Investing in crypto is not an art

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While I can’t list everything you need to know or do to be a crypto pro here, let me list some valuable information that will help you if you are new to crypto.

@parasbabbarParas Babbar

Got my first Bitcoin at $ 2,237 Content writer, blogger, marketing consultant

Photo byLucas BenjaminonUnsplash.

Whether you love it, bring it to life, hate it, or ignore it, undeniably, crypto is everywhere.

It’s here to stay and the foreseeable future involves making money using cryptocurrency. It is no longer an art, nor too difficult to understand.

For most crypto traders, crypto is a passion and for some it is an addiction.

It matters how you play with it.

Some moves bring you the expected luck while others can make you scratch your head. If you know what you are doing, you are ready to step into a world where investing is easy.

While I can’t list everything you need to know or do to be a crypto pro here, let me list some valuable information that will help you if you are new to crypto.

The 5 stages of adoption for a crypto investor

You can potentially master a new practice quickly and adapt to it effortlessly if you can observe these 5 steps:

Step 1: Awareness

The awareness stage is the first time you hear of Bitcoin or any other cryptocurrency that has done at least 2x to somewhere like 300x in a few months, weeks, or days. Does this sound like a hoax? It is a common phenomenon in the crypto market.

Visit the Daily Winners and Losers section of Coinmarketcap to see for yourself.

There is another practical explanation for this step in my personal experience. I saw an article in a local newspaper somewhere in 2017 on “What is bitcoin?” »Is this a scam or is it worth a try? Well, those who have tried have made a fortune.

These trillions of dollars in Bitcoin and the strong support from financial institutions and prominent figures like Mark Cuban, Elon Musk and VISA or Paypal accepting crypto are just the beginning.

Step 2: Interest and Information Now that you know about cryptocurrency, what’s your excuse?

The boat is sailing, but will you be on board? At this point, you are browsing blogs, YouTube videos, scrolling through millions of Tweets in a day, or maybe looking for a course if you’re impatient to know. I would recommend that you seek out reliable and ethical sources and consult with crypto friends or follow the trend for a while, but don’t just buy one until you know where to buy.

Once you know you’re ready, the next step is knowing where to buy and store your crypto or digital assets, and which to buy.

Where to buy crypto and where to store cryptocurrency

There are various centralized crypto exchanges where you can buy your “First Crypto”, but you are probably coming at a time when regulations are everywhere.

I would suggest you go with LCX, one of the most regulated and regulated crypto exchanges. You can also go for a more local crypto exchange or a platform where you can easily convert fiat (i.e. your local currency) to crypto and let it sit for a while. You can even exchange your crypto for stablecoins / digital currency like digital euros on LCX.

Binance (not Binance US) .Coinbase (another trusted crypto exchange) .Kucoin (no longer using) .Okex (an average choice) .LCX

LCX is pioneering a blockchain infrastructure bridging the gap between traditional money systems and the rapidly evolving trusted technology landscape.

If you have decided on a particular crypto exchange to choose to buy these digital assets, the next concern is where to store them?

If you trade more often and want to save money while making a good profit, a centralized exchange is the first option. However, if you intend to keep it in a safe, go for decentralized software wallets like Metamask, Trust Wallet, etc.

It would be best if you experiment with small things first before storing more meaningful values. Plus, ALWAYS keep your seed phrase, also known as a private, safe and secret key (don’t even share it with your other half if they’re used to stealing), which you get when creating a software wallet. It might not seem like a big deal, but if you lose this then you are losing what’s inside, so keep your wallet safe at all times.

I would always recommend keeping it on an exchange or hardware wallet like Ledger or Trezor, which you can get on Amazon or eBay.

In 2021, in which cryptocurrency to invest?

You might think of Bitcoin and Ethereum because they’ve seen their peaks.

However, I support Ethereum and fully Ethereum based projects as well as some Multi Blockchain projects in DeFi, also known as altcoins like Matic, Razor Network, Celo, Reef, Uni, Aave, Polkadot, Solana, BNB and some Stable coins like USDC or USDT to seize future opportunities and early stage projects as a ready option for quick purchases.

