Here's Why Going Full-Time Crypto Will Change Your Life For The Better
How to go full-time in crypto and make the most of the 2020-21 bull market.
For many, blockchain is just a hobby, but it could be so much more.
The blockchain and cryptocurrency space is a budding industry mostly comprised of hobbyists, early adopters, developers, and investors. Where you may slot yourself in those categories is a big determinant for just how much you'll be able to capitalize on the inflow of interest and capital.
I used to consider myself a hobbyist, dabbled in bitcoin early on in 2017. I spent most of my time reading about the technology and other technologies, but at some point it became obvious to me that I just didn't have enough skin in the game. When I saw my initial investment double and triple over time, I got that classic FOMO that I'm sure we've all felt at times on this journey. I wish I had invested more, and I wish I had spent more time learning about the technology so I would have the conviction to make a larger speculative bet.
That's when the fog cleared from my view. I knew I had to do more.
I spent 3-4 hours a night after my day job to learn as much as I could about the industry. With people getting rich left and right, I realized that information was the real currency, if I didn't know what the next big thing was, I wouldn't be able to capitalize in time.
So I dove in. I watched Youtubers like Ivan on Tech, Lark Davis, Bitboy Crypto, TA with Mitch Ray and more. I learned all of the arguments for and against crypto, and that information armed me with the confidence to dive deeper. So deeper I went.
I started off investing in Ethereum -- a path that many people take -- and then expanded further into alternative coins like Polkadot, Cardano, Avalanche, etc. Once I got a strong handle on these technologies and the opportunities they present, I kept diving deeper. Into small caps, into NFTs, into institutional blockchain, and now into blockchain media. The rabbit hole goes deep.
Why blockchain and cryptocurrency is the right industry to dive into:
I knew that there was so much money flowing into cryptocurrency that I had to widen my sails. I always imagine myself standing in a river of crypto, and originally I could only catch as much water as the two 5 gallon buckets I had would allow me to. But while I was standing in the river I thought critically, "Maybe I should get some bigger buckets" and I did. These buckets take the form of knowledge, information, capital and diversification. Without those four buckets I was doomed to live a life as simple Bitcoin maximalist.
What type of opportunities are there in blockchain?
The thing with crypto and blockchain companies is that there's no way to take advantage of every opportunity; that time has come and gone. Now it's important to find the thing that interests you the most, and go as deeply into that niche as you can. There is no energy more powerful than the energy you have when you find an opportunity in something you're passionate about. That's when you tend to put in your most effort and push the limits; the ultimate catalysts for growth.
At the start, all I was interested in was making more USD in my Coinbase account. I just wanted to trade up and see how much money could be made. That was fun for awhile until I saw that there were so many cool projects happening on the side. NFTs in particular caught my attention. Then business development within crypto. Now institutional development. As I said, the rabbit hole goes deep! You need to find something that's interesting to you to be able to grow the most and take advantage of this once or twice in a lifetime technology boom.
Here are a few different methods you can pursue as you make the transition to committing full-time to crypto:
Growing your wealth and knowledge is how most people enter enthusiastically into the space. They realize how easy it is to park your money in a new crypto and watch the chart to straight up and to the right. That is all good and well, but why not make it better?
One way to do this is by simply absorbing as much information as possible. This alone is a very simple step that will exponentially grow your gains. When I learned that most arguments against Bitcoin are not applicable, that gave me the confidence and conviction the invest a higher percentage of my portfolio into crypto. That decision to learn more about the technology has tangible effects to my bank account and portfolio balance.
A great side effect of having this information is that it naturally pulls you towards other opportunities. When you have a firm understanding of how something works, it's easier to see where flaws lie, and how those flaws create opportunity for other projects. Stellar Lumens for example, help to solve the problem of transaction speed that comes with bitcoin. You might now have been concerned with the transaction speed unless you've had to make a quick payment to someone with bitcoin and the price changed drastically while you're waiting. This information caused me to invest into XLM (Stellar Lumens) and it has netted investors a handsome gain.
This situation has been repeated over and over by thousands of people. Don't try to fix the wheel, just learn what you can and continue to reinvest into yourself. Knowledge is power!
Growth of others
The main obstacle holding blockchain back from massive adoption is the general lack of information that people have on the subject. This can be good and bad for many reasons. On one hand, some would say that it's good that only smart money is participating in the market. Smart money tends to keep prices steady and lowers volatility; but it can also lead to market manipulation and other predatory practices that can actually hurt the end user. Not good for the industry. On the other hand, this barrier to entry hurts the industry by keeping the people who need it most unexposed to the technology. Every bull market for crypto has ended in a frenzy of retail investors buying at the top and losing a lot of money on the way back down. This has a bad look for the industry and will probably be a permanent stain for people who got in too late.
But here is where you can come in. Many people need accurate and responsible information to be comfortable investing in the industry. Unfortunately this can be hard to come by. If you've already done enough personal development, you should feel comfortable sharing that information with others. In my eyes it's selfish to find a great opportunity and keep it for yourself, and as long as the information you're giving is encourages responsible action and due diligence, I see nothing wrong with it. Plus, when you help people make money, it can build a relationship that you can't quite find anywhere else! So go for it. Learn enough yourself and share it responsibly with others.
Growth of the industry
You might have some "Jesus take the wheel" vibes when you enter into crypto. You plop your money onto Coinbase and let the big banks and investors decide how much money you make. I think this is the wrong approach. The bull market is all around us. It's happening in real time, and you have the power to affect it. You can help the people around you responsibly adopt crypto, you can also try to move the industry forward. But what does that look like?
For one, there needs to be a show of demand for crypto. The largest buyers in the market and corporations and government organizations. Most of these entities are not in the business of speculation, though, so they need to be teased a little to see the demand for an asset like Bitcoin or Ethereum. You can help to create that demand by communicating with high-ranking officials either directly or indirectly. You can show support for companies currently in crypto in a number of ways. This shows their non-participating competitors that there's something they're missing out on. You can also talk directly to non-participating organizations to voice your opinion and share your concerns. Bottom line, if someone's head has zero thought of crypto in it, someone has to put it there. So why not you?
Crypto is in a bull cycle right now. So obviously this is the best time to take advantage. What's important to consider is how you'll be able to benefit when prices come back down in 2022. Now is the time to set up a plan and get ready for that inevitable time.