CRYPTO CORNER

Can you make money with Crypto?

The short answer is yes however you can also make money with the National Lottery but 99.999% of people who waste their money on tickets never do!

Welcome to Crypto Corner, my name is Dinny Collins from Bitcoin With Dinny

When I was thirty I was living in a caravan with a broken back and empty bank account, when I was forty I had retired.

Learning to invest made that possible and I now teach others how to do the same.

My mission is to help as many people in Ireland to understand Bitcoin and Crypto so they do not lose their money and instead use it to generate wealth.

I write in the crypto corner every two weeks so be sure to follow the series.

Can you get rich with crypto?

Yes but it’s not as easy as many people think.

Crypto has this ‘Get Rich Quickl’ stigma about it and it’s true that some people have gotten lucky with timing and made a lot of money very fast, just like the lotto.

But most or the majority of people who attempt to get rich quickly lose their money, just like the lotto.

That’s why my mission is to educate the people of Ireland so more people will enjoy the success rather than the losses.

What I do personally and professionally in our consulting and courses at Bitcoin With Dinny is to think longer term.

I am what is called an investor. Investors are always looking into the future, not at the present.

We try to see where the world is going, not where the world is.

Investors accumulate things that will create cash flow or appreciate in value over time.

My last article explored if something digital can be real so we will assume you are ok with this but catch up on my past articles by visiting the media section on www.cryptowithdinny.com.

Another name for crypto’s is Digital Assets. An asset is something that puts money into your pocket either in the present or in the future.

We might be familiar with physical assets like rental property, stocks, land, precious metals, classic cars, art, watches, wine collections etc.

Traditional investors accumulate these physical assets as a means to protect and generate wealth over time. They realise that Euros in the bank are worth less every year through inflation.

A quote from the world’s best living investor Ray Dalio is – ‘cash is trash’.

Cash is always going down in value, its clear that €20 buys us less stuff today than it bought us ten years ago and the same will be true in ten years time we will get less than today!

Cash however is necessary for living expenses and it makes sense to have an emergency fund saved up also, I call this a security bucket.

Once an investor has their living expenses and their security bucket covered they exchange their additional cash for assets which they believe will increase in value over time.

In 2009 a new asset class was created with the invention of bitcoin and now there exists Digital Assets!

Bitcoin is the largest and there are about twenty thousand others. Bitcoin is where we will stick to today because there is one golden rule that only Bitcoin has.

Anyone who invested into Bitcoin for four years or more made money!

As mentioned earlier I am an investor so I use the traditional investing skills that physical asset investors use and I apply them to this new digital asset class.

So can you make money? Well the answer is Yes.

If you are prepared to invest for four years you will have a much greater chance if the golden rule continues to hold strong. Now the past does not guarantee the future and all investing comes with risks to understand and to manage.

I have a simple thesis with my Bitcoin investments – Bitcoin is the scarcest asset on the planet and global adoption is rising every year.

The value of everything depends only upon the supply and the demand.

The demand for Bitcoin is increasing but the supply is fixed and can not be changed. There can only be 21 million bitcoin meaning I’m forecasting the price has to adjust upwards to meet the growing scarcity caused by increased demand.

Remember short term get rich quick thinkers want the price to only go up tomorrow but this is not the reality of how Bitcoin works.

It goes up quickly and then crashes but when you look at a logarithmic chart over its lifecycle you see a different picture, you see this asset emerging from nothing and only going one direction, up.

There are no guarantees here however and this is why the most basic rule of investing is – Do not invest more than you are prepared to lose.

There are also no get rich quick systems within crypto I have worked in this space for years now and anyone promising you this is misleading you.

When it comes to investing into these digital assets or crypto, never send bitcoins, cryptocurrency or cash to a third party to invest for you, unfortunately I am certain you will never see that money again if you do.

This is why at Bitcoin With Dinny we teach you how to do it yourself.

Investing is a skill everyone can learn and I encourage everyone to spend time on education before spending your hard earned money on mistakes.

Check out Bitcoin With Dinny on YouTube, Facebook or Instagram, I go live everyday teaching our community more about investing and bitcoin.

Dinny out…

Dinny Collins is owner of Bitcoin With Dinny Ireland’s first digital asset consulting company. Bitcoin With Dinny helps people to build Bitcoin and Crypto investment portfolios through their one to one consultations.

It is also home to The Retire Early Club which teaches everything Dinny used to take himself from living in a caravan to retiring early.

Dinny also teaches a FREE Bitcoin Basics Workshop on Zoom every month – details on www.cryptowithdinny.com