Mar 9
Crypto Stories
How crypto helped me to save up for a dream
An Incredible, but true story: “This year I saved up for my dream with the help of crypto (and this is not clickbait)! I’ll tell you the whole story, and it’s obvious I can’t promise you success or vice versa”.
Incredible, but true: this year I saved up for my dream with the help of crypto (and this is not clickbait)! I’ll tell you the whole story, and it’s obvious I can’t promise you success or vice versa. My task is rather to convey that even when everyone around says “Stay out of the crypto industry”, it is not so hopeless. It is up to you!
Perhaps I may sound a bit euphoric about what I‘ve done because the money I earned will be spent on my and my beloved person’s dream. So while reading consider it as well. My girlfriend and I have been wanting to go to Japan for a long time, and when the borders had been opened, I realized that there would be no better opportunity.
Why cryptocurrency?
Many people will find my choice strange: how are cryptos and financial security compatible? Plus, only the lazy do not know that the situation with cryptocurrencies is bad and there is 0 to catch there in 2023. Or think they know. Yes, the information on Media doesn’t lie, and over the past year, there have been many unexpected crashes: from Terra to FTX. What do we have now? By the end of 2022, the market almost hit the bottom, and now it has been on the incline for a couple of months. This is the first thing you have to understand.
The second thing is that cryptocurrencies are known as volatile assets. This has always been the case, and now there is no exception either. The cheaper the coin is, the more it fluctuates. This pattern applies to both upward and downward movements. In general, the opportunity to make a quick income is very tempting, although it is probably already clear that the risks are commensurate.
The third thing you should understand: it is much better to enter now than later when the market is overheated as it was a couple of years ago. And even though the market is slowly growing particular cryptocurrencies are skyrocketing even during such conditions.
How I made the profit
In advance, I apologize if you thought that I reveal all the secrets of how easy it is to increase income. Firstly, no one will reveal their secrets even for money, and secondly, I am not authorized to give any financial advice. So I will try to find a middle ground between general words and specific useful tips:
- I chose a little different way of searching for altcoins. Someone manages to earn money at NFT auctions or through DeFi, but for the first one I had little opportunity to DYOR normally, and for the second one the starting amount is not that big.
- If you spend a lot of time on socials or project discord pages, you will be told that you need to hold on to the bitter. In fact, it turned out that it is more profitable to trade on the contrary. I’ve tested the theory many times. Feel free to withdraw profits or even drop them a bit. The sense of loss of profits is your enemy.
- In hindsight, I estimated that I had put in enough time to achieve my financial goal. If I invested in every altcoin that promised a payoff in a matter of days or took huge leverage, I would now be in debt. In my situation, and probably in yours as well, it is more profitable to play for at least a few months, gradually adding to the amount, instead of putting everything in one position. As I said, now is the time to sleep on the decision instead of chasing a sense of missed opportunity in an overheated bull market.
A few more tips
Once again I have to emphasize that luck did its job, and I went bust on some things. I started with ETH and BNB and traded mainly on DEXs. I wasn’t inspired by stories about people who had all their funds stuck on Voyager or the notorious FTX. So I decided to lower the risks. I also managed to buy a token on the DEX, which skyrocketed after the news of its listing on the exchanges, after which I reduced positions or even changed back to ETH/BNB.
ChangeHero exchange helped me more than once: this is not a DEX, and they choose the Best Rates on the market. They do not require you to connect your wallet or sign up, which I consider important. The reviews confirm that the service provides quite a profitable and fast exchange. Just as we all say: Distrust and verify.
A few months ago ChangeHero kept a super favorable rate for quite a long time and did not throw it off like in other CEXs.
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