Financial stability is something we all want; however, with the current pandemic causing millions of jobs to be lost, this dream is becoming less and less of a reality. Because of this, many people are looking for alternative ways to make extra money, such as freelancing and consultation work. But what about cryptocurrency?
If you do not know what cryptocurrency is, basically it is a virtual currency that is not regulated by the government and can be exchanged for real-world money or goods and services. There are a lot of "success" stories around cryptocurrency, but is this a realistic way of becoming financially stable?
Investing in cryptocurrency is a gamble as lot of coins can become extremely volatile at times, meaning it can be hard to determine when to buy and sell. So, if you are considering getting into cryptocurrency, make sure you have some extra available funds to use as a safety net.
Now that we have that covered, can you make money using cryptocurrency? In short, yes, cryptocurrency is becoming increasingly popular, and there are hundreds of guides to help beginners, including the various videos and blogs we have on our site. This means that you do not need to be a crypto expert to make a profit with it.
Many people compare buying crypto to investing in stocks, and this isn't exactly wrong. Still, I would not say they are the same since stocks rise and fall based in a company's reputation and earnings, while cryptocurrencies value is only worth what we make it.
One advantage of investing in crypto is the fact that there is only a finite amount of it available. Meaning, unlike real-world money, there is no chance of it becoming inflated and losing value. This also makes crypto more stable than property investments. Although investing in anything is always a gamble, and since cryptocurrency is incredibly hard to predict, people are much more cautious about it.
There are so many stories of people who have made a lot of money using cryptocurrency. Still, there is an equal number of stories of people who have lost money, and in the end, it all comes down to luck and patience. The leading cryptocurrency, Bitcoin, did not start rising in value until 2017. Before then it was worth almost nothing, but if you were patient and lucky enough to sell it at its peak, you could have made millions.
Although it may not be a great idea to devote all your money and time to it, if you have some spare money and want to invest in something, then cryptocurrency is a great way to start.
The two best coins to start with are Bitcoin and Ethereum since there is so much information out there about each, and you can make an informed decision about which to invest in.