Step 1: A large profit cannot be achieved without a substantial investment.
If I said to you that you could start investing in cryptocurrency with just one thousand dollars and become wealthy, I would be lying. The truth is that with such a small amount of money, your probability of achieving success is almost non-existent. Even though it is true that some people have managed to take a thousand dollars and turn it into a significant amount of money, it is extremely unlikely and there is no guarantee that you would be able to replicate their success.
Let’s do some calculations. For instance, if I am aiming to make one million dollars with cryptocurrencies:
If I have $10,000, I will need a multiple of 100x to be a millionaire. On the other hand, if I invest $50,000, I only need a 20x multiple, which seems more achievable. The bigger your investments, the easier it is for you to attain higher numbers. It is easy to comprehend, yet keep in mind that it is much simpler to make an additional 10x someplace else than to wait for an additional 20x on your money.Continue reading “Before diving into the cryptocurrency market, here are a few tips to bear in mind”