Getting Struck By Lightning or Becoming An Overnight Crypto-Millionaire?!

You have a 1 in 960,000 chance of getting struck by lightning.

You have a 1 in 175,000,000 chance of winning the lottery.

Real facts...I think.

So what are the odds that you become an ‘overnight millionaire’ by investing and trading Cryptocurrency? We all see these people on Twitter and Instagram who boast that they have earned millions of dollars in Bitcoin, or those who made enormous gains ‘Day Trading’ some crypto which started at pennies and ended up being worth thousands.  Is this likely?  Perhaps...but nothing is guaranteed.  Read all the charts you want and do all your own research, but nothing is 100% predictable!

There’s this crazy thing called the New York Stock Exchange where people have been making money almost the exact same way as those trying to play the crypto trading game…since 1817. It’s always been the same. Money makes money. Risks and returns, trends and booms. They’ve been around for more than 200 years! Have people made money in stocks? Of course they have, as we all know.

Trading stocks has worked for some and not for others. ‘Blue Chip’ stocks are often the ones that we know will last long and give a slow and steady increase. People trade these commodities with the hopes of seeing money in the future….the future being more than a few years away.

Let’s not overlook that group of people who ‘bought into Bitcoin’ in the beginning and were lucky enough to end up with significant gains. They do exist, and many other like them exist who ”mined” Bitcoin and other Cryptocurrencies at their nascent stages and made some money as well. There are people who were able to predict the rise of the demand for crypto in advance and, after a few years, profited. Even those who bought into Bitcoin 18 months ago were able to see a huge jump in its worth.

Does this truly compare to the crypto trading that we have seen in the past couple years, and more so now when trading has become a full time job for some? Well, let’s see. Stock trading has been around for about 200 years and this crypto boom has existed for about 1 or 2 percent of that. I do personally feel that the trading and the use of Cryptocurrency and Blockchain will be around for quite some time to come, and it most certainly has become more and more widely used in a variety of settings, it still has some more proving of itself to be more acceptable and long lasting.

Moral of the story? Typically when something sounds too good to be true; it is. Just like one can’t expect to invest in some penny stock or big name stock on the world Stock Exchange with an outcome of pure wealth, you can’t expect the same for crypto trading. Perhaps a more realistic outlook would be to hope for gains of a healthy percent in a timeframe of a few months or more. Same thing goes for those that want to be ‘Day Traders.’ You can certainly profit doing this, but again the expectation should be within the gains of tens or even hundreds of percents, but not likely 1000%+.

As my grandmother would tell me not to put all my eggs in one basket, I would urge anyone interested in this type of investment to diversify their funds. Crypto might be a good idea, but so are tried and true stocks, and 401K investment. I'll continue to fill up my bags with Bitcoin, Litecoin, and a handful of other projects that I'm interested in with my Binance account...trust me.  I'm that guy that even just buys $25 and $50 increments using Coinbase when I have a few extra bucks that I could spare.  I'm a crypto believer but also understand that cryptocurrency only makes up a small fraction of investment and companies at the moment. I do recognize that blockchain technology is going to spread allowing more and more companies to use it for a variety of reasons.

Until then...my plan is to accrue and HODL!

Thanks for reading.  Much Respect.