Start Small and Get Some Skin in the Game

by May 24, 2022Articles

Articles

It will be one of the biggest changes to society we’ll see in our lifetimes…

A way to automate trust between complete strangers.

Right now, the crypto market is going through one of is periodic corrections.

And at times like this it goes against your best instincts to invest.

Markets have so much to worry about right now: the cost of living, Russia, Monkeypox.

But here’s the thing that we’ve learned from our time in the crypto markets: at times like these, you need to zoom out.

It’s vital that you keep the big picture in mind.

Today (24/05/22), the price of Bitcoin is trading around $30,000.

Two years ago it was trading around $6,000.

When I got involved it was trading around $2,000.

If I had been put off by the risks I wouldn’t be here writing about it today, or encouraging others to get involved.

The fact is the only way you are going to profit is by getting involved.

It’s no good watching the price going up and down.

You need skin in the game.

Even if you just buy Bitcoin and just sit on it, that’s fine.

This “buy and hold” strategy is a proven way to make money.

We firmly believe that Bitcoin will be going strong in 10 years, and if you buy now, you will probably make a very serious return if you are willing to hold.

Start small and get some skin in the game

Crypto trading can be quite a ride, with markets rising and falling more in a day than most markets would do in a week.

That’s one of the reasons why this market is so exciting but it’s also the thing that catches many newbies out.

They pile in with a big chunk of their bank, then get panicked by the volatility and end up selling out for a loss.

This is a huge shame as it often means that they give up at the first hurdle.

I know it is hard to stay calm when things fluctuate so wildly (I’ve lived it every day for over 5 years, so believe me I’ve seen it all!) but my suggestion is that you start small.

Use a stake that won’t worry you if the price takes a sudden dip.

I suggest something between £500 and £1,000 as a good place to start.

That way you won’t panic sell and make a mistake.

And once you are comfortable, you can start to build your portfolio from there.

Another tip that might give you peace of mind: when you start making gains, take out your original stake so you are just using your profits to trade.

It’s a great way to keep a level head when you are just starting to trade crypto.

Where should you buy?

The most common place to get hold of Bitcoin or crypto is on one of the online exchanges.

These are websites where you can exchange your sterling or euro for crypto. In return the exchange takes a small commission.

Two reputable online exchanges where you can buy and sell Bitcoin are Kraken and Coinbase.

Kraken is probably our preferred option. It’s pretty easy to get set up and use.

You can transfer small amounts in and out with little hassle and they have a decent app which allows you to top up and track your coins easily.

There is also a decent selection of the other coins to buy on the exchange.

Is it safe?

Kraken is transparent about its security measures: holding less than 2% of customers’ assets online with the remaining 98% at arm’s length from third-party attacks in cold storage where the private keys are offline.

They also have an insurance fund set up for hacks so it’s reasonably safe to leave your investments on the exchange.

That’s assuming of course that you have invested in decent cryptos!

The reality of this market is that 90% of the stuff is junk.

But that’s why we’re here: to show you how to separate the great projects from the junk.

The key takeaway

You need to get some skin in the game.

Cryptos are a volatile asset but over the long term, the trend is clear.

They have been the best performing asset of the last ten years.

And we believe they will be the best performing asset of the next ten.

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