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Can You Really Make Money With Cryptocurrencies?

Discussion in 'General Discussions' started by Quli, Jul 1, 2019.

  1. Quli

    Quli New IL'ite

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    Is it too late to make money from cryptocurrency?
     
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  2. Vyas

    Vyas New IL'ite

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    Yes and No. If you're planning on long term (2 Yrs) then probably Yes and short term is advisable only if you're a pro trader with a bit of luck. Also, It really depends on how much knowledge the person has acquired in crypto currencies before starting to invest in it. There is lot of gambling in it and we need to be really careful when you're buying them, I mean timing of the market is more important since there is lot of volatility in this market. For e.g. If you buy during the peak of the market and market crashes all of a sudden, you lose atleast 20-25% and it will take sometime for the price to recover.

    Once you buy them, you need get it out of the exchange to the cold storage. Even if the exchange gets hacked, your funds will be still safe in your hand.

    DO NOT TAKE any advice from internet to trade CryptoCurrencies (free or with fee), Usually they say they will help you make lot of money but it never worked.

    As of writing this article BTC stands at $11200 and there are predictions that it will go down still. I started investing in it from late 2017 and still hold'em to sell it in future. I spent almost 2 months researching into this space before making my first investment. At this point of time, I am not sure I will be able to make money or lose them all. I will be able to tell you that only in 2021 :blush: but I am hoping for the best so that I can retire.
     
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  3. Nedefrel

    Nedefrel New IL'ite

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    it's all very risky. I'm even afraid to try it.
     
  4. Thyagarajan

    Thyagarajan IL Hall of Fame

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    :hello:But a couple of weeks ago, in the Indian press it is reported law has been made by GOVT. OF India banning the cryptocurrency and Indian citizen dealing with it would become liable to be fined. And or punished.
    Thanks and Regards.
     
  5. portoporto

    portoporto New IL'ite

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    Yes, I made near 20% plus two times. First was 2 mounth, second was only of 1 mounth.
     
  6. armummy

    armummy Platinum IL'ite

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    No ... I think stay away from it till govt are clear on how to deal with this currency and how tax laws are designed.

    I believe right now it is a loosing game , people how’s made money did so in initial stages
     
  7. Angela123

    Angela123 Silver IL'ite

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    You wont be immensely rich immediately, if you dont have large funds to trade with and also, it will be total loss if you don't know how to successfully trade and make money. So I would say, experienced hands would be largely successful. Small funds, need to be invested large term to gain anything.
     

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