Back at the Crypto Blog
It took a while after I stopped writing for LBI before I really felt like writing a blog that focuses entirely on crypto. I had hoped that in the past period I would have had more opportunities to start shooting again, but due to various circumstances nothing has come of it yet. Apart from a single photo, I haven't gotten any further with it. It is what it is, and it doesn't matter...but it made me really run out of ideas about what to blog at this point.
You don't want me to ramble about my day!
I always assume that no one is waiting for a daily story from me in which I tell what I have done in those square kilometers around my house. Whether the dogs have been nice or just very barky, (yes shepherds can be very barking). That was not going to be it for today. But ... it is definitely itching to pick up blogging again, because writing for the sake of writing, I haven't done that for quite a while.
Lifted the pressure for myself
There was always some kind of pressure on my side. I had to write, I had to perform. That doesn't always feel good. In fact, that actually just feels bad! I have often thought that it was precisely that pressure that caused me to struggle again with finding what I could write about. The pressure and my own perfectionist streak. So the solution was to tell myself that I don't have to blog at all, I don't have to perform, and I don't have to be perfect. For the simple reason that no one can be perfect.
I got lazy! Oops ...
It is noticeable in the frequency of my blogs that I have become less strict with myself. In fact, I've just gotten lazy blogging! But with the big difference… IF I write a blog now, it is also a blog in which I have something to say!
Yes, really, I have something to say. So what do you have to say, you might be asking yourself… Well, it might surprise you, but today I wanted to talk about some things you can do to keep making money during a bear market!
I don't think we bottomed yet!
Bear market? We are actually going up with Bitcoin, and so are the other cryptocurrencies! That's right, Bitcoin went back above $30K, I'm also very happy to see that, but unfortunately I don't believe that this is the end of the downtrend yet. I sure hope so! We'll see!
So, what is the plan?
I was talking about making money in the Bear market! So let's take a look at that. I've been thinking. As everyone knows, it always starts with making a plan, in fact you should always do that, so also for a Bull market! But we were now talking about Bear market, I feel like we are in a Bear market now and as long as I adjust to that it can only go well. However?
Earning DURING a Bear market
As we all know, the Bear market is that intensely long period of time when you see your portfolio largely evaporated if you haven't been paying attention and have secured your profits before the bear is released. Holy shit! Gone are the profits, and only red numbers for months. No profit! Those are often the negative thoughts. The other side of such a Bear market is, of course, that all crypto is on sale. Cheap Bitcoin, cheap Ether, and whatever you want. But you also want to keep earning DURING such a Bear market, right?
Pessimism everywhere around you
When the sentiment in the crypto market takes a turn, and you see nothing but negativity around you all day, look at red candlesticks every day on the charts, your favorite coins are halved in price, or worse. One major investor after another is stepping out of the market, and Social Media is showing nothing but pessimism. Then it is difficult to sustain yourself and feel euphoric about a purchase that people believe will NEVER recover.
Don't be fooled! Crypto is here to stay!
You too, can keep earning in the Bear market. The first thing you should do, that's where everything starts, is make a plan!
The Plan!
If you show up at the start of the race with a clear plan, (yes, see it as a race), it becomes much easier to reach the finish. With this plan you make your activities visible and you can also see how your progress is, or where and how you might go wrong. And it can also prevent you from FOMO because your plan is your guideline. A number of things are important in the plan you make for yourself. For example, HOW you are going to invest, and also what you want to achieve as a minimum profit. You describe to yourself what you want to do with your return. Think about the deadline! You must have a plan for both the short and long term, but a goal is essential in both cases. There is nothing more annoying than being aimlessly busy. If you don't have a goal, why are you putting in all your effort? And make sure you stay realistic. Becoming a millionaire is possible, but not in 2 weeks.
Stake your coins
If you missed the moment to sell during this bull run, what is plausible. And you are now looking at an investment that you have confidence in that it will still exist with the next bull run and that it will also do well. Then take a look at the option to stake your coins. This ensures that you don't have to sell at a loss, and even better, you increase the number of coins so that you have even more to sell during the next bull run. You will have even more profit added to your balance.
This staking is not only useful to get through the Bear market, but can also be a very useful trick if you have bought crypto for the very long term. Through staking, you increase your portfolio in a fairly safe way, and the interest that you can get on crypto exceeds the interest on the bank in all cases. If you put your money in dollars or euros in a savings account, you know for sure that you won't receive 10% interest. This is certainly not uncommon in crypto.
Use NFTs to earn!
There are now several NFTs that provide you with passive income, and if NFTs can continue to perform as before in this current crypto environment, it could mean a double win. Not only does your NFT appreciate in value, but you also earn passive income over time. Suspending your NFTs is now also one of the possibilities to earn with your NFT.
This is fairly new and means that you connect this NFT to a protocol / platform and earn staking rewards for it. Compare that a bit with Yield Farming, Liquidity pools. Or to compare this with the traditional systems, think of a savings account where you keep your money at a bank. The advantage of the NFT is that it belongs to the decentralized world, and the traditional bank is of course a top example of centralized.
Play-2-Earn
Ah, luckily we can and can still have fun in the long depressing Bear market. We have the Play-2-Earn games in the crypto world for a reason! And who doesn't enjoy playing a game?
It's not that hard for Hive bloggers to get started. We have various games on our own blockchain. The advantage of starting in a Bear market is that you can start much cheaper. Many gaming NFTs are thrown on the markets for very cheap prices, they are on sale just like crypto coins. This gives you the advantage if you want to invest in a game that can be expected to flourish in the next Bull market.
When researching the games, keep an eye on how the team communicates, whether the deadlines have been met or can be met. What earning opportunities are built in, and what are the options that the game has to offer. And not entirely unimportant … on which blockchain the game is built. I know, we have quite a few games on Hive, but there really are games on other blockchains too. And who knows, you might find those interesting too!
6.) Learning
Bear markets tend to last longer than Bull markets, and in your opinion, it certainly will. But you don't have to be bored in this time. Also, you don't have to completely forget about crypto, in fact it's a very good idea not to. During a Bear market you have all the time to fully immerse yourself in every little detail about crypto that you always wanted to know, but hadn't got around to learning yet.
You have plenty of time to learn about trading, play with a small amount of crypto you want to keep. Try to increase it. Here you try not to start from the dollar value, but rather from the crypto. Let's say you are going to trade with 100 ONE and you are going to try to make at least 1000 ONE of this. I'll just cite ONE as an example. But you could certainly do some research for yourself in the time of the Bear market which crypto projects you expect to do well in the next Bull market. Making a Fundamental Analysis, vetting the team … what kind of activities do you see in this Bear market. If you don't see any activity at all, then there is not much hope that such a project will do well in the coming Bull market.
As you can see, you don't have to get bored during the Bearmarkets, you don't even have to stop earning at all. And anyone who reads this blog on Hive knows that better than anyone. Because, and now comes the last tip I can give, especially in a Bear market it is definitely worthwhile to keep blogging consistently, and therefore continue to earn.