As bitcoin continues to sweep the world, more and more people are jumping on the cryptocurrency bandwagon. However, many quickly discover that they don’t understand the new industry or how to succeed in it.
Jordan Welch, a crypto education entrepreneur and YouTuber, spoke with several of the biggest cryptocurrency investors at the Bitcoin 2022 conference in Miami, according to a video released on April 10.
“Can you tell me what is the most effective way to make money with cryptocurrency?” He asked Welch for advice, and received several useful suggestions, including four:1 – Start small
Kevin O’Leary, a television announcer and entrepreneur who sold his company for $3.7 billion, was the first person Welch met. O’Leary recommended putting a small amount of money (say $200) into your cryptocurrency wallet and focusing on the following five cryptocurrencies:
“You’ll need Ethereum and Bitcoin, the ‘grandpa’ of them all, but you’ll also want to take a look at Solana and Polygon,” says the professor. Start with the new concepts, transfer them between their centralized and decentralized portfolios, and gain an understanding of what’s going on.”
2- Educate yourself for free
O’Leary also pushed for the use of free online bitcoin trading resources, citing the fact that this is what got him started in the first place:
“There are a plethora of wonderful materials available online, and simply going to YouTube will provide you with various instructions.” That’s exactly what I did three years ago, and I keep learning new things every day.”
Michael Saylor, CEO of MicroStrategy, emphasized the need for free educational opportunities. He highlighted the websites Hope.com and Saylor.org, which offer a free 12-hour training on Bitcoin.3 – Don’t be afraid to fail
Brian Jung, a successful investor and owner of one of YouTube’s most popular cryptocurrency channels, encouraged newbies in the cryptocurrency market not to be afraid of failure.
“Due to the widespread use of stablecoins, Bitcoins and other cryptocurrencies, as well as Shiba Inu millionaires, many people are afraid to invest. To put it another way, don’t be afraid to fail. Even the most successful investors make mistakes.”
4 – Learn from mistakes
In addition, Jung believes that failure and mistakes can teach us a lot, as he explained:
“All that is required of you is one thing: learning from your mistakes.” If you make 100 mistakes and learn from them, you won’t make progress in your efforts. You need to take the lessons you’ve learned and apply them to future investments.”
His stance is similar to that of O’Leary, who claims that “everyone loses money at first.” For example, even if you lose your investment as a result of a breach, you can learn from it if you “identify who hacked you, why they attacked you, and what security mistakes you made.”