Is this the right time to invest in cryptocurrency

 

whether bitcoin reaches $100, 000 or not, most people have already missed the bitcoin wagon.

However there are other alternatives for you to invest in today.

Let me introduce you to Birdchain 

Birdchain is a free to use cryptocurrency rewards app for android phones that allows you to earn free birdchain tokens by viewing ads, watching short videos, playing video games, completing small tasks on websites

Also Birdchain is available on several exchange platforms. Once you have gathered enough bitcoin from in the app, there is a direct to wallet withdrawal process for you to drop birdchain tokens in an exchange.

you can then trade birdchain for other cryptocurrencies like bitcoin, ethereum etc 

If you want to earn free cryptocurrency then you should install Birdchain Now using the link below

https://play.google.com/store/apps/details?id=io.birdchainapp.app

Now lets get back to the main question - Can you invest in cryptocurrency today and still make a profit?

Many of you have asked this question. So I decided to take the time to answer it seriously. I promise, at the end of the article, you will have a clear answer. But it may not be the one you were expecting...

Not all crypto-currency enthusiasts are millionaires

Personally, thanks to Bitcoin and the blockchain, I became a billionaire.

Yes, I swear!

Are you frustrated that you only recently discovered bitcoin and are not a multi-millionaire? For some people it's even worse: they have played with Bitcoins, lost them in hard drive crashes, forgotten them on old computers that have been thrown away, lost them again in crashes of platforms like TradeHill, MtGox and many others, or even, as it was my case for a long time, distributed them to help people understand the technology better 

Finally, there are also the "technologists", of which yours truly is one, who have been passionate about Bitcoin's technology without ever being interested in the financial aspect. In retrospect, a mistake...

Others have kept their bitcoins and sold them at $30 or $100 or $1200 because, at the time, they needed the money to pay back their loans. They have benefited from this but they are not multi-millionaires.

This was the case, for example, of Andreas Antonopoulos, who has done a lot for the Bitcoin community since 2012 but who admitted to being broke. Some people laughed at him, others, moved, sent him a total of... 100 bitcoins! But it was richly deserved, as many current millionaires discovered Bitcoin thanks to him.

The symbolic figure of one million euros is simply enormous. It corresponds to 40 years of salary at 2000€/month. Most of us will only earn between €1 and €2 million in our lifetime. So becoming a millionaire requires more than just buying bitcoins at the right time.

The 3 factors of financial success

Yes, some people do become millionaires. But whether it's in crypto-currencies or in any field, it's a combination of 3 factors: foresight, hard work and luck

I think you need the right proportion of all 3 to succeed. The lack of one of the elements can be compensated by the other two but it is very difficult. Pure luck can win millions: it's the lottery. It takes a lot of luck to win the lottery! On the other hand, foresight and hard work are nothing without some luck: being in the right place at the right time. A little earlier or later and you miss out.

In the case of Bitcoin, it was a matter of understanding the value of crypto-currencies very quickly. I had some foresight: the history of this blog is proof that I understood the importance of the phenomenon. But I completely underestimated the economic aspect and never thought I'd see Bitcoin above $1000. And even though I imagined Bitcoin at $1,000, it never occurred to me to realize that vision by investing $1,000 or $2,000 from my savings account. The risk seemed disproportionate. I do have the intellectual satisfaction of knowing that a few people have discovered Bitcoin through my blog and have made a fortune.

Hard work means keeping up to date, keeping your Bitcoins for years, knowing what to do with them. Personally, I've had a few dry spells where I haven't been involved with crypto-currencies. When I went back to the forums I discovered for example that the TradeHill exchange had gone bankrupt a few months before, taking a large part of my bitcoins with it... I didn't even know about it! And I didn't worry because, at the time, it wasn't worth much.

Luck can't be caused, it can't be explained. But it is indispensable.

What about you? What is your favorite factor?

But you're probably not interested in all these stories. All you want is to become a millionaire. And if possible in 3 weeks and without any effort. It's possible, your favorite tabloid told you about a 7-year-old girl who became a millionaire with crypto-currencies.

The reality is that there is no such plan. Any plan that claims to make you earn money effortlessly is a scam. Because I have news for you: you are not the only one who wants to become a millionaire.

