Another easy way to lose lots of money. I trade stocks and I keep hearing about someone who knows someone who knows someone who made a lot of money trading cryptos but I never met anyone who actually did
I actually do. I quit my job and I have been living 100% off BTC ever since I moved down here several month ago.
I cashout every month for my daily expenses.
I quit my job because I wanted to leave Canada, as Canada was about to mandate C19 jabs for all travel by air, and I just didn't feel like submitting to this despicable mandate. Or remain a prisoner in my own country.
And since there was no way to keep job while living outside of Canada, I simply quit.
I now have around $115k USD worth of BTC that I have accumulated since late 2020 by trading altcoins. Altcoins are riskier than the good ole bitcoin, BUT if you know what you're doing, you can make a lot more money, and faster, and that's what I did.
HOWEVER that wasn't an easy journey at all, as I was scammed out of $60,000 USD ($80 000 CAD) in summer 2020 by being duped by an online scammer who led me to a phishing link, through which he retrieved my keys and emptied my wallet.
I had taken me made that 3 years to make that $60k and it was all gone in an instant. It was very depressing.
I submitted a complaint to my local police department, and although they were able to located the scammers/hackers, they couldn't legally get them arrested because the a*sholes lived in Nigeria.
There was no hope to retrieve my funds so late 2020, I just started all over again, from scratch, by trading every week with part of my paycheck salary.
By summer 2021, I eventually turned $6k USD into the $60k and learned about security precautions to safeguard my crypto. Then I quit my job
Now, I'm almost at double that figure and living off of the gains.
I still plan to go back into the job market and work though, as I want to save my BTC for retirement.
If I retire when most people do, i.e. in my 60s, that's still 30 years from now so I figure that BTC's value will be much higher than it is today.
It's a holding game really. But like I said it comes with risk. It all depends on the risk/reward ratio you are willing to tolerate. And your personal drive as well.