Cryptocurrency has boomed into a global phenomenon worth hundreds of billions of dollars. While earlier considered to be a feverish fad, the success of Bitcoin has marked a new chapter in the age of digital transactions.
A single Bitcoin (BTC) was valued at $0 in 2009. Fast-forward to 2019 and one BTC is valued at around $10,300. This continual growth proves that cryptos are here to stay! And it’s a wise decision for you to invest in them. Here are a few tips to help you get started:
It’s Better To Play It Safe
If you’re a beginner, it’s best to start with very low-risk investments. Cryptocurrencies are volatile assets. If you dive into the market expecting quick returns, it’s likely that your expectations will not be met.
Although crypto trading has generated several overnight millionaires, the chances of becoming one are currently quite slim. That’s not to say that making substantial profits isn’t possible, but it does require patience and market knowledge.
Study Market Trends
It’s very helpful to study numerous market trends over the years as they’ll give you a bird’s eye view of the crypto game. Trends reveal a lot about the nature of cryptocurrencies, and a little research into them can help you see different patterns in currency growth.
Also, study the different cryptocurrencies that have emerged since Bitcoin. What additional benefits did they offer? And what problems did they solve? Asking such questions can be advantageous in making the right investment decisions.
Let Go Of FOMO
As a beginner, it’s quite tempting to have a ‘Fear Of Missing Out’. You’re likely to be persuaded by any shiny object that pops up. Any new trend or crypto development might seem like the next big thing!
To prevent any huge investing mistakes, it’s essential that you avoid this itchiness and don’t scatter your focus across too many different crypto projects. At the same time, do maintain diversity in your portfolio.
Do Invest In The Top 10 Cryptocurrencies
Due to the exponential boom in these dominating currencies, it’s extremely safe to invest in them. They’ve been continually growing and have shown a great degree of reliability for investors.
Here’s a list of the Top 5 currencies in the market.
1) Bitcoin (BTC)
2) Ethereum (ETH)
3) Ripple (XRP)
4) Bitcoin Cash (BCH)
Verify The Project Before Investing
The market is filled with individuals who seek to unethically make a quick buck off clueless investors. Avoiding them is pretty easy if you’re cautious. Before investing, make sure that you thoroughly read the whitepaper and website material, and check the social media presence of the company.
Investing in cryptocurrency need not be overwhelming. There are several crypto platforms like Marketscap.com that allow you to trade 800+ cryptocurrencies, generate the best profit margins, and get 24/7 professional help. Now, crypto investors can rest assured that they’re playing the game right!