Just a few years ago, the Internet space was blown up by a unique event that had a significant impact on the financial sphere of human life. However, many ordinary citizens simply did not notice him. The coup happened very quietly. It is fully decentralized and works on the principles of the blockchain. The first monetary unit created on the principles of blockchain was called Bitcoin. It was this cryptocurrency for the first time that turned out to be free of any payment systems, states and financial organizations. Before visiting https://thelibrasoftware.comto understand more regarding crypto investment, we will share 8 tipsabout investments in crypto currencies. Keep reading.
To earn in this way, you have to work hard
Professionals manage to monitor changes in the cryptocurrency rate almost around the clock. Moreover, they use specialized programs, study the relevant literature. Often, traders in the process interact with brokers and with each other. For communication, they usually use the internal resources of the exchange, as well as various third-party forums. So, you must know how they work because they are the big fish.
Study well before investing
Beginners should first of all study the trading conditions. Only when everything becomes clear can you buy a small amount of cryptocurrency. It is better to wait a few days until the market situation becomes clear. Before you start actively trading in cryptocurrency, you should remember a number of rules – when studying the conditions of trading on the exchange. Read more about bitcoin exchanges and bitcoin trading in a separate article.
Something you do not understand
Do not risk hard-earned money if you do not understand what you are getting into. First, study the pros and cons of investing in cryptocurrencies. After you understand the possible risks and profits, begin to learn the rules of investing. And only having mastered them, get down to business. If you plan to become a crypto investor, spend at least 24 hours to understand what blockchain and cryptocurrency are, what security measures you need to take before you invest, etc.
Do your own research
Set aside a small amount for experimentation and try your luck with real money on real exchanges. Let it be just a penny. Create accounts, buy bitcoins, buy altcoins, participate in trading, liked ICOs, etc. Technology, financial system, investment strategies, and regulatory measures – everything changes so quickly in the cryptocurrency market that you have to study the situation yourself every day.
Join a couple of good crypto communities
It is very difficult to constantly keep abreast and keep abreast of everything that happens in the world of cryptocurrencies. So it’s worth subscribing to popular channels or joining thematic groups on Facebook. Finally, you can simply follow popular posts on Twitter and Reddit. So you can be one of the first to learn important news.
Avoid Pump and Dump Communities
Pump & Reset Groups (P&D) can quickly crash you. Usually they promote themselves, promising a twofold or even fivefold profit during the day. Their promises look very tempting, but don’t fall for this bait. It is advised to refrain from participating in such groups for two reasons – firstly, this is wrong. They are trying to manipulate the market, and you will help them do it. Secondly, you will crash.
Learn to track your investments
Unlike stock exchanges, you will have to create accounts on a bunch of platforms, because on some you can only buy bitcoins or ethers for dollars, and on others you can only exchange one coin for another. According to the experts, today there are a total of 1,514 cryptocurrencies. Without the right tool, it will be difficult for you to keep track of all assets scattered across different exchanges.
Take care of safety
This is very, very important. Take all possible precautions. Fraudsters, hackers, phishing attacks, imposters and scammers are waiting for you in the cryptocurrency world at every turn. Be extremely careful when entering your passwords and private keys or transferring money to someone else’s account. Use Linux / Mac OS, disable unnecessary extensions, always double-check URLs, and never click on links from Google search pages if you want to open the exchange website.