Assuming you entered the cryptocurrency world to make some extra cash and make your life a little bit easier, let me ask you the question: Have you ever cashed out your crypto? (By cashing out, I mean turning crypto into your local currency) Whether you collected your crypto from airdrops, Faucets, and PTC sites, or you bought them with your own money(local currency), You need to remember to sell your crypto at the right time. That right time will be different for everyone. I will get into that in a sec.
You see, some people encourage you to HODL your crypto forever. At that point, I would like to ask you, is crypto just an ornament for you, or is it something you brag about with your friends? If that's the case, go ahead and have your digital ornaments forever. Like I said in the beginning, if you are in crypto to make some money, here are my tips for you.
Don't believe everything you see on Airdrop communities. Most of them pretend to HODL, but secretly, they(early adopters) sell their tokens and encourage you to buy their tokens. So, have a clear goal for airdrops when you join them. Let's be real. You are not in the airdrop for the purpose they present to you. You joined it to make some money. Nowadays, no crypto airdrop has any real purpose in them either. Most of them are quick cash grabs for the owners and their friends. So I think, ethically, you need to question your intentions before you decide to make some money from airdrops. I'm not sure about the legal side of it.
Otherwise, let's say you collected some crypto from here and there on the internet, and you want to profit from it. The biggest issue is that we get scared of missing a potential higher payout. We fear that we might lose money if we sell early. While it can be true, it is also possible to lose gains you already have because of your greed. To combat that, I suggest you pre-determine a dollar value for your cryptocurrency. For example, I have 100 Bitcoins(Actually, I don't, but I wish I had) and will sell when 1 Bitcoin's dollar value hits 200000. I won't lose anything because all of the crypto I have was collected free from the internet. But what if you actually invested your own money into a crypto coin? Well, in that case pre pre-determine when you're gonna take profits? Is it when your investment becomes 2X, 5X, 10X, etc., and actually, do it. Commit and take profits when the right moment comes. It's up to you, just remember not to be greedy and to make realistic goals. That way, you won't be disappointed, and you can improve your life with cryptocurrencies.
