Here are 3 Crypto rules to follow:
1. Don’t trade crypto currencies
Just don’t trade crypto. Instead, buy and hold coins long term. Trading fees eat into your potential profits constantly. And most people time trades poorly. Perhaps most importantly, holding long term means you don’t pay taxes until you sell. That allows your money to compound far more effectively.
2. Start with bitcoin
Bitcoin is in another class compared to other crypto projects. It has an amazing security track record and it has by far the most real world use. It is used as an inflation hedge and emerging store of value around the world.
3. Buy altcoins in bear markets
Altcoins can be ridiculously profitable. But they are also crazy risky. Right now a lot of hot altcoins are getting absolutely slaughtered, and that could continue for a while. Successful buy-and-hold crypto investing takes years. You need to be patient. Look for crypto projects that keep going strong throughout the bear market.
Sven Franssen