Cryptocurrency and Bitcoin

Cryptocurrency and Bitcoin

While reflecting on ways to grow your financial abundance, you really need to take a look at diversification into cryptocurrency.  Bitcoin, Ethereum, Litecoin, and several alt coins that have core principals of utilizing blockchain technology and decentralization aspects are huge momentum gainers.  I maintain that some diversification is a prudent philosophy–multiple streams of income and capital growth, so will continue to explore, trade, invest in stocks, Forex, precious metals, online store and sales, a bit of network marketing (Plexus), in addition to bringing home immediate income via RN work at multiple hospitals for multiple nursing agencies.

Bitcoin is probably the most well-known cryptocurrency to the casual reader. It has skyrocketed over the last couple years or so. Two other solid choices are Ethereum and Litecoin. After that, there are many “alt coins” as they are called by the cryptocurrency community. Some of the more well-known among these are Ripple, Dash, ZCash, Monero, OmiseGo, Neo, and more. I am looking at Potcoin, Siacoin, Groestlcoin, Nexus, NAVCoin, Neblio, VertCoin, Lisk, Ark, Komodo, Z Coin, Stellar Lumens, EOS, TenX, Verge, Stratis, Steem, Golem, Bitquence, Civic, and more.

Some pundits say that perhaps 90% of the ICO tokens, coins, smaller coins probably won’t make it long term…and they’re probably right. Perhaps a prudent strategy would be to combine some relatively diversified buy and hold cryptocurrencies with some momentum short-term trading where you buy into a spike in price upward, whether or not it is a true pump and dump, or just a short-term spiker on potential–then sell some of your holdings before the price drifts or crashes downward.

Even the more prominent cryptocurrencies are rather volatile, so you will have to learn to live with that…but some volatility and risk are inherent in looking for potential big gains versus parking fiat currency into a low risk/low reward savings account.

One fairly reputable place online to open an account is www.coinbase.com  –but only Bitcoin, Ethereum and Litecoin are available there.  Decent starting place, though.  If you want to buy some alt coins, you then have to transfer some of your Bitcoin from Coinbase to an online account at Bittrex, for one example of a pretty well-known online presence for buying alt coins with your Bitcoin.

Many folks advise not keeping large amounts parked at the online exchanges and so on–consider getting some combo of hardware wallets, desktop wallets and so on to keep your cryptocurrency extra safe and secure.

Written by Kirby Scott Coe, RN and President of Holistic Abundance Inc.

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