30 Apr Is Cryptocoin A Safe Investment?
Cryptocurrencies are the new big thing in terms of money investment in the financial world. There are many pros and cons to this new way of investing your money. After the golden years ended, the deals are different now and investors need to be more aware of scams and fake ICOs. I put together this post in my website to give you some insights about how to get into the alternative investments market investing safely. There is no definite formula but following these tips and understanding the following concepts will make every dollar you invest safer.
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What Does It Mean To Invest In Bitcoins?
The first thing to understand about investing in bitcoins is that they are not stock, they are a form of currency. You can buy bitcoins to use them as your currency and make money with that exchange or you can just use them to purchase services and goods. This being said, you have to bear in mind that it is a risky investment. Cryptocurrency is still extremely volatile, and the numbers can be as bad as decreasing their value in 80% in one day. That being said, let´s review some ways of investing in cryptocurrency.
Buy And Hold
The whole idea behind buying and keeping is that you save them for when they increase their price. The first thing most people mistrust this method is that it is a very volatile investment and if you fail to sell it on time you might drop up to 80%. Do the homework and think very well before investing. Here are some tips:
- Take Bitcoins out of the Internet – This is the golden rule in the bitcoin world. Even if it is an old flash USB drive. This means you should never leave them at an exchange. Use an USB wallet or even a paper wallet.
- Reputation of the Exchange place – Make your purchases from exchanges that have a proven reputation. Always double-check your sources to be certain.
- Be careful with the amount – Even if the lead of information that you got came from a very trustable source, don´t invest too heavily in one cryptocoin at once. It is a risky business and you want to avoid having an epic fail.
Buying And Trading
Buying not to keep but to trade is a great way to make a lot of money in a short period of time because the quicker you sell them with maximum revenue, you can buy more and repeat the same operation as much as you want to. The thing for newbies is that you are going to be trading in the same market as really big players who are waiting to take your money away. It is always better to learn a lot about the game before putting one cent down.
Tips To Follow And Make Your Investment More Secure
Although Cryptocoin is a risky business, there are some variables that can go under your control. I created this blog post to show you some pro tips on how to pull it off. Follow these simple tips and make sure that your investment is 100% secure.
Your Computer And Data Safety
Safety comes first when talking about cryptocoin. Cryptocurrency is very vulnerable to hackers and it is very likely that they will try to hack your computer. To avoid that from happening, you have to invest and work with state-of-the-art antivirus, firewall and everything you can to turn your computer into a fortress. Remember: “They shall not pass!”
Develop FOMO Immunity
Fear of missing out is a very common symptom of people who has a hook-on social media or is directly addicted to it. It means to go back in to check all the time just to see if there´s something new because you fear you´ll miss what´s going on. In cryptocoin you should also avoid it because it can take you to think that because a particular crypto currency worked for your neighbor, it doesn´t mean it can work for you (it is probably even worse to jump in too late).
Spread Your Cryptocoins
Your gain and your loss might be affected by leverage if you are investing through a Contract For Difference or Spread Bet (CFD and FSB respectively). So, before you enter either of these methods, make sure that you fully understand the meaning of leverage and how it works. Make sure you check for FCA regulation on your CFD trade. If you don´t check for leverage and the deal goes wrong, you might even end up losing more than you put in.
Never Invest In An ICO Before Research
As in every other business in the world, not doing the homework can take you to a dark place. Initial Coin Offering is, perhaps, the side of cryptocurrency dealing that you are the most vulnerable at. Scammers take advantage of this moment of uncertainty created by cryptocoins and consumer protection is virtually non-existent. ICO is an investment type that should be left for the most experienced investors. If you are going into the ICO business, do your homework and buy safe and confidently.
Investing in cryptocurrency is a very wise choice to be one step ahead of the future. On the other hand, it is still a very volatile niche due to the lack of general knowledge about it. Invest in Cryptocoin using these tips and make sure you are not wasting your money in vain.