So you have to rely on foresight, hard work and luck. So yes, it's possible that a crypto-currency out of nowhere will do x100 tomorrow and make you a millionaire. But I don't believe in that any more than I believe in winning the lottery. That would be pure luck. And in the lottery, there are by definition more losers than winners... If you bet on the luck factor, go to the casino instead.

That leaves you with either foresight or hard work.

The hard work solution

There are plenty of job opportunities in the crypto-currency field. I myself make a living from them: I do research on blockchain, give talks and do consulting for companies and startups. Others do development. I encourage you, it's a field that I'm passionate about and that I believe is full of future.

More prosaically, another solution is trading. Thanks to their high volatility and very small commissions, crypto-currencies lend themselves admirably to trading.

In fact, most amateurs who bought a bitcoin or two at $5,000 and sold it for $10,000 now claim to be traders.

The reality is that trading is an extremely difficult science/art/work. If you want to get into it, you have to be prepared to spend hours, read dozens of books, lose a lot of money. Because losing money is one of the only ways to really learn trading. After a few wins, aided by beginner's luck, the amateur trader will gain confidence, bet big, and then suddenly be faced with losses. This is where he will gain his first real trading experience.

If you choose the option of trading to make money with crypto-currencies, I think your question "Is this the right time to invest?" is meaningless. You are the trader, you are the only one who can answer this question.

The solution of the long term view.

If you don't want to trade or work actively in the field, you still have the option of investing. But, in this case, it is important to be discerning and to invest for the long term in projects that you are confident in.

They always say not to invest more than you can lose. This is true in crypto-currencies more than anywhere else where a simple hack can empty your bank account.

But I would add a tip of my own: if your goal is long-term, don't invest a large sum all at once. Make a monthly payment of 20, 100 or 200€. Convert directly into crypto-currency. This way, your portfolio will grow little by little. Increases will be good news (because your capital will grow) and decreases will be good news (because that month you will be able to buy more). You will be much less nervous, much less watching for ups and downs. Remember that you are betting on the long term, that you are ready to lose everything but you only want to take the money out in 5 or 10 years.

I'll add another tip of my own: the stronger a project's history, the more relevant it seems to me in the long run. Bitcoin and Ethereum seem to me to be the two projects that offer the most guarantees of sustainability.

But, here we are talking about vision, foresight. So it's up to you to make yours work. As Warren Buffet says: only invest in what you understand.

Mistakes to avoid at all costs

First of all, if you want to make easy money, skip it. It doesn't exist, by definition.

Solution 1: you want to do a trader's job and you will become able to make a profit without even needing to know if the crypto-currency you just traded has long-term potential.

Solution 2: You believe in a project and you understand it. You have faith that this project has a future and you invest in it while accepting the risks involved.

If your only objective is to make money, then your money will inevitably go into the pockets of professional traders or, worse, scammers who will have promised you anything. Use your brain: not everyone is a millionaire. What do I have that gives me a chance to make money?

Second, act like a manager. Does turning 200€ every month into bitcoins seem huge to you? You can't afford it without cutting into your monthly budget.

So, should I invest in crypto-currencies?

Remember that there are no easy wins without a huge amount of luck. That in the markets, small amateurs are called "dumb money" (money that is easy to win because it comes from inexperienced people who make mistakes). And that multi-millionaires are the rare exceptions that make us dream but do not represent reality.

If your goal is to make money in a few weeks or months, then there is no good time to invest. You are not investing, you are playing roulette. And while some will get lucky, most will lose.

If your goal is to invest in a project that you think has real promise, that has the potential to change the world, then there is no bad time to invest.

I personally believe that Bitcoin is sustainable and that its value in 5 years will be significantly higher than its current value. I think the same will be true for Ethereum although I am a little less certain.

For other major crypto-currencies (Litecoin, Dash, Monero,...), I admit I don't know. It's a gamble that seems risky to me.

Finally, I am convinced that the vast majority of crypto-currencies will be worthless in 5 years, even if their website is great and their concept is great on paper. New ones will appear, disappear.

I am well aware that this is a purely personal conviction, an irrational act of faith and that I could be completely wrong. Therefore, I do not invest more than I can lose.

Because even with a clear vision, even with hard work, an investment requires a good deal of luck.

Be careful! Don't gamble your savings and remember that you don't need millions to enjoy life.

If you want to give cyptocurrency a try, start by earning some free quantities of it with birdcchain

install birdchain below

https://play.google.com/store/apps/details?id=io.birdchainapp.app