There's no denying that some cryptocurrency traders have become millionaires thanks to their successful investments. What is not so often discussed is the large number of people who have lost significant sums trying to get rich by investing in cryptocurrencies. Yes, you can make money with cryptocurrencies. Given the inherent volatility of crypto assets, most involve a high degree of risk, while others require knowledge or expertise in the domain.
Experts say you can allocate up to 5% of your total equity to riskier investments, such as cryptocurrencies. Just make sure you don't expect to become a millionaire overnight, and that the money you invest is money you can risk losing. After learning about the big price increases in virtual currencies, you'll wonder if it's possible to get rich just through crypto investment. Even if you choose the right cryptocurrency, buy at the “right time” and plan to get rich in the long term, that purchase doesn't come with the promise that coins will exist forever.
Forks and airdrops may not make you rich overnight, but they are a great way to accumulate excess cryptocurrency, which can help you create wealth over the long term. Dogecoin has built a strong community over the years, and its lightness made it the perfect choice for the meme stock movement that earlier this year saw GameStop shares soar, says Richard Smith, CEO of Foundation for the Study of Cycles and an expert on financial cycles. Hopefully, sound research and a methodical investment strategy will help you get rich by investing in cryptocurrencies, but make sure you fully understand the risks involved before you start. If you're looking to “earn your way to wealth in the crypto space, instead of speculating directly on the market, one option is to become a miner.