Cryptocurrencies are digital currencies based on cryptography and used in the virtual world for digital payments. A cryptocurrency is not controlled by a central bank or a government of any country. Cryptocurrencies are successfully operating in a decentralized network called blockchain. In the past few years, cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, etc. have attracted a lot of investors due to their decentralized nature and unique features. If you are interested in investing in some, here is a beginner’s guide to safely invest in cryptocurrencies.
Decide which cryptocurrency you are interested in – Even though Bitcoin is the dominant cryptocurrency in the world, there are hundreds of other successful cryptocurrencies you can invest in. It is important to carefully decide and be strategic in finding the best cryptocurrency for your needs. You have to do research on the cryptocurrency you choose, in order to find out its history, how it functions, how long it has been in the market, whether it has an ICO or not, and its market capitalization. You can check the Coinmarketcap website where you’ll find a list of all cryptocurrencies and their value.
Learn more about an ICO before taking part in it – The Initial Coin Offering (ICO) is a great opportunity for companies to raise funds for their projects. ICO allows many people to participate in different projects. If you are interested in taking part in an ICO, it is important to find out what that ICO project does, what their goal is, how it works, what the ICO team does, etc. Find the ICO’s whitepaper and read about its roadmap and token distribution. Usually, the team members and the project itself are present on social networks, so it will be easy for you to learn more about them.
Avoid FOMO (Fear of missing out) – There are people who are investing in a cryptocurrency just because there was someone who earned money from that cryptocurrency. FOMO is one of the biggest problems in the cryptocurrency world. If someone you know has made money on some cryptocurrency, doesn’t mean that you will too. FOMO is not a solution. Do not invest in a cryptocurrency because someone has told you to. Carefully research and learn everything about a cryptocurrency before investing in it.
Keep your computer and your network secure – Sometimes, cryptocurrency investments are subject to hacker attacks. That’s because cryptocurrencies have gained a lot of attention from all over the world, and people are investing a lot of money in them. For that reason, always keep your computer and your network safe and secure, by maintaining anti-virus software and not giving your personal information everywhere, on any website.
After you have bought cryptocurrencies, you have to store them. There are some ways on how to store cryptocurrencies – you can keep them on an exchange, in a digital wallet, hardware wallet, etc. For example, CryptoSouk is a great crypto exchange platform for traders of every skill level. Their goal is to make cryptocurrency trading accessible to everyone.
We are living in a revolutionary world. There are numerous blockchain projects that solve many problems, many developers who are creating amazing technology. If you want to join this world, just be careful and pay attention to these advices before investing in a cryptocurrency.
The information contained within this website and resource section is not intended to be a substitute for financial advice or promotional offer on the investment or purchase of cryptocurrencies, digital tokens or related assets. Although care has been taken in preparing the information provided to you on this site and in the resource section, we are not held responsible for any errors or omissions and accept no liability whatsoever for any damage or loss you may incur through the result of your own actions and decisions when deciding to purchase or invest in cryptocurrencies or related digital assets. You should never engage in trading unless you fully understand the nature of the transactions you are entering into and the extent of your exposure to loss. We recommend you always seek financial/or legal advice counsel relating to your investment and purchase circumstances. This material has been prepared for informational use only.