One of the latest fads of new-age investors is to dig for newer avenues to offload liquid cash and reap returns. Commodity trading became a phenomenon in the past and is still going strong. With changing time brick and mortar businesses have given way to the more tech-savvy ones. The ones which promise to take the world into the unknown future. It is these companies or institutions which investors bet big on.
Cryptocurrency is certainly one of the avenues, which despite a stormy past, has been able to remain phenomenal. When Bitcoin first appeared on the digital asset horizon, it was being transacted at almost a cent a token. Three years later it hit $20000 and the world went crazy. However, the euphoria was short-lived. Within a span of a few months, it crashed to below $6000. Currently, it is being traded at around $10000, a rise of almost 100000 times. The ones who had invested initially and waited with bated breath reaped immense rewards.
So the question beckons: is it possible to get rich investing in Bitcoin?
To begin with, the greatest characteristic of a successful investment is patience. And when one is dealing with Cryptocurrencies, it is of prime importance. Bitcoin, unlike, other conventional investments, is a volatile asset. Its ups and downs are well documented. It also needs to be kept in mind that Cryptocurrencies are long term assets. Not one investor has ever become rich overnight. It is a waiting game.
However, for the uninitiated enthusiast, here are a few ways to earn notably from cryptocurrencies.
Let’s take a quick tour:
- Buy safe cryptocurrencies. Bitcoin, Etherium, Binance, Tezos, etc. These tokens are generally considered safe for investments.
- Another popular way is to stake cryptocurrencies. There is a dual advantage in doing so. One gets a price appreciation for holding good crypto coins plus the additional reward as dividends for staking the coins. Staking is basically holding crypto coins 24*7 in a live wallet, hence earning new additional coins as a reward for staking and securing the blockchain network.
- Buying and holding cryptocurrencies for dividends is a great way to increase the margins. There are many great cryptocurrencies that pay you a fair share just for holding them and you are not even required to stake them, especially in a wallet.
Cryptocurrencies offer myriad ways to earn handsomely. It is up to the individual to amplify the game.