10 tips for investing in cryptocurrencies!
The Bitcoin and cryptocurrency market is slowly calming down and after a huge drop from $ 20,000 we are currently finding a stabilization of around $ 6,000. For some time now Bitcoin has been moving around this price and maybe this is the bottom it has touched after the fall, and now it is starting to grow slowly before the next bull run. It’s hard to talk about something that can’t be influenced, and its price at the end of the year can only be predicted, but advice for new and old investors is always welcome. In today’s article, read 10 tips for investing in cryptocurrencies!
10 tips for investing in cryptocurrencies
- Bitcoin is risky, but far from failing soon. Indeed, various large institutions plan to enter the market at the end of 2020, and this could contribute to a sharp rise in the price of currencies.
- Join the local cryptocurrency community. In this way, you will learn from those who are more experienced, and help those who are just entering the world of cryptocurrencies. Talk about ideas, interesting cryptocurrencies, because as they say, more brains are smarter than one!
- Come to terms with the risk and never invest money you are not willing to lose. The cryptocurrency market is very risky because you can become a millionaire in one day and lose all your money in one day.
- 90% of people who trade cryptocurrencies lose! Don’t be a crypto trader, but invest money in projects that are promising and have a good product and a team working on them.
- HODL! This is a slip of the tongue that happened on the bitcointalk forum, and since then it has not been said HOLD, but HODL. It’s simple, you can’t be awake 24 hours a day and monitor the cryptocurrency market and trade, keeping cryptocurrencies in the long run is more profitable than daily trading.
- Don’t listen to people who don’t know what they’re talking about! Today, 90% of people still don’t know what cryptocurrencies are and what a blockchain is. Don’t listen to those who spread fake news about Bitcoin and cryptocurrencies and don’t know how to explain the term blockchain. Investigate and draw your own conclusions!
- Find a mentor. If you are new to this, finding a mentor is definitely a great thing. Find a person who has everything you want and who will help you achieve your ultimate goals.
- Always looking for new coins! Day by day in the market we find new coins and projects in which they serve. That is why it is very important to find out on a daily basis about new coins on the market, what they are used for and what their potential is. It is much easier for a coin with a current value of $ 0.001 to grow to $ 1 than for a coin with $ 1 to grow to $ 1000. That is why it is important to recognize a great project in the beginning.
- Don’t be greedy! If you want to make money, it is important that you make some profit from time to time. You can invest that profit later when the price falls again, because nothing will grow forever. As the saying goes, buy low sell high. The average duration of a Bitcoin bull rune is about 40 days, and after 40 days of growth there is a sharp decline.
- Growing purchases is not the smartest move, and 99% of investors who then enter the cryptocurrency market end up in the red. When the price is small, then it is the right time to buy, even if you are at a loss.
These 10 tips for investing in cryptocurrencies will surely help you in the years to come! If you have decided to invest in cryptocurrencies, feel free to read other articles on our website, which will help you from the very beginning and buying Bitcoin, to trading with other cryptocurrencies, and informing about various projects on the blockchain!