As a new cryptocurrency investor, my reticular activation system picks up on all the Bitcoin, Litecoin, Ethereum talk within a 100-mile radius.
It seems like everyone is talking about it.
And maybe lots of folks are talking about it, or maybe the media and opportunists are hyping folks into a frenzy over the potential to get filthy rich.
Yes, crypto is bullish and creating a stir over its skyrocketing value, but there is something you should consider before investing.
A Tip to New Investors:
Don’t let FOMO fuck up your financial future.
Although cryptocurrencies are invented with the idea that they will be used as a form of monetary exchange, and while these currencies are being used in this way to a degree, cryptocurrencies have not been embraced and integrated widely. In terms of currency, they are still new and developing daily.
Cryptocurrencies are not stable. At all.
They’re gaining value and can continue to gain value well into the future, or they can lose all of their value today. Right this instant. Just like magic. But the kind that makes you cry.
These currencies have value because users say they have value. They are not regulated or backed by government entities, and so at this moment in time, I’d suggest considering them an investment.
More Newbie Tips
Only invest what you can afford to lose because you could lose it all. Don’t invest your rent, your child’s college fund, or your bus fare.
Instead, invest that extra $20 you were going to spend on marijuana.
Diversify your investments. Betting on a single stock is risky because if that company goes under, so does your investment. The same thing goes for crypto. Don’t invest all of your funds into one currency. Spread it around.
Consider this when investing in ICOs (initial coin offerings) and token sales.
These are startups looking for funding and you provide funding in exchange for a future offering. Since most startups fail, it’s strategic to invest in several of these companies to increase your odds of seeing any return on your investment.
Do your research and invest in what you understand. You will find dozens of ICOs and token sales each month. There are scams disguised as thoughtful white papers and advertisements disguised as Steemit articles.
Be cautious.
Take time to digest websites and white papers. Research the founders, the board, and early investors. Check out the social media pages and read comments. Search for companies in cryptocurrency forums. Glean all the information you can and chose one crypto-startup to invest in monthly.
Why one?
Because it forces you to do the work and chose the best investment. Remember, don’t worry about FOMO. Pick a winner and bet on it.
Take the long road instead of looking for shortcuts. Plan to invest a set amount each month and stick to it. Don’t throw your life savings into crypto hoping to ride a wave into riches. Smart investors don’t bet it all on one horse. Risk takers do and sometimes they hit it big, but often they don’t.
Your financial future isn’t a competition. Small actions each month will add up to something amazing with persistence. Create a portfolio with a variety of investments and build for longevity.
If you want to get rich buying crypto, the best time to invest was 7 years ago. The next best time could be today. Invest wisely.
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