I spend around 25 hours a day watching YouTube videos on crypto, talking about crypto, reading crypto articles and pestering my friends with crypto ideas (not financial advice), and the more I look into it and the more realise that your best bet is always to keep it simple. Don't invest in improbably sthicoins and don't YOLO on a random memecoin you heard about in a Discord chat. I think we can all agree on that. Having said that, I thought I'd put this wonderful Stout beer I'm having to good use by sharing three simple strategies that I personally follow.
- When in doubt, Bitcoin is still king
My friends and family know I'm a crypto enthusiast and so whenever they ask for advice, I always tell 'em not financial advice (lol): nothing beats Bitcoin and Ethereum, even though they look expensive. Some people choose stablecoins because they don't want to deal with the volatility, and I get that, but if you don't mind it, and you're ready to go on a rollercoaster ride, I still believe nothing is better than Bitcoin. If I had to invest $1,000 on crypto, I'd immediately put $350 into BTC, $250 into ETH and take my sweet time to analize market trends and read whitepapers and try to get a sense of what works and what doesn't with the remaining $400. And then I'd probably end up putting it into BTC anyway.
- Stake it till you make it
If you own tokens and coins that can be staked, do it. If you choose to keep your crypto in an exchange, look for exchanges that guarantee decent interests on 'unstakable' coins. It's a simple strategy and it can be done on most major exchanges including Binance, giving a form of passive income that certainly can't hurt.
- If you hear hooves...
You know when they say that if you hear hooves, you should think horse, not zebra? You can reverse-engineer the thought process. If you wanna know the capital city of Zimbabwe, what do you do? You google it. You don't use obscure research engines, you use Google. Same with crypto. If you wanna start with an exchange, start with the exchanges everybody uses and trusts; same with your wallets, same with your coins. Trading Whatevercoin on Myuncle.com is never a good idea.
What do you think? Feel free to add anything you want in the comments.
I've crossposted this article on LeoFinance and my blog bitcoinea
