Once I was scrolling across the web and found something that caught my attention. It was a post debating whether cryptocurrency or stocks is better. And what got my full attention was the unique mindset each person has and their opinion. I read through each and every comment there is, and found that everyone has their own reason for sticking to their decision. Some avoid cryptos out of fear of the unknown risk associated, be it the prices going to zero, and rather stick to stocks (you can see that these people live their life risk-free). Some labeled it to be a scam and said that crypto is trying to steal our money(this includes stocks too). But there are those who aren't afraid of the risk and are willing to invest in crypto as they believe it's the only way to get rich fast(some even go all-in on crypto just to get rich ASAP. So I'll be comparing crypto to stocks for you guys to consider it.
It's true that you can get rich easily with cryptocurrency. If you're lucky with the coins/tokens that you buy, they'll go 2x, 5x, 10x, or even 100. The truth is, luck is only a minor factor that'll help you get rich. What you need to do before buying crypto is research each coin thoroughly, about what they're created for, what their future goals are, and their potential to grow. I've seen people losing money with cryptos, some even lost their life savings. Do you know what they do next? They started blaming their luck, started blaming the cryptos and even the cryptos community when it's their fault they blindly bought it without enough research. So what I'll be advising is don't be lazy just to research for information on websites like CoinGecko and CoinMarketCap, it'll help you to earn money instead of losing it to your laziness.
Stocks are a share of the company that you bought to be a shareholder. Stocks are much more stable compared to crypto, but it's good points, and also it's downside is that it takes time to grow from the bottom to the top as the company steadily and slowly grows, and crypto lovers dislike this point about them. But for those who don't like much risk, they'll choose to invest in stocks and be more at ease with it. Another thing is, while they're stable, there's risk involved too. All in all, enough research is needed to invest, no matter if it's stocks or crypto, else you'll be losing money before you even realize it.
All in all, while it's not wrong to want to get rich, it's better if you lower your risk by diversifying your portfolio. Either tipping more percentage towards crypto or stocks, depending on your risk tolerance. For me, I'll consider 25% stocks and 75% crypto. I'll be starting to allocate a portion of my salary to buy crypto every month and I'll be sharing with you guys about my choices of crypto each month and the reason for it.
I'm still a beginner at writing and will focus on improving each and every day (I know my writing sucks). At least hoping I'll write better by the end of Dec this year.
