Crypto Currency will never make you rich, Knowledge about it does!
“When you combine ignorance and leverage, you get some pretty interesting results.” Warren Buffett. Cryptocurrency is leverage but if you combine it with lack of knowledge about it, we might not be able to state the result but you won’t get rich. Just like in any other business, knowledge is the number one asset. The rest you can get and lose but you will still stand as long as you have knowledge.
Do You Understand the Volatility in Cryptocurrency?
Well, when you look at the trends of the values of Bitcoin and other altcoins, you will see a rough picture of ridges and mountains. This implies that the prices constantly vary, and this is the point of business to bitcoin traders. They buy the coin when its prices are low and sell them when the prices are high. But how will you know when the prices will be low to prepare to buy and when the prices will be high to prepare to sell? You need knowledge of the market.
How do you know which coin will succeed next? How do you know when to hold onto a coin and wait till the prices hit the roof? It requires the knowledge of the market and patience to do this. This is where the get-rich-quick misses it.
Cryptocurrency is More than the Crypto-Market
One of the millionaires who has built their fortune through cryptocurrency is a 23-year-old South African going by the name Mpho Dagada. Mpho used knowledge about cryptocurrency to make profits in the crypto-market. He used then used the profit to build other businesses outside crypto such as fast food restaurants and logistics companies. Mpho had knowledge about what he was doing and he was patient.
Get rich quick mentality that does not seek after the knowledge of cryptocurrency and its market cannot make it in this industry. There are many ways to leverage the cryptocurrency technology. Seek them.