You’ve probably heard of the term crypto or cryptocurrency. If not, then it’s about time you learn about this emerging form of digital currency that’s taking the world by storm.
The idea of cryptocurrency was born in 2009 when Satoshi Nakamoto created BitCoin, the first type of digital currency in the market. He created BitCoin to eliminate intermediaries. Over the years, other cryptocurrencies have entered the market and are gaining attention from large players in various industries.
For the layman, cryptocurrency is an internet-based medium of exchange that uses cryptographic functions to carry out financial transactions. It leverages blockchain technology to gain decentralization, transparency, and immutability, making counterfeiting and double-spending nearly impossible.
Apart from being a new form of currency that uses the power of the internet, investors are attracted to the idea of cryptocurrency for other reasons. One is because it has experienced significant volatility because of the large amount of short-term speculative information out there.
For example, between March 2020 and March 2021, the price of bitcoin rose to $49,000 from $3,900. Other cryptocurrencies have been relatively more stable, like Dai but new technologies tend to attract speculative investors.
The volatility of cryptocurrencies is part of what makes this market so attractive. if you decide to explore the cryptocurrency market, make sure you conduct your due diligence and manage your risk. So with that in mind, here are the steps to help you get started in investing in cryptocurrency:
Have The Right Mindset
When you’re about to start investing in cryptocurrency, you have to adopt the right mindset. You have to be interested in your new venture and excited enough to see what opportunities it will open up for you. Aside from eagerness, you also have to be open-minded so that you can understand more about the cryptocurrency that you’re investing in as well as have something to look forward to. And because the crypto market isn’t as stable as the others out there, you have to be optimistic about how the market will turn out and be willing to try again should you fail.
Proper Risk Management
Many people are aware of the highs and lows that are common in cryptocurrency. So to avoid losing your assets when investing, prepare a risk management plan. This can be done by learning more about the market, investing in more than one cryptocurrency to manage your chances, and keep a close eye on portfolios.
You won’t gain anything if you don’t put out something in the cryptocurrency market. Keep a close eye on what’s the highest and lowest in the market or read predictions from seasoned investors on what’s the next big move to make. This is because if you’re consistent in investing in cryptocurrency, and if you made the right call, then you’ll be getting consistent returns as well.
Investing in cryptocurrency looks fun and easy to do. But keep these three steps in mind if you do plan on starting to put some funds in a digital currency, and you’ll probably get the hang of the market soon enough.
To learn more about investing in cryptocurrency, check out this free master class.
Navy Veteran Davis Chris Takes the Music Industry by storm
In life, you need to break down anything that might be holding you back and change course if need be...
5 Disruptive Leaders Paving the Way in 2021
Where there is uncertainty, lies a whirlwind of opportunity. 2020 was the year that had entrepreneurs learn a great deal...
Brock Pierce Wants To Disrupt The Two Party System And Be Your Next President
We don’t usually cover politics much here at Disrupt, but when Crypto billionaire and friend of the show, Brock Pierce...
John Mcafee – Predictions For The Future
John McAfee is a world-famous tech CEO, computer scientist, civil disobedience activist, privacy advocate, and pioneer of the commercial anti-virus...
Gaby Wall Street – Teaching Latinas to Thrive During The Crisis
It’s no secret we are facing one of the most challenging financial times of the last few decades as we...
Tony Delgado – The #1 Entrepreneurship Movement In Puerto Rico
Puerto Rican online market is in constant progress. With many entrepreneurs who are coming here to start a business, it...
Elena Cardone – The 10X Ladies Conference Is Declaring 2020 The Decade For Women
The next ten years are meant for women to continue growing their potential and succeeding in multiple areas, including business....
How Josh Elizetxe Built Snow Into a $40 Million Dollar Business
There is nothing quite like an entrepreneur’s determination when starting a business. That’s my original quote by the way (pun...
How Jason Capital Became A Self Made Millionaire By 24
Have you ever wanted to earn the respect of everyone who ever looked down on you at some point in...
Sam Bakhtiar On His Way To A Quarter Billion
Dr. Saman Bakhtiar, who prefers being referred as Sam, lives in an 8200 square foot $5.2 million house, Sam is...
Executive Voice2 weeks ago
How Alex Kleyner is Helping Households Who Are Counting On Store2Door.com For Essential Supplies
Executive Voice4 days ago
Top 10 Hair Stylists To Look Out For In 2021
Executive Voice1 week ago
ATS Wallet to Launch World’s First Digital Wallet IPO for Investors in 2022
Executive Voice1 week ago
Top 10 Realtors To Watch Out For In 2021
Legal2 weeks ago
Former TV Star Josh Duggar Pleads ‘Not Guilty’ to Federal Child Pornography Charges; What Next?
News1 week ago
Robinhood Has “Become a Very Significant Part of the Casino Aspect,” Says Warren Buffet
Executive Voice2 weeks ago
Event Speakers who are Disrupting Coaching and Speaking Industry
Executive Voice6 days ago
No More Stress With Mortgages With Lee Hillman At Your Service