A lot of people come to the crypto market to “get rich quickly”. And although it’s possible (if you buy and sell a meme coin at the right time) I would argue most people will not get that lucky.
The good news is that much more people could might a lot of money in the crypto market by just being patient. Here are a couple of tips to achieve just that:
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Find a crypto project who’s value you believe in for the long term (10 years or more). Ask yourself: will this coin still be useful in ten years? Understand in what you are investing.
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Invest money you can afford to lose or at least money you won’t need in the short term (5 years min) so that you are not forced to sell in a potential crypto winter.
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Favor Cryptos that allow staking with decent APY. And stake them for as long as you hodl them.
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Since you are in for the long run, become your own bank and understand how to manage your private keys safely. Avoid the exchange failure risk.
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Be patient, buy more during crypto winter or big dips and enjoy the bull market or pumps. Remember if the past is any indication cycles are driven by Bitcoin halvings and last 5 years or more.
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If you need money in the future consider borrowing against your cryptos (Coinbase offers that option already) so you don’t have to sell them. This avoids a taxable event and allows you to continue benefiting from your average annual growth and staking rewards. This is called a Lombard loan and this is how the rich get super rich.
I would argue if you invest in the right cryptos the best time to sell them will be never.
Good luck everyone!
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