Hello guys, so in this article we are going to get to cover cryptocurrencies. How to invest, what is there to be careful about and what to do when it comes down to cryptocrisis, so we won’t make sad faces in the future.
First things first, in cryptocurrencies you should invest only the money you aren’t afraid to lose
Why is that so? Think about the money you are going to invest in cryptocurrencies, are you sure, you won’t? If the invested money is important to you, the sudden change in this crazy crypto world WILL MESS WITH YOUR EMOTIONS AND THE BIG CHANCE OFF LOSING ALL OF YOUR INVESTMENT.
Let’s cover some of the basic error that newcomers make…
You shouldn’t invest all of your money in cryptocurrency
It’s perfectly okay to invest all of your money into one cryptocurrency. But why would you do that? I think it would be smart dividing your money in parts and only after that you should start investing into multiple cryptocurrencies that are worth investing in. If you are 100% certain in one particular cryptocurrency, which company is very transparent, it’s you call. But just one advice, crypto world sometimes doesn’t make sense, because sometimes you can make a lot of money on ‘shitcoin’.
If you are trading with altcoins, you should be focusing on Bitcoin price
If you own altcoins, it’s important to look altcoins price in Bitcoin and not the fiat one. The reason why you should always look at the Satoshies, is because the Bitcoin to fiat price is always breathing, therefore you actually might be making more satoshies = profit, but because of the possible Bitcoin dip, the fiat numbers might show you that you are at loss.
You heard news about sudden rise of some altcoin…
Before investing into one specific altcoin, it’s smart to do a little research. Just google it, read white paper and study different opinions on that specific altcoin. It’s dangerous to follow just one opinion, which was written by some news reporter or that Twitter guy with many followers.
Fear of missing out
This is something that you will experience with cryptocurrencies. Picture it, looking at those green spikes, knowing you don’t have this coin. It’s very tempting to enter, thinking you might pull a good profit. But keep in mind, you might be buying just at the top of the cliff. Make a good research if the cryptocurrency is having kind of a big announcement, airdrop or a fork and when is the deadline for those events.
Buy in red, sell in green – Have plenty of time – Be calm