that seemingly crazy idea work.ef
Don’t feel innovative enough? Perhaps you try your luck at winning some cryptos. There are tons of online casinos out there that you can try out.
Is gambling not for you? No problem. You can emulate Michael Novogratz and make your money by investing in cryptos. The infographic on bitfortune.net says that his current crypto net worth is close to $1 billion, so he’s definitely doing something right. Of course, you would need to research properly before choosing which currencies to invest in and where to buy them from.
But, clever investing could help you make a tidy lump sum. And, while any crypto investment is by nature high risk, you can mitigate the risk by following the tips below.
Know that the market is volatile and that you could lose all your capital. There are no guarantees here. So, don’t sink your whole nest egg into this and only invest what you can afford to lose. The potential rewards are high, but these returns come at a cost.
ICO investing is a way of getting into the market. Go in with your eyes open. Most ICOs won’t make it. Take time to make sure that the company you are investing in has come up with a realistic project and that they have the skills to execute what they say they will.
Choose the exchange that you use to buy the coins carefully. Make sure that the exchange is compliant and also be sure that you have a secure wallet to store the coins in once they have been bought. Exchanges are big targets for hackers and so only put in the amount that you are going to trade.
Check that companies offering ICOs are compliant as well. In the USA especially, these are coming under a lot of scrutiny, and many ICO investments can be classified as securities. These require stricter compliance, and it could be problematic if the company is not compliant.
You have to be willing to brazen it out. Panicking and selling when the price drops is a strategy that will see you losing here. The price will rise and fall many times over. That is why this is best considered a long term strategy.
Overall, there does seem to be a lot of room for growth in this exciting field. How are you going to get your slice of the action?