Investing in Bitcoin: Are you planning to invest your hard earned money in Bitcoin or Altcoins? Then this is for you, check out these important things and learn them before investing on any crypto coins. Many people have lost thousands of dollars because they had no idea that they can lose their money.
Since the blockchain concept is very new, people can be easily tricked and you may lose the entire sum in no time. So, I recommend you to take your time and learn about Bitcoin, altcoins, and blockchain before jumping in the crypto world.
Things to Learn before investing in Bitcoin & Altcoins
Crypto Currencies are Highly Volatile
Please understand that Bitcoins and other altcoins are highly volatile. You may lose a good amount from your portfolio in no time. On December 2013, Bitcoin fell from 1000 USD to 250 USD, and then it took some time to recover. Just on September 4, when China called for an ICO ban, NEO and many other altcoins fell down drastically.
Neo was down from 30 USD to 18.5 USD and everything happened in less than ten minutes. If you have weak hands, cryptocurrency might not be for you. Take this seriously.
You may lose your money anytime. It is risky and I mean it. If you do not know how to keep your Bitcoins secured, any hacker may hack and take all your Bitcoins.
What should you do?
You should store your Bitcoins in a wallet and store your private key safely. If you lose your private key, you may lose your entire money or it may not be accessible. We suggest using Ledger Nano S Hardware wallet.
With the growth of cryptocurrencies, there has been a massive growth in the number of fake coins with no relation to technology getting launched. They are linking cryptocurrency with MLM scheme. One perfect example is the ATC coin. It is purely an MLM scheme. Well, if it is an MLM scheme, why do you name it a coin? People do not understand and fall for quick money trap. Instead of wasting your money in shitcoins, it is very important that you invest your money at the right place.
Top 3 Crypto Rules
- Do not be too greedy.
- If you spend at the right coin, no matter how down it goes, you are never in a loss. Sooner or later u will recover and get over it. You are only at a loss when you sell it.
- One should invest only what he can afford to lose. Secondly, long-term investments will give more returns than short term.