Friday, February 21, 2020

Cryptocurrency experts warn of investing unwisely

BTCNN
BTCNN
BTCNN aim to be the key source for both digital currency experts and newbies. With the cryptocurrency industry growing so fast we want to educate our readers about all the latest developments as they happen.

The cryptocurrency market is a very volatile one. It is a market that is open to great fluctuations in very short periods of time. It’s also relatively new, meaning there are fewer people that hold large amounts of experience in dealing with it than compared to, say, the stock market. This means that when those select few with key knowledge of cryptocurrencies speak up – it aids us all to listen and to listen well.

These words about ‘dangerous and volatile markets’ are the paraphrased words of many cryptocurrency pros who spoke recently at a Yahoo conference. Many financial experts on the digital currencies were present and several of them gave foreboding warnings to prospective investors. Spend your money wisely; research heavily beforehand in what you plan to invest in and never put all your eggs in one basket, or as Goodwin Procter LLP partner Grant Fondo put it:

“Some people put everything into one project, and I think that’s a bad idea no matter how good an idea it seems [at the time].”

He was also reported to have said at some point that “at some point, you may lose.”  In other words, never invest more than what you are willing to lose.

The importance of maintaining a diverse portfolio was also further stressed, with many experts telling ‘horror-stories’ of amateur market investors losing vast amounts of money simply due to poor choices and dangerous bets.

The importance of doing your ‘homework’ before investing was made very clear. Potential investors, both old-hats, and newbies alike, should always be knowledgeable of what they were putting their money into. Has this currency got a reliable, steady lifespan ahead of it? Are there any possible risks to investing into this cryptocurrency? Is this a new cryptocurrency with a high probability of ‘crashing-out’ into nothing and not making it to the big leagues? These are all questions that potential investors should be asking themselves if they wish to actually profit from this ever-expanding, yet dangerous, market; and not just have their life’s saving washed away.

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