You may have heard about cryptocurrencies like Bitcoin, Litecoin, and Ethereum like brute coin mhw. These digital currencies are becoming more and more popular as a form of investment. Some people start working on them straight out of college, others create their own company to produce cryptocurrencies for sale.
But what about the people who want to quit their day job? There are two main ways you can do this: firstly by earning enough money in cryptocurrency to live off of and secondly by building up sufficient capital in your cryptocurrency portfolio to work part-time or not at all while still maintaining your lifestyle.
1. Earn money in cryptocurrency to live off of
This is the most direct way to quit your day job and focus on cryptocurrency, and it works particularly well if you have a job that is relatively flexible regarding hours, such as being an online freelancer.
Let’s say you earn $40,000 per year at your day job and want to quit. You can either save up $40,000 worth of bitcoin/altcoins (this could take years) or try to find a more suitable part-time job.
2. Build up capital in cryptocurrency
This way is slightly less direct, but can still be done relatively quickly. For example, if you have $40,000 worth of bitcoin now, you can double it in just 2-3 months. The quickest way I’ve found to do this is by investing long-term into various projects as I will explain below.
However if you only want to try that for 1 month or so before quitting your day job and then go back to saving up money in crypto the next time around, this investment strategy is also a good one:
You start by buying bitcoins / litecoins on Coinbase. Coinbase has an interesting feature that allows you to buy fractions of bitcoins (from 0.00000001 to 1 BTC) for a 0.25% fee. This is great because it means you don’t have to guess how many bitcoins you want to buy and you can buy as much or as little as you feel comfortable with.
Once you’ve bought some bitcoin, transfer over to Bittrex . Once on Bittrex, set the slider all the way to the left so that only 10% of your funds are available for trading:
Then go ahead and click “Create Market Watch”. You will then receive a confirmation email from Bittrex which you should view and respond to. You’ll see a link in the email that leads to your dashboard and you’ll now have all of your trading settings set up, including the prices for buying / selling bitcoin and litecoin.
Now for the third part: “Sell”
In order to make good money on Bittrex, you need to sell your bitcoins at a high price before they hit their peak, so I recommend setting up a sell order immediately after this step has been completed.
3. Routine of trading
Basically, you do exactly the same as I did after I first published this article: buy a bit more bitcoin and then sell when it reaches 1.5x your initial purchase cost. I recommend doing this once every 2 days because that’s how often Bitcoin tends to have a dip in price, which is the time you want to sell (as opposed to when it peaks and drops).
If you want to be a bit more aggressive, you can make the most money by buying when you think it’s going to dip, then selling it immediately at 2x your original purchase price.
Some people make even greater profits by using charting sites like TradingView to track the price patterns of Bitcoin and other cryptocurrencies:
And if you’re really experienced at crypto trading and have time on your hands, I recommend using Technical Analysis to determine when it will dip instead of just following the trend like some other trading strategies.
Buy bitcoins or bitcoins with cash
Banks in the US used to accept cash for deposits at ATMs: $20 for a $200 deposit on October 1, 2003. You could also go to a branch, but that was even smaller. The smallest amount held at Bank of America in 2003 was $1,000, and this would have been reduced to $500 in 2004.
One Bitcoin could be worth tens of thousands today, so it’s safe to say the current minimum deposit amount is much larger than $1,000 or even $10,000.
What I think is going to happen is that banks will start holding their own cryptocurrencies instead of fiat currency because it’s safer and more efficient.
The blockchain solves the double-spending problem for digital currencies, which are intangible. This makes digital currencies ideal for mainstream markets where many goods and services can be exchanged without a physical counterpart.
Summary:
I’m surprised that cryptocurrencies haven’t been more heavily promoted to the general public, especially given it’s the future of finance. For example, imagine if you had invested as little as $100 in Bitcoin when it was first introduced back in 2010. You would be a millionaire by now!
While mainstream society may not be ready just yet for digital currencies, I believe that cryptocurrencies are here to stay and that the general public will start using them more and more as time goes by. And why shouldn’t they? They provide a great way to send money across the globe instantly, anonymously, and without the need for a bank account.
