You’ve probably already asked yourself the following questions at least once: Has the Bitcoin bubble really burst, is it too late to start, and what are the best tips for success in the cryptocurrency investment space? Here are these 9 tips.1-Invest an amount you are not afraid to lose!
One of our first tips is about investing in cryptocurrency: you just have to invest an amount that you are not afraid of losing. If you lose that money, it shouldn’t affect your life. Do not put the last 300 Turkish liras that will remain in your bank account. Do not take out consumer credit to invest. You are the sole master of your decisions, but these tips should not be taken lightly.2- Study well for your lesson!
Second tip, if someone advised you to invest in a cryptocurrency, would you really want to invest in an unknown cryptocurrency? If the answer is no, you should inquire about cryptocurrencies before investing.
- cryptocurrency investment
3-Diversify your investments!
After our first two pre-investment tips, our third tip will focus on diversification. This concept is important in many areas of your life, and it also applies to cryptocurrencies. To give a classic example: if a basket of eggs falls to the ground, you will break all your eggs and lose everything. If you had 5 eggs evenly distributed in 10 baskets, you would only lose 2. The goal is to minimize risk.4-Cryptocurrency exchanges:
Have you followed our top 3 tips? Formidable! You can now buy your first cryptocurrency! We recommend using international cryptocurrency exchanges for this.
This BTC platform or buy very popular cryptocurrencies like ETH. To buy other cryptocurrencies that are less popular but have more growth potential, you will need to transfer your Ethereum and Bitcoin to these exchanges.
Exchanges are platforms where you can exchange your bitcoins for cryptocurrencies that we call altcoins.
- cryptocurrency investment
5-Do your own research!
Investing in the top 10 cryptocurrencies is never a big mistake, but there are about 2,000 4 Altcoins on the exchange. While some of them have huge growth potential with projects, others are projects that are either scams or doomed to disappear. It will therefore be necessary to be particularly vigilant before investing in one of them. My advice for you is to follow the 100 elements below.
1) Read the white paper of the cryptocurrency you are going to invest.
2) Send a special information form.
4) Join Telegram and Discord channels.6-Find reliable and competent people!
Our tip 6 is to find reliable people who can help you with your investments. There are certain criteria for determining whether a person is potentially trustworthy:
- seriousness and rigor
- Humility of the person
- Disclosure of all risks
Here are some indications that an individual or group is a fraudster:
- The promise of easy gains effortlessly.
- Phrases to gas the investor.
- Exorbitant Whatsapp groups
Cryptocurrency Investment7-Market Volume:
Among all the tips given, we have not yet mentioned a very important point: anyone who wants to invest should pay attention to the total market value of the cryptocurrency. This will be our 7th point.
Most beginners rely on the unit value (price) of this cryptocurrency to determine its growth potential. This is certainly not an accurate indicator to determine the margin of advancement of a coin, so one should be very careful with high capitalizations and do extensive research on coins that have lost value since the ICO, as this can mean several of the things:
- The project could be a scam
- The team has been working the project and is putting marketing aside for now.
- Market conditions may be unfavourable to growth.
8-Track your investments!
Our 8th point is how to follow the evolution of your portfolio. After making an investment, 3 scenarios can occur:
Tracking your results can be complicated because you have to check each of your assets one by one and see how they’ve evolved since the last time you viewed them. Fortunately, there are smartphone apps that will allow you to track your results automatically and instantly.9- Secure your Cryptocurrencies:
Our ninth and final tip concerns the security of your cryptocurrencies. You’ve probably heard of cryptocurrencies being stolen by hackers. For this reason, I can say that one must be particularly careful and not stock up on exchange sites. I also recommend that you carefully store your crypto wallet passwords in a few places as they are easy to forget.
In this article, we have introduced you to the best way to invest in cryptocurrencies. We hope this helps you make the best investments.
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