Here's my plan to get financial freedom for me and my family.
First things first: I'm not a genius, I'm new to cryptocurrency, I can't see into the future. But I can research, read and compare the opinions of different people. The following makes the most sense to me.
I'm not sure when to buy and sell but I probably will do a mix of:
- Buying some coins when the price goes down for e.g. 30%, if it goes up OK, if it still goes down buying more coins at the lower price (I try not to go all in or wait for a price that will never happen)
- Selling parts when I've reached a good profit margin
- Holding coins for 10 years
Please let me know in the comments about your plan or how I can improve. Thank you.
Bitcoin
I don't plan to invest in Bitcoin... I think there's a better mid-term potential in ETH.
Ethereum (mid-term)
Even a blind person can see that you win with ETH:
- There’s a project in form of a decentralized platform that runs smart contracts behind it
- Investors see significant growth with hundreds of billions in market cap.
- There’s no alternative right now.
Challenges
- Not all trust the developers and their decisions. Also here.
- EOS or Qtum are competitors. The question is how big can they get and what does it mean for ETH?
Steem (mid- to long-term)
I believe in Steem and somehow in Steemit. I wouldn’t be here without it. But there are challenges that need to be addressed.
Advantages
- There’s a project in form of a blockchain-based social media platform behind it
- It has huge potential because people post for free on Facebook or Reddit. Here they get money for it.
- New Steem tokens are harder to earn because the user base grows fast. New tokens will be chased by and shared with more people. The earlier you adopt the better!? Or a disadvantage if it gets too huge?
Challenges
- Steemit isn’t simple. Functionality / concepts are not easy to understand for the simple Facebook Joe. Masses want simplicity which is miles away.
BUT: You can create a new client and connect to the blockchain.
Monero (long-term)
With more than 1000 different types of coins you need a unique feature.
Advantages
- 100% privacy, untraceable, secure, fungible, decentralized… at least how I understand it
- Fungibility is important for everyone, not only black-market users
- AlphaBay (now closed) announced support for Monero which increased the price. There is a need and in the future it’s not only coming from the black-market
Challenges
- Not user-friendly right now
- May not be scale-able when it reaches the size of Bitcoin
Monero serves a specific use case no other coin can do. There are many things to enhance, but it’s on their way and in 5-10 years it might be huge because of the privacy features.
EOS / QTUM (long-term)
EOS is the better tech compared to Ethereum but it doesn't mean ETH is replaced in the next 3 years. It may happen or not but if it happens it's huge.
Image source: [1]
Please follow me on my journey.
Andy (@whynot)