How to Get Rich in Cryptocurrency a Little at a Time
Saving a little here and there will add up over time
Author’s Disclosure: I own a little Bitcoin (BTC) and a little Basic Attention Token (BAT). I am a Brave Publisher and use the Brave Browser to earn BAT (affiliate link).
Step №1: Earn or Fund Your Crypto Wallet
If you want to fund your own crypto wallet and invest, you can usually use a bank account or debit/credit card. I use Coinbase and Uphold. When I started my cryptocurrency journey, I downloaded Coinbase and used it to save a little extra money into a US dollar account (USD).
Using the USD account, I can buy other currencies. I have checked out the offerings on Coinbase and Uphold. Other wallets will have other cryptocurrencies and markets on which to trade currencies.
When I signed up as a Brave publisher and started using their browser, I began to earn a little Basic Attention Token. Brave sends BAT to my Uphold wallet. Brave requires users to set up an Uphold wallet if they want to transfer their earnings from viewing ads.
Step №2: Once you buy a cryptocurrency HODL
Who knows what will happen with Bitcoin? It has gone up and down since I have been watching it. But, I have noticed if you are willing to stay in for the long haul, you can end up winning. It is the same theory as dollar-cost averaging in the stock market.
You will be dollar-cost averaging if you are funding your cryptocurrency through your BAT earnings via Brave. Since they are funding your wallet monthly, with their ad viewing payouts, you will already be set up to systematically invest.
If you are funding your wallet yourself, you can also systematically invest and hold.
Step №3: Hope for a Moonshot
Another disclaimer: I am not a financial advisor and cryptocurrency can fluctuate, so do your research before investing your money. If you want safety and a savings account, you can always buy a USD stable coin or other similar instrument. It is actually cheaper than saving money in a regular bank, from my observations.
Like all investments, you are probably hoping for a win. Sometimes, certain investors want losses, but that is a story for another time.
With crypto, you have the chance to seeing a moonshot. That is when a cryptocurrency takes off and the chart rises like a rocket ship travelling to the moon, or beyond.
BTC had this back in 2017 when it shot up. It later went down. In January 2019, it was low. Today it is back up relatively high. If you had been been dollar cost averaging over that time, you would have bought more BTC when the prices were low and less when they prices rose. The hope is that the prices continue to rise, even though they might saw tooth up and down while progressing ultimately upward.
Bitcoin Halving: This is an exciting time
Bitcoin has halved, as per its plan to limit the total amount of coins available. The universe doesn’t run out of coins until sometime in 2100, if I remember correctly, so you should have plenty of time to see what might happen before then.
The thing that makes it cool, is that analysts are predicting bull and bear markets. Who knows what will happen. Sometimes, it is fun to have uncertainty. Uncertainty increases the payout when investments produce returns.
https://cointelegraph.com/news/bitcoin-price-consolidates-below-10-000-after-halving-whats-next
If you are investing to pay for retirement or your kids’ college, go for something more conservative, like an index fund, 529, or bonds. Talk with your financial advisor since I’m an not one.
🦄 Chris Hedges, BA, JD, is the owner of Illumination Spotlight and Unicorn Labs.
