27 October 2021
Cryptocurrency is the new gold rush, but it also carries more weight to it than simply finding a rare soft metal in a mountain. Cryptocurrencies serve as a fantastic means of crafting an unregulated, totally peer-to-peer currency system, providing value that can be invested in, and enhancing the security and anonymity of transactions.
But, in any blossoming industry, there are some bad faith actors out there looking to take a renewed public interest in cryptocurrency and apply that to their own entrepreneurial or sometimes dishonest means of earning income.
For this reason, your first step should be to follow websites and blogs like ours to keep yourself on top of all the latest tips, tricks and news so that you can stay as informed as possible. From there, it’s essential to know what practices to avoid, what promises to stay suspicious of, and how to mediate your excitement of investing with good practical sense.
That way, you can move forward with nothing but the relative volatility of the market to define your successes or losses. Let’s begin:
1. Use Trustworthy Trading Platforms
Use trading platforms that are clearly verified and worthwhile for your specific country. No matter if you hope to trade crypto or your main focus is Forex, it’s a great idea to develop a vetting process for ensuring the trading platform is well established, such as how account curation works, what security you can apply to your investments, and how well encrypted your data will be.
2. View Influencers With A Pinch of Salt
You may have noticed that some influencers are getting in trouble for guiding their audience towards purchasing new coins that seemingly come out of nowhere, making vague promises about how the valuation of such as commodity will grow, and then never returning back to it when the coin inevitably fails to get started. View influencers with a pinch of salt. Instead, make sure to do your own research aided by platforms like ours and journalists that are in-the-know, and watch market trends and identify patterns yourself. This can help you avoid trusting the word of a paid influencer to give you false hope, which may leave you hurting.
3. Learn The Basics & Philosophies Behind Each Coin
Each coin has its own purpose for being generated. While they may use the architecture of certain platforms, it’s true to say that each coin has its own individual marker and its own value, and so learning the basics and philosophy behind why it’s created can help you understand where it will likely be utilized in the market, and ergo, how much value it is likely to accrue. This kind of inquiry can help you avoid purchasing blind. It certainly enables you to go from remaining a beginner investor to someone who gains familiarity with the scope of the crypto market, understanding just how much they have left to learn.
With this advice, we hope you can remain unable to be taken advantage of when investing in crypto.