Many people who are new to cryptocurrencies probably ask this question. The answer of course is... No, it is not too late! Cryptocurrencies are becoming more and more popular which is easy to see from the market capitalization of the cryptoworld. This means that more and more new people are becoming aware of cryptocurrencies, and since most people are only aware of bitcoin so far, I would say the best bet is to get in on any other currency you believe in.
Source: commons.wikimedia.org by Davidstankiewicz
In 2013 when I started, it seemed like there was only a slight chance of ever making any real money on cryptocurrencies, since bitcoin was already at $200 or so. Well, obviously this was completely wrong. I think this is still the situation. Now people think that bitcoin is already at $2500, it can't go much higher. But I think it will go much higher still. Even after Ethereum possibly takes the leading position in market cap size, everyone will still think that bitcoin is the one cryptocurrency. It will take many more years before the average joe starts hearing about the other currencies. And I think it won't be Ethereum they will hear about.
At this point, there is no clear winner for the cryptorace. Bitcoin is probably the worst crypto you can find, but it has a lot of support behind it. This will keep the race up with other currencies and they will keep on competing for the number 1 slot. All of this will develop the blockchain technology and we will keep on having new innovation.
Some coins are better at adapting to new changes than others. My favorite example is Digibyte. It has changed a lot since it was first developed and the dev team is still developing it. I'm not going to tell anyone to invest in it. For me, however, it has been the obvious choice since 2014. Thanks to steemit, I now see another currency that can become huge without too much risk. Therefore, I will keep on building my steem wealth also. Which will hopefully pay up eventually.
With both steemit, I realized that I though I was late to the party, but actually we are just getting started. We only passed 200 000 this week, which might sound like a huge number, but that is really a tip of the iceberg. We will keep on becoming bigger, unless something unpredictable happens. Of course much of the current situation relys on the whales, were they to start panicking, that might tip the boat, but we would still have a chance to come out stronger with more decentralization. Well, enough speculation as to the success of steemit. My point is, this is only the beginning for alternative cryptocurrencies and you should not think that you have missed the whole game.
There are great times ahead for cryptocurrencies and blockchain technology, each day they are becoming more accepted, which of course means more market and more money. You can still get in the game and become wealthy, however, I cannot tell you how exactly, that you need to figure out for yourself. I will, however, keep telling you how I think of investing and cryptocurrencies.
I think huge profits will be had for years to come before a leveling out of the new system occurs. The earlier in the greatest chance, and the truth is, its still very early.... I predict every person involved in steemit while it sits in beta will profit greatly, especially with just a little effort.
At least if they contribute quality content to the community. Or just comment and take part that way :)
Exactly right - years from now people will kick themselves for not getting into cryptocurrencies when a Bitcoin was "only" $3,000!
Most likely. :)
I agree its still very early we see coins every week that have massive surges. Even major ones such as Litecoin. The main thing is do your research! Know who is behind a coin, what is for and what the long term viability is. Then get in coins while they are Low and Hold. Unless of course your day trading in which case good luck cause its the wild west out there!
Yep, I want to try my hand at day trading in crypto. I don't believe it works in the stock market, but I can see it working in the cryptomarket with enough self control.
As to huge surges, I would generally prefer coins that don't have huge surges, or get in before any surges. A healthy upward trend is better in the long term. However, I did not mind when digibyte went from almost nothing to a few dollar cents in just a month, but I've held it for years.
Nice post. There's always opportunity to earn in crypto. Easy to win and lose big though. But it's a good thing imo. We really need this kind of chaos, not regulated exchanges and currencies :)
If you play it smart, you probably will not loose in the long run. If you try to win immediately and panic, that is how you loose in the cryptoworld.
Well said...!
i still have to learn more about this currencies. sincr it is not very popular in my country, i might come a bit late for investing in cryptocurrencies. lets hope. hope i big in steemit, so i can try investing in cryptoworld.
Well you are already investing by being apart of this community :) Even if you don't think you are. Sometimes that is the best. One day you will realize that your steem power has increased 1000% since you started.
i do hope so, as i am currently converting my SBD into steem power, as what is suggested by the other stemian. hoping that i can earn well while also giving well for the other. 😃
thank you so much
It's 50% luck 50% knowledge.
Might be. At least it will turn out positive if that is the case and you don't invest in only one currency, but a few. Unless you are extremely unlucky. Anyway, it seems that the dangers of cryptocurrency investing have been over stated. There however remains a lot of bad investment opportunities, but that is where the knowledge is important.