Why Invest In Cryptocurrency: Adopting The Right Mindset
Before we begin talking about why you need to invest in cryptocurrency, you will first and foremost need to adopt the right mindset in place. What does having the right mindset mean?
Having the right mindset means being open minded, thinking positive and not whining or complaining after making a decision and being accountable for the choices you have made.
Complaining and whining won’t get you anywhere. The market doesn’t care about your complaints, because the market will always be the market.Over the last couple of months, cryptocurrency have become a global phenomenon to many and has taken the world by surprise.
While not everyone understands the cryptocurrency realm and how exactly the system operates, banks, governments and companies are well aware of its importance as the cryptocurrency market cap is very volatile where the value of a crypto coin may reach thousands of dollars.
Therefore, it would be such a waste if you choose to ignore what is currently happening in the market when there are countless opportunities for you to pursue.
To have the right mindset to begin with, firstly you have to be excited to start! If you know how vibrant the world of cryptocurrency is, you would want to start right away.
How can you start investing in something you have completely no interest in? When you venture into an investment without the feeling of excitement or eagerness, it will reflect on the money you’ve earned. You will only feel a lack of fulfillment and worse still, it is as if you are being forced to do something you do not like.
There are two important principles in order for you to have an investor’s mindset:
(I) Focus on opportunities, not problems
(II) Take action and stick to it, don’t succumb to fear
Let’s focus on the first principle, which are opportunities vs. problems.
Many investors can come up with a 100 problems but can’t even think of single opportunity. For instance, “It’s impossible to understand the whole cryptocurrency system” and “the cyrptocurrency values are very volatile and I might lose all my money,” or simply “I don’t have time to invest“.
We know where this is heading. It is true that sometimes there are so many obstacles that it becomes difficult for us to identify opportunities. However, do not let your challenges discourage you from exploring the rich market of cryptocurrency.
If you knew of the countless opportunities available, you would never complain and be pessimistic of the drawbacks as you would probably overcome them.
The second principle is to take action!
A great mindset would be meaningless without action. Fear will not get you far, and fear will always be your limiting factor in taking that leap of faith. You have to start now. So remember to be firm in your choices, believe in what you pursue and make a difference in your life!
1-1 – What Is Investment?
The word investment simply means the action of investing money for future gains. Your future gains can be in the form of assets or stocks and also cryptocurrency, which you purchase with the intention to generate passive income. Your assets value may appreciate in the future. Once you’ve made a conscious choice to invest, you are no longer working for money. You are actually making money work for you.
For those who choose to not invest or do not possess the awareness to do so, their monthly cycle would probably go like this. You are a full-time employee working the hours to complete the task given to you by your superiors. Sometimes, you would also need to work extra hours to compensate for the extra workload.
By the end of the month, you are then given a substantial amount of pay as a form of reward. Nothing wrong with that, but do you really want to live a mediocre life and just making ‘enough’ to live by for the rest of your life?
That is why you would need to devise a new plan to lead the life that you desire, to create not only financial stability but also sustainability. Instead of creating duplicates of yourself, which you can’t, you will need to find a way so that your money can work for you.
Even if you still choose to keep your 9-5 job, your money from your investment is working for you as well. You will be rewarded by having extra money in your account. This is one of the greatest way to maximize your potential to earn more and you don’t even need to receive any raise working overtime or even hop from one job to another for it. In the end investment is the key factor in putting your money to work, without you having to compromise your hours!
1-2 – Why Should You Invest?
Have clarity on why you are investing.
You don’t just decide why you want to invest. Well, obviously you want more money. Everyone does. But what defines your investment? Why do you even invest? You have to be clear of this, so you now where you are heading, and devise a strategic plan to get there.
Some people would want invest to save for their retirement. Those days when everyone worked similar jobs for a span of 40 years and retired to a nice pension are gone. These days, it's more than that. With the cost of living increasing day by day, it’s vital for you to realize that being solely dependent on your pension would realistically not be sufficient to sustain your future.
You should be investing to save more money for your retirement. You can start now by optimizing your retirement savings into a series of investments. Then, you would surely see the results during your retirement age, by living off the funds you gain from these investments.
Many of us invest because we want to attain a certain financial goal. In that goal, investment plays a huge role to help you earn it. Either you want to start your own business, have your preferred lifestyle, buy a luxurious car, own a bungalow even - it all starts with your action to invest. Hence, it is imperative to know why you really want to invest.
