3 Crypto Camps

There are three camps in the cryptocurrency realm:

1) HODL

This option is for set-and-forget fans, usually Bitcoin (BTC) buyers.  You buy some crypto and then sit on it for long-term returns when you can sell it for a nice profit.

Just about any crypto service will work for this approach.  You could win big if you guess right but you could also wait years only to achieve mediocre or negative results.

Professional claims and fancy machine learning algorithms don't help much here -- mostly luck or detailed knowledge of a specific coin.

2) DeFi

Like a bank, this option involves buying crypto and then lending it to others, where you get a percentage of the profit.  This is fairly complex and usually involves more risk but larger medium-range returns.  For best returns, it requires a fair amount of oversight to avoid liquidation in the highly volatile crypto markets so be prepared to dedicate regular attention to this effort.

The biggest players in this space are:

• Maker (MKR)
• Compound (COMP)
• Balancer (BAL)

Since they are ERC20-based, expect to pay a lot in gas fees.  To avoid these fees I highly recommend using the Dapper wallet, which gives you 10 free transactions per week.  Others recommend Argent as well, which waives transaction fees on partner apps.

3) Day Trader

This option is highly complex and requires almost constant or hourly attention.  You need to use multiple exchanges and understand the markets intimately to make a decent short-term return.