These are the top 10 crypto currencies which I we will be screening, discussing, researching, assessing as to its profitability and tracking their progress into next month:
- 1. Bitcoin - Long Hold (3 months or more)
- 2. Ethereum - Long Hold (3 months or more)
- 3. ADA - Medium Hold (1 month or more)
- 4. Cake - Medium Hold (15 days)
- 5. Luna - Medium Hold (15 days)
- 6. Binance - Long Hold (3 months or more)
- 7. Dogecoin - Short Hold (1 - 15 days)
- 8. Bitcoin Cash (1 - 15 days)
- 9 Ethereum Classic (1- 15 days)
- 10. Link ( 1-15 days or more)
These are just suggestions based on questions I hear from people starting out, and having no idea as to:
- which cryptocurrency to buy,
- in what amounts, and
- for how long to hold it?
The above list is a WISH LIST for any beginner which will help you to understand the market, the major players in this industry, and the inherent variety.
It mixes a couple of investment objectives which I will explain briefly.
The basic rules of Wealth are:
Build it
Grow it
Keep it
Use it (preferably before death)
In order to begin growing your wealth you must have a strategy, the simpler, the better.
This strategy is based on basic principles of financial planning needed to any well thought out approach to building wealth and earning a passive income.
This does not change once you start investing into cryptocurrency. What does change are the instruments we are using to attain these goals, which in the past were: bonds, stocks, and real estate.
This is still the case, however all of these instruments have been or are in the process of tokenization.
To prosper in this ecosystem you must begin to understand its principles. This comes from actually owning these assets and in most cases that is as easy as spending the amount of a trip to the movies or dinner out... just to get it started.
When prioritizing your investment money, think of it in terms of not putting all your eggs in one basket.
Out of all your investment income which you set aside for this purpose after satisfying all your other financial obligations (such as bills and household needs) you will begin by dividing the investment into three parts:
1/3 For saving (a token such as ADA/USDT/ DAI)
1/3 For Staking and Investing for growth (Bitcoin/Ethereum/Binance)
1/3 For High Yield which involves greater risk and attention (Cake/Luna/Dogecoin)
This allows many benefits, however the most important is lowering the risk, and allowing for a measured increase in income.
Depending upon what type of investor you are, these three sections will vary in proportion. Everyone's risk tolerance is different, and depending upon your goals and understanding you may of course vary the proportions to fit your individual needs.
This is a highly flexible and adaptable industry which seems to have niches for even the most timid or unexperienced investors.
As you go you will find those instruments that best fit the type of investor you are, and that of course is the part of beauty of a decentralized and open financial system now known as defi and cryptocurrency exchange.
I will include a list of stable coins, and an article to help expand this discussion.
Top 13 Stablecoins of 2020 List & Comparison (changelly.com)
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