The world is made up of people all around the globe, each unique and special. However, there is something that all of us have in common. We all want to become financially free, and no longer be burdened with the stress that worrying about money can cause. To have the freedom to choose when we want to work, take better care of our family, or simply go to a store and not even need to look at the price when shopping. Others would like to retire early, or even start their own business. Whatever your specific goal is, we can all make it a reality by becoming financially free. The only question is how can we make that happen.
Those of us who have fallen down the rabbit hole of Bitcoin and crypto believe that this industry is our best chance to make that happen. But even if you are invested in this asset category that has been predicted to cause the largest transfer of wealth the world has seen. It still doesn’t mean that you will be able to take advantage of it. As I have mentioned in countless articles, the crypto market is risky. It’s easier to lose everything or get pushed out of the market early, rather than survive and eventually become successful.
Many people want to become traders. They view this as the quickest way to obtain wealth. However, trading an extremely volatile asset like crypto isn’t recommended in my opinion. The risk is too high, especially when most of us lack the required skills or discipline. That risk is compounded even further when using leverage or borrowing to trade. The amount of heartbreak I have seen from people losing everything and being liquidated is something that I would never wish on anyone. There is always the exception, but most of us would be better off admitting that we aren’t traders.
So if trading isn’t our answer, what is the skill or superpower that will make us successful in this market?
It’s simply by keeping an open, curious mind and being very active in this market. As simple as it sounds, I credit all the success I’ve had in this market due to me doing those two things.
If you have been following my work for any length of time, you will likely know that I’m very passionate about Bitcoin. It’s the cryptocurrency that I’m the most passionate and interested in. Even bordering on being considered a Bitcoin Maximalist. Even though I was early to Bitcoin, throughout my time in this market, I have always been able to keep a curious and open mind. Always being excited about the market, the technology, and what’s next.
This has allowed me to take action on new projects in this market such as Ethereum, Polygon, Polkadot, Chainlink, Cardano, and the list goes on. Something you will learn the longer you are in this market is that new opportunities are always on the horizon. However, if your eyes aren’t looking you will miss them. I have always kept my Ethereum as I believe in it long-term, but I was able to convert the other coins into more Bitcoin. Helping to transform my portfolio.
The other key thing that will make you successful in the crypto market is by being very active. Not only will this help you to become better versed in the market. Learning which projects are great and what is junk. But it will also allow you to find many ways to earn. One of the easiest ways to earn is by staking. Right now you can earn roughly 3% per year simply by staking your Ethereum. While that might not seem like a lot initially, you need to remember that time is your best friend when using compounding interest. Also, the price of Ethereum will likely continue to increase over time. All of a sudden that 3% you were earning will have become something much more substantial.
But the real area that being very active in the cryptocurrency market will benefit you is that it will allow you to qualify for airdrops. By using testnets, connecting wallets to a DEX or dApp, performing quests, bridging, previously owning a certain cryptocurrency, and being active on social channels. These are all things that can help you become eligible. I have been very fortunate over the last few years to qualify for multiple airdrops valued at tens of thousands of dollars. My only cost was time, and a little Ethereum used as gas to perform tasks. A small price to pay for something that has helped to transform my portfolio.
The cryptocurrency market feels a lot like the fabled “American Dream.” If you truly want it badly enough, you can make anything happen. The sky is the limit. The only question is how much effort and time are you willing to devote to it. While there are no guarantees in the crypto market, taking a risk in it could be the best decision you’ve ever made.
How about you? What do you think the most important crypto skill is?
and
As always, thank you for reading!