Here are some tips to help you figure out if you should be investing in cryptocurrencies, and tips on how to avoid mistakes.
1-Avoid transferring small amounts between marketplaces or wallets
Most exchanges will take big fees for that.
2-Should you invest in Crypto-Currency?
Nor are there any buffers in its prices, this will be evident from the major performance on bitcoin and other major cryptocurrencies. Unlike conventional fiat currencies you are not assured of returns.At any time you may get high profits while unexpected drops could result in heavy losses, but this depends on the rates on when you invested on the crpytocurrencies.
3-Invest in Several Crypto-Currencies
one of our tips is that don’t focus on expensive cryptocurrencies as they maybe bubbles. You should also focus on more stable and inexpensive currencies. If your investments on one drops, you can derive some from others that are rising. Never buy coins that are on upswing. These are seasonal and can prove misleading which is evident with bitcoin.Prices rise and fall during its year span. Always place an order to but at rates below its median price. As this can increase seasonal and can mislead you which is evident with bitcoin.You will always need to watch for peaks and drops on market corrections. There are some ways and means to get free bitcoins or at least a fraction of bitcoin called Satoshi. Before believing some website or scheme ensure that it’s genuine and not a scam.
4-Keeping your coins secure
- Strong passwords and a different password for each account linked to crypto and your social or professional life. You can use a password manager
- Use different emails per account
- Have a good antivirus, firewall and all your softwares and OS up to date
- ALWAYS use 2 Factors Authentification when possible : Google Authenticator or Duo Mobile, doesn’t matter, just do it. Seriously, many people got hacked because of that
- Avoid as much as possible to talk about how much you made or invested online. This is also true in real life, but way more important online. If you do so and have some money, you will receive targetted attacks
- Look online, on different websites, the reviews people made for the exchange or wallet you want to use. Some might be crappy.
- Never trust anyone on crypto-groups (telegram, discord…) and never click on their links. Most might be safe ones, some pages might include a virus, you never know.
5-Choose long-term Investments Avoid One-Time Investments
To strike big with cryptocurrencies, invest for a long term. This can offer you several benefits while investing with cryptos. Firstly, you get opportunities to buy low at the right entry point and can hold without bothering about occasional dips and market corrections.It also helps to prevent unde panic selling, its prices plunge without any warning. One top never sell whatever cryptos during severe drops.Instead keep them for a fixed number like till certain months or years. Like any conventional currency term deposit. When saying this this means you should not place all your money on one crypto currency. Instead invest on various crypto-currencies. Keep enough money to buy when crypto hits the lowest mark compared with its prices in preceding months. In order to do this you need to finalize how much you intend to invest in crypto-currency.Never opt for more than 10 different crypto-currencies for your portfolio since managing them gets cumbersome. An ideal crypto portfolio would consist of high, medium and low price coins as well as those emerging on the market and showing promise of good growth.
If you like this article then share you experience in the comment box.
Disclaimer: THIS #ARTICLE IS NARRATED FROM DIFFERENT SOURCES and is not intended to provide, #investment #advice. Please conduct your own thorough research before #investing in any #cryptocurrency.
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