Nearly a third of millennials say they'd rather own Bitcoin than stocks
Millennials seem to favor Bitcoin, Ethereum and other digital currencies. A new report released by Finder.com found that millennials (between the ages of 22 and 37) had a 17% cryptocurrency ownership rate
In developed countries, 54% of the millennials started or plan to start their own business, while 27% are already self-employed
Almost 90 percent of millennilas can't walk for more than 15 minutes without checking their phone
How to maintain calmness when the market is not performing according to expectations?
I always remind myself to be calm like ‘an eye of a storm’. Regardless of how much chaos and panic is happening around you, stick with your long-term strategy.
Understand that it’s not happening for the first time, and this is a very basic nature of crypto.
Crypto is volatile!
Traditionally, the market has two conditions – Bear and Bull.
What is a Bull Market?
Bull markets are defined by the market going up aggressively over a period of time. As the market is rising, investors will be confident and invest more to avail the opportunities.
What is a Bear Market?
The bear market definition is exactly the opposite of a bull market. It is the condition where the market is moving down agressively. This is a state where most of the investors will panic and starts selling the stock/coins.
As I said earlier, regardless of a bear or a bull condition, understand the game you are in and follow your strategy.
IPO – Initial Public Offering is the very first offering of stock issued by a company to the public. Prior to this offering, the company is considered private, only with a small number of shareholders or investors.
ICO – Initial Coin Offering is an unregulated process of raising funds for a new cryptocurrency venture. An ICO is used by start-ups in which a percentage of the cryptocurrency is sold to early supporters of the project in exchange for mainly Bitcoin or Ethereum.
(If you want to learn anything related to coins or blockchain, please visit this link - LEARN COINS )
The main difference between IPO and ICO is that IPOs work in a centralised environment and fully control by a corporation. ICOs work in an open-source and de-centralised environment.
A technical institution that will fundamentally change how we will exchange value and build trust.
An eco-system which will fill a huge gap in trust and the way we trust businesses, government, banking system etc.
How a public ledger works – In a public ledger system, information is stored after an authentication stamp by the person who wrote it, this is where it’s different from a traditional ledger system. The person who wrote or amended the information must authenticate it.
After each new change, there will be a new block created and all the relevant blocks will be compiled in one chain to form a Blockchain.
An example – In the near future, if you are buying a house then you can refer to the relevant ledger to check the information of a previous owner. After completing the transaction, the new block will be added with your name and a unique key to authenticate it.
This is a starting point where you will find whether Crypto is for you or not. I would recommend you sign up to a community, get engaged in conversations with savvy investors and ask for quality feedback/advice. The best perk of joining a community is that it gives you free access to a huge knowledge base, and you will find a lot of people with similar interests.
How Much to Invest?
Only invest money you can afford. Be aware that it carries risk. Take it this as an opportunity to learn, look cool and improve your lifestyle.
Choose Your Coins
Do some research on the top 15 coins in the list and read about the coin company profile, the problem they are solving, mission statement etc. You can find this information on the company website and in their whitepaper section.
After choosing the coins, search for coin prices on different exchanges and then register for two or three exchanges. Every exchange has a different process of verification and not every exchange accepts the local currency, but USD are be accepted in most of the exchanges as a FIAT (any money declared by a government).
Choose a Wallet
Wallet is a software program where coins or address of coins are/is stored. Read about different types of wallets. If you are not comfortable keeping your money in the exchange, then choose a suitable wallet. Most of the software wallets are free but you have to pay to get a secure hardware wallet.
Spread Your Investment
The next step is to create/build a portfolio. I have invested 50% of my investment in big coins like – Bitcoin/Ethereum and the rest spread among smallcoins I have chosen at step 3.
Download an app like Coin Stats to keep an eye on the market. It’s important that you keep learning about the market patterns and the updates/regulations might affecting the whole market. Whipsaw Pattern is another way to learn about the market and I have explained that in my previous article. Here is a LINK for you - https://dacxi.com/page/view-post?id=102.
This is a time to learn and think about how all these innovations will solve the problems in future by providing equal opportunities to everyone.