Remember; don’t invest solely because of money, it is important to have passion in doing it. So, make sure you get your intentions right and have fun in doing it! Investment would not seem as a chore, or that daunting when you know how to have fun.
2-0 – What Is Cryptocurrency?
This is one of the most frequently asked questions out there. What is cryptocurrency? To make it simple, cryptocurrency is a digital version of money where the transactions are done online. A cryptocurrency is a medium of exchange just like your normal everyday currency such as the USD, but designed for the purpose of exchanging digital information through a process known as cryptography.
The first ever-successful cryptocurrency emerged from the invention of Bitcoin, by Satoshi Nakamoto. This was then followed by the birth of other types of crytocurrencies competing against Bitcoin.
2-1 – Why Cryptocurrency Investment?
The reason why cryptocurrencies are such in demand right now is because Satoshi Nakamoto successfully found a way to build decentralized digital cash system. What is a decentralized cash system?
A decentralized system means the network is powered by its users without having any third party, central authority or middleman controlling it. Neither the central bank, nor the government has power over this system.
The problem with a centralized network in a payment system is the so called “double spending”. Double spending happens when one entity spends the same amount twice. For instance, when you purchase things online, you have to incur for unnecessary and expensive transaction fees. Usually, this is done by a central server that keeps track of your balances.
Apart from cryptocurrency being very secure and is run through a decentralized network, there are other properties which projects why cryptocurrencies may be the most talked about topic in town. It is now viewed as an emerging investment vehicle.
Bitcoin is a digital currency, but it is not the only one. Today there are many other digital currencies such as Ethereum, Litecoin, and Dogecoin, which is a much more evolved version and offers more security and freedom.
The increase of online purchases and transactions during the pandemic has exponentially accelerated interest in using these digital currencies as an alternative to financial management in a much more digitalized world today.
Bitcoin and hundreds of other cryptocurrencies are increasingly held as investments, and they are used to buy everything from software to real estate.
Central banks around the world, including the U.S. Federal Reserve, are considering introducing their own digital currencies to compete with the crypto boom.
With all this action behind the scenes, it seems inevitable, in the coming years, that state digital currencies will become widely available to ordinary citizens.
But before you get into the digital currencies’ and cryptocurrency market, you get educated in them, learn the terminology, the risks, and ways to ensure your assets at the same time that you learn how to get the best value for your money.
So, here we are with our Awesome course - Digital Currency Mastery Training Guide
This guide will educate you about what are digital currencies, how do they work, cryptocurrency trading, digital wallets, crypto exchanges, understanding blockchain technology and so much more.
This course covers:
1. About digital currency and its nature, working, benefits and risks
2. Types of Digital Currencies present around the world.
3. What do you mean by blockchain technology and how does it work?
4. What is cryptocurrency trading and how does it work?
5. How Central Bank Digital Currencies (CBDCs) Work, its types and so much more
6. How many types of crypto coins are available in the market?
7. Understanding the fundamentals of digital wallets
8. What are the threats to digital wallets and how to secure them
9. The process of purchasing cryptocurrency.
10. Which are the best places/exchanges to buy Bitcoin?
11. Common mistakes new crypto investors make and how to avoid them.
12. Legal risks associated with Crypto currency
And so much more! Some of the most crucial statistics to satiate your knowledge thirst.
-Already 20% of 66 central banks reported that they are likely to issue a CBDC within the next six years.
-Bitcoin had a market capitalization of $1072.21 billion as of February 21st, 2021.
The figures mentioned above are jaw breaking, considering the relatively short time that cryptocurrencies have been in existence. We believe this should give a hint as to why the world is clamouring for the increased adoption of cryptocurrencies.
Bitcoin is a digital currency, but it is not the only one. Today there are many other digital currencies such as Ethereum, Litecoin, and Dogecoin, which is a much more evolved version and offers more security and freedom.
The increase of online purchases and transactions during the pandemic has exponentially accelerated interest in using these digital currencies as an alternative to financial management in a much more digitalized world today.
It is time that you should have an effective understanding of Digital Currencies and how they will impact financial transactions and your business. Just use the tips and information we covered to get started.
Using the strategy and information provided in our Mastery Guide, you will master the essentials of using Digital Currency.
