For the newbie who is prepared to enter the world of cryptocurrencies and blockchains, this is the ultimate guide you: armed with little things that greenhorns ignore only to find themselves in regrets of early mistake.
The First Little Thing: Learn
A good number of the inexperienced lot flocking into the promising world of cryptocurrencies are coming in because of the hope of quick money—it is no hidden secret. If you are going to be jumping into the boat hastily to make some quick cool cash without preparing to work for information, you are more likely to find yourself in break-necking losses before you know what hit you.
While it is of course very possible to experience a return greater than 1000 percent within months of investing, it is also possible to lose just everything you’ve invested. The fact all this is true and that the industry has a little thrill of uncertainty, it by no means share any resemblance at all to gambling.
To avoid losing your first investments or falling victim to an elaborate scam, you should be prepared to research about prospective coins before you invest at all. If you plan to dump some dollars and pesos here and there and watch it yield a thousand returns, you are preparing yourself for some degree of shocker you can’t handle.
Second: Have a Longer and More Resilient Mentality
The ones who have been most successful in the cryptocurrency industry till now have not been the shrewd ones, but the faithfuls. Outside there, ‘shrewd’ might cut it when working businesses, however understanding thoroughly and sharing a certain earnestness for the cryptocurrency industry is sure going to get far than any guide or expert cryptocurrency course would get you.
A bitcoin holder once wailed of missing out on a bigger return when he sold his 1700 BTC (previously valued at $0.06) for $0.30 when he could have waited some months more to sell it $8. That was 2011; Bitcoin has since gone on to command even prices as high as $20,000. Imagine if he had held out till now.
Third: Do Not Throw All Ya Eggs in One Basket
It is important to invest only what you are prepared to lose, however it is equally just as important that you are not investing them all in the same coin. There are more than a thousand varieties of coins to invest in, you should do your research and dip your hats in the ones with the most promise, coins which solve real world problems.
The ones with the most potential turn out to be the most rewarding at the end, because you were there from the start.
Go out there and don’t be afraid to believe; invest with certainty and hope for the best not only for yourself, but for the cryptocurrency space as well.