Digital currencies, such as Bitcoin, are gaining popularity because they promote financial freedom. Digital currencies allow users to bypass traditional banking systems and regulations, leading to a more financially free lifestyle. In addition, cryptocurrencies are not regulated by governments or central banks, which gives users more control over their finances, explain Dan Schatt and Domenic Carosa, fintech veterans and leaders of Earnity, a social-first crypto platform and marketplace.
Thanks to an improved access to technology, a new generation of crypto buyers have emerged. Cryptocurrencies are founded on the notion of decentralization, providing a critical step towards democratizing wealth and returning power to buyers. The appeal of cryptocurrency comes from its sudden prominence in the last couple of years. Over the past four years, it has amassed 1300% return on the initial purchase.
FIRE or Financial Independence and Retire Early refers to a lifestyle free of debt. The lifestyle movement is popular among millennials. As millennials work, they produce income from their primary job, save a portion, and spend some on assets that generate passive income.
Earnity’s Dan Schatt and Domenic Carosa note that buying and “hodling” is a popular strategy to earn money using cryptocurrencies. The key to being successful using these methods is to disregard short-term volatility. In addition, it would help significantly to believe in the capabilities of the assets to increase future applications and adoptions. Mining is a virtual process that ensures coins are issued periodically at a previously determined rate.
Day trading is a fast-paced strategy to generate money that comes with significant risk. Generally performed on a short-term basis, traders ought to follow the news, global events, and market activities throughout the day, looking for indicators of price changes.
For Domenic Carosa and Dan Schatt of Earnity, financial freedom starts with proper research, positive financial practices, and faith in one’s assets. All of this is now possible with decentralized finance.