We've all likely read stories about people becoming extremely rich as a result of investing in cryptocurrencies; the lucky ones might have even used to have a major role in them.
The investment return multiples and appreciation percentages were in the stratospheric range. Let's now discuss whether or not it is possible to turn a significant profit from your investment.
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Accept the risks.
First, it's important to accurately assess the risk involved. Even by the standards of the crypto world, you're going to have to accept a fairly high amount of risk if you want to receive a 50x return on your investment.
This indicates that you have accepted the possibility that you will fail. When you reach this point in your mind, it is time to consider how someone might be so highly appreciated.
Stop making a quick shot.
The cryptocurrency you choose will succeed in persuading investors that it is worthwhile to invest in it and move up, say, from a position lower than 200 to the Top 20.
Want to easily buy or sell cryptocurrencies without having to pay a hefty price for the service? Find a reputable exchange office that won't rob you of hidden fees in that situation.
The Binance exchange, where you may find a variety of cryptocurrencies, is unquestionably recommended.
How to make money
What should you invest in, then, to assure a 50x profit, you might be interested in hearing the answer to?
I won't provide you with any specific advice regarding any of the digital currencies, but I will outline the process I would use if I wanted to achieve this profit:
Find a token that is "based on excellent foundations," from the perspective of the foundation, but is not in the top ranks in terms of market capitalization.
By this, I mean that it should address a compelling issue or problem (have a clear mission), possess the technology necessary to carry out this objective, and, last but not least, have an all-around competent staff.
Once you have a list of a few names that seem interesting to invest in after passing this initial rough sieve, it is essential to learn as much unique (even seemingly trivial) information about them as you can. Join the team's slack, reddit, and any other channels for contact. Look closely at their past to determine if you truly want to be involved with any of these projects.
Are you sure? Invest! Invest, make every effort to protect your money, and avoid reaching for it. Join the community of the project you've selected. I'm serious; Do your best to actively support the project by writing documentation, contributing to articles, translating, becoming familiar with it, and so on. Perhaps in the end, you'll discover something about the project that makes you fall in love with it.
And until you reach your desired 50x, don't sell, hold, and don't sell—just HODL. Why would it be worthwhile otherwise...?
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