With the crypto market hitting lows of around $290B and many people losing faith in Bitcoin and other cryptocurrencies, now might not seem like the best time to invest in crypto. But as they say, Timing is everything and it’s never too late to make money when it comes to cryptocurrency—as long as you take the right steps now! With that in mind, here are 8 cryptocurrency tips for beginners; read on to know more in detail then Sign up here
1) Understand the concept
The most important thing you can do is fully understand how cryptocurrencies work, and what makes them tick. Without that knowledge, you’ll be flying blind when it comes to your investment strategy. Furthermore, cryptocurrency markets are extremely volatile, so don’t invest money that you aren’t prepared to lose all of.
2) Use different exchanges
Cryptocurrency exchanges aren’t created equal. Some require verification; others don’t. Some are all-around better than others, and not all crypto coins are listed on every exchange. Each exchange has its pros and cons, so you should use a different one for each coin you want to buy or sell. If you’re interested in exploring the exciting world of cryptocurrency gambling, consider checking out a Bitcoin casino for a unique and thrilling experience.
For example, Bitcoin Loophole supports Bitcoin (BTC) payments while Bitfinex supports a wider range of cryptocurrencies and provides more transaction methods such as leverage trading and margin funding, features that make short-term trading easier and earn more money over time.
3) Get good at navigating charts
Investing involves looking at charts. A lot of them. In fact, you can get so much information from a single chart that most beginners are overwhelmed before they even begin. But with some practice and patience, you can start to make sense of charts, use your knowledge to predict market movement, and—with any luck—make money off it. Here are seven things you should know if you’re getting started with crypto investing
4) Don’t listen to predictions
Anyone who tells you they know what will happen in crypto is lying. There’s too many variables, and things like regulation and pending lawsuits can change almost overnight. Don’t listen to anybody that says they know exactly where things are going. Do your own research and make your own decisions.
5) Set up alerts on social media
To make sure you don’t miss out on opportunities, set up an alert via social media accounts, such as Twitter and Reddit. Whenever someone mentions a cryptocurrency you’re interested in, an alert will pop up with relevant information and a link to where you can research more about it.
6) Do your research
Before investing your hard-earned money in anything, make sure you have all of your ducks in a row. It’s best to think things through yourself before trusting someone else with your money. Don’t buy crypto just because everyone else is buying it; do your own research and draw up some plans of action.
7) HODL! (Hold on for dear life!)
When you’re just starting with cryptocurrency, it can be hard to keep your emotions under control. You might panic if you see prices dropping, and sell at a loss because you think it’ll never recover. HODLing is probably what got you into crypto in the first place—you wanted an alternative currency that was outside of government control—but while holding on is a good thing, riding free falls isn’t.
8) Invest in multiple coins instead of one
Since cryptocurrency markets are extremely volatile, even if you buy a coin at one price point and it increases, there is no guarantee that it will continue on an upward trajectory. This means that you should never put all of your eggs in one basket—investing in different coins can reduce your risk.
Conclusion
Finally, at the end of the day, when you’re just getting started with cryptocurrency, it can be hard to tell what’s real and what’s a scam. Luckily, there are a few things that you can do right off of the bat that will keep you safe and secure while investing your hard-earned money. At a high level: start slow, diversify wisely, don’t forget taxes (yup), and educate yourself on scams. Happy crypto investing!