Polygon (formerly Matic) and Razor are still ahead. Nonetheless, they have incredible potential, in my opinion, as these projects are the future of decentralized finance, a (Matic) Layer 2 solution connecting the multi-blockchain ecosystem for various use cases and Razor as that Oracle solution.

At this point, you should learn or know that white papers are a thing like regulations and compliance is one thing for crypto exchanges.

Step 3: Assessment step

The most crucial step is to evaluate your buying decisions, because once you hit the buy button and sit down for a day, it will show its true colors. I have been trading for almost 3 years and still experience FOMO and end up buying new projects.

Some are good and some are bad. Some scams also show promise, and evaluating a scam is not easy. (PS I’m not a financial advisor)

7 Things to Check Before Investing in Altcoins / CryptocurrenciesLook for a whitepaperCheck out the team (most important) Check out their TwitterCheck out their Telegram communityCheck out TokenomicsCheck out Market CapSee trend charts

Disclaimer: Do your research and due diligence before investing in crypto. It’s risky and rewarding, but it depends on when you step in, and most importantly, do you trust yourself more than others, unless you have a financial advisor to call, which I am not, nor no YouTuber.

Step 4: Test

If you’ve decided on a specific first or next cryptocurrency, take a small step and buy small. By that I mean no more than 5% of what you earn in a month.

Do this for the next several months until you are sure or can invest the type of money you are willing to invest (such as in forex and the stock exchanges) on your risk capacity.

Yes, you can lose, and people with a tired heart wouldn’t make money in crypto. Also, if you are a couch you might not be ready to come in. Unlike the stock market, crypto is 24 hour work! You might be obsessed with checking price tables more than opening your Instagram, Facebook, Twitter, or TikTok.

So, start slowly and do several experiments to accumulate a lot of experience. Also, don’t buy or sell what you don’t believe in, and don’t invest in something if you think it will help you earn twice a day; ultimately, it is possible. So our community says HODL or Hold Your Investments, and one day they could change your life forever.

You don’t lose until you sell, and some projects take a year or more from the TGE (token generation event) to become famous. A dedicated and strong team behind a project is always a great first clue.

Step 5: Adoption

By adopting, you may be well acquainted with crypto at this point, but some around you may have quit earlier. They may be afraid to invest due to a lack of information or knowledge. Almost 65% of virgin investors do not understand how to invest, resulting in lost opportunity.

Eventually, they end up spending their savings on their wedding or hospital bills. If you have the chance to enter now, it is still early. Let me tell you why; Bitcoin was only $ 1 a few years ago, and several other cryptocurrencies cost less than $ 1 today. Who knows what the weather has in store for everyone.

Imagine cryptocurrency like the Internet or the computer of the 90s; not everyone believed it. Netflix was founded in 1997 when the Internet was a luxury and data packs did not exist. Digitization is the future. We have seen such a development with the massive adoption of OTT platforms, causing regular entertainment channels to shut down after the pandemic.

Regulations have played an important role in the growing adoption of digital currency / digital assets / crypto / altcoins. They are all the same but exist for you to get a taste of.

However, a potential ban in some countries like India has created uncertainties about investing in crypto and has caused the investment community in various geographies to fight back and show the strength of unity. Crypto is now comfortable in India.

Several countries, including India, are still trying to put regulations in place and are consulting with countries that have already regulated Bitcoin and other cryptocurrencies.

Another example that has touched the hearts of many crypto believers and provides another good reason to regulate crypto is that recently, with the pandemic crisis at its height in India, the Indian crypto community launched a crypto relief fund to helping people in need of oxygen and other essential covid. A few big names in the crypto community around the world have come forward to donate. The best thing about crypto is its transparency.

The application of blockchain and cryptocurrency is still in its infancy. Are you next in line to witness the future of money and technology?

Disclaimer: All opinions shared in this article are those of the author and do not count as investment advice.

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