Are you someone who is concern about what the future may bring? are you someone who thinks about the welfare of your family or just thinking on your own good? are you someone who is desperate enough to have another stream of income than by just relying on your minimum wage?
Then maybe you have already thought of how you can increase your wealth the how are you going to multiply your money.
Well, if you are that type of person then maybe you have already considered having an investment or saving some sort of money for your retirement fund. Today, i will explain to you why you should consider cryptocurrency as part of your investments. I know it is not easy to entrust your money to anyone else as this is your hard earned wealth, but what I will do today is to give you the downsides and upsides of cryptocurrency investment. But before anything else, I just want to inform you that this is not a financial advice. And whatever I say here is just merely educational. It is still up to you if you want to enter to this kind of investment.
Now let me tell you how I discovered cryptocurrency. During pandemic, I was one of those unlucky persons who lost a job. I never thought that this pandemic will cause so much havoc to our economy not just here in the Philippines but also all over the world. No one was ready for this crises. The crises that we thought as health dilemma only has also affected our economy and even our way of living. March in 2020, our company decided to lay off ten percent of workers as they need to do cost cutting to sustain the company's income. I never thought that I would be included with those employees who will lose their job.
So, what did I do to sustain my daily needs? Instead of feeling down and lose hope, I look for ways on how I can earn money. I didn't have any idea about cryptocurrency back then. What I only have in my mind was to look for ways on how I can earn money,may it be in a form of active income or passive income. Hence, I tried to search on the internet on how I can start a new job and when I can start earning money as the money in my saving account could help me for the remaining days to come.
Anyway, so you know, even if I lost my job I still have some extra saving that I have in my bank. So, I withdrew all the money that I had in my bank account and tried to use it for business or invest it.
One night, I tried to search on YouTube on ways that we could increase our wealth and accidentally, I was directed to a certain video that talks about bitcoin. By that time then, I don't have any idea what bitcoin is and what is the importance of it.Therefore, I ring my friend Netskie if she heard about cryptocurrency and bitcoin. Then, she got surprised that I asked about it because that is something that she has been doing for more that three months already and lucky enough she did invest some of her money to cryptocurrency.
I told her that I want to try investing in this stuff and asked her if we could meet so that volunteer to teach me how to start investing in it. I was so thankful that she was so willing to help me. And she explained to me everything about cryptocurrency and what are the strategies that I need to do so that I could grow my money. So, after our meeting and short convocation, I did try doing it myself and true enough there are things that are confusing at first. I had so many things that I didn't understand at first but I was able to uncover all of it in the long run. It was really a timely moment for me that I entered cryptocurrency because that was the time also that the market was so low, like all the coins were sale.
So, I decided to put five thousand pesos on it and after six months that five thousand became fifty thousand. It was a huge leap of asset that I experienced. Now you might wonder how did he do that? Why it took this amount to reach that high? Well, the answer for that is research, research, research. Yeah! day by day I engaged myself into a lot of research so that I could understand which coins are best to invest. I tried to understand its fundamentals and use case including its tokenamics as well as the market capitalization.
Well, it was not an easy money cause I still need to seek guidance from my other friends who also ventured to cryptocurrency. I tried remembering and grasping all the advice that they gave me. I was prudent enough in choosing which toke to buy and why should I buy them. After I got the conviction of which coin to buy and hold, I immediately bought them. I continued making a research about that coins and also I keep myself updated with what is happening in the news. I did not limit myself in learning fundamental analysis but I also tried my best to study and understand the technical analysis and sentimental analysis.
Among these things, technical analysis in the most challenging one as it requires more thinking and analysing. You may not understand the chart at a single glance but that is something that you can master as time goes by. Now, why did I say that you may consider cryptocurrency as an investment? Well, I don't wanna sound imposing but I just wanna let you know that this is something that I experienced myself and I was earning from it. I was able to increase my wealth without doing so much effort as it is considered a passive income. And the good thing about it is that, cryptocurrency market is very volatile, unlike stock market it has more opportunity for you to gain a massive income and multiply your money much. The rule for this game is simple, buy low sell high. You should inculcate in your mind that you should never sell an asset in which amount is lower than your buying price. The only downside of getting in crypto currency is the uncertainty of the coin's future.
No one has a full certainty on what would be the fate of a certain coin, because when that project will not thrive then you might have a tendency of losing you money as well unless, that project is able to recover on the coming years and at the moment you would only experience an impermanent loss. But that disadvantage could be avoided if you diligent enough in doing your research. You should know how to control your emotions without being greedy or fearful. You should know when to enter and when to exit.
As you decide to invest in cryptocurrency and as you try to plunge yourself into the world of cryptocurrency, may you have a wonderful experience and a massive increase of wealth.