Hi Steemians, I thought i might do a post on how much we invest in cryptocurrency and people can then feel comfortable to compare how they invest.
First of all,both my partner and I are just your average everyday people, we are not "Wall Street" executives or financial gurus so just bear that in mind!
I have spoken to many people in regards to how to get started in crypto and equally as important,how much do i invest?
Well,the long and short of it is to start small, small as in several hundred dollars. Always remember you can buy increments of Bitcoin, the minimum purchase is not one Bitcoin.
Using a small amount you are comfortable with and getting confident with transferring, trading and storing your crypto is crucial and then once you are confident in your ability then you can start to increase the levels and amounts you invest.
Always remember the act of purchasing, transferring and storing crypto's is not like normal banking...if you make an error,you may lose your money/crypto!!! Something as simple as sending your currency to the wrong address, your currency is gone! And there is no way of getting it back. Also it is vital to store passwords to ALL of your sites that you do business with safely, we write all of ours down on paper and keep them in safe storage. It is absolutely critical that you first use small amounts of money to purchase crypto and then move and store your currency in order to get used to the mechanics of how the online crypto world operates before you progress to larger amounts.
This next part is equally as important....NEVER invest more than you are comfortable with. As in,if you can't afford to lose it,don't invest it. This is very important.
Another question we continually get asked is which currency to invest in. The answer to this is completely subjective. No one will ever know which is best and which will yield the most lucrative returns and this is precisely why investing in this economy is as risky as it is rewarding. Personally, we believe Bitcoin is the barometer of the crypto world and understanding Bitcoin will help you to understand the others. In certain cases you need to own some Bitcoin in order to purchase other cryptocurrencies so it is vital to have invested time in researching and understanding Bitcoin itself in order to then understand the others. I am not suggesting for one moment that Bitcoin is the be all end all, however, an enormous part of the crypto world stems from Bitcoin and its value as most first time and entry investors continue to pour money into it.
Diversification is the key. Once you have learned the basics and are confident in your abilities, the best returns will be achieved in having a portfolio that has several different currencies invested in. Always remember,never invest more than you are happy to lose, if you woke up one day to find your crypto investment portfolio was worthless, you have to be comfortable with this!! I'm not suggesting that will happen but like all market speculation things go up and go down and this is as risky as it gets!
So do your homework, have fun and may you all enjoy much prosperity!!!
Scintilla.
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