How to Invest in Crypto for Beginners 2022 | Make 100 per day
Video by Graham Stephan
Btw I don't think he actually tells us how to make 100 per day... video down below
Crypto just keeps getting more and more interesting and I keep getting more and more lost trying to keep up. I just watched a video on basic investing reminders for the new year because it’s always good to have a solid foundation whenever doing anything. Here are some of my takeaways as a beginner investor.
I just learned the term ‘diamond hands’ for someone who buys and holds. Typically, this is my strategy and not because I know something most people don’t but because I’m lazy, don’t know how or when to sell, and something about taxes? I’m still not sure how that all works but I definitely have diamond hands. Buying and holding have been my day 1 strategy since I first opened my Schwab account a little over a year ago. Yes of course not every stock I have bought has been fantastic but overall, I’m not complaining too much. My portfolio is pretty diversified too, honestly, it’s kind of a hot mess, but same. I have like 2 shares of Starbucks and 4 of Waste Management, some solar company ones, a bunch of Vanguards, etc. It’s a lot. I’m not sure if buying a few shares of many companies is better than buying a lot of shares of a few companies yet. I just like to not put all of my eggs in one basket. I also don’t feel good about buying shares of oil companies and things like that that clearly make a lot of money but aren’t so good for the planet. So, I try to keep that in mind. Anyway, before I knew that buying crypto thru PayPal wasn’t the best, I bought some Bitcoin and Ethereum there and I’ve just kind of forgotten about it. Another place I’ve been investing my spare change is Acorns. In the beginning, I didn’t really like Acorns, but I was impatient. Now I invest 25 bucks a week and round up all my purchases whenever I use my debit card which isn’t too often and check it once in a while, I have mixed feelings about Acorns because I know that the value of a dollar is kind of like a slow leak on your bike tire, but for now, I guess it’s fine? (IDK what do you think?) Occasionally I’ll remember to buy some more bitcoin and Ethereum like today I did but again it was through paypal. Boy, are they are a discount right now amiright. Some people say that it’s not worth it to buy those coins anymore because they’re already grown so much and let's be real how much more can they grow, but I say it’s still got a long way before it hits the moon. They are no doubt the strongest coins, and all those poop coins (I will admit I own doge and shiba) are just a gamble. They do produce good memes though. But yeah, before I knew Robinhood wasn’t ideal I bought tesla and doge, still own it but it’s just sitting there. Same with WeBull, I’m pretty sure I only own one stock there, can’t even remember what it is. Then of course there’s Coinbase and Coinbase Pro. I bought a meme coin and some other coin that isn’t too popular. There’s a method to this madness guys….. but also, there really isn’t. But my problem is that my diamond hands don’t know when to quit and also neither do I. I’ll open new accounts for the free stocks because that’s how they get you. But again it’s probably fine to spread everything out which brings me to my next nugget of knowledge.
Security! How do hackers hack? They're brilliant and motivated. I like to think I am too but I am so not tech-savvy. I just learned about a hot and cold wallet and no those aren’t wallets depending on where you are in the world. A cold one is probably the safest bet because it’s one where you can store your crypto offline. I think people who have invested a lot should and probably do have these. Whereas a hot wallet is still online but it’s a little more secure than having your stuff in a brokerage account like Schwab, Robinhood, WeBull, Acorns, etc. Yes, all the apps I use have the least amount of security. My money is basically just sitting there screaming for hackers. But I make my passwords strong and I’m not rich (yet) so there’s really not much for a hacker to hack. I think they’d feel sorry for me and probably throw in a few shares or coins.
After watching this youtube video, before writing out this post, I went on to BlockFi, made another account, what he said I’d get 200 bucks, and I also applied for a credit card where you can get 3% bitcoin back on all purchases. I’m thinking to myself why haven’t I already done this. I’m also thinking do I really need another credit card and isn’t there only a certain amount of Bitcoin in the world so how much is really out there that hasn’t been mined yet or whatever? I don’t know. I have more questions than answers but I’m thinking if I use this credit card instead of my others then it’s like getting Bitcoin for free and that seems like a win in my book. Especially right now.
That’s my hot take on all of this. Happy investing everyone!
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