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.
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