The Millionaire Mindset — getting rich on crypto
How to become a crypto rich and live the life of your dreams?
It is all about self discipline and long term vision.
It really doesn’t matter with how much money you are starting, the game is pretty much the same. Some people are in this to get rich, some to pay their student loans, and some spend their earnings right away on a brand new car or travel. In the end, we are all in this for the money, and nobody likes losing it, so tread lightly. Pay in mind, that nothing was ever profitable as crypto is today, not even drug dealing.
If you are reading this now, chances are you missed out on the crypto boom, or made a few bad moves and lost your money. It is still not too late, and you didn’t miss the boat, well, maybe just the first one. Less than 1% of the population owns crypto at this moment, which is nothing compared to what’s waiting for us in the near future.
Blockchain and cryptocurrencies will solve many real-life problems, improve our quality of life and make it cheaper (while making us rich), but that won’t happen overnight.
Pandora’s box is opened, the crypto industry is here to stay, but we simply cannot predict what exactly is going to happen.
By each day, we see more and more people greeting it with open arms — regular Joes who don’t like banks or want privacy, global businesses that need supply chain, logistics or payment system improvements, or just anyone who likes transparency in general.
Just by looking at how much banks don’t like and fight against us, should give us enough reasons to believe that we’re doing something right.
/ TULIP MANIA?
More often than I’d like to, people ask me “crypto’s all a big bubble, it’s going to crash for sure, right?”, and when I reply with a yes, they are surprised. Yes, it is a bubble, and it is going to crash — I know it, and still decide to keep my money in the game. Most people live in the here and now, and cannot, or do not want to see the future.
Almost 20 years ago, the dot-com was today’s crypto, and people couldn’t believe Internet would become what it is today. As a new and unregulated industry, many bad ideas, projects and scams surfaced and raised more money than they should have, both now and in the dot-com era. Inevitably, the bubble burst is awaiting for us — but that is not neccessarily a bad thing. If we can learn from history, the whole market will crash, but that will also make the selection between geniune and strong projects with utility from those that are not worth our time or money.
During the dot-com crash, Apple’s stock fell below $10, and Amazon’s below $70. Today, Apple’s stock is worth more than $170, while Amazon’s is worth more than $1400. Also remember that some of those cryptos will be Apple and Amazon of our generation, you just have to choose wisely. When you understand that Bitcoin was less than $1000 just last year, even $4000-low is not that bad, while $22000-all-time high is almost surreal.
It is all about self discipline and patience, while the market is all about psychology, and long term is the only when that matters. You need to see the bigger picture and understand how the people think, what do people need and want, and who can actually achieve it — that is how you get rich. No trading, no swinging, no “I’ll sell it now and buy lower in 2 days, then buy at double because I’m dumb” — even experts miss 50% of the trades. You only invest the money you can afford to lose, and that you can afford to live without for the period of next few months or years.
90% of the projects will fail, but which ones are going to be the ones that change the world? If you find those and keep them, you probably won’t care about those that fail. As you’ve seen, just Apple or Amazon would be enough for any bad investment in the dot-com era, if you kept holding.
/ RESEARCH AND ANALYSIS
So, what are you looking for?
/ a great team which completes its roadmap and communicates with the community and investors
/ solving real-world problems and people who actually want to use the product
/ company looking to solve incredibly challenging scaling problems, maintain security, create whole new programming languages and deliver a fantastic user experience — and those companies will be the foundation of the decentralized world, with Ethereum as the strongest example
/ utility coins making banks life harder and ours cheaper
You can read our article on How to Analyze ICOs to find out more on researching crypto projects and further reduce your risks.
It all started with a Bitcoin (BTC), who now got a harsh competitor, Bitcoin Cash (BCH). There is certainly Ripple’s XRP as a great example of an utility token, with Stellar’s Lumens (XLM) which make one beautiful competition. Monero (XMR) stands alone as the king of privacy.
Fundamental analysis is a crucial part of the process, and listening to what someone said, whoever it was, is not a way to go. Do your own research, read everything there is to read about it, try to figure out what they’re planning to do and how they’re going to achieve it, how transparent are they and how much they care about their community, is there a market place just waiting for that product to be made, and do you see it being used in years to come. When you finally decide on what you like, buy them and place them in cold storage for a fixed period of time (mine are 12 months), do not touch, do not look.
The industry has completely changed just in the past few months, with established players and global corporations getting involved with big money, which may keep the crypto companies alive during the crash, and others feeding from their codes. If you want a different approach to prepare yourself for the bubble burst, read our guide on short-selling Bitcoin and cryptocurrency and learn how to make money while the crypto market is crashing.
When the market starts falling, stop looking at the charts, go out and have some fun, return to them in few years and hopefully you won’t have to work for anyone ever again.
The biggest problem you could have is choosing the color of your Lambo, or which side of the world you want to travel to.
If you liked this post, click here to visit theBlockBay.com, your crypto hub for all the cryptocurrency stories that matter.
