Investing in cryptocurrencies is probably the most profitable company in the world today, different coins generate massive returns in short time intervals and many self-made millionaires have sprung up from the cryptocurrency realm. An investor who bought Bitcoin five years ago and has survived to this day will see that Bitcoin is worth over a million dollars
Nevertheless, some individuals still seem hesitant to invest in cryptocurrencies because they are also a loser’s story, and some individuals who have already invested in the cryptocurrency industry may not feel positive about it, perhaps because of the negative returns.
But like any investment or company, there is always the possibility of profit and loss, but the outcome depends a lot on the investor and the choices he or she makes.
In this article we summarize the basic fundamentals of cryptocurrency investing into 5 simple points:
The Right Basics To Invest In Cryptocurrencies
Do your own research
Many beginners, who buy cryptocurrencies, do so without sufficient information about the coin, they hear the coin is on the rise and they rush to buy without proper analysis.
Before deciding to invest, you should read about the coin, its projects and applications on the cryptocurrency network. Also read coin analysis by experts.
In doing your own research, observe price developments, avoid buying coins at the peak of their price, rather target coins that are at dip prices.
Diversify your portfolio
It is always advisable to divide your capital into different denominations, to be able to invest in different tokens with good potential, putting all your money on one coin comes with a lot of disadvantages: you lose other coins when they pump and make a profit, and you lose some big your money when that single coin underperforms.
Remove fear from decision making
The cryptocurrency market is a volatile market and prices will always go up and down, despite general trends. Always make proper analysis before buying coins or selling coins.
Never be in a rush to buy a coin because the price goes up fast and you are afraid of losing profits, that may be the peak of the rise and the only way left for the price is to go down. Make a proper analysis before such a decision.
The need to be security conscious can never be overemphasized, as the internet is filled with scammers and hackers looking to make a quick profit. Never give the password to your wallet or exchange account to anyone, avoid fraudulent transactions and carry out all your trades on a fully registered and regulated exchange, always double-check the address you are sending cryptocurrency to, as sending to the wrong address can result in loss funds forever.
Choose the right Exchange
Choosing the right cryptocurrency exchange is an important factor in making a profit on your investment. Before choosing an exchange, you should first find out if it has obtained the necessary licenses and certificates for it to operate in your country or region.
Trading with an exchange that is not licensed to operate in your country can be illegal and could result in you losing your investment or facing legal repercussions. Always choose an exchange with good liquidity. Liquidity is the degree to which an asset is in supply or demand. This ensures that you get coins at an acceptable market price.
As a recommendation, one of the safest and easiest places to buy cryptocurrency is Bityard the world’s leading crypto exchange.
With the best prices on the market, low transaction fees, instant trading options plus contract and copy trade options (developed for beginners), you are exposed to the cryptocurrency market in a safe and secure setting.
To visit Bityard and buy the cryptocurrency of your choice, click this LINK.
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