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Cryptocurrency Investment Advice For The Rookie

by Pralines and Cream 2 months ago in cryptocurrency

All you need to know 👇

Cryptocurrency Investment Advice For The Rookie
Photo by fabio on Unsplash

Have you noticed how cryptocurrency is making waves and blowing up all over the news? Have you heard words like “forex”, “altcoin” and “blockchain” and felt a little lost, unsure of what exactly we are talking about? Maybe you decided to jump into the cryptocurrency industry because you trust it will change the way the financial world functions. If so, keep reading to find all the information that you, as a rookie investor, need to know.

Everyone seems to be talking about cryptocurrency

Cryptocurrency is the money of the future, so it’s smart to get in on the ground floor. But how do you buy it? What should you look out for? And, most importantly, how can you make sure your investment will pay off?

Cryptocurrency is starting to become a serious investment, and many people are looking to make some money off of it. It’s not just nerds and cybergeeks any more who are getting into this exciting new trend. In fact, there are now dozens of ways to invest in cryptocurrency.

Here are some of the most popular ways to invest in cryptocurrency:

Be an Early Adapter

Investing in cryptocurrency early can reap huge rewards. As with any new technology, prices tend to be lower when demand is still relatively low. If you bought $100 worth of bitcoin back in 2011, for example, that would have been enough to purchase about 2.2 bitcoins . As of December 2017 , those same $100 would have been worth nearly $5 million . The same principle applies to other cryptocurrencies as well.

Should I invest in Bitcoin and other cryptocurrencies?

Cryptocurrency has taken the world by storm. The prices of Bitcoin and other cryptocurrencies have soared this year, making early investors extremely wealthy. However, the cryptocurrency market is still relatively new and is largely unregulated. As a result, it is extremely volatile. It can be a very risky investment for the average person. If you do decide to invest in cryptocurrency, here are some things to keep in mind.

If You’ve Got Money to Lose…

If you’ve got money that you can afford to lose, then investing in cryptocurrency might be for you. Cryptocurrency is extremely risky and volatile, so you should only invest money that you can afford to lose.

Don’t Invest More Than You’re Willing to Lose

With most investments, there is some chance of losing money but with cryptocurrency, there is more chance of losing all your money than with any other investment vehicle available today. Be sure that you are able to handle the emotional stress of losing your entire investment because if you panic when it happens, it will only make things worse.

Only Invest What You Can Afford to Lose

Since your entire investment could disappear at any time, don’t invest more than what you are willing to lose.

Who should I trust for cryptocurrency investment advice?

All of us at one point or another have had to make important financial decisions that alter our lives. Whether it is a decision about what career path to take, how to invest and save for your future, or whether to go into debt for a house, car, or college education, these are all decisions that can be stressful and leave you feeling like you don’t know where to start.

Creating wealth from cryptocurrency investing is no different. This can be a very scary prospect for those who are just starting out, especially since we are in uncharted territory. The market cap has surged in recent years which leaves many people asking: “Should I invest? Is it time?” These are the same questions investors faced when the dot-com bubble was growing at an extraordinary rate back in the 1990s.

The truth is, there is no right answer to this question. What you should do with your money depends on a number of different factors including your risk tolerance, understanding of investments, and your goal for investing in cryptocurrencies.

What is a cryptocurrency wallet?

Cryptocurrency is becoming more and more popular. But with the growing hype, it’s important to understand the basics before you start your investment. What is a cryptocurrency wallet? And why is it important to have one?

Cryptocurrency wallets are used to store, send, and receive digital currency like Bitcoin. They are electronic devices that generate Bitcoin private keys by a combination of random numbers and public-private key cryptography. The function of these keys is to safely store cryptographic value without having an issuing bank behind them.So basically, cryptocurrency wallets are software programs where you can store your digital currency like Bitcoin.

There are several types of wallets, but they all fall into one of the following categories:

Mobile wallets – A mobile wallet is an app on your smartphone where you can store and transfer your cryptocurrency coins. These types of wallets are easy to use and you can access them anywhere as long as you have a data connection or a wifi network nearby. Desktop wallets – A desktop wallet is software that you can install on your computer where you can store and manage all of your cryptocurrency funds.

To conclude

However, if you’re wondering where you can even begin to get involved in this new and exciting market; let me break it down for you. There are tons of cryptocurrencies out there. But the majority of them are scams that aren’t actually worth investing in. That being said, there are three main players that stand out among the rest, and they are definitely worth your time to examine.

cryptocurrency

About the author

Pralines and Cream

Hi there,

I'm Pierre, a freelance writer, serial blogger and speaker who enjoys enlightening others about unknown and little known facts.

I'm also head of Praline and Cream Media, a publishing company that shares sweet knowledge to the world!

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