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Ok so here's my first post. I've been working on accumulating crypto currency for long term gain. I've been trying to do as much of that as I can without putting money into it - that is, can I get it free. Here is the outline strategy I've been using:
1 - Identify legal and legitimate money and crypto currency generating income streams online, and use these to generate crypto to invest, or to generate money (fiat) to turn into crypto to invest,
- a crypto term that means hold on for dear life. That is, I wont try to beat the market by trading the crypto I have earned - instead I'm just going to accumulate it, and hold onto it on the assumption that the crypto market in general terms increases year on year, and hence even if I'm only generating low amounts of crypto, in the long term there will be considerable gains - this is called hodling.
Invest wisely - I'll invest in legitimate crypto, that is the big names that are more likely to survive the long haul. So I'm investing in low to medium risk crypto, which yes will give me lower returns, but are more likely to give me a return. So I'm aiming to accumulate and hold big name cryptos (eg, XRP, DOT, ADA, BTC, etc) and I'm staying away from the crazy junk coins that have super volatility and can also be scams (eg, squid game).
4 - Once I've accumulated some, its important to put it to work. So can I find a safe place to store it where it will grow (by gathering interest, staking, etc). Ideally I'm focused on compound interest daily if I can find it - I'm obsessed with compound interest at the moment, but I think its a good thing to be obsessed with if you are trying to generate wealth.
Avoid temptation - that is, dont jump into scams, avoid trading (because I'm not that good at it !) when there are major market swings, or because I'm seeing too much hype, etc.
Improve my knowledge on the crypto environment so that I understand it and make better choices that help me towards my goal.
So I started earlier in 2021. It was really slow when I first started as my knowledge was at rock bottom. So I've spent quite a lot of time looking around online, inc on social media, and that has helped to improve my knowledge generally about how crypto works. I've then spent a lot of time scouring around for ways to gain some 'free' crypto.
With successive posts I'll start sharing the things I've done to make gains, and give an indication as to whether I thought it was time well spent or not. To date I'm sitting at about ?207 ($280) accumulated and I have only invested ?20 ($27) directly into purchasing crypto. When I think about it, its not a lot of money for the amount of time I've put in, however, I've enjoyed every minute of it and I find it really motivating. Also, going back to compound interest - the more I have, the quicker it grows !
For info, the images used in this post are all my own and are all from the Island of Easdale - which is one of the slate islands, situated just off the west coast of Scotland in Argyll & Bute. If you are ever in the area - you wont regret visiting it - and it also hosts the world skimming championship ! Whats not to like !
