Unless you’ve been living under a rock, you’ve probably heard about cryptocurrency, otherwise known as crypto.
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According to Investopedia, crypto is “a digital or virtual currency secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.” The majority of cryptocurrencies exist on decentralized networks using blockchain technology, which is a distributed ledger enforced by a diverse network of computers. Crypto is what’s known as decentralized finance (DeFI) because transactions occur without third parties like banks.
The most notorious (and most valuable) crypto out there is Bitcoin (BTC). It’s famous for being extremely volatile–it peaked at over $72K in March 2024, only to fall to less than $60K by August 2024. That’s a significant 17% decrease in just five months.
While investing in cryptos like Bitcoin can seem enticing given the potential for huge profit, there’s one thing experts say you should never do when it comes to crypto investing.
Don’t Rely on Crypto for Long-Term Wealth
CNBC reported that there’s one thing about crypto that you need to keep in mind at all times: it’s extremely volatile. It’s important to treat crypto as a discretionary investment and not to rely on its long-term growth when it comes to your retirement funds.
“It’s important to distinguish between essential and discretionary investments,” explained R.J. Weiss, a certified financial planner and founder of The Ways to Wealth to CNBC. “Bitcoin or other cryptocurrencies should not be the cornerstone of your retirement plan.”
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Here are three other ways you might just get rich, according to according to GOBankingRates:
1. Start a Side Hustle
Starting a side hustle to supplement your income is a smart way to get ahead financially. Consider becoming a rideshare driver, delivery person, dog walker, pet sitter, or babysitter. The extra income earned from picking up side jobs here and there will allow you to save and invest more money over time, which can lead to long-term wealth.
2. Invest Early and Often
Investing early and often is crucial…
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