Six tips for investing in cryptocurrency

*Collaborative post.

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Have you been bitten by the crypto bug ? If you a new to cryptocurrency and wondering how to go about investing in it, here are six tips you may find useful:

Do your research

Before you start any investment, it makes sense to carry out extensive research. Always check if crypto project is a scam. There is a lot of wrong information flooding about and there are also dubious characters looking to take advantage of the naive. Which is why it is important to take your time when it comes to investing in cryptocurrencies. Check out the project and platform inside out so there are no unpleasant surprises later down the line. Also, avoid coins that make crazy promises but have nothing to show for it. Remember the rule – “If it looks or sounds too good to be true, it probably is”.

Diversify your crypto portfolio

This is another great tip as it ensures you don’t put all your crypto eggs in a basket. Spreading your investment among various digital currencies means you are not at risk of over exposure which is good in this volatile market. When it comes to smart investment, diversify is the number one rule.

Shop around for crypto loan rates

If you are considering getting finance, it is worth shopping around for crypto loan rates for your investment. Different loans have various features, which is why it is best to shop around and find the right crypto loan for your needs. It is smart to pay attention to loans that have no extra fees and no monthly payments.

Don’t use all your investment capital

As with most things in life, it is sensible to start small with investing in crypto. The last thing you would want to do is to use all your investment capital at once and be left high and dry. It makes sense to use a proportion oof your investment capital (say 5%) when you are just starting off and gradually build it up as time goes by.

Be careful with mobile wallets

Mobile wallet can be very convenient to use but it also comes with a lot risks. Storing cryptocurrency on the mobile phone can be risky as your phone can easily fall into the wrong hands. It is safer to be traditional and keep your hard-earned investment in a safer place that is not easily accessible.

Expect the unexpected

As with most investments, the world of cryptocurrency is very volatile. It is safer to go in expecting the unexpected, that way you are mentally prepared for the ups and downs of the crypto coins, and you won’t be easily moved by how volatile the market really is. It is not for the faint hearted.

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Hopefully these six tips for investing in cryptocurrency would come in handy for the newbies. It is important to emphasise the need for extensive research before you commit to any currency. There are lots of resources online and you can also speak with a financial adviser for more support and guidance.



How to make passive income

Nowadays, there are so many ways to make passive income. I have tried quite a few ways of making extra money here and there online, and I am forever researching new ways to generate more. Making money while sleeping is the dream, and the more passive the income, the sweeter it is. Also, if you have various streams of passive income, it allows you to have more time to invest in other streams of income that might require a lot more effort.

If you are wondering how to make more passive income online this year, you are reading the right blog. Here are a few ideas you could try.

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  • Blogging

Having a blog creates passive income from ads, affiliate programs, and sponsored posts (indirectly). As a blogger, you make money every time someone visits your blog, and old posts you have written years ago still make money for you. If you have a thing of writing and creating, then running a blog should be fun and easy for you. I started blogging in 2012 and I can see myself blogging forever. It is such a great way of generating passive income.

  • Get involved in Cryptocurrency

I am sure you would have heard all about Cryptocurrencies and how they work. Many people I know in real life are heavily involved in making a passive income from crypto. You can invest your money, whatever the currency, at the level of risk that suits you and you get paid interest. This is great for those who have a bit of money in the bank and want to make their money work hard for them.

  • Vlogging

If you prefer to be in front of a camera and you have something to teach or share, then Vlogging may be the right passive income generator for you. It takes quite a bit of work to get your YouTube Channel to the point where you make enough passive income but once you get to that sweet spot, the only way is up!

  • Sell Digital Products

Another way of making passive income online is to sell digital products. These products could be Kindle books, templates, printables, online courses, templates, and so on. Once you put in the work and get the digital product ready, it usually sells itself. You can also sell as many digital products as you can create. You don’t have to worry about physical space to store your products and the costs for production are usually low.

  • Real Estate Investing

This is one of the oldest ways of generating passive income and it still works great today. If you have enough money, you can invest in real estate and let the money work for you. It makes sense to get a property management company to deal with the running of the rental while you count your money. That way you have the time to chase other income streams.

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Do you make money online? Have you tried any of the ideas mentioned? How are you finding it all? Please sound off in the comments section below, let’s chat!



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