How to start a business with cryptocurrencies
How to start a business?
March 2020. The pandemic was raging through Europe and forced me to go into the home office. Due to the insane amount of extra time, I thought to myself: how to start an online business? The answer is, there are thousands of options.
There are many ways to make money in crypto; trading and investing are the standard methods of getting your fair share. Thanks to dApps, you can game yourself to being rich, or even starting your nod to mine cryptos is already a business idea. As you can see, there are tonnes of options. Find the one that suits you, and let me display my favorites.
Cryptocurrencies as a business
I know, this isn’t probably the thing you expected to read as the first thing to recommend as a business idea but hear me out. The cryptocurrency niche is a fascinating one. It plays with the idea of an alternative monetization system while our government prints their fake money as if it was not relevant. With inflationary money (commonly referred to as fiat currencies), the longer you save your money, the less it is worth. Crypto’s taught me that not only what money is and what money should be, but they also inspired me to become independent and take the risk of becoming an entrepreneur. Understanding crypto means understanding risk.
Risk as the first step to a successful business — Trading
Cryptocurrencies are risky, very risky! So be cautious and do your due diligence. Understanding the risk of cryptocurrencies and using that risk to eliminate probabilities will help you understand the business world more comprehensively. Trading cryptos is already a business. However, by trading with your own money, you increase your risk factor dramatically. So let me give you some tips on how to handle the risk and become the best trader you can be.
1. Understanding cryptocurrencies
This is a hard one. Cryptos are super complicated and very hard to comprehend since they come in such complexity. However, resources like Youtube and Reddit are a fantastic way to get started. Learn about Bitcoin and Ethereum at least. Do your homework here. Understanding something takes away fear. I will link to relevant links at the bottom of the blog.
2. Never invest or trade more than you can afford to lose
Probably one of the most important ones, the golden rule of trading with your private assets. Limit yourself by using the stop-loss function that most exchanges provide and be consistent about your approach.
3. Make mistakes, lose some money
Right now, you are probably asking yourself if you should stop reading but hang in there; I will explain myself. By making mistakes while trading, you definitely will lose some money. However, look at this as an investment. The money you lose is money you paid to learn, but you get knowledge in return. Learning must be painful to be the most efficient. Trust me, if you ever do something stupid while trading, you will understand me.
4. Be consistent
Have an approach or a strategy. By trading with your strategy, you will get a reference point. You can go back to the trades you failed and revise them. By doing so, you will get better with every approach. Don’t do courses if you don’t know what you are doing. Start learning by yourself, educate yourself as much as possible, and then make the most important trade, your first one. Get courses if you are at a point where you need help. However, be careful of what you are buying, find the strategy that works for you, and then go with it. Tailor it until you trade the best way you can.
Being able not to use spare money — Investing
1. Learn how to HODL
HODL is a crypto term and often referred to as “holding.” It means to be able to leave a certain amount of money in a currency with the expectation that this currency’s value will increase over a period of time.
2. Understand what you are investing in
Is the project aligned with your principles? That’s a super important question because it will help you to believe in your project and keep your money where it is. Don’t be too emotional about your approach; keep your cash in for a determined amount of time. Don’t get distracted by buzzy short-term news.
2. Never invest or trade more than you can afford to lose
Only use money that you can afford to lose. Once again, the golden rule of trading applies here as well. If you understand this, there is nothing that can stop you anymore.
3. Be consistent
I know it isn’t easy to see your money increase and not able to touch it. Be consistent with your goals. Being able to avoid the urge to retrieve your money will make you successful.
Noding and dApps
Since I am very interested in trading crypto, I did not have much time to dive into dApps and Noding, but I made 275 USD while playing a dApps game called Axie Infinity. It’s basically Pokemon, but with Axies instead, you can sell them on a marketplace where people are super willing to pay you insane amounts for one of these Axies that you trained and raised. It is exciting, and I got to dig into it deeper. I will update here.
I looked into operating a stake pool for Cardano. However, the incentives of owning a nod are not very appealing right now. If you want to know more about dApps and Noding, check out Reddit, there are tons of lovely people out there who have the same questions as you have.
To wrap things up
Cryptocurrency is the market that brought out the most millionaires in the last 10 years. You could be one of them too, dig into it, and find out more about cryptocurrencies and how they might be able to change your life.
End word
If you want to know more about me and my business journey, do not hesitate to contact me and check out my business and it’sits social media.
Stetterrings.com- My Website, where you can find more information and future blog posts if I get some reactions.
Stetterrings — On Instagram and Facebook
Check it out and leave some love if you like what you see, if you have any tips to become a more successful writer or anything else, please do not hesitate to contact me.
Recommendations:
Coin market cap — That website is a must-have to get started.
Tradingview — For the in-depth analysis of the markets.
Kraken — My recommended exchange.