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#1 Lesson I Learned Investing in Cryptocurrencies like Bitcoin, Ethereum, and Dash - YouTube
Channel: Jerry Banfield
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What is the number one tip I have
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for investing in cryptocurrencies?
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The number one tip I have
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is to just bet the market over time.
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Buy different currencies
and just hold on to them.
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The opposite of doing this
is trading.
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That involves timing the market.
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I learned this
by reading Tony Robbin's
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<i>Money: Master the Game</i> book.
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I learned this by reading a book
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called <i>What I Learned
Losing a Million Dollars</i>
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investing in a stock market.
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Most critically, I learned this
by the hard way,
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by trading Bitcoin
and losing thousands of dollars,
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by trying to time the market.
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As I look
at the currency prices today,
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most things are up at the top.
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Bitcoin's up.
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Ethereum just went from $40 to $80.
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Ripples went way up.
Litecoin is way up.
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Dash is up $20 from before.
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It's tempting to look
at these and say,
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"Yes, if I had sold
my Dash masternode
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when it was a hundred thousand
and dumped a bunch of that
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into Ethereum, now,
I could have $200,000."
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The problem is, you can see
what's already happened
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but you're totally blind.
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The truth is, we, collectively,
are totally blind
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to exactly the details of what's
going to happen in the future.
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If you're like me,
you are quick to think
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that you're really good at investing,
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that you're better than other people,
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that you are able to play the game
more effectively than others.
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In my experience, I found the only
way I can consistently win the game
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is to just invest
a little bit over time.
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I'm grateful today I put $600
or so into BitFenix.
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I currently have $1000 today
just a few weeks later.
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I also have a Dash masternode,
which is a thousand Dash,
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I'm very grateful for.
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On Poloniex, I put in about $600
or so the other day,
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and I just bought the market.
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I bought a bunch of these
different currencies
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I bought a tenth of a Bitcoin--
excuse me,
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a hundredth of a Bitcoin of a bunch
of these different currencies
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One of them has went down
and lost almost everything.
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A couple have dropped 50%
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but a couple have also went way up.
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This one I bought 0.01 BTC
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and now it's worth almost five times
what I paid for it.
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I'm grateful now.
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As Bitcoins went up,
I put about 0.05 Bitcoin on.
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I've now got more Bitcoin
than I put on.
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Bitcoin's now worth more
than when I put it on as well.
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Same thing on BitFenix.
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What I teach in my class,
I am up to--
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I buy $10 a day,
and just as this went up,
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I continue to have more value in it.
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The thing is,
I've learned the hard way.
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Don't play around trading.
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Why? Number one,
it takes too much time.
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You have to obsess over it.
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You have to be checking
the prices all the time
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to make the right moves.
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The fact is very uncomfortable
that you don't know
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what's going to happen next.
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If you tell the truth
and you're like me,
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you don't know
whether the Ethereum price
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is going to go from $82-$200
or from $82 to $8.
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Either one is equally possible
in my mind.
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We don't know what's going
to happen next.
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That means we're completely blind
going forward.
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Most of us are subject
to acting stupid
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as a part of the crowd.
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How does that happen?
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When everyone gets excited,
we want to throw money in.
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When everyone else panics,
we want to pull our money out.
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What happens?
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Most of us think
we're smarter than others.
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We buy high, we sell low.
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What do most of us do
if you look at the data?
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If you look at the data,
the first several years,
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I traded cryptocurrencies,
I bought high and sold low.
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I bought high
when there was excitement.
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I sold low when there was a panic.
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Even when I was able to buy low,
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I was so impatient
that I would sell
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when it made a small game.
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I bought something like 20 Bitcoin
when it was worth $170.
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I couldn't take the stress of it.
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I was so impatient
that when it went over $200 again,
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I sold all of it.
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I felt good at the time,
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"Look, I made this money
selling my Bitcoin,"
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and yet, if I'd held
on to 20 Bitcoin today,
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you can do the math on that.
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That would be $28,000 I'd have today.
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That only cost me
a few thousand to go by.
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I'm grateful I've learned to do that.
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I'm holding my Dash masternode,
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even when the idea
of selling my masternode
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and getting $93,000 is very tempting,
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especially as all I have
in cash right now
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about $8,000 or $10,000.
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It's really attractive
to dump that masternode
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and take $93,000 out of it.
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But that's not what I set up to do.
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I made a plan and I stick with it.
I buy and I hold.
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Because if you try and trade,
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it takes a ton of time and energy.
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Lots of times, you miss out
on the best action.
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If you're like me, you want
to be in on the best action.
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The only guaranteed way
to be on the best action
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is to consistently buy
a little bit every single month.
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Then, "Look, I'm in
on all the action right now."
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As the price of Bitcoins went up,
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as the price of Ethereum went up,
I've made money on all of it.
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The nice thing is,
when you do a buy and hold strategy,
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you don't have to--
when everyone else sells,
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for example,
the Dash price plummets
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to $8 or something like that,
I don't need to sell.
