What are you going to do with $ 20,000

Make big money with cryptocurrencies? The Reality check

Perhaps you read the headlines in 2017 that Bitcoin and other cryptocurrencies hit new highs, turning many people into millionaires practically overnight. Or you even know people yourself who have gotten rich with cryptocurrencies in recent years. In this article you will find out whether you can still make profits with Bitcoin and Co. today and what other ways it is possible to make money with cryptocurrencies.


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The Great Crypto Bubble: Why Many People Lost Money Using Cryptocurrencies

"What goes up quickly has to come down again." This truism among investors has also come true with Bitcoin - contrary to the popular opinion that the price could only go up.

The reality after the steep price increase around Christmas 2017 was that not only Bitcoin, but all other crypto currencies as well Disastrous slump experienced that caught many investors on the wrong foot.

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Many speculators who jumped on the Bitcoin hype late were confronted with deep red numbers and high losses overnight. The consequences were far-reaching Panic saleswhich led to further price drops and an almost 3 year “bear market”.

The new spring and exorbitant forecasts - cryptocurrencies are "in" again

Almost three years after the last Bitcoin high, prices have not only largely stabilized, but again set to new heights. Bitcoin has now passed the critical mark of US $ 10,500 and analysts expect that the "all-time high" of US $ 20,000 will soon be within reach.

Forecasts for the years 2021 and 2022 even anticipate Bitcoin prices of 50,000 to 300,000 US dollars - but is that really realistic? Well, a lot has happened in the last few years:

Not only have the existing cryptocurrencies advanced technically - there are also a large number of new promising projects added, which have already brought high profits to early investors.

In addition, more and more well-known major investors Bitcoin as important investment in times of economic uncertainty and practically all international exchanges are trying hard to bring crypto products to the market. Banks have also entered the race and are trying to incorporate cryptocurrencies into their business model in order to remain competitive.

The quick money with cryptocurrencies?

It is clear that if there is an investment that can make people rich in a matter of weeks, it will attract attention. This happened on a large scale at the end of 2017, when the cryptocurrency market was really “hot” and for brilliant course jumps has taken care of - of course everyone would like to be there and have a piece of the cake.

Previously, cryptocurrencies such as Bitcoin, Ethereum and Co. had rather led a shadowy existence and were especially popular with tech geeks, libertarians and industry insiders. Bitcoin - the first and most successful crypto currency as of today - was created back in 2009 when the unknown and anonymous founder Satoshi Nakamoto (it could also be a woman or a group) launched Bitcoin.

This was followed by several years of technical developments, a lot of speculation and price capers. Also Hacks, criminal machinations and other scandals repeatedly ensured that cryptocurrencies were perceived in a bad light by the public.

That changed suddenly with the tremendous price increase of Bitcoin at the end of 2017 from a few thousand to almost 20,000 US dollars - and that in just a few weeks. This increase led to the fact that cryptocurrencies were suddenly perceived more positively by the public and also got on the radar of speculators and investors.

So do cryptocurrencies promise easy money?

The answer is that although cryptocurrencies have passed important milestones in terms of technical development and institutional acceptance, the whole thing is of course still with a lot of uncertainty and open questions afflicted. Nobody can say exactly how the prices of cryptocurrencies will develop and which currencies will prevail.

So if you want to make money with cryptocurrencies, you have to rely on one Roller coaster ride set - because following on's inevitably always off's. But if you have confidence in the fundamental importance of Bitcoin and Co., you can definitely hope to make good profits with an investment. Because even if prices have already picked up again - considering the potential, today's crypto investor is still early.

How can you actually earn money with cryptocurrencies?

1. Investing vs. Trading

In order to be able to make money with bitcoins, you have to do one thing: Buy low and sell high. What sounds simple, in practice, requires a lot of knowledge, perseverance and perseverance. If you try to time short-term price fluctuations, you will in most cases lose out. Because lose over 80% of all traders money at the end of the day. An investor strategy is therefore usually better suited.

The greatest profit with cryptocurrencies was made by those who bought early and then did not touch their coins for several years. This attitude, known as the “Hodl mentality” in the crypto world, allowed many early investors to benefit from the long-term high price gains of Bitcoin and Co.

What sounds like a simple strategy is difficult to implement in practice, because greed and fear are always at play when you see your investment rise quickly and then fall. But if you really believe in the importance of cryptocurrencies in the future, you will best drive with a long-term investment strategy.

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2. Bitcoin vs. Altcoins

Many people think that they have "already missed the train" with Bitcoin. You can see that the price of Bitcoin has risen from $ 1 to almost $ 20,000 in 10 years. At the same time, new crypto currencies - so-called altcoins - promise massively higher profits compared to crypto currencies.

In reality it is the case that "cheaper" Altcoins quite a higher price potential than the more established Bitcoin. But you have to take into account that these projects are also a lot greater risk and you may even have to reckon with a total loss of your investment in some cases.

3. Passive income with cryptocurrencies

You can potentially earn a lot of money not only through the price increase of Bitcoin and Co. There are also numerous ways to generate passive income with cryptocurrencies - how does that work?

  • Many cryptocurrencies can "Pounded" become. By “blocking” your own coins on the blockchain, you contribute to network security and are rewarded with between 5 and 30% interest. Examples of so-called “proof-of-stake” coins are Matic, Band Protocol, Link and many more.
  • Another option for generating passive income with your cryptocurrencies is central and decentralized “lending platforms”. These platforms lend their own coins to institutions and other investors and thus generate interest income, which is then passed on to the coin owner.

Side note: Was "Mining" Bitcoin and other cryptocurrencies were still lucrative for small investors a few years ago, but today this is only the case for professional and technically savvy organizations.

Conclusion: Earning money with cryptocurrencies is possible but risky

Although many media have prophesied the end of cryptocurrencies after the big crash in 2018, this is how it is today in a stronger position than ever. Sure, there are still a lot of uncertainties, but if you look closely, you will discover great potential in today's crypto market.

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Information about the author
Flo Pharell is an internet entrepreneur and influencer from southern Germany. On the Internet, he shares his extensive knowledge on the subject of making money, financial independence, investing and stocks on various platforms. In addition to the Testerheld Blog, you can also find his content on the following platforms: Youtube | Instagram | Website