10 Things You Should Know Before Investing in Cryptocurrencies

What to Know Before Investing in Crypto

Want to buy Bitcoin but know little about how cryptocurrencies work? Stop! While digital currencies can be an exciting investment opportunity, new investors are at risk of losing capital if they bet on new crypto- currencies that have no proven track record.

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Here are ten things you need to know before investing in the crypto market:

1. Timing Is Everything

Digital assets are very volatile and cryptocurrencies such as Bitcoin and Ethereum can fluctuate wildly without notice. In general, crypto investors try to "buy the dip". This means that if the price goes down, they will buy more of that altcoin.

2. You Can Buy Bitcoin With Old-Fashioned Money

You can purchase cryptocurrencies using your debit card, credit card or bank account. Financial institutions such as PayPal will also be involved in the near future.

3. Create an Investment Strategy

Successful investors devise a plan for their cryptocurrency assets. This means that Bitcoin will be sold automatically from the investor's account when the price reaches a certain level. Some crypto exchanges can also copy the trader's movements established in the crypto market.

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4. Beware of FOMO

In a bull market, popular cryptocurrencies can be seen to rise sharply and quickly in price. Proceed with caution – Buying BTC at a high price can result in ugly losses.

5. ICOs? Do Your Research

Initial coin offerings, were companies create and sell new cryptocurrencies were very popular in 2017. The market has cooled since, but there are still some investment opportunities.

6. Choose a Good Crypto Exchange

Look for crypto exchanges with strong levels of liquidity, various crypto assets, robust security measures, and reliability. CoinMarketCap has a page for those who are new to Bitcoin, ranking exchanges according to the ease of buying cryptocurrencies and providing detailed information on regulations and accepted payment methods. You can find it here!

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7. Protect Your Private Keys

Last but not least, you need to keep your cryptocurrencies secure. One of the best ways to do this is to use a hardware wallet. This means that your crypto assets are kept secure and far away from an internet connection.

8. Read Cryptocurrency White Papers

When considering an investment, take the time to find the white paper for the project. Every crypto project should have one and it should be easily accessible (if not, consider it a red flag). Read the white paper carefully; it should tell you everything about what the developers of the project intend in their work, including a timeframe, a general overview of the project, and specifics. The white paper is a development team's chance to lay out the who, what, when, and why of their project.

9. Join an Online Community of Cryptocurrency Enthusiasts

Because the digital currency space is such a hot field, things tend to evolve very quickly. This is partly because there is a strong and very active community of digital currency investors and enthusiasts who communicate with each other around the clock. Connect with this community to learn more about the buzz going on in the crypto world. Reddit has become a central hub for crypto enthusiasts, but there are also many other online communities with active discussions at all times.

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10. Be in it for the long term

Prices can fluctuate wildly from day to day, and new traders are often tricked into selling when prices are low. Cryptocurrencies aren’t going to go away, and leaving your money in the market for months or years can give you the best rewards.



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