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I can afford to let the price plummet
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and then go back up.
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In fact, the nice thing is,
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when you consistently buy and hold,
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I'm putting money every month
into these cryptocurrencies.
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I'm essentially
just buying the market.
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When I do that,
if there's a huge down spike,
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I essentially get
a really good deal then
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because I just consistently
buy every month and hold it.
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If there is a plummet, that's
when I get a really good deal.
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When everyone else wants
to sell and no one wants--
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if say Ethereum goes back down to $7,
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I'm going to continue
buying it anyway.
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Then if it goes up back up a bunch,
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I've got a good chance to earn.
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The best part of this is,
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I don't have to check
how much it's worth.
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I don't have to care
what the numbers are.
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The numbers are almost irrelevant
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because I'm buying and holding.
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I'm buying and holding.
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So what if the price goes up today?
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I'm not selling.
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Now for Dash,
because I've got the masternode,
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the higher the price is,
the more I am able
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to buy
of the other online currencies.
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Because I get mass,
I get dividends paid in Dash
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from the masternode.
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If you're not getting dividends
paid from something,
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it's especially tempting
to just trade.
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It's tempting to buy something
and sell something and say,
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"Look, I bet Ethereum's
going to go up
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to buy a bunch of that,
and then if it goes up to sell it."
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But what if you buy it
and it goes up way more
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than where you sold it?
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What if you buy it and it goes down?
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There's all this anxiety
and fear and uncertainty.
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Then you have to obsess over it.
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I just put my money in every month
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because I believe,
over the long term,
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these online currencies are amazing.
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I believe in the long term.
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In 10, 20, 30 years,
I think the majority of the world
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will work and deal
in online currencies.
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At some point, governments
may start to actively fight it.
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But I think these online currencies
will overcome governments
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fighting about them
as well as more of us
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continue to put our money in.
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Therefore, I buy some today
and I hold.
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I buy more each month and I hold.
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To make money for this,
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I've pulled my retirement
out of everything else.
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I've cashed out
all my other retirement,
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taking the money
so that I could put it in
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these online currencies every month.
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This way, if the price goes up,
I make money.
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But when I buy more,
I don't get to buy as much.
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If the price goes down,
I get to buy more.
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Then when the price goes up,
I make more money.
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Then, I have peace of mind.
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I'm setting up a retirement account.
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I'm not trying to just trade
and make money.
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See, when you trade to try
and make money,
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you might win,
but that might be the worst thing
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that can happen to you.
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If you're like me, anytime that
I've traded and made money,
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I got this big head.
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Then I got wiped out
when things went down.
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At first, with some
of these currencies,
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I've traded and made
a little bit of money
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and I got destroyed
when they went down.
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On one day on Poloniex,
I'd traded and made three Bitcoin
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in a few months just playing around.
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I lost all of my earnings
in one day on Poloniex.
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Guess what I did?
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Not long after that, I sold.
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If I'd held those by now,
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I'd have something
like 10 or 15 Bitcoin.
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Instead, I put all of it in the Dash
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and then self-promoted Dash,
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and then the Dash price
went up a whole bunch.
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That's worked out good.
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At the same time,
I'm now very vulnerable.
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If the Dash price goes down,
I could easily lose
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the majority
of all my online currencies.
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What I'm doing is consistently
investing in each of the others.
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I'm not putting any more money
in the Dash
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because I've got a masternode.
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I'm consistently putting my money
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into most of these
into the top 10 on BitFenix,
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whatever they have on BitFenix.
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Over time, I'm consistently
putting my money
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into the top 50 on Poloniex.
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I'm grateful today.
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It doesn't matter what the price is,
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I'm buying every month
and that's simple for me.
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I hope this quick tip video
has been useful for you.
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If you found this video helpful,
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thank you very much
for watching the whole thing.
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Would you please leave
a like on this video
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so that other people like you
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will be able to experience
the same thing?
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If we reach 1,000 likes
on this video,
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I will do another livestream
showing exactly how
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I make all these transactions
which I hope
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will be helpful
whether you're a beginner
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or whether you want
to just see the exact system
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I use to do this every month.
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If you've enjoyed this, would you
please continue learning with me?
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I've got a bunch of courses online
you might enjoy.
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jerrybanfield.com/freecourses.
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I'll go to that now,
jerrybanfield.com/freecourses.
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I've got a class that goes
into all the details
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on how to do this
in much more depth on Skillshare.
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There's also a two-hour free version
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that has many of the same things
on YouTube.
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It's called cryptocurrency investment
and retirement planning,
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where I show the details
of how I do all of this.
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The Skillshare class has more depth
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and it doesn't have any ads.
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It's also more polished
and organized.
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Thank you very much.
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I hope you have
a wonderful day today
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and I hope this is useful for you.
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I hope to see you on Skillshare
learning with me, too.
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