💠AMA 2: Your Burning Questions Answered
👋 Hi finance enthusiasts and fellow investors!
It's been six weeks since our first Q&A session, and wow, we had so many great questions!
I couldn't squeeze them all into one email, so here's part two. And hey, if you've got more questions, keep them coming!
The information provided in this newsletter is for educational and informational purposes only and should not be considered as financial advice.
How to stay on top of new trends & events, which sources do you use?
I use CryptoExplorer AI. Simply ask it what the latest news are. You can also try to add keywords to get news realted to a specific event or coin.
You can try it out here:
I'm 17 years old and I want to make a lot of money. What are the steps to do that?
Here is a short summary of what I did when I was under 18. I was big on arbitrage – buying stuff cheap and selling it for a bit more. As a teen, your time isn't valued high in the job market, so this is a cool workaround. I dealt with DVDs, but you can pick anything – old gadgets, musical instruments, whatever floats your boat. Use your hobbies to know more than the next guy, and soon you'll spot market gaps to profit from.
You can also start working on your long-term game. The first step is to understand money and business. From now on, whenever you spend money, think about WHY you are spending it. Try to think like a business and consider whether you can improve something. Over time, this will develop into a good habit of generating business ideas and the drive to improve processes and products.
Will you let us know when you think it's time to go into altcoins?
Absolutely, I'll keep you posted. Paid members of CryptoExplorer Pro get the inside scoop directly. But don't worry, I also drop hints and thoughts in the free Discord server.
How do you foresee the crypto market evolving over the next 5 to 10 years, and how might your investment strategy adapt to these changes?
Mass acceptance and therefore higher market capitalisation also mean less growth potential. Investing in cryptocurrencies will become like investing in ETFs, everyone has some exposure via different investment products. If you want good returns, you have to try to outperform the market with individual investments and focus on specific sectors.
My aim is to build up my crypto fortune by then and then play it safe.
But the next 5 years still have plenty of room for growth potential and serious returns in the general market. So use your time wisely and make sure you capitalise on the upcoming bull market.
What measures do you take to ensure the security of your crypto assets?
Safety first, right? I use hardware wallets, keep my funds separate, and don't touch my long-term crypto stash. For all the DeFi and trading stuff, I use multiple (even from the same network) wallets to keep funds seperate. SafePal is a great app for managing several wallets under one roof. Super handy!
What's the one key market indicator you monitor?
The best performance indicator so far has been our own business. When nobody was interested in crypto investments anymore (both B2C = business to customer products and B2B = business to business) and CryptoExplorer was performing very poorly in terms of turnover, I knew we had bottomed out. The expact opposite means that I should be careful. So far, this strategy has worked out great.
Of course, I share my opinion with the paid CryptoExplorer Pro members.
You have your own questions? Simply reply to this email or comment in the Substack app.
Wishing you a fantastic weekend!
Cheers,
Stefan
Co-Founder CryptoExplorer