Welcome to my last passive income stream called Cryptocurrency.
The reason I have this last is that most people are looking for a way to make extra money rather than grow existing wealth.
If that’s the case, one of the other three might be better to start with.
That being said…
EVERYONE should own some crypto regardless.
Cryptocurrency is pretty new to most people, but it’s going to change the world.
What if you were able to go back to the late 90’s and invest in Google, Facebook, and Amazon?
Well, the good news is that this might be bigger…
People are calling cryptocurrency the “best financial opportunity of our lifetime.”
In 2017 alone, the entire market went up 37x!
So, it’d be kinda silly not to jump on the train.
Watch this video for full details:
What Is Cryptocurrency?
Crypto is a fairly new technology that’s been increasing in popularity ever since Bitcoin hit $10,000 per coin.
You’ve probably heard of Bitcoin before, but there are also thousands of other ones out there as well.
- Bitcoin is kinda like the modern day gold.
- Litecoin is being called silver.
- Ethereum is being used to build crazy applications.
And there are so many others out there.
Most people think their just some useless digital currency…
But that’s not true at all.
There’s world-changing tech behind the scenes that most people aren’t aware of (that’s where the value is).
The coins that you’re familiar with are basically used to raise capital to grow the technology.
Just like how companies release initial public offerings to raise money…
This is the exact same.
There are platform tokens (almost like Apple’s IOS system) that allow you to build decentralized applications that prevent fraud and theft…
Then there are utility tokens (almost like the apps on the IOS system).
This is just the bare basics, but it’s important to know there’s more behind these cryptos than meets the eye.
And 5-10 years from now, you’ll look back and kick yourself for not getting in now.
How Much Does It Cost To Get Started?
The cost to get started would be around $100+.
You don’t need thousands of dollars to get started and you don’t need to buy 1 full Bitcoin.
The great thing is that you can buy a fraction of a coin.
So there’s really no excuse to not get started.
Even if you only have $10 a week to put in…put it in!
I’ll show you how to do that in a sec.
If you need a way to earn some extra money to get started in crypto, check out my passive income 101 section.
Timeframe To Start Earning
The average timeframe to start earning would be 1 day.
Obviously, if you were to invest today, the price could also go down…
But this is more of a long-term thing, so daily price fluctuations don’t really matter.
My strategy and the one I recommend for most is to be patient, buy when the coins are low (when the RSI is under 30), and sell when they’re overbought (RSI above 70).
The potential income for this is $100,000+ per year.
It’s not going to happen overnight, but if you consistently stick with it by learning as much as you can and consistently adding to your position, it is possible to get there.
How To Get Started
Step #1: The first step is to come up with your portfolio strategy.
It’s important to create a plan on what percent of your portfolio will go into each coin.
You can see my entire portfolio here, but it’s important to do your own research.
The way my portfolio is set up is:
- 50% long-term in the top 15 cryptos (go to Coinmarketcap.com to see them all).
- 20% in mining.
- 30% for trading & small market caps.
We’ll get into how to do this next.
Step #2: The next thing you’ll need to do is open a cryptocurrency exchange account.
It’s completely free to sign up and this will allow you to buy and sell Bitcoin, Ethereum, and Litecoin.
The exchange I recommend for most is called Coinbase.
Check out the link below to learn step by step how to get your hands on some bitcoin.
Step #3: Next, you’ll want to open another exchange to buy and sell the other cryptos.
So, you basically exchange dollars for Bitcoin or Ethereum on Coinbase and then you send those to another exchange to trade for the other cryptos.
All you have to do is locate your Ethereum wallet on Binance or Kucoin, click deposit, copy that address, go to Coinbase, click send, and paste in that address.
Go set up your accounts there.
Step #4: Get your wallet.
It’s important that you DON’T keep your crypto on the exchange.
It’s pretty safe but I’d rather not take the risk of something happening.
So, you have 2 options.
The first is a wallet you keep on your computer. The one I use is Exodus and is free to download.
The second is an offline wallet that you can plug into your computer and store somewhere safe. I’d recommend this if you have a decent amount of crypto. The one I use is the Ledger Nano.
All you have to do is send your crypto from the exchanges to your wallet.
Step #5: Research all the cryptos you like and believe in.
Look at the technology, whitepaper, and team.
If it’s something that interests you and you think it’s actually useful, add it to the list.
What I’d recommend for beginners is starting at the biggest coin and working your way down (Bitcoin, Ethereum, etc).
My main strategy is holding high-quality projects and that’s why 50% of my portfolio is spread across the top 15 coins.
I don’t necessarily like all the projects, but I have at least a small amount in each of them.
When do I buy?
I recommend dollar cost averaging into your position.
That means you put in equal amounts every week or month to spread out risk.
Put more money into the coins you like that are down.
DO NOT put your money in all at once or when the coin is shooting up!
You will get burned.
Be patient and wait for a good drop.
Step #6: Get some crypto passive income.
Since we could be holding our cryptos for a long period of time without cashing out, we’re going to add a passive income stream to our portfolio.
I’m a huge fan of passive income (you could probably tell) but the way we’re going to do this is through mining.
Mining cryptos allow us to get daily payments, which we can use to cash out or invest in more coins and mining.
The best part?
You don’t have to do a thing!
It’s passive income at it’s finest!
Right now, I mine 3 different coins, and each of them provides over 100% per year on my investment.
The first is Bitcoin and the platform I use for that is Hashflare.
The other 2 coins I mine are Ethereum and Zcash.
The reason I use them is to diversify across multiple platforms, and Hashflare’s Bitcoin contracts seem to be more profitable but CCG has more profitable Ethereum and Zcash contracts.
Step #7: Start collecting $$.
Where To Learn More?
If you’re really serious about building massive wealth in the crypto market, the first thing I would do is to watch this webinar.
It’s all about building massive wealth in the cryptocurrency market.
You’ll learn what cryptocurrencies are, whether or not they’re in a bubble, 11 ways to make money in the market, and other goodness.
But before you jump in…
If there’s 1 thing you should take from this is that you should NOT invest a single dollar into the market unless you’ve been educated.
There’s so much that can go wrong investing in anything (crypto, stocks, real estate).
People invested more than they could lose at 18,000 and it fell to 6000.
Don’t be that person.
When everyone was buying at 18k I was selling.
When everyone was selling down to 6k I was buying.
And the only reason I was able to do that was that I was educated.
So… don’t miss out.
Watch this webinar to get a better idea of what’s going on and if you’re really serious about this, there’s a training program you can join at the end where you can learn from people who’ve made millions in the market already.
You’ll learn everything you need to know to be profitable in the market…
P.S. If you decide to join through the link above I’ll include a free 1-hour coaching call to help you through the process. Just screenshot your receipt and shoot me a message here on Facebook.
Hope you enjoy, and let me know if you have any questions!
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And for more tips & tricks on how to make passive income make sure you check out the following: