At the beginning of 2021, the Bitcoin price was $36,000, and already in November, it was $68,000. The ability to wait and control your emotions is one of the key skills for everyone who wants to make money on cryptocurrency.
HODL (Hold On for Dear Life) is one of the strategies for working with cryptocurrencies. The point is to buy coins for long-term storage instead of constantly trading them. This approach assumes that despite the ups and downs, the coin will in any case cost more in the long run. Even if we do not take the first cryptocurrency Bitcoin as an example, all the top altcoins have seriously risen in price since their launch.
One of the most important points that the proponents of this approach note is the preservation of nerves. HODL involves buying a coin and right after you should “forget” about it for several months or years and not check the charts every day, as traders do, for example. You just need to be patient and wait. If the project is serious, the probability of fixing a profit in a couple of years is very high.
Is there an alternative to HODL?
You can use strategies that are more familiar to other markets in addition to the long-term retention of coins in wallets. For example, trading has been very popular at all times due to the high volatility of many coins. On tokens with a low commission on transactions, you can still get high profits, but you can also lose all your savings. Therefore, trading is a high-risk activity and is not recommended for beginners.
Another option is cryptocurrency mining. However, over time, this business becomes less and less profitable: electricity bills grow, equipment becomes more expensive, mining difficulty increases. This has led to the fact that home mining has become more fun than a way to earn money. More and more miners began to switch to a new type of income and use the services of Cloud Mining: anyone can rent part of the capacity of a large data center remotely using their mobile phone, tablet or laptop. The company takes a commission, which is already included in the cost of the mining contract, and the user leaves all the maintenance of the equipment to professionals.
One of the most popular representatives of this area is GreenHashes. They are the first who began to mine cryptocurrency in an environmentally friendly way, which allows them to keep up with the times, protect the ecology of our planet and increase their income. Renewable energy sources: sun, water, and wind help to increase the capacity of the mining farm, which is an indisputable advantage for everyone who rents power from these guys. A large selection of contracts allows everyone, both beginners and professionals, to try cloud mining and add it to their arsenal of passive income. All you need is to visit their website and get familiar with the offers.
In case of any suggestions or questions about the service, let the support team know and write to firstname.lastname@example.org. Usually, they respond quickly and guide the user through all necessities. Join the official GreenHashes telegram channel and subscribe to the company's social networks, where there is a lot of useful information on eco-friendly mining, to keep abreast of what is happening in the world of mining and cryptocurrencies.