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RE: Investing vs. gambling in cryptocurrencies
A good thing to remember when taking the advice above (and I'm a believer in taking advice...for trading...not investing) is that these methods of selecting and staying in a coin are long-term plays.
This should not be confused with TRADING...which is a zero-sum game. Investing is not however.
If anyone is interested in learning how to trade crypto...i recommend @lonnie.sprinkles
...cuz he is me...and I've been trading for a decade...and I know my shit at this point! ha
Great article though...this should help a lot of people make better decisions...rather than based on greed and fear.
Good work...appreciate the effort you put in to making this post!
I agree. I've traded on Forex for over 8 years and recently moved to Cryptos. I can comfortably state that Cryptos are much easier to trade and invest than Fiat.
That stated, please remember that the best trades are not from looking for a 5 minute scalp, but rather swing trades, lasting between 1-5 months. Investing will place your projection toward 1-10+ years, with first observing the whitepaper to ensure that what you are investing in will have
1.) Long-term sustainability.
2.) Use-case that is solid and WILL be put into place to resolve a long-standing issue/pain point within society.
Take Steemit for example: Decentralized Social Media Platform that resolves the following pain-points of:
1.) Making money online WITH Compounding Interest
2.) Decentralized so your information is not hoarded for sale to others.
3.) Freedom to express who you are as a person and be rewarded.
4.) Entry level into the crypto world and investing.
5.) Environment that encourages interaction rather than alienation and cross-recruiting
6.) No team-building & MLM's to deal with.
Short term trades are definitely not the best trades. How could they be? They're too short! haha.
Good points about Steemit! I have a very long term view on Steem. I doubt the best things have even been thought of yet.
Cryptos are definitely more enjoyable to trade than Forex I think. And in the long run, it's better to have crypto knowledge than forex.
And to circle back to the first point...no, the best trades aren't short term, but many, if not most, of the best trading systems are based off short term gains. Crypto allows you to compound these gains perfectly...which I think should be the focus, rather than on straight-line large gains!