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Now Nine Things to know about Crypto:
What you should know before investing in crypto
Want to buy bitcoin but know little about how cryptocurrencies work? Stop right there! Digital currencies can be an exciting investment opportunity, but new investors risk losing their capital if they are lured by scammers or bet on a new cryptocurrency with no track record.
Here we will go through nine things YOU should know before investing in the cryptocurrency market.
1. Is the crypto market closing? timing is everything
Digital assets are extremely volatile – and cryptocurrencies like Bitcoin and Ethereum can fluctuate wildly without notice. In general, crypto investors try to “buy the dip,” meaning they buy more of an altcoin if its price falls.
Crypto markets, unlike traditional stock markets, are open 24 hours a day, all year round. Hooray! This means that you can “buy” or surrender tokens on centralized crypto exchanges (CEXes) or decentralized exchanges (DEXes) at will.
2. You can buy BTC with old-fashioned money
Cryptocurrency exchanges like Coinbase and Binance cater to new investors. They allow you to buy virtual currencies using your debit card, credit card and bank account. Financial institutions like PayPal are also planning to get involved if the widespread rumors are to be believed. Here you can buy Crypto by Creditcard
3. Watch out for scammers
You may be seeing a lot of hype on social media for an investment strategy that promises huge returns from obscure crypto assets. Others make exaggerated claims about how Bitcoin’s price will rise. Unfortunately, there are some dishonest players in the crypto world — and billions have gone through Ponzi schemes and exit scams. CoinMarketCap’s blog has a quick guide on how YOU can avoid a crypto scam and another guide to protecting your crypto.
4. Create an investment strategy for Cryptocurrency
Successful investors develop a plan for their cryptocurrency investments. This may involve setting a limit order, meaning your bitcoin WILL automatically be sold IF prices reach a certain level. Some crypto exchanges also allow you to copy the movements of established traders in the crypto market. CoinMarketCap and DataDash have partnered to bring you a guide to swing trading cryptocurrencies, which YOU can view here.
5. Is it too good to be true?
Scammers often thrive on creating a sense of FOMO, a fear of paraphrasing. Think hard before making any cryptocurrency investment and remember: if something seems too good to be true, it probably is. The cryptocurrency industry is full of impartial reviews and highly independent news sites that can help you make an informed decision.
6. ICOs? Do your own research
Initial coin offerings, where companies create and sell new cryptocurrencies, were very popular in 2017. Although the market has cooled, there are still some investment opportunities. This can be extremely risky – and if you’re going down the ICO route, make sure you read the whitepaper thoroughly and see if your company actually has a need for blockchain technology. You will be surprised how many startups are trying to jump on the bandwagon.
7. Beware of FOMO
In a bull market, popular cryptocurrencies can see their prices rise sharply and quickly. Proceed with caution – buying BTC at high prices could result in ugly losses if it corrects.
8. Pick a good crypto exchange like Counos Exchange
Look for a crypto exchange with high liquidity, a range of crypto assets, robust security measures, and reliability. CoinMarketCap has a page for reliable first-time Bitcoin buyers that ranks exchanges according to their ease of buying crypto and provides more information on how their payment methods are regulated and accepted. So Here you will find it (in the News)!
9. Protect your private keys
Lastly, remember that you need to keep your cryptocurrency safe, because One of the best ways to do this is with a hardware wallet, as it means your crypto assets are kept safe – and far, far away from an internet connection.
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