There is no denying that some cryptocurrency traders have become millionaires thanks to their successful investments. What is not discussed so often is the large number of people who have lost significant sums trying to get rich by investing in cryptocurrencies. Yes, you can make money with cryptocurrency. Given the inherent volatility of crypto assets, most involve a high degree of risk, while others require knowledge or expertise in the domain.
Dogecoin has built a strong community over the years, and its lightness made it the perfect choice for the meme stock movement that earlier this year saw GameStop stock skyrocket, says Richard Smith, CEO of Foundation for the Study of Cycles and financial cycle expert. If you're looking to “earn your way to wealth in the crypto space, rather than speculate directly on the market, one option is to become a miner. Even if you choose the right cryptocurrency, buy at the “right time” and plan to get rich in the long run, that purchase doesn't come with the promise that coins are going to exist forever. Hopefully, sound research and methodical investment strategy will help you get rich investing in cryptocurrencies, but make sure you fully understand the risks involved before you start.
However, if you are the type of investor who is willing to take enormous risk in the hope of becoming rich, you should at least consider employing some strategies to minimize risk while offering a significant advantage. Forks and airdrops may not make you rich overnight, but they are a great way to accumulate excess cryptocurrency, which can help you build wealth in the long run.