Post
Topic
Board Beginners & Help
Re: How can I grow my Crypto Bag without trading
by
NeuroticFish
on 17/10/2021, 13:36:23 UTC
Trading really require more skills and knowledge of crypto and the trading platform, hence I don't want to rush in.

That's great that you have found this out. Indeed, trading is riskier than most (traders) would like to acknowledge.

I hold some coins but I wonder if I am making profit that way.

If you hold bitcoin, as long as the price grows, the value of your bag grows. Of course, that's unrealized profit (virtual profit) and the actual profit happens when you sell.
If you hold altcoins too, I recommend you pay attention to them, since altcoin prices tend to drop on long term compared to bitcoin's.

So, are there ways to increase my bag without Trading?

Bitcoin is money. The best way to increase "your bag" is to buy more or earn more (usually by working for it). [But only invest what you afford to lose; Bitcoin price rises and falls, it can be risky and you have to understand that]

Then there are many scams, from HYIP (websites where you can deposit and they promise that get huge returns) or doublers (with lies like send me any coins and I'll send back the double of that) and most cloud mining sites. Again, those are scams and will make you lose money.

Then there are legit places where you can deposit and get some rather small interest/returns (some exchanges maybe, or even some faucets), but here we talk about small amounts, under 5% per year.
But here too, the "not your keys, not your coins" applies and you don't have 100% certainty that you will get your money back and the interest.

Faucets and other means of free money may also look interesting, but keep in mind that the amounts you usually get are so small, they mostly don't cover the electricity and time spent.

Mining needs expensive devices, so that is out of question.


So the best way I know is to hold in your safe wallet and buy/earn more from actual work. Sorry to disappoint you.